锐捷网络：数据中心交换机推动未来增长；2025 年第二季度业绩超预期；目标价上调至 103.1 元人民币；评级买入

Ruijie Networks (301165.SZ): Data center switch drives growth ahead; 2Q25 beat; TP up to Rmb103.1; Buy With 2Q25 revenues growing 62% QoQ and 42% YoY, beating our estimate by 24%, we are positive on the strong delivery of the company riding on the AI data center investment trend. For 3Q25, we expect revenues to continue to grow by 33% YoY/ 8% QoQ, with GM remaining stable at 30.2% reflecting the rising exposure to data center whitebox switch. Maintain Buy with TP up to Rmb103.1 (from Rmb90.7). 2Q25 beat: Ru ...