证券研究报告 公司点评 锐捷网络(301165.SZ) 通信｜ 通信设备 Q3 利润高增，AI 网络需求持续景气 | --- | --- | |-------------------------------|----------------------| | | | | 2024 年 10 月 28 日 | | | 评级 | 增持 评级变动 首次 | | 交易数据 | | | 当前价格（元） | 50.77 | | 52 周价格区间（元） | 25.55-51.88 | | 总市值（百万） | 28846.60 | | 流通市值（百万） | 3461.60 | | 总股本（万股） | 56818.20 | | 流通股（万股） | 6818.20 | 涨跌幅比较 -31% -11% 9% 29% 49% 69% 2023/10 2024/01 2024/04 2024/07 锐捷网络 通信设备 | --- | --- | --- | --- | |----------|-------|-------|-------| | % | 1M | 3M | 12M | | 锐捷网络 | 58.31 | 65.92 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% compared to the benchmark index [2][9]. Core Views - The company is expected to benefit significantly from the accelerating domestic data center construction, driven by increasing demand for hardware facilities in the context of the digital intelligence wave [2]. - The company's revenue for the first three quarters of 2024 reached 8.377 billion yuan, a year-on-year increase of 5.36%, with a net profit of 412 million yuan, up 47.73% year-on-year [1]. - The demand for data center products is growing rapidly, with the revenue from data center switches alone reaching 2.992 billion yuan, a year-on-year increase of 47% [1]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.333 billion yuan, a year-on-year increase of 6.84% and a quarter-on-quarter increase of 15.07% [1]. - The gross profit margin improved by 0.69 percentage points quarter-on-quarter, reaching 34.78% in Q3 2024 [1]. - The company’s operating expenses decreased by 5 percentage points year-on-year for the first three quarters of 2024 [1]. Market Position - The company has secured significant contracts for hardware and software projects in data center construction with major Tier 1 internet companies such as ByteDance, Alibaba, and Tencent [1]. - According to IDC data, the company ranks third in the Chinese Ethernet switch market and the data center switch market, and first in the education sector for campus switches [1]. Profit Forecast - The projected net profits for the company from 2024 to 2026 are 542 million yuan, 725 million yuan, and 873 million yuan, respectively, with corresponding PE ratios of 53x, 39x, and 33x [2].

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 锐捷网络（301165）公司季报点评 2024 年 10 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------------| | 股票数据 | | | 10 [ Table_StockInfo 月 28 日收盘价（元） ] | 49.89 | | 52 周股价波动（元） | 24.90-52.46 | | 总股本 / 流通 A 股（百万股） | 568/68 | | 总市值 / 流通市值（百万元） | 28347/3402 | | 相关研究 | | | [Table_ReportInfo] 《数据中心需求高增，盈利迎显著拐点》 | | | 2024.08.27 | | | 《业绩环比修复，充分布局 | AIGC 静候行业春 | | 风》 2023.11.07 | | 市场表现 [Table_QuoteInfo] -31.87% -16 ...

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of CNY 8.377 billion, a year-on-year increase of 16.60% [3] - Net profit attributable to shareholders reached CNY 4.12 billion, up 47.73% year-on-year [3] - The gross profit margin for the first three quarters was 35.5% [3] Business Segments - Revenue from network equipment increased by approximately 20.30% quarter-on-quarter [3] - Cloud desktop revenue also showed significant growth, contributing to the overall performance [3] - The company ranked third in the Chinese data center switch market [3] Market Trends and Opportunities - The AI wave is driving innovation and enhancing product competitiveness, leading to steady overall business growth [3] - The company is benefiting from the acceleration of data center construction by major internet clients [4] - The enterprise market is gradually recovering, particularly in the education sector, which has positively impacted revenue [4] Cost Management - Management measures implemented at the beginning of the year have started to show results, with a reduction in operating costs [4] - Management expenses decreased quarter-on-quarter, with a year-on-year growth rate decline of approximately 9 percentage points [4] Overseas Business Development - The company has expanded its overseas business to over 90 countries, with a compound annual growth rate of 40.91% from 2021 to 2023 [5] - In the first three quarters of 2024, overseas revenue reached approximately CNY 1.242 billion, a year-on-year increase of about 47%, accounting for approximately 15% of total revenue [5] Future Outlook - The company anticipates continued growth in the enterprise network market and overseas business, which will positively impact revenue structure and gross margin [5] - The introduction of supportive economic policies is expected to drive demand across various industries [4] - The company is focusing on enhancing its compliance system and building capabilities to support international market expansion [5]

锐捷网络（301165.SZ）2024 年三季报点评 Q3 净利润超预期，数据中心交换机需求高增 2024 年 10 月 27 日 ➢ 事件：2024 年 10 月 24 日，公司发布 24 年三季报，24 年前三季度实现营 收 83.8 亿元，同比增长 5.4%；实现归母净利润 4.1 亿元，同比增长 47.7%；扣 非归母净利润为 3.7 亿元，同比增长 47.1%。单季度看，24Q3 实现收入 33.3 亿 元，同比增长 6.8%，环比增长 15.1%，归母净利润 2.6 亿元，同比增长 85.6%， 环比增长 70.3%，扣非归母净利润 2.5 亿元，同比增长 84.1%，环比增长 77.8%。 ➢ 数据中心交换机需求快速增长，公司 Q3 业绩稳增。 24Q3 公司实现营收 33.3 亿元，同比增长 6.8%，环比增长 15.1%，呈现业绩持 续向好趋势。百度/阿里巴巴/腾讯上半年资本开支 500 亿元，同比增长了 117%， 对数据中心和云计算领域投资增加，带动了公司相关产品需求增长。根据公司中 报，1Q24 公司在国内数据中心交换机市占率排名第三，其中细分互联网行业市 场中份额第二。 ➢ Q3 毛 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6][7] Core Insights - The company reported a revenue of 8.377 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.36% - The net profit attributable to the parent company was 412 million yuan, showing a significant year-on-year increase of 47.73% - In Q3 2024, the net profit reached 258 million yuan, marking an impressive year-on-year growth of 85.57% - The company won the first bid for the GSE project from China Mobile, which will support the development of a new type of intelligent computing center network [2][6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 7.74%, an increase of 3.28 percentage points year-on-year and 2.51 percentage points quarter-on-quarter - The company has successfully delivered 200G/400G data center switches, positioning itself as one of the few domestic companies capable of high-end switch R&D [6][7] - The projected revenues for 2024, 2025, and 2026 are estimated to be 12.245 billion yuan, 14.097 billion yuan, and 16.087 billion yuan, with year-on-year growth rates of 6.09%, 15.13%, and 14.12% respectively [7][8] Market Position and Future Outlook - The company is actively aligning with AI development trends and is expected to benefit from the ongoing evolution of AI computing networks - The company is also seizing opportunities in the development of high-speed Ethernet switches, which are in demand due to the growth of AI large models [6][7]

证券代码：301165 证券简称：锐捷网络 公告编号：2024-078 锐捷网络股份有限公司 第三届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 锐捷网络股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日以电子邮 件方式向公司全体监事发出关于召开第三届监事会第十三次会议的通知，并于 2024 年 10 月 23 日在公司会议室以现场方式召开。会议由公司监事会主席李怀 宇先生召集并主持，应参加监事 3 人，实参加监事 3 人，会议的召集、召开及表 决程序符合《公司法》及《公司章程》的规定。 （二）《关于调整 2024 年度日常关联交易预计额度的议案》 监事会认为，本次调整公司与控股股东福建星网锐捷通讯股份有限公司及其 子公司和其联营企业 2024 年度日常关联交易预计额度在不同交易类别中的分配 1 情况，是基于公司生产经营及业务发展的需要所做的合理预计。交易价格由双方 参照市场价格协商确定，不会因上述关联交易而对关联方形成重大依赖，不会对 公司的独立性产生影响，不存在损害公司及全体股东尤其是 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2024-077 锐捷网络股份有限公司 第三届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 锐捷网络股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日以电子邮 件等方式向公司全体董事、监事及高级管理人员发出关于召开第三届董事会第二 十五次会议的通知，并于 2024 年 10 月 23 日在公司会议室以现场与通讯结合方 式召开会议。会议由公司董事长黄奕豪先生召集并主持，应出席董事 8 名，实出 席董事 8 名，其中独立董事黄旭明先生、贺颖奇先生以视频通讯方式参加会议。 全体监事和高级管理人员列席了会议。本次会议的召集、召开及表决程序符合《公 司法》及《公司章程》的规定。 二、董事会会议审议情况 经审议，本次会议以记名表决方式逐项通过了如下议案： （二）《关于调整 2024 年度日常关联交易预计额度的议案》 经审议，董事会同意调整公司及子公司与控股股东福建星网锐捷通讯股份有 1 限公司及其子公司和其联营企业 2024 年度日常关联交易预计 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2024-079 锐捷网络股份有限公司 关于调整 2024 年度日常关联交易预计额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据公司及子公司与星网锐捷及其子公司的业务开展情况，公司拟调整与星 网锐捷及其子公司和其联营企业 2024 年度日常关联交易预计额度在不同交易类 别中的分配情况，交易预计总金额不变。具体如下表： 一、日常关联交易情况 （一）已批准的 2024 年度日常关联交易预计情况 2024 年 3 月及 2024 年 5 月，锐捷网络股份有限公司（以下简称"锐捷网络" 或"公司"）第三届董事会第二十二次会议及 2023 年度股东大会审议通过了《关 于确认 2023 年度关联交易及预计 2024 年度日常关联交易额度的议案》，同意 2024 年度公司及子公司与控股股东福建星网锐捷通讯股份有限公司（以下简称 "星网锐捷"）及其子公司和其联营企业、与间接控股股东福建省电子信息（集团） 有限责任公司（以下简称"电子信息集团"）及其子公司（不包含星网锐捷及其子 公司）和其联营企业、与卓智网络 ...

锐捷网络股份有限公司 2024 年第三季度报告 证券代码：301165 证券简称：锐捷网络 公告编号：2024-075 锐捷网络股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 1 锐捷网络股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|---------- ...