9 June 2026 | 8:09AM HKT Equity Research Ruijie Networks (301165.SZ): Product mix upgrade towards 400G / 800G switch; Riding on China Cloud AI Capex; Buy Ruijie's AI data center switch business is riding on major China CSPs' cloud capex uptrend. The company's prepaid expense increased 1028% QoQ to Rmb501m by end of 1Q26 (vs. Rmb44m by end of 4Q25), which management attributes to the procurement of key raw materials (e.g. switch ASIC chips), reflecting the strong demand and the company's inventory management ...