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SAC S0850517090006 SAC S0850522030004 2023 12 21 Arista AI Arista 22&2014 7050X4 7060X5 800G 7800R3 460T 576 400G Arista 22 43.81+49%&60%+AI/+Arista 22 365+19%200/400G 300%650 Group 27+500 400G/800G Spine-Leaf AI Arista 7800R AI 25 AI 20-30 Arista Arista 12-22 21.8pct 41.8pct 100G EOS+AI Meta Arista EOS Arista EOS Arista Arista Jericho 3 AI Arista 22 Meta 7.01 11.39 16%26%AI AI/AI Arista Arista Arista AI 2 ZXBYzQqNnOqRoQoNsPtMrQ8OcMaQpNqQtRpMeRmNsQfQpNtRaQrRxOxNoOpNuOpOtO 1.Arista 22 2.AI/+Arista 3.EOS+AI Meta 3 1.1 Arista 4 Arista Arista Arista 23Q1 Arista/Arista 23Q1 Arista Arista 2004 2014 ANET AWS Google Intel/Azure Arista 23Q1 23Q1 9000+Arista 1-&60%-65%2&20%-25%3-&10%-15%4000600080001000012000140001600018000200000204060801001201401601802002014-06-06 2015-06-06 2016-06-06 2017-06-06 2018-06-06 2019-06-06 2020-06-06 2021-06-06 2022-06-06 2023-06-06ANET.N IXIC.GI 1.2 Arista 556 5 Wind Arista 1 IXIC.GI 2 2014 6 6 Arista 2023 8 4 3 IPO 100G EOS+CloudVision 1.Gartner Arista 2.Arista 7280R 100G 1.7050X3 7260X3 25G/100G 2.4 400G 7060X4 7800R3 7500R3 400G Big Switch Networks Awake Security 400ZR 1.EOS NetDL 2.7050X 7060X 1.Untangle 2.Arista CUE 7050X4 7060X5 800G Pluribus Networks OFC 2023 800G Arista 2023 8 4 Arista 556 1.Mojo Networks 2.Metamako 7500R2 7280R2 1.3.1&6 Arista 23Q1 Arista Arista 23Q1 Arista 22 12 7050X4 7060X5 800G Arista 7050X4 7060X5 EOS Trident 4 Tomahawk 4 10G-800G 1 20%-40%2 2-1U 32 800G AI ML 3 Arista 460T 7800R3 Arista Arista 7800R3 576 400G 768 100G 460Tbps Tbps 100/400G 7800R3 460 7500R3 230 10/25/40/50/100G 7500R 150 10/40/100G Spline 7300 50 25/100/400G 7280R3 9.6 10/40/100G 7280R 12 10/25/40/100/400G Spline 7060X/7260X/7368X4 25.6 10/25/40/100G 7050X3 6.4 7170 12.8 7160 6.4 10G 7020SR 1.04 Arista 1.3.2-&7 Arista 23Q1 Arista Arista 22 Arista 1 UCN Arista Arista Spline POE 720 750 Wi-Fi 2 CMP 3 EOS DMF NDR CloudVison Arista 22 720XP PoE 750 PoE7300X3 Spline 7020R 7280R 7368X4 7500R 7800R Arista 23Q1 1.3.3&CloudVision 8 Arista 23Q1 Arista CloudVision Arista CloudVision Arista CloudVision EOS NetDB EOS CloudVision CloudVision CloudVison CloudVision Arista 1.4 22 9 Wind Arista 23Q1 Arista 22 5 Arista 23Q1 10-14 16-18 22-27 Wind Arista 22 43.81+49%5 17-22 CAGR 22%22 13.52+61%17-22 CAGR 26%Arista 23Q2 23Q2 14.59+39%GAAP 4.92+64%2017-23H1 Arista 2017-2023H1 Arista Arista 2022-2027-10%0%10%20%30%40%50%60%051015202530354045502017 2018 2019 2020 2021 2022 23H1%-50%0%50%100%150%200%02468101214162017 2018 2019 2020 2021 2022 23H1%1.4 10 Wind Arista 23Q1 22 2021-2022 Arista 22 Arista 22 22 37.16+56%85%6.65+17%PCS Post-Contract Support PCS Arista 23Q1 35%-39%SP T2 25%-30%Arista Arista 22 22 34.63+61%79%+6pct 3.89+28%2017-2022 Arista 87.04%85.58%83.84%79.00%80.65%84.82%-20%0%20%40%60%80%100%010203040502017 2018 2019 2020 2021 2022%Arista 23Q1 73%2021 79%2022 1.4 60%+11 Wind Arista 60%+Wind Arista 22 61.07%-2.73pct 17-22 Arista 60%22 62.55%Juniper 55.80%HPE 33.36%Arista Wind Arista 22 30.87%+2.35pct 17-22 Arista 22 22.91%Juniper 8.88%HPE 3.05%Arista Arista 64.50%63.84%64.06%63.94%63.80%61.07%20%25%30%35%40%45%50%55%60%65%70%2017 2018 2019 2020 2021 2022Arista Juniper HPE25.71%15.25%35.67%27.38%28.52%30.87%-5%0%5%10%15%20%25%30%35%40%2017 2018 2019 2020 2021 2022Arista Juniper HPE 1.Arista 22 2.AI/+Arista 3.EOS+AI Meta 12 2.1.1 400G 13 CPU PHY PCB/400G/25G/40G/100G 400G 2.1.2 14 Arista Arista Arista PCB 2.2 22+$500 15 IDC 650 Group Arista 23Q1 2019-23Q1 200G IDC 22 365+18.7%20-22/+22.6%/15.7%200/400 GbE 300%100G 25/50G+22.0%/29.8%1G+12.6%IDC 23Q1 100+31.5%+23%200/400G+141%+500 Arista 23Q1 650 Group 650 Group 27 300 Amazon Apple Facebook Google Microsoft 200 500 650 Group-10%-5%0%5%10%15%20%25%30%35%0501001502002503003504002019 2020 2021 2022 23Q1%2.3.1 400G/800G 16 Arista 23Q1 Dell Oro Arista Embracing 400G and 800G 400G/800G 400G/800G Arista Embracing 400G and 800G 50G/100G 200G/400G Arista 23Q1 De l l O ro 22 100G 400G 800G 25 400G/800G HPC AI ML 2.3.2 Spine-Leaf 17 HPE-Aruba Spine-Leaf HPE-Aruba Spine-Leaf Spine-Leaf Spine-Leaf HPE-Aruba-Spine-Leaf Spine Leaf Leaf Spine Spine Leaf Spine-Leaf VS 2.3.3 18 FS Forrester FS Linux Facebook 1 2 ASIC 3 ONOS SDN FS VS NOS NOS ASIC ASIC PicOS/Cumulus/Big Switch NOS NOS NOS Accton AS5712 Broadcom Penguin 4800 Broadcom Quanta 3048 Broadcom Arista 7250X Broadcom Dell S6000 Broadcom HP 5930 Broadcom Nexus 7000 HP 3500/5400 HP ProVision Juniper 9200 Trio 2.3.4 AI+19 Arista AI-Network-AI Arista AI-Network AI Gigabits AI RDMA TCP/IP Arista AI-Network CPU GPU TPU-TCP/IP AI CPU RDMA RDMA TCP/IP RDMA 2.3.4 AI+20 Arista 23Q1 Arista AI-Network AI&Arista 7800R Arista 7800R AI Arista 23Q1 AI 1 2 AI 3 AI Arista 7800 AI Arista 7800R AI 1 460T 400G 2 3 RDMA Arsita 23Q1 Arista 25 AI 20-30 Arista Leaf-Spine 2.3.5 CAPEX 23Q1 Meta 21 2016Q1-2023Q2 Meta 23Q1 23Q2 Amazon+Meta 325.97-8.29%-1.38%22 1466+20%23 22 Q1-Q4 23Q1 23Q2 Meta 23Q1 66.07+24%70.87+28%23Q2 89.43+30%63.54-18%-40%-20%0%20%40%60%80%100%120%140%05010015020025030035040045016Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2Amazon Microsoft Google Meta YoY%QoQ%2.4 Arista 22 IDC 2022 Arista 22 2.3pct 9.9%IDC 2022 CR5 74.3%43.3%21 2pct Arista 2022 10.3%+0.1pct Arista 2022 9.9%+2.3pct HPE 5.4%5.4%IDC 2022+13.4%+20.0%Arista 2022+55.4%23Q1 IDC 23Q1 Arista HPE 46.0%11.4%7.0%6.0%3.6%Arista 23Q1+61.6%22Q1-23Q1 Arista 9.9%Arista HPE 23Q1 Arista 11.4%Arista HPE 2.4 Arista 23 10G blade switches Arista 23Q1 Crehan Research 10G Arista Arista 23Q1 Crehan Research Arista 2012 3.5%2022 25.3%22+5.9pct 2012 78.1%2022 36.3%Arista 2012 4.9%2022 22.6%2012 71.4%2022 29.6%2022 Arista 2022 Arista 9.55%Arista 100G/200G/400G Arista 23Q1 Crehan Research 22 Arista 100G/200G/400G 990+65%500+32%ROM 890+29%100G/200G/400G 3.5%5.4%7.8%10.0%11.6%14.6%16.9%18.0%16.4%19.4%25.3%78.1%74.4%69.4%64.7%57.8%53.1%49.8%45.4%42.9%40.7%36.3%35%40%45%50%55%60%65%70%75%80%0%5%10%15%20%25%30%35%40%45%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Arista%4.9%6.7%9.3%12.0%14.4%14.7%17.3%17.7%17.1%19.0%22.6%71.4%70.8%65.9%60.6%51.6%49.9%42.4%36.5%34.5%31.2%29.6%28%33%38%43%48%53%58%63%68%73%0%5%10%15%20%25%30%35%40%45%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Arista%1.3 1.3 1.2 1.3 1.4 1.5 1.7 1.8 2.5 2.7 2.9 3.2 1.2 1.3 1.5 1.3 1.8 1.6 2.1 2.0 2.2 2.2 2.4 2.1 0.8 0.9 0.9 0.9 0.9 1.0 0.9 1.2 1.4 1.1 1.3 1.4 0123456782Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q23Arista ROM 2.4 Arista 24 2023 12 20 2022 Wind Wikipedia 22 Forrester SDNLAB IDC Arista 800G/400G Juniper Arista 000938.SZ 301165.SZ CSCO.O JNPR.N ANET.N 1999 2003 1987 2003 1984 1996 2004 545-216 14361 658 5148 738 498 6423 113 3477 369 305 37 37 356 5 797 33 94 IT 63%44%0%7%ICT 55%33%7%8%0%1%-4%20%44%39%63%56%61%5%6%5%23%9%31%ROE%7%8%19%29%11%31%/H3C S9827 800G+CPO S12500R 400G CloudEngine 16800-X 800G RG-N18010-XH 400G Nexus 9800 400G Nexus 9232E 800G QFX 5700 QFX 5130 400G 7800R3 400G 7060X5 7050X4 800G/400G 2022 5.4%10.3%-43.3%-9.9%1.Arista 22 2.AI/+Arista 3.EOS+AI Meta 25 3.1 EOS 26 Arista Arista 23Q1 Arista EOS Arista EOS Arista Arista Arista EOS Arista EOS Arista Arista EOS Arista EOS ASIC EOS Arista Arista EOS 3.2 27 Arista 23Q1 Arista 23Q1 Arista Arista Arista Arista ASIC Arista Arista 23Q1 23Q1 Arista Jericho Trident Tomahwak Intel Tofino 23 4 Jericho3-AI Jericho3-AI 32000 GPU 800Gbps Arista 23Q1 Arista Jericho3 AI Tomahawk Trident Jericho 3.3 28 Arista 22Q2 Arista 2019-2022 Arista Meta AI Arista 22 2022 12 31 9000 Arista 19 20 21 22 19-22 23%22%15%16%19-22 5.54 4.98 4.42 7.01 22+59%Meta 19-22 17%10%10%26%22 Meta 11.39 Arista 22 AIGC AI AIGC OpenAI Arista 2019-2022 Arista Meta 23%22%15%16%17%26%0%5%10%15%20%25%30%0246810122019 2020 2021 2022 Meta%Meta%Arista 22&2014 7050X4 7060X5 800G 7800R3 460T 576 400G Arista 22 43.81+49%&60%+AI/+Arista 22 365+19%200/400G 300%650 Group 27+500 400G/800G Spine-Leaf AI Arista 7800R AI 25 AI 20-30 Arista Arista 12-22 21.8pct 41.8pct 100G EOS+AI Meta Arista EOS Arista EOS Arista Arista Jericho 3 AI Arista 22 Meta 7.01 11.39 16%26%AI AI/AI Arista Arista AI 29 AI Arista Arista 30 SAC S0850517090006 010-50949962 Email SAC S0850522030004 021-23154128 Email 31 信 息披露和 法律声明 32 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
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