| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于 2025 年第一季度可转换公司债券 转股情况的公告 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。 重要提示： 本次可转债转股期自可转债发行结束之日（2023 年 8 月 2 日）满六个月后 的第一个交易日（2024 年 2 月 2 日）起至可转债到期日（2029 年 7 月 26 日） 止。 (三)可转债转股价格及调整情况 3、截至 2025 年 3 月 31 日，"信服转债"的债券余额为 12,146,576 张，剩 余票面总金额为 1,214,657,600 元。 根据《深圳证券交易所创业板股票上市规则》的有关规定，深信服科技股份 有限公司（以下简称"公司"）现将 2025 年第一季度可转换公司债券转股及公 司总股本变化情况公告如下： 一、 可转债的基本情况 (一)可转债发行上市情况 经中国证券监督管理委员会《关于同意深信服科技股份有限公司向 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于回购股份进展情况的公告 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。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日召开第 三届董事会第二十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分社会公众股份（以下简称 "本次回购"），用于实施员工持股计划或股权激励计划。本次回购的资金总额 不低于人民币 1 亿元且不超过人民币 2 亿元（均含本数），回购价格不超过人民 币 80 元/股（含本数），具体回购股份的数量及占公司总股本的比例以回购期届 满或回购完毕时公司实际回购的股份数量和占公司届时总股本的比例为准。本次 回购实施期限为自公司董事会审议通过本次回购股份方案之日起不超过 12 个月。 具体内容详见公司在指定信息披露媒体巨潮资讯网（www.cninfo.com.cn ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Insights - The company reported a revenue of 7.51976 billion yuan and a net profit attributable to shareholders of 196.87 million yuan for 2024, with a 9.51% year-on-year growth in cloud computing business [1][4] - The operating cash flow reached 812 million yuan, exceeding expectations, indicating strong operational and financial management [1] - The company focuses on long-term product value innovation, with a 20.35% year-on-year increase in contract liabilities, reflecting growth in XaaS business [2] - The EDS and AICP computing platforms are expected to drive rapid growth in cloud business, with significant market share potential [3] Financial Performance Summary - Revenue for 2024 is projected at 7.51976 billion yuan, with a slight decline of 1.86% from 2023 [5] - The net profit for 2024 is estimated at 196.87 million yuan, a decrease of 0.49% compared to 2023 [5] - The company anticipates revenue growth of 10% in 2025, reaching 8.27173 billion yuan, and a significant profit increase of 106.3% to 406.13 million yuan [4][5] - The EBITDA for 2024 is projected at 176 million yuan, with a significant increase expected in subsequent years [5] Market Position and Growth Potential - The company is positioned as a leader in the hyper-converged market, with a first-place market share expected in Q3 2024 [3] - The focus on large clients and the enhancement of security product capabilities are seen as key growth drivers [2] - The company aims to balance operational quality and growth, reflecting a strong commitment to long-term strategies [1]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][18]. Core Viewpoints - The company reported a revenue of 7.51976 billion yuan and a net profit attributable to shareholders of 196.87 million yuan for 2024, with a 9.51% year-on-year growth in cloud computing business [1][4]. - The operating cash flow reached 812 million yuan, exceeding expectations, indicating strong operational and financial management capabilities [1]. - The company focuses on long-term product value innovation, with a 20.35% year-on-year increase in contract liabilities, reflecting growth in XaaS business and significant contributions from large clients [2]. - The EDS and AICP computing platforms are expected to drive rapid growth in the cloud business, with the company aiming for software value innovation [3]. Financial Data Summary - Revenue for 2024 is projected at 7.51976 billion yuan, with a growth rate of -1.86% compared to 2023 [5]. - The net profit for 2024 is estimated at 196.87 million yuan, showing a slight decrease of 0.49% from the previous year [5]. - The company anticipates revenues of 8.27173 billion yuan, 9.51249 billion yuan, and 10.43806 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 10%, 15%, and 9.73% [4][5]. - The EBITDA for 2024 is projected at 176 million yuan, with significant increases expected in subsequent years [5]. Market Position and Strategy - The company is positioned as a leader in the hyper-converged market, with a first-place market share expected in Q3 2024 according to IDC data [3]. - The focus on large clients and the enhancement of security product capabilities are seen as key drivers for future growth [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company is expected to face a slight decline in revenue in 2024, with projected revenue of 7.52 billion yuan, a decrease of 1.86% compared to 2023. However, net profit is expected to remain stable at 197 million yuan, down only 0.49% [7][3] - The company has shown resilience in its enterprise customer segment, with revenue from enterprise clients reaching 3.49 billion yuan, an increase of 1.82%. The cloud business has also demonstrated steady growth, with revenue of 3.38 billion yuan, up 9.51% [2][3] - The company has launched upgraded versions of its security models, which are expected to drive growth in its AICP and cloud services, indicating a positive outlook for future performance [2][3] Summary by Sections Financial Performance - In 2024, the company is projected to generate revenue of 75.20 billion yuan, with a slight decline of 1.86%. The net profit is expected to be 1.97 billion yuan, down 0.49%, while the non-recurring net profit is forecasted at 0.77 billion yuan, a decrease of 30.45% [7][3] - For Q4 2024, the company reported revenue of 28.86 billion yuan, an increase of 1.13%, and a net profit of 7.77 billion yuan, up 4.46% [7][3] - The overall gross margin for 2024 is expected to be 61.47%, a decrease of 3.66 percentage points from 2023, primarily due to increased competition and a higher proportion of cloud computing business [11][3] Business Segments - Revenue from enterprise customers is 34.87 billion yuan, up 1.82%, while revenue from government and public institutions is 32.97 billion yuan, down 3.85%. Revenue from financial and other clients is 7.36 billion yuan, down 8.99% [2][3] - The security business revenue is 36.29 billion yuan, down 6.75%, while the cloud business revenue is 33.84 billion yuan, up 9.51% [2][3] Future Outlook - The company maintains an "Outperform the Market" rating, with adjusted revenue forecasts for 2024-2026 at 83.21 billion yuan, 93.46 billion yuan, and 107.40 billion yuan, representing growth rates of 10.7%, 12.3%, and 14.9% respectively [3][16] - The net profit forecasts for the same period are 4.75 billion yuan, 7.64 billion yuan, and 10.09 billion yuan, indicating a significant recovery in profitability [3][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance met expectations, with a slight decline in revenue and net profit, but a rebound in fundamentals is anticipated for 2025 due to factors such as increased demand for hyper-converged and AICP platforms driven by large model deployments, significant improvement in advance payments, and stabilization of expenses [2][10] - The cybersecurity business is under short-term pressure, while the cloud computing business continues to grow well, with a 9.51% year-on-year increase in revenue [3][11] - The company has seen a notable improvement in advance payments, which is expected to positively influence revenue trends in 2025 [10] Revenue Breakdown - In 2024, the company's revenue by business segment was as follows: - Cybersecurity: 36.29 billion yuan, down 6.75% - Cloud Computing: 33.84 billion yuan, up 9.51% - Enterprise Wireless: 5.06 billion yuan, down 25.53% [3] - Revenue by downstream industry in 2024: - Enterprise: 34.87 billion yuan, up 1.82% - Government and Institutions: 32.97 billion yuan, down 3.85% - Finance and Others: 7.36 billion yuan, down 8.99% [4] Expense Management - The company's total sales, research, and management expenses in Q4 2024 were 11.88 billion yuan, down 3% year-on-year and down 7.6% from Q3 2024, indicating ongoing improvement [4] Future Earnings Forecast - The company expects to see revenue growth in 2025, with projected revenues of 81.25 billion yuan, 91.15 billion yuan, and 102.72 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 3.46 billion yuan, 5.66 billion yuan, and 6.94 billion yuan [12]

Core Viewpoint - The company maintains a positive outlook on long-term development, reiterating a "buy" rating based on its leadership in the cloud and cybersecurity sectors and long-term growth potential [1] Financial Performance - In 2024, the company achieved operating revenue of 7.52 billion, a year-on-year decline of 1.86%, and a net profit attributable to shareholders of 197 million, down 0.49% year-on-year [2] - The company's core net profit, excluding non-recurring items, was 76.82 million, reflecting a significant year-on-year decrease of 30.45% [2] - Revenue breakdown shows cybersecurity business revenue at 3.63 billion, down 6.75% year-on-year; cloud computing and IT infrastructure revenue at 3.38 billion, up 9.51% year-on-year; and basic network and IoT business revenue at 506 million, down 25.53% year-on-year [2] - The overall gross margin for 2024 was 61.47%, a decrease of 3.66 percentage points, influenced by intense domestic competition and changes in business structure [2] - The company successfully reduced total operating expenses (R&D, sales, and management) by approximately 6.25% [2] - Notably, the net cash flow from operating activities for the year was 812 million, with Q4 alone reaching 1.54 billion, a year-on-year increase of 48.62%, marking a historical high [2] Strategic Developments - The company announced a comprehensive upgrade to its cloud services towards AI, transitioning from traditional business platforms to intelligent computing platforms, compatible with the latest large models including DeepSeek [3] - A new AI service catalog has been launched, allowing users to quickly access AI capabilities through subscriptions [3] - The introduction of an AI application innovation platform aims to simplify the development and operation of AI applications, enhancing the performance of large model applications and reducing overall usage costs [3] - The shift towards AI positions the company as a leading provider of AI infrastructure in China, with strong demand for private deployment of large models, indicating a new era of development for the company [3]

计算机/软件开发 深信服（300454.SZ） 2025 年 03 月 30 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(元) | 103.01 | | 一年最高最低(元) | 142.00/42.70 | | 总市值(亿元) | 434.58 | | 流通市值(亿元) | 286.60 | | 总股本(亿股) | 4.22 | | 流通股本(亿股) | 2.78 | | 近 3 个月换手率(%) | 243.5 | 股价走势图 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 深信服 沪深300 数据来源：聚源 费用管控成效突出，Q4 现金流表现优异 相关研究报告 《全面向 AI 升级，迎来发展新机遇— 公司信息更新报告》-2025.2.23 《业绩符合预期，现金流表现优异— 公司信息更新报告》-2024.4.10 Q4 现金流表现优异，迎接 AI 新机遇 ——公司信息更新报告 陈宝健（分析师） 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 高度看好公司 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 134.69 [6][7]. Core Views - The company reported a revenue of RMB 7.52 billion for 2024, a year-on-year decrease of 1.86%, and a net profit attributable to shareholders of RMB 197 million, down 0.49% year-on-year. However, in Q4 2024, revenue reached RMB 2.886 billion, showing a year-on-year growth of 1.13%, and net profit was RMB 777 million, up 4.46% year-on-year. The operating cash flow for 2024 was RMB 812 million, indicating strong cash generation capabilities [1]. - The company is expected to benefit from the accelerated demand for local deployment of DeepSeek and other large models in 2025, which is anticipated to drive growth in its cloud business [1]. - The company has solidified its leading position in the cybersecurity sector, launching advanced models that enhance threat detection accuracy. Despite current industry demand pressures, the company continues to invest in R&D to strengthen its product competitiveness [3]. - The company has achieved a record market share in the hyper-converged infrastructure (HCI) sector, benefiting from the local deployment trend of DeepSeek, with nearly 100,000 enterprise customers globally [4]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 61.47%, a decrease of 3.67 percentage points year-on-year, primarily due to rising raw material costs. The cybersecurity business generated revenue of RMB 3.629 billion, down 6.75% year-on-year, while the cloud computing and IT infrastructure business saw revenue of RMB 3.384 billion, up 9.51% year-on-year [2]. - The company has improved its operational efficiency, with a workforce reduction of 11.86% to 7,410 employees, resulting in a revenue per employee of RMB 1.0148 million, an increase of 11.35% year-on-year [2]. Market Position and Growth Potential - The company is recognized as a leader in the cybersecurity field, with its XDR product rated as a leader by IDC MarketScape. It is also the first domestic cloud vendor to pass the testing for trusted infrastructure as a service [3]. - The hyper-converged infrastructure market share has reached new heights, with the company’s HCI software ranking first in the Chinese market as of Q3 2024 [4]. Profitability Forecast - Revenue projections for 2025-2027 are RMB 8.742 billion, RMB 10.252 billion, and RMB 12.168 billion, respectively, with expected growth rates of 16.25%, 17.28%, and 18.69% [5]. - The net profit attributable to shareholders is forecasted to grow significantly, with estimates of RMB 341 million, RMB 443 million, and RMB 579 million for 2025, 2026, and 2027, respectively [5].

投资建议：积极看待深信服云计算业务收入快速增长以及公司混合云+AI 构建安全GPT+订阅服务基座 到能力再到商业模式多维共振，预计公司2025-2027年营收分别为 87.74、105.78、127.9 亿元，EPS 分 别为0.76、0.95、1.20 元，2025 年3 月28 日收盘价对应市盈率136、108、86 倍 ，维持"推荐"评级。 产品线持续迭代升级，AI 场景下数据中心云化驱动云计算业务增长。1）网络安全业务：实现营收 36.29 亿元，同比减少 6.75%，占公司整体收入比重为48.27%。公司调整产品策略，重点发展基于云服 务和产品服务化的核心安全能力，培育的XDR、安全托管服务（MSS）等战略业务增速较快。因下一 代防火墙、全网行为管理等成熟产品线的收入减少，而网络安全新产品和服务收入规模仍较小，对安全 业务整体增长的拉动效果尚不明显，公司网络安全业务板块未能实现增长；2）云计算及IT 基础设施业 务：实现营收33.84 亿元，同比增长9.51%，占公司整体收入比重为45.00%，其中，SDDC 产品线（主 要为超融合HCI 产品）、托管云、分布式存储业务EDS 收入保持增长。2024 ...