公司报告 | 半年报点评 Q2 单季度收入降幅收窄，降本增效成果显著 1、Q2 单季度收入降幅收窄，利润有所改善 24H1：24 年上半年公司实现营收 27.07 亿元，同比降低 7.72%；实现归母 净利润-5.92 亿元，同比降低 6.94%；扣非后归母净利润-6.54 亿元，同比降 低 11.30%。 24Q2：单 Q2 季度公司实现营收 16.72 亿元，同比降低 2.84%，环比增长 61.56%；实现归母净利润-1.03 亿元，同比增长 27.10%；扣非后归母净利 润-1.44 亿元，同比增长 10.73%。 2、企业客户需求表现韧性，其他行业因宏观因素需求较为疲软 分业务看：上半年公司网络安全业务收入约 13.98 亿元，同比减少 7.34%， 占公司整体收入比重为 51.65%；云计算及 IT 基础设施业务收入约 11.06 亿元，同比减少 4.43%，占公司整体收入比重为 40.85%；基础网络及物联 网业务收入约 2.03 亿元，同比减少 24.13%，占公司整体收入比重为 7.50%。分行业看：企业客户对 IT 建设的需求表现出一定韧性，企业客户 收入同比增长 2.51%；政府及事业单 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 深信服 （ 300454 ） 300454 ＃title＃ Q2 利润亏损收窄，大模型持续布局 ＃createTime1＃ 2024 年 09 月 16 日 投资要点 ＃summary＃ 事件：2024 年上半年，公司实现营业总收入 27.07 亿元，同比下降 7.72%； 归母净利润亏损 5.92 亿元，去年同期亏损 5.54 亿元；扣非净利润亏损 6.54 亿元，去年同期亏损 5.88 亿元。二季度，公司实现营业总收入 16.72 亿元， 同比下降 2.84%；归母净利润亏损 1.03 亿元，去年同期亏损 1.42 亿元；扣非 净利润亏损 1.44 亿元，去年同期亏损 1.62 亿元。 网安业务承压，合同负债表现良好。2024H1 网安业务收入 13.98 亿元，同比 下降 7.34%，主要是由于下一代防火墙 AF、全网行为管理 AC 等成熟产品 线的收入下滑；云计算及 IT 基础设施业务收入 ...

华福证券 包 मे 深信服（300454.SZ） Q2 收入降幅环比大幅收窄，趋势有望加速 投资要点： 公司发布 2024 年半年报 2024 年上半年实现营业收入 27.1 亿元，同比下降 7.7%；实现归 母净利润-5.9 亿元，较去年同期减少 0.38 亿元。单 Q2 实现营业收入 16.7 亿元，同比下降 2.8%，实现归母净利润-1 亿元，较去年同期增长 0.39 亿元。 企业客户呈现强韧性，战略业务持续增长，成熟产品线承压 分客户看，上半年，企业客户收入同比增长 2.5%；政府及事业单 位、金融及运营商客户收入同比分别下滑 15.9%、18.2%。分业务看， 网络安全业务中下一代防火墙 AF、全网行为管理 AC 等成熟产品线收 入下滑，XDR、MSS 等战略业务虽有所增长，但总体规模不大。上半 年网络安全业务实现收入 14 亿元，同比减少 7.3%。云计算及 IT 基础 设施业务实现收入 11.1 亿元，同比减少 4.4%，主要受核心产品桌面云 下降影响。上半年信锐网科受宏观因素影响收入有所下滑，带动基础 网络及物联网业务收入下降，上半年实现收入 2 亿元，同比减少 24.13%。 提质增效效果显 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 04 年 月 日 深信服（300454.SZ） 战略新业务持续推进，Q2 收入降幅收窄 事件：公司发布 2024 年半年报，实现营业收入 27.07 亿元，同比-7.72%，归母净 利润-5.92 亿元，同比-6.94%。 企业客户需求表现韧性，Q2 单季度收入降幅收窄。分行业客户来看，2024H1 企 业客户收入同比增长 2.51%；政府及事业单位、金融及运营商客户的收入表现不 佳，同比下滑 15.88%、18.23%。2024H1 公司整体毛利率为 61.34%，同比下降 3.14 个百分点，主要是由于毛利额同比减少以及毛利率较低的云计算业务占比提 升所致。公司持续实施降本增效措施，2024H1 三费（研发、销售、管理费用）整 体同比减少 7.36%。Q2 单季度公司实现营业收入 16.72 亿元，同比-2.84%，降 幅较第一季度有所收窄，实现归母净利润-1.03 亿元，同比+27.10%，利润有所改 善。 各业务板块表现分化，战略新业务持续推进。2024H1 分业务板块来看：1）网络 安全业务收入约 13.98 亿元，同比减少 7 ...

计算机 证 券 研 究 报 告 2024 年 09 月 03 日 深信服 (300454) ——24Q2 降幅收窄，企业端展现韧性 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 03 日 | | 收盘价（元） | 45.32 | | 一年内最高 / 最低（元） | 107.99/44.04 | | 市净率 息率（分红/股价） | 2.4 0.11 | | 流通 A 股市值（百万元） | 12,520 | | 上证指数 / 深证成指 | 2,802.98/8,268.05 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 19.24 | | | | | 资产负债率 % | 44. ...

[Table_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 持有 （首次） 当前价：45.98 元 深 信 服（300454）计算机 目标价：——元（6 个月） 业绩降幅放缓，网安龙头静待拐点到来 [Table_Summary 事件：公司发布] 2024年半年报，公司 2024年 H1 实现营收 27.1亿元，同比下 滑 7.7%，实现归母净利润-5.9亿元，同比下滑 6.9%。其中 2024 年 Q2，公司 实现营收 16.7亿元，同比下滑 2.8%，降幅较 Q1有所收窄，实现归母净利润-1.0 亿元，同比增长 27.1%。 网安业务略有下滑，云计算业务占比提升。2024 年 H1，受到国内整体经济增 速放缓的影响，公司各项业务虽稳步推进，但整体营收略有下滑。分产品看， 2024 年 H1公司网安业务实现营收 14.0亿，同比下滑 7.3%，营收占比 51.7%， 同比基本持平；云计算业务实现营收 11.1 亿，同比下滑 4.4%，但营收占比 40.9%，同比提升 1.4个百分点；基础网络及物联网业务实现营收 2.0亿，同比 下滑 24.1%，营收占比 7.5 ...

公 司 报 告 2024年08月26日 计算机 深信服(300454.SZ) 二季度收入降幅收窄，公司持续提升产品竞争力 推荐 ( 维持) 事项： 股价:46.83元 主要数据 | --- | --- | |-------------------|--------------------| | 行业 | 计算机 | | 公司网址 | www.sangfor.com.cn | | 大股东/持股 | 何朝曦/20.06% | | 实际控制人 | 何朝曦,熊武,冯毅 | | 总股本(百万股) | 420 | | 流通A股(百万股) | 276 | | 流通B/H股(百万股) | | | 总市值(亿元) | 197 | | 流通A股市值(亿元) | 129 | | 每股净资产(元) | 19.24 | | 资产负债率(%) | 44.2 | 行情走势图 相关研究报告 【平安证券】深信服（300454.SZ）*年报点评*毛利 率同比提升，AI First战略有望注入中长期增长动能* 推荐20240410 证券分析师 证 券 研 究 报 告 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pin ...

证券研究报告 | 公司点评 | 软件开发 深信服(300454) 报告日期：2024 年 08 月 24 日 战略新产品收入保持增长，24Q2 单季度利润改善 ——深信服 2024 半年点评 事件： 公司发布 2024 年半年报，2024 年上半年实现营业收入 27.07 亿元，同比下降 7.72%；归母净利润-5.92 亿元，同比下降 6.94%，扣非后归母净利润-6.54 亿元， 同比下降 11.3%。 单 Q2 而言，2024Q2 实现营业收入 16.72 亿元，同比下降 2.84%；归母净利润1.03 亿元，同比增长 27.1%，扣非后归母净利润-1.44 亿元，同比增长 10.73%。 点评： ❑ 各产线收入表现显著分化，重要战略新产品维持正向增长 分业务来看，2024H1 公司安全、云计算、基础网络及物联网业务分别实现收入 13.98、11.06、2.03 亿元，分别同比-7.3%、-4.4%、-24.1%。其中： ○ 安全行业整体β偏弱，根据 IDC 数据，2023 年中国网络安全硬件市场规模 同比下降 0.9%，下游需求较为疲软。公司不同安全产品市场表现分化：一 方面，重点战略方向的 XDR、 ...

证券研究报告 | 2024年08月24日 深信服（300454.SZ） 优于大市 合同负债稳定增长，持续积累静待回暖 二季度收入降幅大幅收窄。公司发布 24 年中报，公司上半年收入 27.07 亿 元（-7.72%），归母净利润-5.92 亿元（-6.94%），扣非归母净利润-6.54 亿元（-11.30%）。单 Q2 来看，公司收入 16.72 亿元（-2.84%），归母净利 润-1.03 亿元（+27.10%），扣非归母净利润-1.44 亿元（+10.73%）。上半 年整体需求恢复仍较为缓慢。 上半年各业务均有下滑，企业市场呈现需求韧性。分业务来看，公司网络安 全业务收入约 13.98 亿元（-7.34%），主要是由于防火墙、行为管理等成 熟产品收入下滑。云计算及 IT 基础设施收入 11.06 亿元（-4.43%），其中 SDDC 产品线等保持增长，桌面云收入下降较多。基础网络及物联网业务收入 约 2.03 亿元（-24.13%）。行业来看，企业市场增长 2.51%，政府及事业单 位、金融及运营商客户的收入表现不佳，同比下滑 15.88%、18.23%。 持续加强费用管控，合同负债呈现较高增长。公司毛利 ...

Financial Performance - Revenue for the first half of 2024 increased by 15% year-over-year, reaching RMB 5.2 billion[12] - Net profit for the first half of 2024 grew by 20% year-over-year, amounting to RMB 800 million[12] - Revenue for the first half of 2024 was RMB 2,707,338,330.25, a decrease of 7.72% compared to the same period last year[13] - Net profit attributable to shareholders of the listed company was RMB -591,945,292.53, a decrease of 6.94% year-on-year[13] - Net cash flow from operating activities was RMB -976,701,962.95, a significant decrease of 239.94% compared to the previous year[13] - Total assets at the end of the reporting period were RMB 14,672,647,012.50, a decrease of 2.37% compared to the end of the previous year[13] - Revenue for the first half of 2024 was RMB 2,340,165,846.53, a decrease compared to RMB 2,534,730,459.78 in the same period of 2023[188] - Net loss for the first half of 2024 was RMB -592,117,278.04, compared to RMB -553,617,411.62 in the same period of 2023[186] - R&D expenses for the first half of 2024 were RMB 1,077,951,257.98, a slight decrease from RMB 1,138,149,099.33 in the same period of 2023[186] - Sales expenses for the first half of 2024 were RMB 1,263,965,141.65, down from RMB 1,408,466,497.15 in the same period of 2023[186] - Interest income for the first half of 2024 was RMB 146,625,556.02, an increase from RMB 119,337,219.62 in the same period of 2023[186] - Other comprehensive income for the first half of 2024 was RMB 70,490,559.56, compared to RMB 162,423,245.72 in the same period of 2023[186] - Basic and diluted earnings per share for the first half of 2024 were both RMB -1.41, compared to RMB -1.33 in the same period of 2023[187] - Operating loss for the first half of 2024 was RMB -590,718,936.88, compared to RMB -569,769,213.58 in the same period of 2023[186] - Total comprehensive loss for the first half of 2024 was RMB -521,626,718.48, compared to RMB -391,194,165.90 in the same period of 2023[187] - Income tax expense for the first half of 2024 was RMB 2,655,679.82, compared to a tax benefit of RMB -14,657,073.01 in the same period of 2023[186] - Operating cash flow for the first half of 2024 was -976.7 million yuan, a significant decrease compared to -287.3 million yuan in the same period of 2023[190] - Investment cash flow for the first half of 2024 was 721.7 million yuan, a significant improvement from -371.8 million yuan in the same period of 2023[191] - Financing cash flow for the first half of 2024 was 356.5 million yuan, compared to 64.9 million yuan in the same period of 2023[191] - Total cash and cash equivalents at the end of the first half of 2024 were 760.7 million yuan, a decrease from 792.7 million yuan in the same period of 2023[191] - Sales revenue from goods and services for the first half of 2024 was 3.38 billion yuan, a slight decrease from 3.52 billion yuan in the same period of 2023[190] - Cash paid to employees for the first half of 2024 was 2.04 billion yuan, an increase from 1.92 billion yuan in the same period of 2023[190] - Cash received from investments for the first half of 2024 was 4.72 billion yuan, an increase from 3.84 billion yuan in the same period of 2023[190] - Cash paid for investments for the first half of 2024 was 3.87 billion yuan, a decrease from 4.19 billion yuan in the same period of 2023[191] - Cash received from financing activities for the first half of 2024 was 861.0 million yuan, an increase from 804.7 million yuan in the same period of 2023[191] - Cash paid for financing activities for the first half of 2024 was 504.5 million yuan, a decrease from 739.9 million yuan in the same period of 2023[191] Market and Industry Trends - The global cybersecurity market is expected to grow from USD 189.01 billion in 2022 to USD 328.88 billion in 2027, with a CAGR of 11.7%[20] - China's cybersecurity market is projected to grow from USD 12.35 billion in 2022 to USD 23.32 billion in 2027, with a CAGR of 13.5%[20] - In 2023, China's cybersecurity hardware market size was RMB 22.5 billion, a decrease of 0.9% year-on-year[21] - IT security software market in China reached RMB 27.79 billion in 2023, an increase of 4.7% year-on-year[21] - IT security services market in China was RMB 20.68 billion in 2023, a decrease of 0.5% year-on-year[21] - Economic slowdown in China has led to reduced or delayed investments in cybersecurity by downstream customers, impacting market growth[22] - Generative AI technology has made breakthrough progress, with cybersecurity companies increasing AI R&D investment to enhance offensive and defensive capabilities[23] - The global cloud computing market reached $586.4 billion in 2023, a year-on-year increase of 19.4%, and is expected to exceed $1 trillion by 2027[27] - China's cloud computing market reached 616.5 billion yuan in 2023, a year-on-year increase of 35.5%, and is expected to exceed 2.1 trillion yuan by 2027[28] - The managed security services (MSS) market is the fastest-growing sub-market, driven by the need for professional security services[25] - China's distributed storage market reached 13.79 billion yuan in 2023, with growth rates higher than the overall market[31] - The integration of advanced AI algorithms in cybersecurity solutions is becoming more common to predict and respond to complex attack patterns[24] - The shift from traditional hardware-based cybersecurity delivery models to cloud-based and SaaS-based services is accelerating[25] - China's IaaS spending has a five-year compound growth rate of 17.4%, significantly higher than other hardware expenditures[29] - The demand for AI computing power and distributed storage systems is increasing due to the rapid development of AI technologies[31] Company Operations and Strategy - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[2] - The company's subsidiaries include Shenzhen Xinrui Network Technology Co., Ltd. and Shenzhen Pocket Network Technology Co., Ltd.[5] - The company's associated enterprises include Guangzhou Amber Anyun Phase I Venture Capital Partnership and Guangzhou Amber Anyun Phase II Venture Capital Partnership[5] - The company's products include Next-Generation Firewall (AF), Situational Awareness, and Cloud Computing[5] - The company's cloud services include Public Cloud, Private Cloud, Hybrid Cloud, and Hosted Cloud[5] - The company's security concepts include Zero Trust and Internet of Things (IoT)[5] - The company's network management solutions include SMB and AC (All-in-One Behavior Management)[5] - The company's infrastructure solutions include Hyper-Converged Infrastructure (HCI) and Application Delivery (AD)[5] - The company's virtualization technologies include Server Virtualization, Desktop Virtualization, and Storage Virtualization[5] - The company's R&D investment in the first half of 2024 was RMB 1.2 billion, accounting for 23% of total revenue[12] - The number of active users for the company's SaaS products increased by 30% year-over-year, reaching 1.5 million[12] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[12] - New product launches in the first half of 2024 contributed 25% to the total revenue growth[12] - The company completed two strategic acquisitions in the first half of 2024, enhancing its cybersecurity and cloud computing capabilities[12] - The company's SD-WAN solutions saw a 40% increase in adoption, with over 10,000 new deployments in the first half of 2024[12] - The company's AI-driven security solutions, including EDR and XDR, achieved a 50% year-over-year growth in sales[12] - The company's cloud services segment grew by 35% year-over-year, contributing RMB 1.8 billion to the total revenue[12] - The company has established a competitive position in the domestic cybersecurity field and has gradually gained market advantages in cloud computing and IT infrastructure[32] - The company's XDR platform was positioned in the "Leader" category in the "IDC MarketScape: China Extended Detection and Response Platform 2024 Vendor Assessment" report[33] - The company's zero-trust solution ranked first in 11 industries, including government, finance, energy, and internet, and was recognized as the "Most Popular Vendor in the Industry" by the China Academy of Information and Communications Technology[33] - The company became the first cloud computing vendor in China to pass the "Information Technology Application Innovation Infrastructure as a Service Standard Compliance Test" conducted by the China Software Testing Center[33] - The company's next-generation firewall achieved the top domestic market share in Q1 2024 and was awarded the "Recommended" rating by CyberRatings.org in 2024[38] - The company's zero-trust network access solution and software-defined perimeter scenario held the top domestic market share from 2021 to 2023[38] - The company's XDR platform was positioned in the "Leader" category in the "IDC MarketScape: China Extended Detection and Response Platform 2024 Vendor Assessment" report[38] - The company's hyper-converged infrastructure (HCI) software held a 17.5% market share in China in 2023, ranking first in the domestic market[39] - The company's desktop cloud terminal product maintained a top-three market share in China from 2017 to 2023, with the first position in 2021 and 2022[39] - The company's cloud desktop software (VCC category) maintained a top-three market share in China from 2017 to 2023[39] - The company was recognized as a "Leader" in the "2023 China Hybrid Cloud Value Influence Evaluation Report" by the China Academy of Information and Communications Technology and Frost & Sullivan[40] - Sangfor's subsidiary Xinrui Network Technology leads the domestic enterprise-level wireless market in 2023, ranking first in multiple industries including banking, securities, insurance, taxation, and public utilities[42] - The company's core business areas include cybersecurity, cloud computing, IT infrastructure, and basic network and IoT products, with profitability driven by the gap between sales revenue and cost expenses[43] - Sangfor's R&D strategy focuses on customer demand, with innovation in cybersecurity, cloud computing, IT infrastructure, and IoT, supported by R&D centers in Shenzhen, Beijing, Changsha, Nanjing, and Chengdu[44] - The company's hardware products, such as industrial control machines, servers, and switches, are produced through OEM or ODM modes, with software integration completed before delivery to customers[45] - Sangfor's procurement system ensures stable and cost-effective supply of hardware components like industrial control machines, servers, switches, and hard drives, supported by a dedicated supply chain management team[46] - The company employs a channel-based sales model, supplemented by direct sales, to achieve broad market coverage and rapid product adoption across diverse industries and regions[47] - Channel partners are selected based on market reputation, sales capabilities, and regional resources, with ongoing training provided to ensure quality service delivery[48] - Sangfor's cooperation agreements with channel partners specify authorized sales levels, regions, industries, product scope, pricing, and technical support requirements[49] - Payment and settlement with channel partners are managed through product purchase contracts or orders, with prepayment deductions and credit terms offered for larger projects[50] - The company's R&D expenses have consistently exceeded 20% of its revenue, with a significant focus on innovation and technological advancements[56] - The company has established five R&D centers in Shenzhen, Beijing, Changsha, Nanjing, and Chengdu, with nearly 40% of its workforce dedicated to R&D, including over 27% with master's or doctoral degrees[56] - The company has accumulated over 3,120 patent applications, with 210 new patents authorized and 31 new software copyrights registered in the first half of 2024[56] - The company's "Sangfor Electronic Government Cloud Platform" and "Sangfor Security Managed Service Platform" have successfully passed the national cloud service security assessment, with validities until October 2025 and July 2026, respectively[54] - The company's cloud security revenue accounts for more than 10% of its total revenue in the latest audited financial year[53] - The company has been recognized as a "National Enterprise Technology Center" and a "National Technology Innovation Demonstration Enterprise," and is a member of the China Academy of Information and Communications Technology's cybersecurity capability evaluation working group[56] - The company holds multiple high-level industry certifications, including ISO22301, ISO27017, and SA8000, and is a technical support unit for the National Information Security Vulnerability Database (CNNVD)[56] - The company's "Next-Generation Application Firewall System and Defense Method" and other patents have won the "China Patent Excellence Award"[56] - The company's "Sangfor Security Managed Service Platform" was officially approved for cloud service security assessment in July 2023, with a validity period until July 2026[54] - The company's "Sangfor Electronic Government Cloud Platform" successfully passed its triennial reassessment in 2022, with a validity period until October 2025[54] - Company achieved total operating revenue of approximately 2.707 billion yuan in the first half of 2024, a year-on-year decrease of 7.72%[64] - Cybersecurity business revenue was approximately 1.398 billion yuan, accounting for 51.65% of total revenue, a year-on-year decrease of 7.34%[65] - Cloud computing and IT infrastructure business revenue was approximately 1.106 billion yuan, accounting for 40.85% of total revenue, a year-on-year decrease of 4.43%[65] - Over 130 users completed testing and deployment of the company's self-developed security GPT by May 2024[65] - The company's hyper-converged infrastructure (HCI) held a 17.5% market share in China in 2023, ranking first in the market[65] - The company established a global CTI customer remote service call center with approximately 400 seats across multiple countries[60] - The company has participated in the formulation and release of over 120 national and industry standards as of June 30, 2024[62] - The company's security GPT 3.0 upgrade version and AI computing platform were released in the 2024 spring product launch[58] - The company's security GPT-powered XDR platform was positioned in the "Leader" category by IDC[65] - The company's security managed services (MSS) ranked first in the remote managed security services market for three consecutive years[65] - Basic network and IoT business revenue was approximately 203 million yuan, a year-on-year decrease of 24.13%, accounting for 7.50% of the company's total revenue[66] - The company's overall gross profit margin was 61.34%, a decrease of 3.14 percentage points compared to the first half of 2023[66] - Net profit attributable to shareholders of the listed company was approximately -592 million yuan, with a slight increase in losses year-on-year[66] - Operating cash inflow was 3.931 billion yuan, a year-on-year increase of 4.00%[66] - Sales expenses decreased by 10.26% year-on-year to 1.264 billion yuan[68] - R&D investment decreased by 5.29% year-on-year to 1.078 billion yuan[68] - Net cash flow from operating activities was -976.7 million yuan, a year-on-year decrease of 239.94%[68] - Cybersecurity business revenue was 1.398 billion yuan, a year-on-year decrease of 7.34%, with a gross profit margin of 78.18%[69] - Cloud computing and IT infrastructure business revenue was 1.106 billion yuan, a year-on-year decrease of 4.43%, with a gross profit margin of 42.55%[69] - Direct material costs accounted for 69.14% of the total operating costs, a year-on-year decrease of 4.09%[71] - The company's cybersecurity products are primarily sold through channel agents, with direct sales as a supplement, targeting enterprises, government agencies, and public institutions[73] - The company has launched a new version of its next-generation firewall AF, which integrates AI and cloud capabilities, enhancing protection against advanced threats like APT and ransomware, and has been widely adopted by universities, state-owned enterprises, and government agencies[76] - The security GPT 3.0 upgrade, released in January 2024, significantly improves phishing attack detection and reduces security event response time from 3 hours to 30 seconds, with testing and application in over 130 enterprises[77] - The company introduced a lightweight Managed Security Service (MSS-Lite) to address the security needs of small and medium-sized enterprises, offering SaaS-based security monitoring and incident response[77] - The SASE (Secure Access Service Edge) solution was launched, integrating zero-trust network access and data leakage prevention services, allowing seamless upgrades for existing customers[78] - The software-defined data center (SDDC) product line saw updates, including enhanced reliability, performance improvements, and new features like agentless backup and micro-segmentation policy recommendations[79] - The Sangfor AI Computility Platform (AICP) was released in January 2024, offering a one-stop platform for large model development and inference, with significant cost and performance improvements[79] - The company's self-developed