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 ...

办公地址：广东省深圳市南山区学苑大道 1001 号南山智园 A1 栋。 变更后： 办公地址：广东省深圳市南山区西丽街道仙洞路 16 号深信服科技大厦。 除上述变更内容外，公司投资者热线、传真、网址、电子邮箱等其他联系方 式均保持不变。 | 证券代码：300454 | 证券简称：深信服 公告编号：2024-067 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 以上办公地址自本公告发布之日起正式启用，敬请广大投资者知悉。 深信服科技股份有限公司 关于公司总部主要办公地址变更的公告 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"）根据经营发展需要，已于近 日搬迁至新地址办公，现将公司总部主要办公地址变更的有关事项公告如下： 变更前： 特此公告。 深信服科技股份有限公司 董事会 二〇二四年九月九日 1 / 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [4][13]. Core Insights - The company reported a significant reduction in the revenue decline in Q2, with a revenue of 1.67 billion yuan, down 2.8% year-on-year, and a net profit of -100 million yuan, which is an improvement of 39 million yuan compared to the same period last year [1][2]. - The company is experiencing resilience in enterprise customer revenue, which grew by 2.5% year-on-year, while government and financial sector revenues declined by 15.9% and 18.2%, respectively [1]. - The company is focusing on cost reduction and efficiency improvement, with overall expenses down by 7.36% year-on-year, and has invested in AI technology, launching the upgraded version of its security product [2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 2.71 billion yuan, a year-on-year decrease of 7.7%, and a net profit of -590 million yuan, a decrease of 38 million yuan compared to the previous year [1]. - The revenue forecast for 2024-2026 is projected at 7.78 billion yuan, 8.18 billion yuan, and 9.01 billion yuan, with year-on-year growth rates of 2%, 5%, and 10%, respectively [2][3]. - The net profit forecast for the same period is expected to be 240 million yuan, 370 million yuan, and 510 million yuan, with growth rates of 22%, 55%, and 38% [2][3]. Key Financial Ratios - The report indicates a projected EPS of 0.57 yuan for 2024, increasing to 1.22 yuan by 2026, reflecting a positive growth trajectory [3][10]. - The company's P/E ratio is expected to decrease from 95.6 in 2023 to 36.8 in 2026, indicating an improvement in valuation over time [3][10]. - The asset-liability ratio is reported at 44.24%, suggesting a moderate level of financial leverage [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 2.707 billion yuan for the first half of 2024, a year-on-year decrease of 7.72%, with a net profit attributable to shareholders of -0.592 billion yuan, down 6.94% year-on-year [1]. - The demand from enterprise customers showed resilience, with a 2.51% year-on-year increase in revenue from enterprise clients in H1 2024, while revenue from government, financial, and telecom sectors declined significantly [1]. - The overall gross margin for H1 2024 was 61.34%, a decrease of 3.14 percentage points year-on-year, primarily due to a reduction in gross profit and an increased proportion of lower-margin cloud computing business [1]. - The company continues to implement cost reduction and efficiency improvement measures, resulting in a 7.36% year-on-year decrease in overall operating expenses [1]. - The strategic new businesses are progressing, with the AI-enabled next-generation firewall and other AI technologies being deployed across products, positioning the company as a market leader in certain segments [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.672 billion yuan, a year-on-year decline of 2.84%, which is an improvement compared to Q1 [1]. - The net profit for Q2 was -0.103 billion yuan, showing a year-on-year increase of 27.10% [1]. - The company’s revenue forecast for 2024-2026 has been adjusted to 7.749 billion, 8.493 billion, and 9.489 billion yuan respectively, with net profit forecasts of 0.218 billion, 0.317 billion, and 0.449 billion yuan [2]. Business Segments - The network security business generated approximately 1.398 billion yuan in H1 2024, a decrease of 7.34% year-on-year, accounting for 51.65% of total revenue [1]. - The cloud computing and IT infrastructure business reported revenue of about 1.106 billion yuan, down 4.43% year-on-year, representing 40.85% of total revenue [1]. - The basic network and IoT business saw a significant decline of 24.13% year-on-year, with revenue of approximately 0.203 billion yuan, making up 7.50% of total revenue [1]. Strategic Initiatives - The company has launched AI-enabled products, including the next-generation firewall and the AI computing platform, which are expected to lower the barriers for users in developing and applying large models [2]. - The security managed service (MSS) has maintained its position as the market leader for three consecutive years, expanding its market share [2].

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. ...

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [1][3]. Core Insights - The company reported a revenue of 2.71 billion yuan for H1 2024, a year-on-year decline of 7.7%, with a net profit attributable to shareholders of -590 million yuan, down 6.9% year-on-year. The decline in revenue has slowed in Q2 2024, with a revenue of 1.67 billion yuan, a decrease of 2.8% year-on-year, and a net profit of -100 million yuan, an increase of 27.1% year-on-year [2][15]. - The cybersecurity business experienced a slight decline, while the cloud computing business saw an increase in its revenue share. In H1 2024, the cybersecurity business generated 1.4 billion yuan, down 7.3% year-on-year, accounting for 51.7% of total revenue. The cloud computing business generated 1.11 billion yuan, down 4.4% year-on-year, but its revenue share increased by 1.4 percentage points to 40.9% [2][16]. - The company is positioned as a leader in the cybersecurity industry, leveraging its early market entry and brand influence. It has been actively investing in AI technologies to enhance its product offerings, including the launch of the upgraded security GPT 3.0 and AI computing platform in 2024 [10][14]. Financial Analysis - The overall gross margin for H1 2024 was 61.3%, a decrease of 3.1% year-on-year, primarily due to the increased proportion of lower-margin cloud computing business. The gross margin for the cybersecurity business was 78.2%, down 1.2% year-on-year, while the cloud computing business had a gross margin of 42.6%, down 5.3% [2][17]. - The company has successfully reduced its three expense ratios by 7.4% year-on-year, with the sales expense ratio at 46.7%, down 1.3% year-on-year [17]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 7.31 billion yuan, 7.75 billion yuan, and 8.72 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 200 million yuan, 240 million yuan, and 370 million yuan for the same years, with corresponding EPS of 0.48, 0.58, and 0.88 yuan [3][23]. - The company's PE ratios are forecasted to be 97, 79, and 52 for the years 2024, 2025, and 2026, respectively, which are below the industry average, supporting the "Hold" rating [3][24].

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于信服转债预计触发转股价格向下修正条件 的提示性公告 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。 1 / 4 特别提示： | 1.证券代码：300454 | | 证券简称：深信服 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2.债券代码：123210 | | 债券简称：信服转债 | | | | | | | | | | | 3.转股价格：111.26 | | 元/股 | | | | | | | | | | | 4.转股期间：2024 | 年 | 2 | 月 | 2 | 日至 | 2029 | 年 | 7 | 月 | 26 | 日 | 5.自 2024 年 8 月 14 日至 2024 年 8 月 27 日 ...

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 ...

Investment Rating - Buy (Maintained) [6] Core Views - The company's strategic new products maintained revenue growth, with a significant improvement in Q2 2024 profits [1] - Revenue from key strategic new products continued to grow, while traditional products faced declines due to weak industry demand [3] - Cost control measures exceeded expectations, offsetting the pressure from declining gross margins, leading to a year-on-year improvement in Q2 2024 profits [4] - The company is advancing its "AI First" innovation strategy, with significant progress in AI-related products such as Security GPT and AI Computing Platform (AICP) [5] - Adjusted revenue forecasts for 2024-2026 are 7,681, 8,079, and 8,767 million yuan, with net profits of 246, 283, and 402 million yuan, respectively [10] Business Performance Summary - In H1 2024, the company reported revenue of 2,707 million yuan, a year-on-year decrease of 7.72%, and a net loss of 592 million yuan, down 6.94% year-on-year [2] - In Q2 2024, revenue was 1,672 million yuan, down 2.84% year-on-year, but net profit improved to 103 million yuan, up 27.1% year-on-year [2] - Revenue from security, cloud computing, and basic network & IoT businesses were 1,398, 1,106, and 203 million yuan, respectively, with declines of 7.3%, 4.4%, and 24.1% year-on-year [3] - Enterprise clients showed resilience, with revenue increasing by 2.5% year-on-year, accounting for 51% of total revenue [3] Cost and Profitability - Gross margin in H1 2024 was 61.34%, down 3.14 percentage points year-on-year, primarily due to rising raw material costs [4] - Total expenses decreased by 7.4% year-on-year, with sales and R&D expenses down by 10.3% and 5.3%, respectively [4] - The company's cost control measures helped offset the impact of declining gross margins, leading to a 27.1% reduction in net loss in Q2 2024 [4] AI and Innovation Strategy - Security GPT 3.0, launched in January 2024, has been tested and delivered in over 130 real-world environments, reducing security event processing time from 3 hours to 5-10 minutes [5] - The AI Computing Platform (AICP) was fully opened for testing in May 2024, supporting mainstream open-source large models and providing heterogeneous computing power management [5] - Distributed Storage EDS 502, launched in January 2024, showed strong growth in H1 2024, targeting high-end unstructured data production scenarios [9] Financial Forecasts - Revenue for 2024-2026 is forecasted at 7,681, 8,079, and 8,767 million yuan, with net profits of 246, 283, and 402 million yuan, respectively [10] - Earnings per share (EPS) for 2024-2026 are projected at 0.59, 0.67, and 0.96 yuan [12] - The company's long-term outlook remains optimistic due to the growth of strategic product lines and advancements in AI [10] Market and Industry Context - The security hardware market in China declined by 0.9% in 2023, with weak downstream demand [3] - The cloud computing market is expected to grow at a CAGR of 17.4% over the next five years, with the company's hyper-converged and storage products showing positive growth [3] - The exit of Citrix from the Chinese market is expected to create growth opportunities for the company's desktop cloud business [3]

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 ...