| 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 保荐人查阅了公司信息披露文件、投资 年度内部控 | 无 | | | 者关系活动记录表、内幕信息知情人登 | | | | 记制度以及信息披露管理制度、重大信 | | | | 息的传递披露流程文件、内幕信息管理 | | | | 人登记执行记录、公司 2024 | | | | 制评价报告、会计师出具的内部控制审 | | | | 计报告等文件，公开查询公司相关信息， | | | | 对高级管理人员进行访谈，未发现公司 | | | | 在信息披露方面存在重大问题。 | | | 2.公司内部制度的建立和执行 | 保荐人查阅了公司章程及内部制度文 | | | | 件，查阅了公司 年度内部控制评价 2024 | | | | 报告、会计师出具的内部控制审计报告 | 无 | | | 等文件，对高级管理人员进行访谈，未 | | | | 发现公司在内部制度的建立和执行方面 | | | | 存在重大问题。 | | | 3."股东会、董事会"运作 | 保荐人查阅了最新公司章程、股东会、 | 无 | | | 董事会议事规则、股东会 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Insights - The company is expected to benefit significantly from AI infrastructure, with a new growth phase in its cloud business starting [2][6]. - In 2024, the company achieved a revenue of 7.52 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 197 million yuan, a decrease of 0.49% [3][6]. - The company’s enterprise customer revenue grew by 1.82% year-on-year, while revenue from government, financial, and other sectors decreased by 3.85% and 8.99% respectively [4][5]. - The cybersecurity business saw a revenue decline of 6.75%, but strategic products like XDR and MSS showed significant growth potential [5]. - The cloud computing and IT infrastructure business revenue increased by 9.51%, with steady growth in SDDC, managed cloud, and distributed storage EDS [5]. - The company’s market share in hyper-converged infrastructure reached 18.8% in Q3 2024, and EDS storage market share was 11.1% [5]. Financial Forecast and Investment Recommendations - The company launched the AI computing platform AICP aimed at large model development scenarios, which is expected to support the demand for AI infrastructure and cloud services [6]. - Revenue projections for 2025, 2026, and 2027 are adjusted to 8.08 billion yuan, 9.39 billion yuan, and 11.42 billion yuan respectively, with net profits projected at 368 million yuan, 541 million yuan, and 912 million yuan [6][10]. - The report maintains a "Buy" rating based on the company's breakthroughs in AI infrastructure and its leading position in hyper-convergence [6].

Group 1 - The core index of the software sector, the CSI All Share Software Index, opened lower but experienced a slight increase of 0.67%, closing at 14,174.3 points with a trading volume of 20.589 billion yuan [1] - Over the past month, the CSI All Share Software Index has decreased by 6.92%, while it has increased by 5.78% over the past three months and year-to-date [2] - The index is composed of publicly listed companies involved in software development, reflecting the overall performance of this sector [2] Group 2 - The top ten weighted companies in the CSI All Share Software Index include: iFlytek (10.46%), Kingsoft Office (8.08%), Tonghuashun (7.06%), Hang Seng Electronics (4.95%), Runhe Software (4.83%), 360 (4.3%), Yonyou Network (3.6%), Tuwei Information (3.37%), Sangfor Technologies (3.02%), and China Software (3.01%) [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange, accounting for 58.79%, while the Shanghai Stock Exchange accounts for 41.21% [2] - The index is entirely composed of companies in the information technology sector, with a 100% allocation [3] Group 3 - The CSI All Share Software Index undergoes adjustments every six months, with the next adjustment scheduled for the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers and acquisitions [3] - Public funds tracking the software index include various ETFs and fund products from Guotai, Zhaoshang, and Huatai [3]

Core Viewpoint - The company reported a slight decline in revenue and net profit for 2024, while showing strong growth in cloud computing and IT infrastructure segments, particularly in hyper-converged infrastructure products [1][2]. Financial Performance - The company's total revenue for 2024 was 7.52 billion yuan, a year-on-year decrease of 1.86% [1]. - The net profit attributable to shareholders was 197 million yuan, reflecting a minor decline of 0.49% year-on-year [1]. - Revenue from the cybersecurity business was 3.63 billion yuan, down 6.75% year-on-year [1]. - Revenue from cloud computing and IT infrastructure reached 3.38 billion yuan, marking a growth of 9.51% year-on-year [1]. - The basic network and IoT business generated 506 million yuan, a significant decrease of 25.53% year-on-year [1]. Market Position - The company maintained a stable industry position, ranking first in the hyper-converged market in China with a market share of 17.5% in 2023, which increased to 18.8% in Q3 2024 [1]. - In Q3 2024, the company's EDS storage held an 11.1% market share, ranking fourth in the Chinese file storage market [1]. - The company's XDR platform was recognized as a "leader" in the market, and its managed security services (MSS) have been ranked first in the remote managed security service market for seven consecutive years [1]. Product Development - In October 2024, the company launched version 4.0 of its data security model, which automates the classification and grading of static and flowing data, significantly improving efficiency [2]. - The next-generation firewall, enhanced by AI, was released, providing industry-leading protection against new threats such as mining, malware, and advanced persistent threats (APT) [2]. Investment Outlook - The company is expected to continue performing well in the cybersecurity and cloud computing sectors, with projected EPS of 0.77, 1.00, and 1.50 yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [2].

| 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]