Core Viewpoint - The article emphasizes the launch of a new integrated teaching and research training platform by Moer Elite and Deepin Technology, aimed at addressing the challenges faced by educational and research institutions in the digital transformation era [1][2]. Group 1: Industry Pain Points - The education and research sectors are experiencing significant challenges due to outdated information infrastructure, including hardware silos, insufficient computing power, complex storage systems, and a lack of practical training applications [3][4]. - Hardware silos lead to high operational costs and complexity due to the deployment of servers, storage, and networks from different vendors [3]. - Traditional servers are unable to meet the high computing demands of big data and AI, resulting in inadequate performance for concurrent and multi-tasking needs [3]. - The growth of data has made traditional storage systems difficult to scale, leading to increased management costs [3]. - There is a lack of accompanying research training software, which hampers the ability to provide a comprehensive teaching and practical environment for students and researchers [3]. Group 2: Integrated Platform Features - The new integrated platform combines high-performance computing, elastic storage, and training software to provide a "turnkey" solution for educational and research institutions [3][4]. - Deepin Technology's Hyper-Converged Infrastructure (HCI) consolidates servers, storage, and networks into a unified resource pool, offering lower costs, higher resource utilization, and greater reliability compared to traditional systems [6][7][8][9][10]. - The platform allows for easy deployment and management, enabling educators and researchers to focus on teaching and research rather than hardware maintenance [11]. Group 3: Software Integration - Moer Elite's research training software is designed to work seamlessly with Deepin Technology's hardware, enhancing the platform's capabilities and fostering academic innovation [18]. - The software provides comprehensive training content and resources for various disciplines, including chip design and AI, and supports customized tools for research institutions [19][20]. Group 4: Advantages of the Integrated Machine - The integrated machine offers convenient deployment, flexible expansion, simplified management, high cost-effectiveness, and robust security features [21][22][23][24][25]. - It supports a wide range of educational and research scenarios, from small-scale projects to large-scale simulations, ensuring that institutions can adapt to varying data and computing needs [26][29]. Group 5: Future Outlook - The integrated teaching and research training platform is positioned to significantly reduce deployment and operational costs while enhancing the quality of education and research [31][32].

| 证券代码：300454 | 证券简称：深信服 公告编号：2025-018 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 深信服科技股份有限公司（以下简称"公司"）于近日收到公司债券持有人 上海睿郡资产管理有限公司的通知，获悉其以自主发行并管理的私募证券投资基 金于 2024 年 5 月 16 日至 2025 年 3 月 6 日通过集中竞价方式转让其所持有的本 公司可转换公司债券（以下简称"可转债"或"信服转债"）共计 1,281,059 张， 占可转债发行总量的 10.55%。具体情况如下： 一、 可转债发行情况 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不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1428 号）同意注册，公 司于 2023 年 7 月 27 日向不特定对象发行 1,214.7560 万张可转债，每张面值 100 元，发行总额为 121,475.6000 万元。经深圳证券交易所（以下简称"深交所"） 同意，公司可转债自 2023 年 8 月 18 日起在深交所挂牌交易，债券简称"信服转 债"，债券代码"12321 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-017 | | --- | --- | --- | | 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" (maintained) [1] Core Views - The company's performance met expectations, with a reported revenue of 7.52 billion yuan for 2024, reflecting a year-on-year decrease of 1.86% [4][5] - The company is experiencing marginal improvement in performance, with cloud business growth potentially driven by AI demand [5] - The trend of AI infrastructure is expanding, with private deployment gaining traction, supported by significant investments from major players like Alibaba Cloud [5] - The company is positioned as a new generation IT infrastructure provider, enhancing its AI capabilities and product offerings [5] Financial Data Summary - For 2024, the total revenue is projected at 7.52 billion yuan, with a year-on-year growth rate of -1.9% [4] - The net profit attributable to the parent company is expected to be 197 million yuan for 2024, with a significant increase projected for 2025 at 367 million yuan [4][5] - The gross margin is expected to be 61.5% in 2024, with a slight improvement to 62.1% by 2026 [4][5] - The company has adjusted its revenue forecasts for 2024-2026, now estimating revenues of 75.20 billion yuan, 82.26 billion yuan, and 90.50 billion yuan respectively [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Views - The company reported a revenue of 7.52 billion yuan for 2024, a year-on-year decline of 1.86%, and a net profit attributable to shareholders of 197 million yuan, down 0.49% year-on-year. The non-recurring net profit was 76 million yuan, a significant drop of 31.32% year-on-year [2][3]. - The company is focusing on AI and cloud services, with a new upgrade aimed at supporting large model enterprises. The introduction of the "Deep Security GPT" and the upgraded cloud services are expected to enhance operational efficiency and market competitiveness [2][7]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 75.20 billion yuan in 2024, 84.13 billion yuan in 2025, and 93.74 billion yuan in 2026, with growth rates of -1.9%, 11.9%, and 11.4% respectively [3][8]. - **Net Profit Forecast**: The net profit is expected to be 197 million yuan in 2024, 346 million yuan in 2025, and 449 million yuan in 2026, with year-on-year growth rates of -0.5%, 75.6%, and 29.9% respectively [3][8]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.47 yuan in 2024, 0.82 yuan in 2025, and 1.06 yuan in 2026 [3][8]. - **Valuation**: The target price is set at 160 yuan for 2025, based on a price-to-sales ratio of 8x [2][3]. Market Position - The company has a total market capitalization of 50.44 billion yuan and a circulating market value of 33.27 billion yuan. The total share capital is approximately 4.22 billion shares, with a net asset value per share of 19.53 yuan [4][8].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company's annual performance met expectations, with a comprehensive upgrade in AI computing capabilities [1]. - Revenue for 2024 is projected at 7.52 billion yuan, a slight decrease of 1.86% year-on-year, while net profit is expected to be 196 million yuan, down 1.1% year-on-year [4][9]. - The company has successfully implemented cost control measures, resulting in a significant reduction in the expense ratio by approximately 6.25 percentage points [5]. Financial Performance - In 2024, the company achieved a revenue of 75.20 billion yuan, with a net profit of 1.97 billion yuan, and a non-recurring net profit of 760 million yuan, reflecting a year-on-year decrease of 31.32% [4][5]. - The fourth quarter of 2024 saw a revenue of 28.86 billion yuan, a slight increase of 1.13% year-on-year, and a net profit of 7.77 billion yuan, up 4.46% year-on-year [4]. - The company's gross margin decreased by approximately 3.67 percentage points due to an increase in the proportion of cloud computing business and intensified market competition [5]. AI and Cloud Computing Developments - The company has launched its security GPT and AI computing platform, marking a comprehensive layout for AI applications and computing power [6]. - The introduction of the AICP computing platform and the upgraded cloud platform aims to enhance AI capabilities, including the deployment of enterprise-level large models [6]. - New AI service offerings have been made available through the cloud, allowing users to subscribe for AI capabilities [6]. Earnings Forecast - The company is expected to see significant growth in its cloud business driven by the explosion in AI demand, with EPS forecasts for 2024, 2025, and 2026 at 0.46, 1.08, and 1.45 yuan respectively [7]. - Corresponding P/E ratios for these years are projected at 249.12, 106.79, and 79.50 based on the closing price of 115.51 yuan on February 26 [7].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company's annual performance met expectations, with a comprehensive upgrade in AI computing capabilities [1]. - Despite a slight decline in revenue, the company has shown signs of recovery, particularly in the third quarter, with effective cost control measures leading to a significant reduction in expense ratios [5][6]. - The launch of the company's AI applications and computing platforms positions it well to capitalize on the growing demand for AI services [6][7]. Financial Performance Summary - 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 196 million yuan, down 1.1% year-on-year [4][10]. - The fourth quarter of 2024 saw a revenue of 2.886 billion yuan, a slight increase of 1.13% year-on-year, with a net profit of 777 million yuan, up 4.46% year-on-year [4]. - The company's gross margin decreased by approximately 3.67 percentage points due to an increase in cloud computing business and intensified market competition [5]. Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.46, 1.08, and 1.45 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 249.12, 106.79, and 79.50 [7][10].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Views - The company reported a slight decline in annual revenue for 2024 at 7.52 billion yuan (-1.86%), but maintained positive growth in Q4 with revenue of 2.886 billion yuan (+1.12%) and a net profit of 777 million yuan (+4.58%) [1][8] - The company's AICP business, driven by localized deployment of large models, is expected to become a new growth driver, with significant performance improvements in multi-instance and concurrent inference scenarios [2][3] - The company has seen an increase in the proportion of cloud computing revenue, while total expenses have decreased by approximately 6.25% year-on-year [1][10] Summary by Sections Financial Performance - For 2024, the company expects non-recurring gains to impact net profit by approximately 121 million yuan, mainly from investment income and fair value changes [1] - The company's gross margin decreased by about 3.67% year-on-year due to intense market competition and a higher proportion of lower-margin cloud computing business [1][10] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 75.20 billion yuan, 82.97 billion yuan, and 92.96 billion yuan, with growth rates of -1.9%, 10.3%, and 12% respectively [3][12] - Net profit forecasts for the same period are 1.97 billion yuan, 4.73 billion yuan, and 7.60 billion yuan, with corresponding PE ratios of 242, 101, and 63 [3][12] Business Segments - Security business is expected to see a revenue decline of approximately 5.88% in 2024, but is projected to recover in 2025 and 2026 [10][12] - Cloud computing business is anticipated to grow steadily, with revenue growth rates of 5%, 20%, and 20% for 2024-2026 [10][12] - The enterprise wireless segment is expected to face challenges, with revenue forecasted to decline by 10% in 2024, but recover slightly in the following years [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report expresses a strong outlook on the company's long-term development, maintaining the "Buy" rating despite a downward adjustment in net profit forecasts for 2024-2026 due to cautious customer spending [5] - The company is expected to benefit from its leading position in the cloud and cybersecurity sectors, with projected earnings per share (EPS) of 0.47, 1.00, and 1.33 CNY for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - The company anticipates a revenue of 75.20 billion CNY for 2024, a year-on-year decline of 1.86%, and a net profit of 1.97 billion CNY, down 0.49% year-on-year [6] - The gross margin is expected to decrease by approximately 3.67% due to intense domestic competition and changes in business structure, with a higher proportion of lower-margin cloud computing business [6] - The company has effectively controlled expenses, with total operating expenses (R&D, sales, and management) decreasing by about 6.25% [6] AI Upgrade and New Opportunities - The company has announced a comprehensive upgrade to its cloud services towards AI, enhancing its infrastructure to support the latest large models, including DeepSeek [7] - The new AI service offerings will allow users to quickly access AI capabilities through subscriptions, and the launch of an AI application innovation platform aims to simplify the development and operation of AI applications [7] - The upgrade is expected to significantly improve inference performance and reduce overall costs associated with large model usage, positioning the company as a leading provider of AI infrastructure in China [7] Financial Projections - The projected financial metrics for the company are as follows: - Revenue: 75.20 billion CNY in 2024, 82.73 billion CNY in 2025, and 94.14 billion CNY in 2026 [11] - Net profit: 1.97 billion CNY in 2024, 4.20 billion CNY in 2025, and 5.62 billion CNY in 2026 [11] - Gross margin: Expected to be 61.5% in 2024, 61.2% in 2025, and 60.4% in 2026 [11] - EPS: 0.47 CNY in 2024, 1.00 CNY in 2025, and 1.33 CNY in 2026 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report expresses a strong outlook on the company's long-term development, maintaining the "Buy" rating despite a downward adjustment in net profit forecasts for 2024-2026 due to cautious investment from downstream clients [5] - The company is expected to benefit from its leading position in the cloud and cybersecurity sectors, with projected earnings per share (EPS) of 0.47, 1.00, and 1.33 CNY for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - The company is projected to achieve a revenue of 75.20 billion CNY in 2024, a year-on-year decline of 1.86%, with a net profit of 1.97 billion CNY, down 0.49% year-on-year [6] - The comprehensive gross margin is expected to decrease by approximately 3.67% due to intense domestic competition and changes in business structure, with a higher proportion of lower-margin cloud computing business [6] - The company has effectively controlled expenses, with total R&D, sales, and management expenses decreasing by about 6.25% [6] AI Upgrade and New Opportunities - The company has announced a comprehensive upgrade to its cloud services towards AI, enhancing its infrastructure to support the latest large models, including DeepSeek [7] - The new AI service offerings will allow users to quickly access AI capabilities through subscriptions, significantly lowering the overall costs of using large models [7] - The report suggests that the demand for private deployment of large models is strong, positioning the company as a leading provider of AI infrastructure in China [7] Financial Projections - The projected financial metrics for the company are as follows: - Revenue (in million CNY): 2024E: 75,200; 2025E: 82,730; 2026E: 94,140 [11] - Net Profit (in million CNY): 2024E: 1,970; 2025E: 4,200; 2026E: 5,620 [11] - EPS (CNY): 2024E: 0.47; 2025E: 1.00; 2026E: 1.33 [11] - P/E Ratios: 2024E: 256.3; 2025E: 120.1; 2026E: 89.8 [11]