2023 年 12 月 26 日，琥珀安云二期基金召开临时合伙人大会，全体合伙人 一致同意新增有限合伙人及合伙人出资变更事宜。具体内容详见公司于巨潮资讯 网上披露的《关于参与设立的投资基金引入新的有限合伙人及相关事项变更的公 告》（公告编号：2023-109）。 | 证券代码：300454 | 证券简称：深信服 公告编号：2024-081 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 深信服科技股份有限公司 关于参与设立的投资基金引入新的 有限合伙人及相关事项变更的公告 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。 近日，深信服科技股份有限公司（以下简称"公司"）获悉：公司参与设立的 投资基金广州琥珀安云二期创业投资合伙企业（有限合伙）（以下简称"琥珀安 云二期基金"或"合伙企业"）引入新的有限合伙人并变更相关事项，具体情况如 下： 一、 基金设立的基本情况 2022 年 6 月 7 日，公司召开第二届董事会第四十次会议，审议通过了《关 于拟与专业投资机构共同投资设立有限合伙企业的议案》，同意公司作为有限合 伙人与前 ...

深信服：参与设立的投资基金引入新的有限合伙人 财联社11月13日电，深信服公告，公司参与设立的 投资基金琥珀安云二期基金引入新的有限合伙人并对部分有限合伙人的认缴出资金额作出调整。 本次变更后，琥珀安云二期基金的合伙人结构发生变化，其中新增有限合伙人横琴粤澳深度合作区产业 投资基金（有限合伙），认缴出资金额为1亿元，出资比例为11.11%。 公司认缴出资金额仍为3亿元，出资比例为33.33%。 本次变更不会对琥珀安云二期基金的经营产生实质性影响，也不会对公司财务状况及经营成果产生不利 影响。 查看公告原文 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company reported a revenue of 4.634 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 3.63%. However, Q3 revenue showed a positive trend with a 2.77% increase year-on-year, amounting to 1.926 billion yuan. The net profit attributable to the parent company for Q3 was 0.12 billion yuan, a significant improvement of 54.76% year-on-year [3][4]. - The recovery in downstream demand is anticipated, supported by government fiscal policies aimed at stimulating growth and increasing domestic demand. The company expects a dual recovery in demand from both government and enterprise sectors, which together accounted for approximately 90% of its business in the first half of 2024 [4]. - The gross margin for Q3 was reported at 59.57%, down 6.55 percentage points year-on-year, primarily due to rising hardware procurement costs and intense market competition. However, there is an expectation of declining costs in the near future as prices for storage products have started to decrease [4][5]. - The company has strategically increased its inventory to 5.11 billion yuan, a year-on-year increase of 66.26%, to mitigate the impact of raw material price fluctuations. Operating cash flow for Q3 improved by 25.52% year-on-year, indicating a healthy cash recovery situation [5]. - The company launched significant new security products, including a data security platform and a distributed storage solution, which are expected to enhance operational efficiency and data protection capabilities [5]. Financial Summary - For 2024, the company forecasts total revenue of 7.733 billion yuan, with a slight year-on-year growth of 0.9%. The net profit is projected to be 0.254 billion yuan, representing a year-on-year increase of 28.6% [7]. - The gross margin is expected to recover to 62.1% in 2024, with a gradual improvement in subsequent years [7].

1、本次归属股份的上市流通日：2024 年 11 月 6 日（星期三），本次归属的 第二类限制性股票不设限售期。 2、本次归属股份数量：121,750 股，占公司目前总股本的 0.0290%。 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： 3、本次归属激励对象人数：18 人。 | 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-079 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 2022 年度限制性股票激励计划预留授予（第二批） 部分第一个归属期归属结果暨股份上市的公告 深信服科技股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开第 三届董事会第二十次会议及第三届监事会第十五次会议，审议通过了《关于 2022 年度限制性股票激励计划预留授予(第二批)部分第一个归属期符合归属条件及 作废部分限制性股票的议案》。近日，公司办理了 2022 年度限制性股票激励计 划（以下简称"2022 年度激励计划"或"本激励计划"）预留授予 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-080 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于信服转债转股价格调整的公告 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： 1.债券代码：123210 债券简称：信服转债 2.调整前转股价格：111.26 元/股 3.调整后转股价格：111.24 元/股 4.转股价格调整生效日期：2024 年 11 月 6 日 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)可转债转股价格的历次变动情况 本次发行的可转债初始转股价格为 111.74 元/股。 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，深 信服科技 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-078 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于获得政府补助的公告 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。 一、获取补助的基本情况 根据《财政部 国家税务总局关于软件产品增值税政策的通知》（财税 [2011]100 号）的有关规定，增值税一般纳税人销售其自行开发生产的软件产品 （含嵌入式软件），按法定税率征收增值税后，对其增值税实际税负超过 3%的 部分实行即征即退政策。深信服科技股份有限公司（以下简称"公司"）于近日 收到软件产品增值税退税款人民币 38,070,691.62 元，具体情况如下： 根据《企业会计准则第 16 号——政府补助》的相关规定，公司将与资产相 关的政府补助确认为递延收益，在相关资产使用寿命内按照合理、系统的方法分 期计入损益。对于公司收到的与收益相关的政府补助，若用于补偿以后期间的相 关成本费用或损失的，确认为递延收益，并在确认相关成本费用或损失的期间， 计入当期 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company achieved positive revenue growth in Q3 2024, with significant cost control measures leading to improved financial performance [2][3] - The company is expected to see continuous improvement in revenue and business growth driven by new initiatives in AI, overseas markets, and EDS [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 4.634 billion yuan, a year-on-year decrease of 3.63%, while the net profit attributable to shareholders was -580 million yuan, down 6.25% [1] - In Q3 2024, the company achieved revenue of 1.926 billion yuan, a year-on-year increase of 2.77%, and a net profit of 12 million yuan, a significant increase of 54.76% year-on-year [1][2] - The gross margin for the first three quarters of 2024 was 60.60%, a decrease of 4.51 percentage points compared to the same period last year, primarily due to the increase in cloud business revenue [2] - The company’s sales and R&D expense ratios for the first three quarters of 2024 were 41.04% and 35.17%, respectively, both showing a decrease compared to the previous year [2] Future Earnings Forecast - The company’s EPS for 2024-2026 is projected to be 0.64, 1.01, and 1.43 yuan, respectively, with corresponding P/E ratios of 104.09, 66.05, and 46.40 based on the closing price of 66.47 yuan on October 25 [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5] Core Views - The company's revenue showed signs of recovery in Q3, with a year-on-year increase of 2.77% to 1.926 billion yuan, indicating a positive trend [1][5] - The company has effectively controlled costs, with sales, management, and R&D expenses changing by -9.56%, +1.73%, and -5.78% respectively, leading to a positive outlook on contract liabilities which reached 1.445 billion yuan, up 11.58% year-on-year [1][5] - The company is actively investing in AI, launching new products that enhance data classification and risk assessment capabilities, which are expected to meet the growing demand for data security [1][5] Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 4.634 billion yuan, a decrease of 3.63% year-on-year, and a net profit attributable to shareholders of -580 million yuan, down 6.25% [1][5] - The gross margin for the first three quarters was 60.60%, a decline of approximately 4.5 percentage points compared to the previous year, primarily due to rising raw material costs [1][5] - The company forecasts revenue for 2024-2026 to be 8.031 billion yuan, 8.808 billion yuan, and 10.007 billion yuan respectively, with growth rates of 5%, 10%, and 14% [5][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6][9] Core Views - The company's revenue showed signs of recovery in Q3, with a revenue of 1.926 billion yuan, representing a year-on-year increase of 2.77%. The net profit attributable to the parent company was 12 million yuan, indicating growth compared to the previous year [1][5] - The company has effectively controlled costs, with sales, management, and R&D expenses changing by -9.56%, +1.73%, and -5.78% respectively. Contract liabilities reached 1.445 billion yuan, a year-on-year increase of 11.58% [1][5] - The company is actively investing in AI, launching new products such as a security GPT 4.0 and an updated distributed storage EDS version 520, which significantly enhance data classification and risk assessment capabilities [1][5] - The implementation of the "Network Data Security Management Regulations" in January 2025 is expected to drive rapid growth in the data product market, while domestic innovation in the industry continues to create new market opportunities [1][5] Financial Forecasts - The company is expected to achieve revenues of 8.031 billion yuan, 8.808 billion yuan, and 10.007 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 5%, 10%, and 14% [6][7] - The net profit attributable to the parent company is projected to be 340 million yuan, 573 million yuan, and 764 million yuan for the same years, corresponding to a PE ratio of 78, 47, and 35 times [6][7] - The gross margin for the first three quarters was 60.60%, a decrease of approximately 4.5 percentage points year-on-year, primarily due to rising raw material costs [1][5]

Investment Rating - The investment rating for the company is "Buy" [6][9]. Core Views - The company's fundamentals are showing signs of bottoming out, with revenue growth improving for three consecutive quarters, despite pressure on gross margins being partially offset by cost control measures [2][6]. - The company reported a revenue of 4.634 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.63%, while the net profit attributable to shareholders was -580 million yuan, down 6.25% year-on-year [3]. - In Q3 2024, the company achieved a revenue of 1.926 billion yuan, a year-on-year increase of 2.77%, and a net profit of 12 million yuan, marking a year-on-year growth of 54.76% [3]. Revenue and Profitability - The gross margin for Q3 2024 was 59.57%, a decline of 6.55 percentage points compared to Q3 2023, primarily due to rising production material costs [4]. - The total expenses for sales, research and development, and management in Q3 2024 amounted to 1.286 billion yuan, a year-on-year decrease of 6.88%, indicating effective cost control [5]. Earnings Forecast - The revenue projections for 2024-2026 are 7.718 billion yuan, 7.956 billion yuan, and 8.563 billion yuan, respectively, with net profits expected to be 214 million yuan, 293 million yuan, and 415 million yuan [6][8].