Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 134.69 [6][7]. Core Views - The company reported a revenue of RMB 7.52 billion for 2024, a year-on-year decrease of 1.86%, and a net profit attributable to shareholders of RMB 197 million, down 0.49% year-on-year. However, in Q4 2024, revenue reached RMB 2.886 billion, showing a year-on-year growth of 1.13%, and net profit was RMB 777 million, up 4.46% year-on-year. The operating cash flow for 2024 was RMB 812 million, indicating strong cash generation capabilities [1]. - The company is expected to benefit from the accelerated demand for local deployment of DeepSeek and other large models in 2025, which is anticipated to drive growth in its cloud business [1]. - The company has solidified its leading position in the cybersecurity sector, launching advanced models that enhance threat detection accuracy. Despite current industry demand pressures, the company continues to invest in R&D to strengthen its product competitiveness [3]. - The company has achieved a record market share in the hyper-converged infrastructure (HCI) sector, benefiting from the local deployment trend of DeepSeek, with nearly 100,000 enterprise customers globally [4]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 61.47%, a decrease of 3.67 percentage points year-on-year, primarily due to rising raw material costs. The cybersecurity business generated revenue of RMB 3.629 billion, down 6.75% year-on-year, while the cloud computing and IT infrastructure business saw revenue of RMB 3.384 billion, up 9.51% year-on-year [2]. - The company has improved its operational efficiency, with a workforce reduction of 11.86% to 7,410 employees, resulting in a revenue per employee of RMB 1.0148 million, an increase of 11.35% year-on-year [2]. Market Position and Growth Potential - The company is recognized as a leader in the cybersecurity field, with its XDR product rated as a leader by IDC MarketScape. It is also the first domestic cloud vendor to pass the testing for trusted infrastructure as a service [3]. - The hyper-converged infrastructure market share has reached new heights, with the company’s HCI software ranking first in the Chinese market as of Q3 2024 [4]. Profitability Forecast - Revenue projections for 2025-2027 are RMB 8.742 billion, RMB 10.252 billion, and RMB 12.168 billion, respectively, with expected growth rates of 16.25%, 17.28%, and 18.69% [5]. - The net profit attributable to shareholders is forecasted to grow significantly, with estimates of RMB 341 million, RMB 443 million, and RMB 579 million for 2025, 2026, and 2027, respectively [5].

投资建议：积极看待深信服云计算业务收入快速增长以及公司混合云+AI 构建安全GPT+订阅服务基座 到能力再到商业模式多维共振，预计公司2025-2027年营收分别为 87.74、105.78、127.9 亿元，EPS 分 别为0.76、0.95、1.20 元，2025 年3 月28 日收盘价对应市盈率136、108、86 倍 ，维持"推荐"评级。 产品线持续迭代升级，AI 场景下数据中心云化驱动云计算业务增长。1）网络安全业务：实现营收 36.29 亿元，同比减少 6.75%，占公司整体收入比重为48.27%。公司调整产品策略，重点发展基于云服 务和产品服务化的核心安全能力，培育的XDR、安全托管服务（MSS）等战略业务增速较快。因下一 代防火墙、全网行为管理等成熟产品线的收入减少，而网络安全新产品和服务收入规模仍较小，对安全 业务整体增长的拉动效果尚不明显，公司网络安全业务板块未能实现增长；2）云计算及IT 基础设施业 务：实现营收33.84 亿元，同比增长9.51%，占公司整体收入比重为45.00%，其中，SDDC 产品线（主 要为超融合HCI 产品）、托管云、分布式存储业务EDS 收入保持增长。2024 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Viewpoints - The company reported a revenue of 7.52 billion yuan in 2024, a year-on-year decrease of 1.86%, and a net profit attributable to shareholders of 197 million yuan, down 0.49% year-on-year [1] - The demand from enterprise customers remains resilient, with a 1.82% increase in revenue from enterprise clients, despite a structural contraction in the procurement of cybersecurity products due to slowing domestic economic growth [1][2] - The overall gross margin for 2024 was 61.47%, a decrease of 3.66 percentage points year-on-year, primarily due to increased competition in the domestic market and a higher proportion of lower-margin cloud computing business [1] - The company continues to implement cost reduction and efficiency enhancement measures, resulting in a 6.25% year-on-year decrease in R&D, sales, and management expenses [1] Revenue Breakdown - The cybersecurity business generated revenue of 3.629 billion yuan, a decrease of 6.75% year-on-year, accounting for 48.27% of total revenue [2] - The cloud computing and IT infrastructure business achieved revenue of 3.384 billion yuan, a year-on-year increase of 9.51%, representing 45.00% of total revenue [2] - The basic network and IoT business reported revenue of 506 million yuan, down 25.53% year-on-year, making up 6.73% of total revenue [2] Strategic Initiatives - The company adheres to an "AI First" strategy, integrating AI technology across various products, including security GPT, AICP, and AI PaaS, to drive innovation and commercial success [3] - The company is expected to see rapid growth in cloud computing revenue and aims to build a multi-dimensional resonance between hybrid cloud, AI, and subscription services [3] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 8.774 billion yuan, 10.578 billion yuan, and 12.790 billion yuan, respectively, with corresponding EPS of 0.76 yuan, 0.95 yuan, and 1.20 yuan [3][7] - The report anticipates a significant increase in net profit for 2025, with a growth rate of 61.9% [3][7]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - In 2024, the company achieved revenue of 7.52 billion yuan, a year-on-year decrease of 1.86%, and a net profit attributable to shareholders of 197 million yuan, down 0.49% year-on-year [1] - The company's overall gross margin was 61.47%, a decline of 3.66 percentage points year-on-year, primarily due to increased competition in the domestic market and a higher proportion of lower-margin cloud computing business [1] - The company continues to implement cost reduction and efficiency enhancement measures, with total R&D, sales, and management expenses decreasing by 6.25% year-on-year [1] Revenue Breakdown - The network security business generated revenue of 3.629 billion yuan, a decrease of 6.75% year-on-year, accounting for 48.27% of total revenue [2] - The cloud computing and IT infrastructure business achieved revenue of 3.384 billion yuan, an increase of 9.51% year-on-year, representing 45.00% of total revenue [2] - The basic network and IoT business reported revenue of 506 million yuan, down 25.53% year-on-year, making up 6.73% of total revenue [2] Strategic Focus - The company adheres to an "AI First" strategy, integrating AI technology into various products, including security GPT, AICP, and AI PaaS, to drive innovation and commercial success [3] - The company is expected to see rapid growth in cloud computing revenue and aims to build a multi-dimensional resonance between hybrid cloud, AI, and subscription services [3] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 8.774 billion yuan, 10.578 billion yuan, and 12.790 billion yuan, respectively, with corresponding EPS of 0.76 yuan, 0.95 yuan, and 1.20 yuan [3][7] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 136, 108, and 86, respectively [3][7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company achieved a revenue of 7.52 billion yuan in 2024, a slight decrease of 1.86% year-on-year, with a net profit of 197 million yuan, down 0.49% year-on-year [4][9] - The company is focusing on upgrading its product and service capabilities towards AI, launching self-developed security models and enhancing its cloud computing offerings [10] - The cloud computing segment is becoming a new growth driver, with revenue from this segment increasing by 9.51% year-on-year to 3.384 billion yuan in 2024 [9][10] - The company has a strong market position in the hyper-converged infrastructure market, holding a 17.5% market share in China [10] Financial Performance Summary - Revenue and Profitability: - 2024 revenue: 75.20 billion yuan, down 1.86% YoY - 2024 net profit: 1.97 billion yuan, down 0.49% YoY - Expected revenue growth: 15.4% in 2025, 16.6% in 2026, and 17.0% in 2027 [8][12] - Margins: - Gross margin in 2024: 61.5%, down 3.7 percentage points YoY - Net margin in 2024: 2.6% [9][12] - Earnings Per Share (EPS): - 2024 EPS: 0.47 yuan - Expected EPS: 0.97 yuan in 2025, 1.25 yuan in 2026, and 1.65 yuan in 2027 [8][12] Business Segment Performance - Network Security: - Revenue: 3.629 billion yuan, down 6.75% YoY, accounting for 48.3% of total revenue [9] - Cloud Computing and IT Infrastructure: - Revenue: 3.384 billion yuan, up 9.51% YoY, accounting for 45.0% of total revenue [9] - Basic Network and IoT: - Revenue: 506 million yuan, down 25.53% YoY, accounting for 6.7% of total revenue [9] Market Position and Strategy - The company is recognized as a leading ICT provider in China, particularly in the network security sector [10] - The company is actively expanding its overseas market presence, achieving a 39.1% year-on-year revenue growth in international markets [9][10]

证券代码：300454 证券简称：深信服 公告编号：2025-019 债券代码：123210 债券简称：信服转债 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 安永华明会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 公司本年度会计师事务所未发生变更。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 ■ （二）报告期主要业务或产品简介 1、主要业务概述 作为一家专注于企业级网络安全、云计算及IT基础设施、基础网络与物联网的产品和服务提供商，公司 一直围绕解决企业级用户的IT问题拓展自身业务，立志承载各行业用户数字化转型过程中的基石性工 作，让各政府部门、医疗和教育等事业单位、各类金融机构、电信运营商、能源、各行业商企组织等用 户的数字化更简单、更安全。 公司经本次董事会审议通过的利润分配预案为：以实施分红的股权登记日在中国 ...

北京市金杜（深圳）律师事务所 关于深信服科技股份有限公司 废、2022 年度限制性股票激励计划部分限制性股票作废、2024 年度第一期 限制性股票激励计划部分限制性股票作废事项的 法律意见书 致：深信服科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称"金杜"或"本所"）接受深信服 科技股份有限公司（以下简称"公司"）委托，作为公司 2021 年度限制性股票激 励计划（以下简称"2021 年度激励计划"）、公司 2022 年度限制性股票激励计 划（以下简称"2022 年度激励计划"）、公司 2024 年度第一期限制性股票激励 计划（以下简称"2024 年度第一期激励计划"）的专项法律顾问，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证监会"） 《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交易 所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证券交易所创业 板上市公司自律监管指南第 1 号——业务办理》等相关法律、法规、部门规章、 规范性文件（以下简称"法律法规"）以 ...

证券代码：300454 证券简称：深信服 公告编号：2025-022 深信服科技股份有限公司 关于公司 2024 年度利润分配预案的公告 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、审议程序 深信服科技股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第三 届董事会第二十七次会议及第三届监事会第二十一次会议，审议通过了《公司 审议。 （一） 董事会意见 董事会认为，公司本次利润分配预案符合相关法律法规、规范性文件以及公 司利润分配政策，具备合法性、合规性、合理性，充分考虑了公司对广大投资者 的合理投资回报，符合公司当前的实际情况和未来发展规划。公司董事会同意将 该预案提交公司 2024 年年度股东会审议。 （二） 监事会意见 经审核，监事会认为：公司本次利润分配预案结合了公司当前实际情况，符 合《公司法》及《深信服科技股份有限公司章程》（以下简称"《公司章程》"） 中对于分红的相关规定，符合公司利润分配政策，具备合法性、合规性及合理性。 二、利润分配方案的基本情况 属 于 上 市 公 司 股 东 的 净 利 润 为 196,868, ...

Core Viewpoint - The Supervisory Board of Deepin Technology Co., Ltd. has approved several key reports and proposals during its 21st meeting, ensuring compliance with legal and regulatory requirements, and reflecting the company's actual situation accurately [1][2][3][4][5][6][7][8][9][10]. Meeting Details - The meeting was held on March 27, 2025, with all three supervisory members present, and was chaired by Ms. Hao Dan [1]. - The meeting's convening and proceedings complied with the Company Law and the company's articles of association [1]. Resolutions Passed - The 2024 Annual Report and its summary were approved, confirming that the report accurately reflects the company's situation without any misleading statements [2]. - The 2024 Annual Supervisory Board Work Report was approved, indicating effective supervision over the company's operations and financial status [2]. - The 2024 Profit Distribution Plan was approved, aligning with the company's current situation and legal requirements [3]. - The 2024 Special Report on the Use of Raised Funds was approved, confirming compliance with relevant regulations [4]. - The 2024 Internal Control Evaluation Report was approved, indicating effective internal control without significant defects [4]. - The proposal to use part of the idle self-owned funds for cash management was approved, aimed at improving fund efficiency [5]. - The proposal to use part of the idle raised funds for cash management was also approved, ensuring no impact on project payments or operations [5]. - The 2025 Supervisory Board Compensation Plan was discussed, with all supervisory members abstaining from voting due to conflict of interest [5]. - The third vesting period of the 2021 Restricted Stock Incentive Plan was approved, allowing for the registration and listing of 1,050,606 shares [6][7]. - The proposal to void unvested restricted stocks from the 2022 Incentive Plan was approved due to non-compliance with vesting conditions [8]. - The proposal to void unvested restricted stocks from the 2024 Incentive Plan was approved, as the company did not meet the performance targets [9]. Documentation - All resolutions and reports will be submitted for review at the 2024 Annual Shareholders' Meeting [2][3][5][9].

深信服科技股份有限公司（以下简称"公司"）监事会根据中华人民共和国公 司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳 证券交易所创业板股票上市规则》（以下简称"《上市规则》"）《深圳证券交易 所创业板上市公司自律监管指南第 1 号——业务办理》等有关法律法规、规范 性文件及《深信服科技股份有限公司章程》（以下简称"《公司章程》"）《2021 年度限制性股票激励计划（草案）》的有关规定，对公司 2021 年度激励计划首 次及预留授予部分第三个归属期归属名单进行了审核。现发表核查意见如下： 本次可归属限制性股票的激励对象符合《公司法》《证券法》等法律法规以 及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等规定的激励 对象条件，符合公司 2021 年度激励计划规定的激励对象范围，其作为公司激励 计划激励对象的主体资格合法、有效，激励对象获授限制性股票的归属条件已成 就，全体监事一致同意 2021 年度激励计划首次及预留授予第三个归属期归属名 单。 归属期归属名单的核查意见 本公司及监事会全体成员保证信息披 ...