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]

Revenue and Profit - Total revenue for 2024 was approximately CNY 7,519,756,366.23, a decrease of 1.86% compared to CNY 7,662,166,391.60 in the previous year[5] - Operating profit increased by 1.11% to CNY 211,273,468.08 from CNY 208,955,962.79 year-on-year[5] - Net profit attributable to shareholders decreased by 0.49% to CNY 196,868,907.52 compared to CNY 197,830,227.92 in the previous year[5] - Basic earnings per share remained unchanged at CNY 0.47[5] Profitability and Margins - The company's gross profit margin declined by approximately 3.67% due to intensified competition and a shift in business structure towards lower-margin cloud computing services[7] - The weighted average return on net assets decreased to 2.22% from 2.41% year-on-year[5] Assets and Equity - Total assets increased by 1.29% to CNY 15,222,417,503.15 from CNY 15,028,908,327.14 at the beginning of the period[5] - Shareholder equity increased by 4.12% to CNY 9,168,095,503.83 from CNY 8,805,254,642.95 at the beginning of the period[5] Expenses and Non-Recurring Items - The company's total expenses (R&D, sales, and management) decreased by approximately 6.25% during the reporting period[7] - Non-recurring gains and losses are expected to impact net profit attributable to shareholders by approximately CNY 121,010,000, primarily from investment income and changes in fair value of equity investments[7]

Summary of the Conference Call for 深信服 (Sangfor Technologies) Company Overview - 深信服 is primarily a network security company that began expanding into cloud computing in 2012. By 2023, cloud computing accounted for 40% of the company's total revenue, up from just 5% in 2015. The compound annual growth rate (CAGR) for cloud computing revenue from 2019 to 2022 was 33%, significantly higher than the 11% growth in security business during the same period [3][4]. Key Points and Arguments Cloud Computing Business - The cloud computing business includes integrated hardware and software products, as well as subscription-based offerings. Integrated products, such as HCI hyper-converged desktop cloud and EDS high-performance storage, dominate revenue due to established channel advantages and sales barriers [3][4]. AICP Computing Platform - The AICP computing platform offers a comprehensive suite of AI solutions, including hardware, resource management tools, large model deployment tools, and AI application development support. This platform aims to facilitate rapid deployment and utilization of AI capabilities for enterprises [4][5]. - AICP is designed to work synergistically with existing hyper-converged infrastructure, allowing companies to reuse IT architecture and enhance user experience, potentially leading to a surge in downstream demand and a revaluation of the company [4][8]. Competitive Advantages - 深信服 possesses strong product design capabilities and a robust product matrix that enhances the integration of new platforms with existing architectures, improving user convenience [9][11]. - The company has a well-established channel network that spans various industries, including government, finance, and telecommunications, which can be leveraged to increase market share for new products [9][11]. Market Trends and Innovations - The democratization of large models, such as DeepSeek, is driving application innovation. Major platforms like WeChat and the three major telecom operators have integrated DeepSeek, fostering a blend of consumer and business scenarios and increasing demand for efficient, ready-to-use AI applications [10][11]. Strategic Alignment - The AICP platform aligns with 深信服's overall strategy of transitioning from hardware sales to becoming a software-driven and comprehensive solution provider. This shift is expected to enhance customer value through a "platform + components + services" model [12][13][16]. Valuation Changes - The valuation of 深信服's cloud computing business has evolved. Initially, the market used PE valuation for security business and PS valuation for cloud computing due to its rapid growth. However, a slowdown in growth has led to a decline in PS valuation. With renewed demand for AI deployment, there is potential for a resurgence in cloud computing growth and a reversion to a more favorable PS valuation [17]. Future Outlook - The AICP product line is anticipated to have significant growth potential, with GPU services expected to surpass CPU servers in value. The surge in demand for AI deployment is likely to empower the cloud computing business and drive overall performance recovery and valuation restructuring [18]. Additional Insights - The company emphasizes that it should not be viewed merely as a hardware sales entity, as its core value lies in software realization. The transition to a comprehensive solution provider reflects a strategic shift towards maximizing customer lifetime value [13][14]. Recommended Reading - Investors are encouraged to review previous in-depth reports on the company's cloud computing business and recent commentary on the AICP platform to gain a comprehensive understanding of the company's dynamics and future prospects [19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The recent upgrade of the "Yiduo Cloud" platform significantly enhances the company's leading position in AI infrastructure, providing a "high-performance, low-cost, and easy-to-deploy" path for AI transformation [6] - The AICP computing platform shows substantial improvements in performance, with an 8-10 times increase in concurrent capabilities and over 10 times increase in total throughput compared to common developer solutions [2][8] - The integration of DeepSeek open-source ecosystem with AICP is expected to catalyze the widespread application of AI, particularly in enterprise-level large model deployments [6][7] Summary by Sections Company Overview - The company announced a comprehensive upgrade to the "Yiduo Cloud" platform focused on AI, emphasizing intelligent computing for large model scenarios, application construction, and cost optimization [6] - The upgrade includes three core directions: intelligent transformation of offline infrastructure, expansion of online hosting cloud services, and the launch of an AI application innovation platform [6] Financial Forecast - The company expects revenues of 77.05 billion, 80.45 billion, and 86.60 billion yuan for 2024-2026, with net profits of 2.08 billion, 3.19 billion, and 4.46 billion yuan respectively [9] - The forecast reflects a positive outlook due to the anticipated demand for large model deployments driving cloud business revenue [9] Performance Metrics - The AICP platform demonstrates superior performance and cost efficiency, achieving 5-10 times the concurrent inference capability of traditional solutions [11] - The platform supports heterogeneous computing resources, allowing businesses to upgrade smoothly without redundant investments [11]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-015 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于完成工商变更登记的公告 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、本次变更的基本情况 深信服科技股份有限公司（以下简称"公司"）分别于 2024 年 4 月 24 日、 2024 年 5 月 16 日召开第三届董事会第十五次会议、2023 年年度股东大会，审议 通过了《关于变更注册资本、经营范围并修改〈公司章程〉的议案》；并于 2024 年 12 月 9 日、2024 年 12 月 30 日召开第三届董事会第二十三次会议、2024 年第 二次临时股东大会，审议通过了《关于变更注册资本、注册地址并修改〈公司章 程〉的议案》。具体内容详见公司在巨潮资讯网(www.cninfo.com.cn)上披露的《关 于变更注册资本、经营范围并修改〈公司章程〉的公告》（公告编号：2024-039）、 《关于变更注册资本、注册地址并修改〈公司章程〉的公告》（公 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company has developed a unique hybrid cloud architecture, enabling a seamless integration of online and offline services, which supports digital transformation for enterprises [4]. - The "AI First" strategy focuses on network security and cloud computing, with significant advancements in AI applications since 2016, including the launch of security GPT 3.0 [2][4]. - The AI computing platform is designed for large model development, offering a one-stop service that reduces training costs by 60% while ensuring data privacy and model security [3][4]. Financial Projections - Revenue is projected to grow from 7.662 billion in 2023 to 11.505 billion in 2026, with growth rates of 3.4%, 4.0%, 15.1%, and 25.5% respectively [5][10]. - Net profit is expected to increase from 198 million in 2023 to 441 million in 2026, with growth rates of 1.9%, 0.7%, 63.1%, and 35.9% respectively [5][10]. - Earnings per share are forecasted to rise from 0.47 in 2023 to 1.05 in 2026 [5][10]. Market Position - The company has a strong presence in both domestic and international markets, serving over 90% of government ministries in China and more than 5,000 energy sector clients [3][4]. - The company has been actively expanding its channel strategy, covering regions such as Southeast Asia, the Middle East, and Southern Europe [3].

深信服科技股份有限公司 关于股票交易异常波动的公告 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、股票交易异常波动的情况 深信服科技股份有限公司（以下简称"公司"）股票于 2025 年 2 月 12 日、 2 月 13 日及 2 月 14 日连续三个交易日收盘价格涨幅偏离值累计超过 30%，根据 《深圳证券交易所交易规则》，属于股票异常波动的情形。 二、公司关注并核实情况的说明 针对公司股票异常波动，公司对有关事项进行了核查，现将有关情况说明如 下： （一）公司前期披露的信息不存在需要更正、补充之处； （二）公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产 生较大影响的未公开重大信息； （三）近期公司经营情况及内外部经营环境未发生重大变化； （四）经核查，公司、控股股东和实际控制人不存在关于本公司的应披露而 未披露的重大事项，或处于筹划阶段的重大事项； | 证券代码：300454 | 证券简称：深信服 公告编号：2025-014 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 1/2 公司董事会确认，本 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-013 | | --- | --- | --- | | 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 ...

Core Viewpoint - The company, Shenxinfu (300454), has invested in Hangzhou Yushu Technology Co., Ltd. through its participation as a limited partner in the Guangzhou Hupo Anyun Phase II Venture Capital Partnership, which was established in January 2024 [1] Group 1 - The Hupo Anyun Fund currently holds a 0.6279% equity stake in Yushu Technology [1] - The investment decisions of the Hupo Anyun Fund are made independently by its investment committee [1]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-011 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 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"）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）上 披露的《关于回购公司股份方案的公告》（公告 ...