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 2024 年 9 月 24 日召开第 三届董事会第十九次会议及第三届监事会第十四次会议，审议通过了《关于调整 公司限制性股票激励计划股票归属价格的议案》。根据《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》"）等相关法律法规及公司《2020 年度限制性股票激 励计划（草案）》《2021 年度限制性股票激励计划（草案）》《2022 年度限制 性股票激励计划（草案）》《2024 年度第一期限制性股票激励计划（草案）》（以 下合称"存续期内的激励计划"）等相关规定，由于公司实施了 2023 年度权益 分派方案，需对存续期内的激励计划涉及的限制性股票归属价格进行调整（以下 简称"本次调整"）。现将具体事项公告如下： | 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-071 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-069 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 第三届监事会第十四次会议决议公告 本公司及监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、监事会会议召开情况 深信服科技股份有限公司（以下简称"公司"）于 2024 年 9 月 20 日以电子邮 件等方式发出通知，于 2024 年 9 月 24 日在公司会议室以现场及通讯方式召开第 三届监事会第十四次会议。本次会议应出席监事 3 名，实际出席监事 3 名。本次 监事会会议由监事会主席郝丹女士主持。本次会议的召集和召开符合《公司法》 等法律、法规以及《公司章程》的规定。 二、监事会会议审议情况 经与会监事审议，以投票表决方式通过了以下决议： (一)审议通过《关于 2020 年度限制性股票激励计划首次授予部分限制性股 票第三个归属期符合归属条件及作废部分限制性股票的议案》 经审核，监事会认为：公司 2020 年度限制性股票激励计划首次授予的限制 性股票第三个归属 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-070 | | --- | --- | --- | | 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 2020 年度 限制性股票激励计划首次授予部分限制性股票 第三个归属期符合归属条件及作废部分限制性股票 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、本次符合归属条件的激励对象人数及股票数量：首次授予的激励对象 914 人，待归属股票数量 1,007,118 股，占目前公司总股本的 0.2399%； 2、本次拟作废的股票数量为 1,114,392 股，占公司目前总股本的 0.2654%。 深信服科技股份有限公司（以下简称"公司"）于 2024 年 9 月 24 日召开第三 届董事会第十九次会议及第三届监事会第十四次会议，审议通过了《关于 2020 年度限制性股票激励计划首次授予部分限制性股票第三个归属期符合归属条件 及作废部分限制性股票的议案》，现对有关事项说明如下： 一、2020 年度限制性股票激励计划实施情况概要 (一) ...

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 2020 年度限制性股票激励计划、2021 年度限制性股票激励计划、2022 年 度限制性股票激励计划、2024 年度第一期限制性股票激励计划归属价格调 整、2020 年度限制性股票激励计划首次授予部分第三个归属期条件成就及 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 2020 年度限制性股票激 励计划（以下简称"2020 年度激励计划"）、2021 年度限制性股票激励计划（以 下简称"2021 年度激励计划"）、 2022 年度限制性股票激励计划（以下简称 "2022 年度激励计划"）、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 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 深信服 （ 300454 ） 300454 ＃title＃ Q2 利润亏损收窄，大模型持续布局 ＃createTime1＃ 2024 年 09 月 16 日 投资要点 ＃summary＃ 事件：2024 年上半年，公司实现营业总收入 27.07 亿元，同比下降 7.72%； 归母净利润亏损 5.92 亿元，去年同期亏损 5.54 亿元；扣非净利润亏损 6.54 亿元，去年同期亏损 5.88 亿元。二季度，公司实现营业总收入 16.72 亿元， 同比下降 2.84%；归母净利润亏损 1.03 亿元，去年同期亏损 1.42 亿元；扣非 净利润亏损 1.44 亿元，去年同期亏损 1.62 亿元。 网安业务承压，合同负债表现良好。2024H1 网安业务收入 13.98 亿元，同比 下降 7.34%，主要是由于下一代防火墙 AF、全网行为管理 AC 等成熟产品 线的收入下滑；云计算及 IT 基础设施业务收入 ...

办公地址：广东省深圳市南山区学苑大道 1001 号南山智园 A1 栋。 变更后： 办公地址：广东省深圳市南山区西丽街道仙洞路 16 号深信服科技大厦。 除上述变更内容外，公司投资者热线、传真、网址、电子邮箱等其他联系方 式均保持不变。 | 证券代码：300454 | 证券简称：深信服 公告编号：2024-067 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 以上办公地址自本公告发布之日起正式启用，敬请广大投资者知悉。 深信服科技股份有限公司 关于公司总部主要办公地址变更的公告 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。 深信服科技股份有限公司（以下简称"公司"）根据经营发展需要，已于近 日搬迁至新地址办公，现将公司总部主要办公地址变更的有关事项公告如下： 变更前： 特此公告。 深信服科技股份有限公司 董事会 二〇二四年九月九日 1 / 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [4][13]. Core Insights - The company reported a significant reduction in the revenue decline in Q2, with a revenue of 1.67 billion yuan, down 2.8% year-on-year, and a net profit of -100 million yuan, which is an improvement of 39 million yuan compared to the same period last year [1][2]. - The company is experiencing resilience in enterprise customer revenue, which grew by 2.5% year-on-year, while government and financial sector revenues declined by 15.9% and 18.2%, respectively [1]. - The company is focusing on cost reduction and efficiency improvement, with overall expenses down by 7.36% year-on-year, and has invested in AI technology, launching the upgraded version of its security product [2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 2.71 billion yuan, a year-on-year decrease of 7.7%, and a net profit of -590 million yuan, a decrease of 38 million yuan compared to the previous year [1]. - The revenue forecast for 2024-2026 is projected at 7.78 billion yuan, 8.18 billion yuan, and 9.01 billion yuan, with year-on-year growth rates of 2%, 5%, and 10%, respectively [2][3]. - The net profit forecast for the same period is expected to be 240 million yuan, 370 million yuan, and 510 million yuan, with growth rates of 22%, 55%, and 38% [2][3]. Key Financial Ratios - The report indicates a projected EPS of 0.57 yuan for 2024, increasing to 1.22 yuan by 2026, reflecting a positive growth trajectory [3][10]. - The company's P/E ratio is expected to decrease from 95.6 in 2023 to 36.8 in 2026, indicating an improvement in valuation over time [3][10]. - The asset-liability ratio is reported at 44.24%, suggesting a moderate level of financial leverage [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 2.707 billion yuan for the first half of 2024, a year-on-year decrease of 7.72%, with a net profit attributable to shareholders of -0.592 billion yuan, down 6.94% year-on-year [1]. - The demand from enterprise customers showed resilience, with a 2.51% year-on-year increase in revenue from enterprise clients in H1 2024, while revenue from government, financial, and telecom sectors declined significantly [1]. - The overall gross margin for H1 2024 was 61.34%, a decrease of 3.14 percentage points year-on-year, primarily due to a reduction in gross profit and an increased proportion of lower-margin cloud computing business [1]. - The company continues to implement cost reduction and efficiency improvement measures, resulting in a 7.36% year-on-year decrease in overall operating expenses [1]. - The strategic new businesses are progressing, with the AI-enabled next-generation firewall and other AI technologies being deployed across products, positioning the company as a market leader in certain segments [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.672 billion yuan, a year-on-year decline of 2.84%, which is an improvement compared to Q1 [1]. - The net profit for Q2 was -0.103 billion yuan, showing a year-on-year increase of 27.10% [1]. - The company’s revenue forecast for 2024-2026 has been adjusted to 7.749 billion, 8.493 billion, and 9.489 billion yuan respectively, with net profit forecasts of 0.218 billion, 0.317 billion, and 0.449 billion yuan [2]. Business Segments - The network security business generated approximately 1.398 billion yuan in H1 2024, a decrease of 7.34% year-on-year, accounting for 51.65% of total revenue [1]. - The cloud computing and IT infrastructure business reported revenue of about 1.106 billion yuan, down 4.43% year-on-year, representing 40.85% of total revenue [1]. - The basic network and IoT business saw a significant decline of 24.13% year-on-year, with revenue of approximately 0.203 billion yuan, making up 7.50% of total revenue [1]. Strategic Initiatives - The company has launched AI-enabled products, including the next-generation firewall and the AI computing platform, which are expected to lower the barriers for users in developing and applying large models [2]. - The security managed service (MSS) has maintained its position as the market leader for three consecutive years, expanding its market share [2].

计算机 证 券 研 究 报 告 2024 年 09 月 03 日 深信服 (300454) ——24Q2 降幅收窄，企业端展现韧性 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 03 日 | | 收盘价（元） | 45.32 | | 一年内最高 / 最低（元） | 107.99/44.04 | | 市净率 息率（分红/股价） | 2.4 0.11 | | 流通 A 股市值（百万元） | 12,520 | | 上证指数 / 深证成指 | 2,802.98/8,268.05 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 19.24 | | | | | 资产负债率 % | 44. ...

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [1][3]. Core Insights - The company reported a revenue of 2.71 billion yuan for H1 2024, a year-on-year decline of 7.7%, with a net profit attributable to shareholders of -590 million yuan, down 6.9% year-on-year. The decline in revenue has slowed in Q2 2024, with a revenue of 1.67 billion yuan, a decrease of 2.8% year-on-year, and a net profit of -100 million yuan, an increase of 27.1% year-on-year [2][15]. - The cybersecurity business experienced a slight decline, while the cloud computing business saw an increase in its revenue share. In H1 2024, the cybersecurity business generated 1.4 billion yuan, down 7.3% year-on-year, accounting for 51.7% of total revenue. The cloud computing business generated 1.11 billion yuan, down 4.4% year-on-year, but its revenue share increased by 1.4 percentage points to 40.9% [2][16]. - The company is positioned as a leader in the cybersecurity industry, leveraging its early market entry and brand influence. It has been actively investing in AI technologies to enhance its product offerings, including the launch of the upgraded security GPT 3.0 and AI computing platform in 2024 [10][14]. Financial Analysis - The overall gross margin for H1 2024 was 61.3%, a decrease of 3.1% year-on-year, primarily due to the increased proportion of lower-margin cloud computing business. The gross margin for the cybersecurity business was 78.2%, down 1.2% year-on-year, while the cloud computing business had a gross margin of 42.6%, down 5.3% [2][17]. - The company has successfully reduced its three expense ratios by 7.4% year-on-year, with the sales expense ratio at 46.7%, down 1.3% year-on-year [17]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 7.31 billion yuan, 7.75 billion yuan, and 8.72 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 200 million yuan, 240 million yuan, and 370 million yuan for the same years, with corresponding EPS of 0.48, 0.58, and 0.88 yuan [3][23]. - The company's PE ratios are forecasted to be 97, 79, and 52 for the years 2024, 2025, and 2026, respectively, which are below the industry average, supporting the "Hold" rating [3][24].