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。 | 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-045 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于不向下修正"信服转债"转股价格的公告 特别提示： 1、截至 2024 年 5 月 13 日下午收市，深信服科技股份有限公司（以下简称 "公司"）股票已出现连续三十个交易日中至少有十五个交易日的收盘价低于当 期转股价格 85%的情形，触发"信服转债"转股价格的向下修正条款。 2、公司于 2024 年 5 月 13 日召开第三届董事会第十六次会议，审议通过了 《关于不向下修正"信服转债"转股价格的议案》，董事会决定本次不向下修正 "信服转债"转股价格，且自董事会审议通过次日起未来三个月内（即 2024 年 5 月 14 日至 2024 年 8 月 13 日），如再次触发"信服转债"转股价格向下修正条款， 亦不提出向下修正方案。下一触发转股价格修正条件的期间从 2024 年 8 月 14 日 重新起算，若再次 ...

| 证券代码：300454 | 证券简称：深信服 公告编号：2024-043 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 深信服科技股份有限公司 关于债券持有人持有可转换公司债券比例 变动达 10%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 2024 年 5 月 9 日接到公 司控股股东的通知，获悉控股股东何朝曦先生、熊武先生、冯毅先生于 2024 年 5 月 8 日至 2024 年 5 月 9 日通过大宗交易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 1,627,000 张，占可转债发 行总量的 13.39%。具体情况如下： 一、 公司控股股东配售可转债的情况 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 信服科技股份有限公司（以下简称"公司"）于 2023 年 7 月 27 日向不特定对象 发行 1,214.7560 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 56.68 [1][5]. Core Insights - The company reported a revenue of 7.662 billion yuan in 2023, a year-on-year increase of 3.36%, and a net profit attributable to shareholders of 198 million yuan, up 1.89% year-on-year. However, the Q1 2024 revenue decreased by 14.66% year-on-year to 1.035 billion yuan, with a net loss of 489 million yuan, down 18.64% year-on-year [4][5]. - The company is focusing on integrating AI and security, having launched its self-developed large model, Security GPT, which achieved a phishing detection rate of over 91.4% in its latest version [4][5]. - The company maintains a stable industry position, being ranked highly in various cybersecurity and cloud computing sectors by organizations like Gartner and IDC [4]. Financial Performance - The company's revenue is projected to grow from 7.662 billion yuan in 2023 to 8.428 billion yuan in 2024, with an expected growth rate of 10% [6]. - Net profit is forecasted to increase from 198 million yuan in 2024 to 237.94 million yuan in 2025, reflecting a growth rate of 20.27% [6][7]. - The diluted earnings per share (EPS) are expected to rise from 0.47 yuan in 2023 to 0.57 yuan in 2024, and further to 0.93 yuan by 2026 [6][7]. Industry Outlook - The report expresses optimism about the company's prospects in the cybersecurity and cloud computing sectors, anticipating that the company's EPS will continue to grow significantly over the next few years [5][9].

2024年05月08日 公 司点评 公 买入 / 维持 司 深信服(300454) 研 究 目标价: 昨收盘:56.68 业绩保持稳健，融合 AI 和安全 事件：公司发布2023年年报，收入76.62亿元，同比增加3.36%； ◼ 走势比较 归母净利润1.98亿元，同比增加1.89%。 公司发布 2024 年一季报，收入 10.35 亿元，同比减少 14.66%； 20% 太 4% 归母净利润-4.89亿元，同比减少18.64%。 平 洋 (12%)8/5/32 02/7/32 1/01/32 31/21/32 42/2/42 7/5/42 业绩保持稳健。2023年，公司网络安全业务收入38.92亿元，同 (28%) 证 比减少0.14%；云计算及IT基础设施业务收入30.90亿元，同比增长 (44%) 券 8.07%，其中超融合HCI产品收入保持了较为稳定的增长；基础网络和 (60%) 物联网业务6.80亿元，同比增长3.70%。 股 深信服 沪深300 份 融合AI、云和安全。公司于国内率先推出深信服自研大模型—— 有 ◼ 股票数据 限 安全 GPT（Security GPT），安全 GPT 是公司利用多 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 61.54 CNY based on a 3.11x PS ratio for 2024 [2][4]. Core Insights - The company reported a stable revenue growth of 76.62 billion CNY in 2023, an increase of 3.36% year-on-year, with a net profit of 1.98 billion CNY, up by 1.89% [1]. - The fourth quarter of 2023 saw a revenue of 28.54 billion CNY, reflecting a growth of 7.08%, but a decline in net profit by 16.55% [1]. - The company is focusing on an "AI First" innovation strategy, launching several AI security products to strengthen its position in the cloud computing and cybersecurity markets [1]. Financial Performance Summary - The company's revenue for 2023 was 76.62 billion CNY, with a year-on-year growth of 3.36%. The net profit was 1.98 billion CNY, reflecting a growth of 1.89% [1][3]. - The revenue breakdown by business segments shows cybersecurity at 38.92 billion CNY, cloud computing and IT infrastructure at 30.90 billion CNY, and basic network and IoT at 6.80 billion CNY, with respective growth rates of -0.14%, +8.07%, and +3.70% [1]. - The gross margin for 2023 was 65.13%, an increase of 1.31 percentage points year-on-year, with specific margins for cybersecurity, cloud computing, and basic network at 81.24%, 47.47%, and 53.24% respectively [1]. Revenue Forecast - The company is projected to achieve revenues of 83.03 billion CNY, 91.93 billion CNY, and 103.40 billion CNY for the years 2024, 2025, and 2026 respectively [2][3].

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-042 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于举办 2023 年度网上业绩说明会的公告 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、召开时间和方式 深信服科技股份有限公司（以下简称"公司"）2023年年度报告及摘要已于 2024年4月10日在中国证券监督管理委员会指定的创业板信息披露网站巨潮资讯 网上（http://www.cninfo.com.cn）披露。为了让广大投资者进一步了解公司2023 年度及2024年第一季度经营情况，公司将于2024年5月14日（星期二）下午15:00- 16:30在进门财经平台举行2023年度网上业绩说明会。 二、投资者参与方式 电脑端参会：https://s.comein.cn/A9j6y 为充分尊重投资者、提升交流的针对性，现就公司2023年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。敬请广大投资者于 2024年5月13日（星期 ...

| 证券代码：300454 | 证券简称：深信服 公告编号：2024-041 | | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | 深信服科技股份有限公司 关于信服转债预计触发转股价格向下修正条件 的提示性公告 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。 特别提示： | 1.证券代码：300454 | | | | | 证券简称：深信服 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2.债券代码：123210 | | | | | 债券简称：信服转债 | | | | | | | 3.转股价格：111.31 | | 元/股 | | | | | | | | | | 4.转股期间：2024 | 年 | 2 | 月 | 日至 2 | 2029 | 年 | 7 | 月 | 26 | 日 | 5.自 2024 年 4 月 18 日至 2024 年 5 月 6 日，公司股票已有 10 个交易日的收 盘价低于当期转股价格 11 ...

Investment Rating - The investment rating for the company is "Buy" [1][4][7] Core Views - The company experienced pressure in Q1 2024, with revenue declining by 14.66% year-on-year to 1.035 billion yuan, and a net loss attributable to shareholders of 489 million yuan, down 18.64% [1][5] - The company is expected to gradually recover in Q2 2024 due to adjustments in market sales strategies and organizational structure [1] - The company has achieved the highest market share in the hyper-converged infrastructure market at 22.1% in Q4 2023, and also leads in the application delivery market with a 23% share [1][2] - The company’s AI security solutions are recognized as best practices in IT scenarios, with its security GPT achieving "human-machine collaboration" [1] Financial Forecasts - Revenue projections for 2024-2026 are 8.409 billion yuan, 9.544 billion yuan, and 11.139 billion yuan, with growth rates of 10%, 14%, and 17% respectively [2][8] - Net profit forecasts for the same period are 421 million yuan, 694 million yuan, and 925 million yuan, with corresponding PE ratios of 54, 33, and 25 times [2][8] - The company’s gross margin is reported at 58.18%, a decrease of 3.93 percentage points year-on-year, primarily due to rising raw material costs [1][8]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 深 信服(300454.SZ) 证券研究报告 24Q1 业绩承压，需求复苏仍需等待 云基础设施服务 投资评级 买入-A 事件概述 维持评级 公司近期发布 2023 年年报和 2024 年一季报，2023 年实现营业收入 6个月目标价 79.24元 10.35 亿元，同比增长3.36%，实现归母净利润 1.98亿元，同比增长 股价 (2024-04-30) 54.74元 1.89%。2024 年一季度，公司实现营业收入 10.35 亿元，同比下降 14.66%，实现归母净利润-4.89亿元，同比下降 18.64%。公司 2024Q1 交易数据 业绩相对承压，我们认为下游需求拐点仍需等待。 总市值(百万元) 22,982.50 流通市值(百万元) 15,122.46 收入静待需求复苏，经营现金流保持良好 总股本(百万股) 419.85 收入端来看，根据年报披露，2023 年国内宏观经济环境复苏力度较 流通股本(百万股) 276.26 弱，下游客户的投入仍然谨慎、采购流程变长、需求恢复较为缓慢， 12个月价格区间 51 ...

Investment Rating - The investment rating for the company is "Buy" [5][9]. Core Insights - The company faced pressure in Q1, with revenue declining by 14.66% year-on-year to 1.035 billion yuan, and a net loss attributable to shareholders of 489 million yuan, down 18.64% [7][9]. - The company has made adjustments to its market sales strategy and organizational structure, which is expected to lead to gradual recovery in Q2 [7]. - The gross margin decreased to 58.18%, down 3.93 percentage points year-on-year, primarily due to rising raw material costs [7]. - The company has achieved the highest market share in the hyper-converged infrastructure market, reaching 22.1% in Q4 2023, and 17.5% for the entire year [7]. - The company’s cloud desktop business is also leading the market, with expectations of gaining more market share following Citrix's exit from China [7]. Financial Performance Summary - Revenue for 2022 was 7.413 billion yuan, with a growth rate of 8.9%. For 2023, revenue is projected at 7.662 billion yuan, a growth of 3.4% [3]. - The net profit for 2022 was 194 million yuan, with a significant decline of 28.8%. The forecast for 2024 is a net profit of 421 million yuan, representing a growth of 113% [3][11]. - The company’s earnings per share (EPS) for 2022 was 0.47 yuan, expected to rise to 1.01 yuan in 2024 [3][11]. - The projected revenue for 2024-2026 is 8.409 billion yuan, 9.544 billion yuan, and 11.139 billion yuan, with growth rates of 10%, 14%, and 17% respectively [9][11].