中信建投证券股份有限公司 关于深信服科技股份有限公司 2023 年度持续督导跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：深信服 | | --- | --- | | 保荐代表人姓名：李林 | 联系电话：0755-23953869 | | 保荐代表人姓名：李波 | 联系电话：0755-23953869 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | | | | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 2 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ ＃ ＃dyC 深om 信pan 服y＃ （ 300454 ） investSug 增持 ( 维ges持tion ）Ch 3 Q0 404 营54 收 增 速改善， A＃ Iti 和tle＃ 国 际 化注入增长动能 ange＃ ＃ createTime1＃ 2024年 04月 23日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 2023年公司实现营业总收入 76.62亿元，同比增长 3.36%；实现归母 司 市场数据日期 2024-04-23 净利润 1.98 亿元，同比增长 1.89%；扣非净利润 1.10 亿元，同比增长 点 收盘价（元） 54.38 9.97%。2023 年 Q4 单季度营业总收入 28.54 亿元，同比增长 7.08%；归母 评 总股本（百万股） 419.85 净利润 7.43 亿元，同比下降 16.55%；扣非净利润 7.12 亿元，同比下降 报 流通股本（百万股） 276.26 20.93%。 净资产（百万元） ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 深信服(300454)公司点评报告 2024年04月15日 [Table_Invest] [Tab业le_T绩itle实] 现平稳增长，海外业务表现亮眼 买入|维持 ——深信服(300454.SZ)2023年年度报告点评 [当Ta前b价le_：T argetPr5ic7e.6] 2元 [事Ta件ble：_S ummary] 公司于2024年4月9日收盘后发布《2023年年度报告》。 [基Ta本bl数e_据Ba se] 点评： 52周最高/最低价（元）： 136.70 / 51.90  营业收入和利润实现平稳增长，整体毛利率水平有所提升 A股流通股（百万股）： 276.26 2023 年，受多重因素影响，公司实现营业总收入 76.62 亿元，同比增长 A股总股本（百万股）： 419.85 3.36%；实现归母净利润1.98亿元，同比增长1.89%；实现扣非归母净利 流通市值（百万元）： 15918.09 润 1.10 亿元，同比增长 9.97%；公司整体毛利率为 65.13%，同比上升 总市值（百万元）： 24191.66 1.31%；三 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-033 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于回购股份实施结果暨股份变动的公告 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。 深信服科技股份有限公司（以下简称"公司"）于 2024 年 1 月 31 日召开第 三届董事会第十三次会议，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 100 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.c ...

计算机 公 2024年04月10日 司 报 深信服(300454.SZ) 告 毛利率同比提升，AI First战略有望注入中长期增长动能 推荐 ( 维持 ) 事项： 公司发布2023年年报，2023年实现营业收入76.62亿元，同比增长3.36%，实 股价:57.17元 现归母净利润1.98亿元，同比增长1.89%。2023年利润分配预案为：拟每10股 公 主要数据 派现金0.5元（含税）。 行业 计算机 司 平安观点： ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 7.662 billion yuan in 2023, representing a year-on-year growth of 3.36%, and a net profit attributable to shareholders of 198 million yuan, an increase of 1.89% year-on-year [1][2]. - The company's revenue resilience is highlighted against a backdrop of weak macroeconomic recovery, with significant growth in enterprise customer demand, particularly in sectors like energy and transportation, leading to a 19.73% increase in enterprise customer revenue [1]. - The overseas market also showed strong performance with a revenue growth of 47.98% [1]. - The company's gross margin improved to 65.13%, up 1.31 percentage points year-on-year, driven by its cloud and service-oriented strategy [1]. - The report emphasizes the ongoing optimization of various business lines, including the introduction of AI-driven products like the self-developed security GPT, which aims to establish a new paradigm in security [1]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 7.662 billion yuan and a net profit of 198 million yuan, with respective growth rates of 3.36% and 1.89% [1][4]. - The company expects revenues to reach 8.325 billion yuan in 2024, with net profits projected at 305 million yuan, indicating a growth rate of 8.65% for revenue and 54.21% for net profit [4][5]. Business Segments - The network security business generated revenue of 3.892 billion yuan, accounting for 50.79% of total revenue, while the cloud computing and IT infrastructure business saw revenue of 3.090 billion yuan, representing 40.33% of total revenue [1]. - The basic network and IoT business achieved revenue of 680 million yuan, making up 8.88% of total revenue [1]. Strategic Initiatives - The company is implementing an "AI First" strategy, integrating AI capabilities across its product offerings, and plans to expand its international market presence [1]. - The report anticipates that AI and overseas business will provide new growth opportunities for the company [1].

Investment Rating - The report assigns a rating of "Hold" for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [8]. Core Views - The company's revenue in 2023 was 7.662 billion, a year-on-year increase of 3.36%, with a net profit attributable to shareholders of 198 million, reflecting a growth of 1.89% [1][3]. - The overall revenue is under pressure, but the gross margin for core products has improved, with an overall gross margin of 65.13%, up by 1.31 percentage points from the previous year [1][3]. - The company is experiencing cautious spending from downstream clients, particularly in the government and financial sectors, which has led to revenue pressure [1][3]. Financial Performance Summary - In 2023, the company's network security business generated revenue of 3.892 billion, a slight decline of 0.14%, while the cloud computing and IT infrastructure business saw revenue growth of 8.07%, reaching 3.090 billion [1][3]. - The company reported a net operating cash flow of 9.47 billion, a significant increase of 26.97% year-on-year, indicating strong cash generation capabilities [1]. - The company has maintained a high R&D investment, exceeding 20% for eight consecutive years, focusing on AI technology integration across its products [1][2]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.69, 0.94, and 1.25 respectively, with corresponding price-to-earnings (P/E) ratios of 82.27, 61.11, and 45.59 [2][3].

Financial Performance - Sangfor Technologies Inc. reported a total revenue of RMB 10.23 billion for the fiscal year 2023, representing a year-over-year growth of 15.6%[8] - The company's net profit attributable to shareholders reached RMB 1.45 billion, an increase of 12.3% compared to the previous year[8] - Revenue for 2023 reached RMB 7,662,166,391.60, a year-on-year increase of 3.36%[14] - Net profit attributable to shareholders of the listed company in 2023 was RMB 197,830,227.92, up 1.89% year-on-year[14] - Operating cash flow for 2023 was RMB 946,610,462.42, a significant increase of 26.97% compared to 2022[14] - Total assets at the end of 2023 were RMB 15,028,908,327.14, a 23.36% increase from the previous year[14] - Q4 2023 revenue was RMB 2,853,971,457.51, the highest among all quarters[16] - Q4 2023 net profit attributable to shareholders was RMB 743,406,617.92, a strong recovery from previous quarters[16] - Non-recurring gains and losses for 2023 amounted to RMB 87,385,758.88, a decrease from RMB 93,737,797.71 in 2022[20] - The company's weighted average return on equity (ROE) for 2023 was 2.41%, a slight decrease from 2.60% in 2022[14] - The company's total equity attributable to shareholders at the end of 2023 was RMB 8,805,254,642.95, up 14.05% year-on-year[14] - The company's basic and diluted earnings per share for 2023 remained stable at RMB 0.47, unchanged from 2022[14] - Total revenue for the reporting period was approximately RMB 7.662 billion, a slight increase of 3.36% year-over-year[73] - Enterprise customer revenue in the domestic market grew by 19.73%, driven by strong demand from industries such as energy and transportation[73] - Overseas market revenue grew by 47.98%, maintaining a high growth trend[73] - Cybersecurity business revenue was approximately RMB 3.892 billion, a slight decrease of 0.14%, accounting for 50.79% of total revenue[73] - Cloud computing and IT infrastructure business revenue was approximately RMB 3.090 billion, an increase of 8.07%, accounting for 40.33% of total revenue[73] - Net profit attributable to shareholders of the listed company was approximately 198 million yuan, a year-on-year increase of 1.89%[75] - Operating cash inflow was 9.306 billion yuan, a year-on-year increase of 7.34%, with cash received from sales of goods and services reaching 8.730 billion yuan, up 7.40% year-on-year[75] - Total revenue for 2023 was 7.662 billion yuan, a year-on-year increase of 3.36%, with enterprise sector revenue growing by 19.73% to 3.425 billion yuan[76] - Cloud computing and IT infrastructure business revenue increased by 8.07% to 3.090 billion yuan, accounting for 40.33% of total revenue[76] - Overseas revenue grew significantly by 47.98% to 346 million yuan, reflecting strong international market expansion[76] - The company's overall gross margin was 65.13%, an increase of 1.31 percentage points year-on-year, driven by the growth of cloud computing business and improved supply chain management[74] - Basic network and IoT business revenue reached approximately 680 million yuan, a year-on-year increase of 3.70%, accounting for 8.88% of the company's total revenue, up from 8.85% in the same period last year[74] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares (tax included) to all shareholders, with no stock dividends or capital reserve transfers[2] - The company's cash dividend policy for 2022 was 0.50 RMB per 10 shares, with a total cash dividend amount of 20,807,538.05 RMB[192] - The company's distributable profit for the year was 2,919,315,135.41 RMB, with cash dividends accounting for 100% of the total profit distribution[192] - The company repurchased 1,255,715 shares in 2022, with a total repurchase amount of 130,912,654.44 RMB, which is considered as cash dividends for the year[189] Risks and Challenges - The company faces risks including weak market demand, declining operating performance, intensified competition in cybersecurity and cloud computing, and potential misalignment of new business investments with user needs[2] - Potential risks also include rising hardware procurement costs due to increased prices of upstream storage components, higher period expenses from increased R&D and sales investments, and the risk of core technology leaks and loss of key technical personnel[2] - The company's future outlook includes detailed descriptions of potential risks and countermeasures in the "Management Discussion and Analysis" section[2] - The company faces risks of weak market demand and declining operating performance, with potential impacts from economic fluctuations and increased competition[137] - Hardware procurement costs have risen significantly due to price increases in upstream storage components, such as memory, SSD, and HDD, driven by international conditions and supplier strategies[141] - R&D and sales expenses have increased rapidly, alongside the implementation of equity incentive plans, which may not lead to expected revenue and profit growth, potentially affecting profitability[142] - There is a risk of core technology leaks and loss of key technical personnel, which could negatively impact innovation and product development. The company is implementing measures to protect intellectual property and retain talent[144] - As the company expands, there is a risk of management challenges due to increased organizational complexity. The company is strengthening internal processes and digitalization to mitigate these risks[145] R&D and Innovation - Sangfor's R&D investment in 2023 amounted to RMB 2.1 billion, accounting for 20.5% of the total revenue[8] - The company has established five R&D centers in Shenzhen, Beijing, Changsha, Nanjing, and Chengdu, with R&D personnel accounting for nearly 40% of the workforce, over 27% of whom hold master's or doctoral degrees[64] - The company has accumulated over 3,050 patent applications, with 327 new patents authorized and 46 new software copyrights registered in the reporting period[64] - The company's R&D expenses have exceeded 20% of revenue for eight consecutive years[64] - The company launched the self-developed security GPT 3.0, AI computing platform, and storage EDS 520 version during the 2024 Spring New Product Launch[65] - The company launched its self-developed large model, Security GPT, with a detection rate of 91.4% against targeted phishing attacks, significantly surpassing traditional solutions[73] - The company developed the first enterprise-level security large language model, Security GPT, which demonstrated superior detection capabilities in high-confrontation scenarios[86] - Released a new version of the hyper-converged Sangfor HCI and cloud platform SCP 6.9.0, featuring AI-driven performance and reliability enhancements, including intelligent scheduling for ARM CPUs and NUMA network affinity, achieving significant performance improvements[88] - Introduced the VDI 5.5.6 and VDI 591 series for desktop cloud, supporting up to 100,000 user access points, improving density by 38% on domestic hardware, and reducing video traffic by 40% through optimized encoding algorithms[89] - Released the EDS 501 storage architecture, enhancing performance and reliability across multiple layers, including optimized small file IO, multi-active metadata services, and intelligent data repair mechanisms, widely recognized in AI training and medical imaging scenarios[90] - Unveiled the "Xinrui Tongpin" enterprise intelligent collaboration solution, supporting up to eight simultaneous screen projections, dual-screen display, and ultrasonic matching for secure and stable wireless projection[92] - Launched the MDR-PC solution for endpoint security, providing 24/7 threat detection and response capabilities, addressing advanced threats like ransomware and phishing emails[87] - Introduced the MSS security insurance, a collaborative risk transfer solution with insurance providers, offering comprehensive coverage for potential security incidents[87] - Enhanced the database management platform DMP to support MySQL 8.0, Oracle 12c, and hybrid cloud disaster recovery scenarios, improving database management and backup capabilities[88] - Developed the "Zhilianxing" wireless networking solution for healthcare and manufacturing, offering features like physical isolation, IoT expansion, and high-performance connectivity[91] - Upgraded the IP SIP product to enhance network asset management, ensuring better cost-effectiveness and operational efficiency for high-value network assets[92] - The company launched several key R&D projects, including the Security GPT model and Cloud Brain - Advanced Threat Protection, both of which are in continuous operation[102] - The SASE-Internet Security Access Service project aims to enhance internet access auditing and user behavior analysis, supporting the company's transition to a SaaS service model[103] Market and Industry Trends - Global cybersecurity IT investment reached $189.01 billion in 2022 and is expected to grow to $328.88 billion by 2027, with a five-year CAGR of 11.7%[25] - China's cybersecurity market is projected to grow from $12.35 billion in 2022 to $23.32 billion in 2027, with a CAGR of 13.5%, higher than the global average[25] - China's IT security hardware market size in 2023 was RMB 22.48 billion ($3.16 billion), a year-on-year decrease of 0.9%[26] - The number of cybersecurity service companies in China increased by 32.5% year-on-year in the first half of 2023[30] - Managed Security Services (MSS) market in China maintained double-digit growth in the first half of 2023[30] - The global cybersecurity market is shifting towards cloud-based and service-oriented delivery models, with hardware-based security products gradually being replaced[30] - The adoption of AI in cybersecurity, particularly in XDR platforms, is enhancing detection and response capabilities, with more Chinese enterprises expected to integrate XDR into their security operations[29] - The rise of generative AI, such as ChatGPT, has led to an exponential increase in cyberattacks, posing new challenges for cybersecurity defense[28] - China's cybersecurity industry is influenced by economic slowdown, leading to reduced and delayed investments in cybersecurity by both government and enterprises[31] - The global cloud computing market is expanding, with North America leading and Asia, particularly China, showing significant growth potential[32] - Global cloud computing market size reached $491 billion in 2022, a 19% year-over-year increase, with China's cloud computing market size reaching 455 billion RMB, a 40.91% year-over-year growth[34] - China's private cloud market size was 129.4 billion RMB in 2022, growing 25.3% year-over-year, and the overall cloud computing market is expected to exceed 1 trillion RMB by 2025[34] - China's IaaS spending has a five-year compound annual growth rate (CAGR) of 17.4%, significantly higher than other hardware spending categories[34] - Distributed storage market size in China reached 10.42 billion RMB in 2022, with a growth rate nearly 20 percentage points higher than centralized storage from 2020 to 2022[36] - China's distributed storage market is projected to reach 21.14 billion RMB by 2025, driven by high scalability, efficiency, and reliability[36] - AI model development is driving demand for distributed storage systems due to their high performance, scalability, and cost-effectiveness, expected to see rapid adoption starting in 2024[37] - Traditional industries, including finance, manufacturing, and automotive, are expected to dominate cloud spending by 2025, with distributed cloud and hybrid IT models gaining traction[35] - China's server and storage device investments have a five-year CAGR of 8.5%, reflecting growing demand for enhanced data processing and storage capabilities[36] Products and Technologies - The company's products and technologies include next-generation firewalls, situational awareness, cloud computing (public, private, hybrid, and hosted clouds), zero-trust security, and IoT[5] - The company's hyper-converged infrastructure (HCI) integrates computing, storage, network, and security virtualization into standard X86 or ARM architecture servers, forming a unified resource pool[5] - The company's application delivery (AD) products optimize performance, accelerate single-side operations, and provide intelligent management to fully utilize data center resources[5] - Sangfor's cybersecurity products and services generated RMB 6.43 billion in revenue, contributing 62.8% to the total revenue[8] - The company's cloud computing business segment achieved a revenue of RMB 3.8 billion, growing by 25.4% year-over-year[8] - Sangfor's SD-WAN solutions were deployed in over 10,000 enterprise branches worldwide, supporting the digital transformation of various industries[6] - The company launched its next-generation XDR platform, which integrates AI-driven threat detection and response capabilities, enhancing its cybersecurity offerings[7] - Sangfor's VDI solutions were adopted by more than 5,000 enterprises, providing secure and efficient virtual desktop infrastructure for remote work environments[6] - The company's AIGC (Artificial Intelligence Generated Content) technology was integrated into its cloud services, enabling advanced data analysis and automation capabilities[7] - The company's cybersecurity business focuses on providing simple, effective, and reliable security solutions, leveraging cloud-based security capabilities and AI technologies like GPT for proactive monitoring and closed-loop incident handling[44] - Core cybersecurity products and services include next-generation firewalls, VPNs, network behavior management, endpoint security management systems, zero-trust access control systems, and security SaaS offerings such as SASE and SaaS-XDR[44] - The company offers a comprehensive range of security services, including security hosting, risk assessments, security operations, and training, alongside innovative products like security GPT[44] - The cybersecurity solutions are designed to cater to various industries and scenarios, such as security operations, zero-trust architectures, hybrid work environments, and global networking[44] - The company's cybersecurity products and services are delivered through both cloud and on-premises models, reducing the implementation and operational barriers for customers[44] - The company's AC product has maintained the No. 1 market share in the security content management category in China for 14 consecutive years from 2009 to Q3 2023[45] - The company's VPN product has held the No. 1 market share in China for 15 consecutive years from 2008 to Q3 2023[45] - The company's AD product ranked No. 2 in China from 2014 to 2021 and No. 1 from 2022 to Q2 2023[45] - The company's AF product ranked No. 2 in the unified threat management category in China for 8 consecutive years from 2016 to 2023[45] - The company's zero trust solution ranked No. 1 in China in 2022 for both zero trust network access and software-defined perimeter scenarios[45] - The company's NDR product ranked No. 3 in China in 2022 and was recommended in Gartner's NDR Market Guide in 2024[45] - The company's MSS product ranked No. 1 in China's remote managed security services submarket for 2 consecutive years in 2021 and 2022[45] - The company's desktop cloud terminal product ranked No. 1 in China's cloud terminal market for 2 consecutive years in 2021 and 2022[47] - The company's HCI software product ranked No. 2 in China in H1 2023 and Q3 2023[47] - The company's wireless product ranked No. 1 in 6 industries including banking, securities, insurance, and water power in Q2 2023[51] - The company's cloud security revenue accounts for over 10% of the total audited consolidated financial statement revenue for the most recent fiscal year[61] - The company's next-generation firewall products are widely used in government, enterprise, healthcare, education, and financial sectors, providing advanced security features such as intrusion prevention and AI-based threat detection[79] - Desktop cloud products achieved unified management and security control for enterprise, government, financial, and medical customers, with features like USB control, terminal asset statistics, and screen watermarking[80] - The company's products are sold through a channel-based distribution model, with no single distributor accounting for over 30% of sales[82] - In 2023, the company launched new security operation solutions, integrating cloud and on-premise architectures and building a unified data standard to address fragmented logs in the industry[84] - The zero-trust solution evolved from a single SDP product to a comprehensive solution, enhancing market competitiveness with capabilities like threat deception and security radar[84] - The EDR product improved advanced threat detection, adding dynamic AI detection and real-time backup capabilities to combat ransomware attacks[85] - The next-generation firewall AF introduced a cloud threat intelligence gateway module, achieving real-time detection and interception within 100ms[85] - The application delivery AD product optimized for domestic chip architectures, enhancing performance and SSLo traffic orchestration capabilities[86] - Launched the next-generation Managed Cloud Service with five major upgrades, including a hybrid cloud solution, cloud-native managed private cloud, enhanced service capabilities, upgraded security features, and improved ecosystem integration[89] Corporate Governance and Leadership - The company adheres to strict corporate governance standards, ensuring compliance with relevant laws and regulations, and maintains independence from its controlling shareholder[149][151] - The company's board of directors consists of 6 members, including 3 independent directors, and held 15 board meetings during the reporting period[152] - The company's board has established four specialized committees: Strategy Committee, Audit Committee, Nomination Committee, and Compensation and Evaluation Committee[152] - The company's board revised the Independent Director Work System and held 1 independent director special meeting during the reporting period[152] - The company's board of supervisors consists of 3 members, including 1 employee representative supervisor, and held 12 supervisory board meetings during the reporting period[153] - The company's management strictly follows the Articles of Association and effectively implements resolutions from the board and shareholders' meetings[154] - The company has established a performance evaluation and incentive mechanism for directors, supervisors, and senior management through the Compensation and Evaluation Committee[155] - The company ensures information disclosure through designated media including Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily, and CNINFO[156] - The company maintains independence in assets, personnel, finance, organization, and business from controlling shareholders and actual controllers[158] -

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The report expresses a strong outlook on the company's long-term development, despite a downward adjustment in net profit forecasts for 2024-2025 due to a weaker-than-expected macroeconomic recovery and cautious customer spending [4]. - The company reported a revenue of 7.662 billion yuan for 2023, a year-on-year increase of 3.36%, and a net profit of 198 million yuan, up 1.89% year-on-year [5]. - The report highlights the company's leading position in the cloud and cybersecurity sectors, supporting the maintained "Buy" rating [4]. Financial Performance Summary - The company achieved a gross margin of 65.13%, an increase of 1.31% year-on-year, attributed to improved supply chain management and strategic partnerships [5]. - The net cash flow from operating activities was 947 million yuan, a year-on-year increase of 26.97%, indicating strong cash flow performance [5]. - The forecasted earnings per share (EPS) for 2024-2026 are 0.73, 1.23, and 1.61 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 81.2, 48.0, and 36.8 [4][6]. Revenue Breakdown - The revenue from the cybersecurity business was approximately 3.892 billion yuan, a slight decrease of 0.14% year-on-year [5]. - The cloud computing and IT infrastructure business generated about 3.090 billion yuan, reflecting an 8.07% year-on-year growth [5]. - The overseas market showed robust growth with a revenue increase of 47.98% [5]. Cost Control and Efficiency - The company has effectively controlled costs, with the sales expense ratio at 35.26%, an increase of 2.74 percentage points year-on-year, while management and R&D expense ratios decreased [5]. - The report indicates a focus on cost reduction and efficiency improvement measures [5]. Future Projections - The adjusted net profit forecasts for 2024 and 2025 are 306 million yuan and 518 million yuan, respectively, with a new forecast for 2026 set at 675 million yuan [4][6]. - Revenue projections for 2024-2026 are 8.272 billion yuan, 9.256 billion yuan, and 10.566 billion yuan, indicating a growth trajectory [6].

SANGFOR 深信服科技 2023 年度可持续发展报告 深 ·信 · 服 · 科 · 技 · 股 · 份 · 有 · 限 · 公 · 司 11 01 0 1 00 011 8 36 8 IC SUPPORTION IN or a minute and a I THE FERREHIMMANAGER 249 HOMEHI lo 4 0 9 9 : 4 .. 6 0 1 01 01 0 x 1/1 phone ONITENTS 를 갖 | 关于本报告 | 01 | | --- | --- | | 关于深信服 | 03 | | O | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 责任治理，持续发展 | | 坚守合规，稳健运营 | | 产品责任，创新赋能 | | 用心服务，互利共赢 | | | 公司治理 | 08 | 内部审计 | 14 | 数据安全及隐私保护 | 18 | 至诚服务 | 24 | | 股东回报 | 09 | 信息披露 | 14 | 为网络安全强国护航 | 19 | 供应商管理 | 24 | | 投资者关系管理 ...