Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company reported a revenue of 1.155 billion yuan for 2024, representing a year-on-year growth of 11.68%. The net profit attributable to the parent company was 161 million yuan, a 27.26% increase year-on-year [1]. - The company achieved a significant increase in operating cash flow, with a net amount of 328 million yuan for 2024, up 160.69% year-on-year, indicating strong cash generation capabilities [2]. - The company is focusing on strategic expansion despite external challenges, showcasing confidence in future operations [2]. - Research and development expenses accounted for 23.07% of revenue in 2024, reflecting the company's commitment to innovation in data security and artificial intelligence [2]. Financial Performance Summary - In 2024, the company's total revenue was 1,155 million yuan, with a growth rate of 11.7% compared to 2023. The net profit attributable to the parent company was 161 million yuan, with a growth rate of 27.3% [4]. - The gross margin for 2024 was 67.28%, a slight decrease of 1.55 percentage points year-on-year [2]. - The company forecasts earnings per share (EPS) of 0.32 yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 49.89 [5]. Product and Market Insights - The company's network security products generated 767 million yuan in revenue for 2024, a year-on-year increase of 11.05%. The security service business saw a revenue increase of 30.76%, reaching 91 million yuan [2]. - The company has made significant inroads in key industries such as telecommunications, government, and energy, with notable revenue contributions from these sectors [2]. - The company has successfully deployed its anti-DDoS management platform across multiple provinces and has participated in major projects with leading telecommunications operators [2].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Insights - The company has demonstrated steady revenue growth, achieving a revenue of 1.155 billion yuan in 2024, a year-on-year increase of 11.68%, and a net profit of 161 million yuan, up 27.26% year-on-year [2][4] - The company is accelerating its layout in AI new business, covering AI integrated machines, basic networks, intelligent agents, and AI services [5][6] - The company has shown strong performance in its security and network business, with a revenue of 767 million yuan from network security products, a growth of 11.05% year-on-year [4] Financial Performance - In 2024, the company's gross profit margin decreased by 1.55 percentage points, while the net profit margin improved to 13.96%, an increase of 1.71 percentage points due to effective cost control [4] - The company expects EPS for 2025-2027 to be 0.32, 0.39, and 0.47 yuan respectively, with corresponding P/E ratios of 50.02, 40.45, and 33.67 [8][9] - The projected revenue for 2025 is 1.303 billion yuan, with a year-on-year growth of 12.8% [9][12] Business Segments - The company’s AI integrated machines support various large models and applications, including operator performance analysis and medical diagnosis [5] - The AI basic network includes advanced domestic switches that support lossless network features, catering to customer needs for rapid deployment and optimization [5] - The company’s intelligent agents are designed for various sectors, showcasing strong small-sample learning capabilities [5]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][8]. Core Insights - The company achieved a revenue of 1.155 billion yuan in 2024, representing a year-on-year growth of 11.68%, and a net profit of 161 million yuan, up 27.26% year-on-year [1]. - In Q1 2025, the company reported a revenue of 279 million yuan, a 9.57% increase year-on-year, but a decline in net profit by 16.60% to 31 million yuan [1]. - The company is accelerating its AI business layout, which includes AI all-in-one machines, foundational networks, intelligent agents, and AI services [3]. Financial Performance - The company's revenue from network security products in 2024 was 767 million yuan, a growth of 11.05% year-on-year, while application delivery and network products generated 288 million yuan, up 7.61% [2]. - The gross margin for 2024 and Q1 2025 decreased by 1.55 and 7.36 percentage points year-on-year, respectively, primarily due to changes in product and customer structure [2]. - The net profit margin for 2024 reached 13.96%, an increase of 1.71 percentage points year-on-year, aided by effective cost control [2]. Revenue and Profit Forecast - The company forecasts revenues of 1.303 billion yuan in 2025, 1.479 billion yuan in 2026, and 1.687 billion yuan in 2027, with year-on-year growth rates of 12.8%, 13.5%, and 14.1%, respectively [9]. - Expected net profits for 2025, 2026, and 2027 are projected at 203 million yuan, 251 million yuan, and 301 million yuan, reflecting year-on-year growth rates of 25.9%, 23.7%, and 20.1% [9]. Market Performance - As of April 17, 2025, the company's closing price was 15.76 yuan, with a year-to-date high of 26.55 yuan and a low of 10.31 yuan [6]. - The circulating A-shares account for 4.21 billion out of a total share capital of 6.44 billion, with a market capitalization of 10.147 billion yuan [6].

证券研究报告 | 公司点评 | 软件开发 迪普科技(300768) 报告日期：2025 年 04 月 18 日 有序扩张成效显著，强化 AI 技术赋能与产品创新 ——迪普科技 2024 年报&2025 一季报点评 事件： 点评： ❑ 有序扩张&高质量发展策略并行，效果显著 分业务看，公司网络安全产品、应用交付及网络产品、安全服务及其他服务业务 2024 年分别实现收入 7.67、2.88、0.91 亿元，分别同比+11.05%、+7.61%、 +30.76%，在营收中占比分别为 66%、25%、8%，整体收入结构维持稳定。我们 认为公司 2024 年度持续推进的有序扩张及高质量发展策略为公司各产品线的良 好发展奠定了坚实基础。 从下游客户看，公司在运营商、政府、公共事业行业分别实现收入 2.94、3.43、 2.15亿元，分别同比+7.54%、-4.00%、+4.28%。公司在运营商领域保持了较为领 先的行业地位，防火墙、入侵防御、异常流量清洗、WEB 应用防火墙、漏洞扫 描、应用交付平台等产品多年持续入围三大运营商的集中采购名单，在三大运营 商城域网、互联网出口、云安全资源池、数据中心等核心节点的全国网络中 ...

证券研究报告 | 2025年04月16日 迪普科技（300768.SZ） 优于大市 收入稳定增长，利润率逐步修复可期 再次推出员工持股计划，公司在多个行业具备增长机会。公司同时再次发布 员工持股计划草案，参与对象总人数不超过 164 人，计划受让的股份总数不 超过 316.63 万股，约占当前总股本的 0.49%，受让价格 8.90 元/股。本持股 计划设置了个人绩效考核指标而未设置短期的公司层面业绩考核目标。目前 公司在运营商、电力能源等行业具备具备竞争优势，且 IT 投入依然可观。 运营商领域，公司的产品已在三大运营商涵盖城域网、互联网出口、云安全 资源池、数据中心等核心节点的全国网络中实现规模应用，且在持续增加非 集采比例。公司已成为电力能源行业网络安全和应用交付产品的主要供应商 之一，累计在网运行设备数量超过 60,000 台。 风险提示：宏观经济影响 IT 支出；行业竞争加剧；新业务拓展不及预期。 投资建议：维持"优于大市"评级。由于各行业下游 IT 开支复苏较慢，下 调盈利预测。预计 2025-2027 年公司收入为 13.02/14.90/17.38 亿元，归母 净利润为 2.11/2.86/3 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve stable revenue growth with a projected operating revenue of 1.155 billion yuan in 2024, representing an increase of 11.68%. The net profit attributable to the parent company is forecasted to be 161 million yuan, up 27.26% [1][8]. - The company has launched an employee stock ownership plan, indicating confidence in its growth potential across various industries, particularly in telecommunications and energy sectors [3][4]. - The company is experiencing a gradual recovery in profit margins, with a gross margin of 67.28% expected in 2024, despite a slight decline [2][14]. Revenue and Profitability - The company's revenue for Q4 2024 is projected to be 335 million yuan, reflecting a year-on-year increase of 6.89%. The net profit for the same period is expected to be 69 million yuan, up 15.47% [1][8]. - For Q1 2025, the company anticipates revenue of 279 million yuan, a 9.57% increase, but a decline in net profit by 16.60% to 31 million yuan [1][8]. Financial Performance - The company has shown significant improvement in cash flow, with operating cash flow reaching 328 million yuan, a 160.69% increase [2][17]. - The sales and research expenses as a percentage of revenue have decreased, indicating improved cost management [2][14]. Future Projections - Revenue projections for 2025-2027 are set at 1.302 billion yuan, 1.490 billion yuan, and 1.738 billion yuan, respectively, with net profits expected to be 211 million yuan, 286 million yuan, and 383 million yuan [4][5]. - The company’s price-to-earnings ratio (PE) is projected to decrease from 48 in 2025 to 27 in 2027, suggesting an improving valuation over time [4][5].

根据市场公开信息及4月15日披露的机构调研信息，知名私募聆泽投资近期对1家上市公司进行了调研， 相关名单如下： 1）迪普科技 （上海聆泽投资管理有限公司参与公司业绩说明会&线上会议） 调研纪要：迪普科技介绍了公司在人员配置与产品规划方面的策略，强调向有业务基础和资金支撑的行 业投入资源，控制人员增长确保收入质量增长。公司利用I技术提高自动化效率、处理非结构化数据， 已在运营商、公安视频网安全等行业获得合作机会。公司深耕的价值行业需求相对旺盛，高性能安全产 品及与智算结合的网络产品需求向好。2024年经营活动现金流表现良好，公司重视现金流，严格信用政 策，代理商销售占比较高，发货前先结清货款，应收账款节奏较好。公司基于'贡献&分享'的核心价值 观制定员工持股计划，主要参与者是骨干员工和干部。基础网络解决方案已能满足客户需求，智算中心 相关网络产品陆续发布，推进节奏符合预期。 机构简介： 上海聆泽投资管理有限公司核心团队具有多年投资经验，对投资风险亦认识深刻、控制良好。投研工作 方面，在自有团队基础上，对接近 10 家头部券商机构资源；公司运作方面，合规管理严谨，客户服务 优质。公司坚持"诚信、专业、共赢"，大比 ...

Summary of Conference Call Notes Company and Industry - The discussion primarily revolves around the cybersecurity industry and a specific company, referred to as "Deep" or "Deep Technology" [1][2][4]. Core Points and Arguments 1. **Impact of AI on Cybersecurity**: The integration of AI is significantly influencing the cybersecurity landscape, affecting all stakeholders including users and suppliers. Deep is embracing AI development and has launched related solutions [2][4]. 2. **Sales Structure**: Deep's sales structure is evenly divided among three main sectors: telecommunications operators, government, and other industries such as finance and energy, each accounting for approximately one-third of total sales [3]. 3. **Market Demand**: There is a strong demand for cybersecurity solutions, particularly in data protection and security against data breaches. Deep is focusing on enhancing its technological defenses in response to increasing threats [4][22]. 4. **Project Cycles**: The project cycles for overseas markets are generally longer than those in domestic markets, which affects the speed of business development [5]. 5. **Revenue and Profit Trends**: Deep has reported a decline in both revenue and profit margins, but maintains a resilient operational performance. The company aims to improve product competitiveness and operational efficiency [1][12]. 6. **Government Sector Performance**: The government sector has shown stable performance without significant changes, and Deep is focusing on projects with good repayment capabilities [10][11]. 7. **Product Development**: Deep is committed to continuous innovation and product capability enhancement, particularly in AI and cybersecurity solutions [5][15]. 8. **Market Competition**: Deep faces competition from various international cybersecurity firms, particularly in the U.S. market. The company is working on strategies to penetrate these markets effectively [16][17]. 9. **Cost Management**: Deep is focused on controlling costs while enhancing product performance, which is seen as a competitive advantage [12][24]. 10. **Future Outlook**: The company anticipates that profit growth will outpace revenue growth in the long term, driven by improved operational efficiency and strategic project management [19][24]. Other Important but Possibly Overlooked Content 1. **AI Integration**: The integration of AI technologies is not only enhancing product capabilities but also improving operational efficiencies across various departments [20][21]. 2. **Focus on Domestic Sales**: A significant portion of Deep's sales is concentrated in the domestic market, with a strong emphasis on new product categories that align with local demands [14][15]. 3. **Long-term Strategy**: Deep's long-term strategy includes a cautious approach to growth, emphasizing quality over quantity in project selection and execution [24][25]. 4. **Employee Growth and Efficiency**: The company has expanded its workforce significantly, which has led to increased operational costs. However, there is a focus on improving employee efficiency to balance this growth [19][20]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction and operational challenges faced by Deep in the evolving cybersecurity landscape.

Company Overview - The company has implemented a counter-cyclical expansion strategy in 2023, achieving preliminary goals of revenue growth and profit improvement [2] - Future plans include maintaining strategic focus to drive revenue growth and profit enhancement despite macroeconomic challenges [2] Product Strategy - Focus on strengthening core products such as high-performance firewalls and anti-DDoS solutions, while continuously innovating and enhancing product performance [2] - Investment in markets with solid business foundations and financial support, particularly in telecommunications, finance, and energy sectors [2] AI Integration - The company leverages AI to enhance its product offerings, applying AI technologies in network security, big data analysis, and DDoS protection, thereby improving product effectiveness [2] - Development of comprehensive AI solutions, including AI integrated machines and advanced security services, to boost core competitiveness [2] Financial Performance - In 2024, the company reported a revenue of CNY 1.155 billion, a year-on-year increase of 11.68%; net profit reached CNY 161 million, up 27.26% [2] - The cash flow from operating activities for 2024 was CNY 328 million, reflecting a significant increase of 160.69% [2] - For Q1 2025, revenue was CNY 279 million, marking a 9.57% year-on-year growth [2] Personnel and Product Planning - The company allocates resources to markets with strong business foundations, ensuring quality revenue growth through controlled personnel expansion [3] - Continuous investment in advantageous products expected to contribute to performance growth, with a focus on enhancing product performance and integration with business scenarios [3] AI Product Development - The company emphasizes practical applications of AI to enhance automation efficiency and manage unstructured data, with ongoing exploration in penetration testing and vulnerability verification [3] - Active participation in AI-related market opportunities, particularly in telecommunications and public safety sectors [3] Market Demand and Cash Flow Management - The company observes strong demand in key industries, particularly in large intelligent computing centers, which supports the need for high-performance security products [3] - Effective cash flow management and credit policies have led to improved cash flow performance in 2024, with a focus on timely collection of accounts receivable [3] Employee Stock Ownership Plan - The company has established an employee stock ownership plan based on the core values of "contribution & sharing," aimed at enhancing organizational vitality and combat effectiveness [3]

Core Viewpoint - Dipu Technology has launched a 2025 employee stock ownership plan (draft) without company-level performance assessments, which is atypical compared to most employee stock plans. Despite a rebound in net profit for 2024, the first quarter of 2025 saw a decline in profits. Meanwhile, northbound funds have significantly increased their holdings in Dipu Technology [1][2][3]. Group 1: Employee Stock Ownership Plan - The 2025 employee stock ownership plan aims to raise a total of 28.18 million yuan, with shares purchased at 8.90 yuan per share from the company's repurchased stock [1]. - Both the 2024 and 2025 employee stock ownership plans do not include company-level performance assessments, only individual performance evaluations for participants [2]. - Employees participating in both the 2024 and 2025 plans may receive dual incentives if they meet personal performance criteria [2]. Group 2: Financial Performance - In 2024, Dipu Technology reported revenue of 1.155 billion yuan, a year-on-year increase of 11.68%, and a net profit of 161 million yuan, up 27.26% year-on-year [3]. - Despite the growth in 2024, net profit remains significantly lower than peak levels, with 2021 net profit at 309 million yuan, and 2022 and 2023 at 150 million yuan and 127 million yuan, respectively [3]. - In Q1 2025, the company achieved revenue of 279 million yuan, a year-on-year increase of 9.57%, but net profit fell by 16.60% to approximately 30.6 million yuan [3]. Group 3: Operational Challenges - Dipu Technology's gross margin decreased from 71.45% in 2021 to 67.28% in 2024, and net margin fell from 30.02% to 13.96% during the same period [4]. - The increase in sales expenses is attributed to a rapid growth in sales personnel, with sales expenses rising from 285 million yuan in 2021 to 429 million yuan in 2024 [4]. - The company's inventory has also increased significantly, from 206 million yuan in 2021 to 350 million yuan in 2024, indicating a need for improved inventory management [4][5]. Group 4: Market Position and Investment Trends - Dipu Technology is a leading provider of comprehensive network security products and solutions, serving various sectors including telecommunications, government, finance, and healthcare [4]. - Northbound funds have been actively increasing their holdings in Dipu Technology, with significant acquisitions occurring after September 2024, making Hong Kong Central Clearing Limited the sixth largest shareholder with a 1.70% stake [6]. - The company has a strong cash position, with over 2.9 billion yuan in cash and financial assets as of Q1 2025, and no short-term or long-term debt [6].