上海市锦天城律师事务所 关于杭州迪普科技股份有限公司 2024 年度股东会的 法律意见书 上海市锦天城律师事务所 关于杭州迪普科技股份有限公司 2024 年度股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 公司于 2025 年 4 月 15 日在深圳证券交易所网站（http://www.szse.cn）及巨 潮资讯网（http://www.cninfo.com.cn）上刊登了《杭州迪普科技股份有限公司 关于召开 2024 年度股东会的通知》公告，前述会议通知载明了本次股东会的召 集人、召开日期和时间（包括现场会议日期、时间和网络投票日期、时间）、召 开方式、股权登记日、出席对象、会议地点、会议审议事项、现场会议登记方法、 网络投票的系统和投票时间、会议联系人及联系方式。其中，公告刊登的日期距 本次股东会的召开日期已达 20 日。 致：杭州迪普科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受杭州迪普科技股份有限 公司（以下简称"公司" ...

杭州迪普科技股份有限公司 2024年度股东会决议公告 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.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1.会议召开时间： 证券代码：300768 证券简称：迪普科技 公告编号：2025-021 （1）现场会议时间：2025 年 5 月 7 日下午 14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 7 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票 的具体时间为：2025 年 5 月 7 日 9:15-15:00。 2.会议召开地点：杭州市滨江区月明路 595 号迪普科技 3 楼会议室。 3.会议召开方式：现场投票与网络投票相结合的方式。 4.会议召集人：董事会 5.会议主持人：郑树生 6.会议的召集、召开符合《公司法》《上市公司股东会规则》《深圳证券交易所创业板 股票上市规则》及《公司章程》等法律法规、部门规章和规范性文件 ...

上海市锦天城律师事务所 关于杭州迪普科技股份有限公司 2025 年员工持股计划的 上海市锦天城律师事务所 关于杭州迪普科技股份有限公司 2025 年员工持股计划的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 法律意见书 致：杭州迪普科技股份有限公司 上海市锦天城律师事务所（以下简称"锦天城"或"本所"）接受杭州迪普 科技股份有限公司（以下简称"公司"或"迪普科技"）的委托，担任公司"2025 年员工持股计划"（以下简称"本次员工持股计划"）的法律顾问，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"）发布的 《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 （以下简称"《自律监管指引》"）等有关法律法规及规范性文件的规定，按照律 师行业公认的业 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 迪普科技(300768)公司点评报告 2025 年 04 月 24 日 [Table_Title] 利润实现较快增长，AI 赋能产品创新 ——迪普科技(300768.SZ)2024 年年度报告点评 [Table_Summary] 事件： 公司于 2025 年 4 月 14 日收盘后发布《2024 年年度报告》。 点评： 营业收入实现稳健增长，经营活动产生的现金流量净额显著改善 2024 年，公司积极应对外部环境的变化，持续实施有序扩张战略，并践行 高质量发展策略，公司组织能力、产品及解决方案的核心竞争力等显著提 升。公司全年实现营业收入 11.55 亿元，同比增长 11.68%；销售费用为 4.29 亿元，同比增长 6.46%；研发费用为 2.66 亿元，同比增长 6.05%；实现归 母净利润 1.61 亿元，同比增长 27.26%；实现扣非归母净利润 1.48 亿元， 同比增长 24.06%；经营活动产生的现金流量净额为 3.28 亿元，同比增长 160.69%。 运营商核心网业务方面不断取得新的突破，政府行业有所承压 分产品来看，网络 ...

证券代码：300768 证券简称：迪普科技 公告编号：2025-020 杭州迪普科技股份有限公司 关于2024年员工持股计划第一个锁定期届满的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 根据杭州迪普科技股份有限公司（以下简称"公司"）《2024年员工持股计划》（以 下简称"本期员工持股计划"）《关于上市公司实施员工持股计划试点的指导意见》《深 圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等相关规定， 公司2024年员工持股计划第一个锁定期于2025年4月25日届满，现将相关情况公告如下： 一、本期员工持股计划的基本情况 1.本期员工持股计划批准情况 公司于2024年3月19日召开第三届董事会第五次会议、第三届监事会第五次会议， 并于2024年4月8日召开2024年第一次临时股东大会，审议通过了《关于〈杭州迪普科技 股份有限公司2024年员工持股计划（草案）及其摘要〉的议案》《关于〈杭州迪普科技 股份有限公司2024年员工持股计划管理办法〉的议案》《关于提请股东大会授权董事会 办理公司2024年员工持股计划有关事项的议案》等内容 ...

Group 1: Company Position and Industry Overview - The company is a leading provider of comprehensive network security products and solutions, positioned at the forefront of high-end network security and application delivery sectors [2] - The network security industry has faced challenges in recent years, but the long-term outlook remains positive [2] - Compared to other major companies in the industry, the company's revenue growth, profit levels, and cash flow status are relatively strong [2] Group 2: Financial Performance - The net profit attributable to shareholders for 2024 is 161 million [3] - In Q1 2025, the net profit is reported at 30.6 million [3] - The cash flow investment in Q1 2025 amounts to 500 million, primarily for purchasing structured deposit products [2] Group 3: Future Growth Drivers - Future business growth is driven by customer demand and compliance with policies [2] - Key factors influencing growth include: 1. Regulatory and compliance requirements 2. Integration of digital transformation and business security needs 3. Technological innovation and practical applications driving industry development 4. Emergence of new application scenarios and business models injecting new momentum into the industry [2]

Core Viewpoint - The company has achieved steady growth despite pressure in the domestic cybersecurity market, attributed to its strategic expansion over the past two years and the competitiveness of its products [1][4][8] Financial Performance - In 2024, the company reported revenue of 1.155 billion yuan, a year-on-year increase of 11.68%; net profit attributable to shareholders was 161 million yuan, up 27.26%; and net profit excluding non-recurring items was 148 million yuan, an increase of 24.06% [3][4] - For Q1 2025, revenue was 279 million yuan, a year-on-year increase of 9.57%, but net profit attributable to shareholders decreased by 16.60% to 31 million yuan, and net profit excluding non-recurring items fell by 13.17% to 29 million yuan [3][4] Cost and Expense Management - In 2024, the sales expense ratio was 37.17%, down 1.83 percentage points; R&D expense ratio was 23.07%, down 1.23 percentage points; management expense ratio was 3.79%, up 0.29 percentage points; and financial expense ratio was -4.59%, up 0.79 percentage points [5] - The total period expense ratio was 59.43%, down 1.98 percentage points, with net cash flow from operating activities reaching 328 million yuan, a year-on-year increase of 160.69% [5] Market Position and Product Competitiveness - The domestic cybersecurity hardware market faced challenges, with overall revenue in Q4 2024 at approximately 8.04 billion yuan, a year-on-year decline of 11.9%, and the total market size for 2024 at 21.02 billion yuan, down 6.5% [6] - The company ranks second in market share for high-end load balancing products, with box-type single machines exceeding 300G and frame-type machines reaching 800G throughput performance, widely used in high-value industries such as finance and power [7][8] Strategic Expansion and Future Outlook - The company has maintained a strong product lineup across various application scenarios, with high-end firewall and load balancing products showing strong competitiveness [8] - The introduction of DeepSeek is expected to drive rapid development in AI applications, creating new growth opportunities for the cybersecurity industry in China [6][8] - The company projects net profits attributable to shareholders of 201 million yuan, 249 million yuan, and 303 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 52X, 42X, and 34X, maintaining a "buy" rating [8]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 迪普科技(300768.SZ) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 业绩保持稳健增长，持续推进有序扩张战略 [Table_ReportDate] 2025 年 4 月 18 日 [Table_S 事件：迪普科技 ummary]发布 2024 年度报告及 2025 年一季度报告，公司 2024 年 实现营收 11.55 亿元，同比增长 11.68%；实现归母净利润 1.61 亿元，同比 增长 27.26%；实现扣非净利润 1.48 亿元，同比增长 24.06%；实现经营性 现金流净额 3.28 亿元，同比增加 160.69%。单 2024Q4 来看，公司实现营 收 3.35 亿元，同比 ...

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]