Nsfocus(SZ:300369) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company reported significant revenue growth and improved operational quality in 2024, with a focus on technological innovation and AI integration in security products [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.358 billion yuan, a year-on-year increase of 40.29% [1][2]. - The net profit attributable to shareholders was -365 million yuan, reflecting a year-on-year improvement of 62.66% [1]. - The company reported a gross margin of 53.80%, an increase of 7.65 percentage points compared to the previous year [2]. Group 2: Revenue Breakdown - Revenue from security products reached 1.137 billion yuan, up 45.16% year-on-year [2]. - Revenue from security services was 865 million yuan, growing by 18.40% [2]. - Revenue from third-party products surged to 355 million yuan, marking a 112.82% increase [2]. - Revenue from government and public sector clients was 639 million yuan, up 46.61% [2]. - Revenue from energy and enterprise clients reached 735 million yuan, a growth of 52.74% [2]. Group 3: Cost Management and Cash Flow - The company effectively controlled costs, with total expenses for sales, management, and R&D amounting to 1.578 billion yuan, a decrease of 6.85% year-on-year [3]. - Operating cash flow increased significantly to 136 million yuan, a growth of 167.2% [3]. Group 4: Technological Advancements - The company made notable progress in APT detection, monitoring, and capture technologies, as well as breakthroughs in supply chain and cloud-native security [3]. - New products launched in the data security field include an integrated data security gateway and an API risk monitoring and auditing system [3]. - The company has adapted its products to various CPU and operating systems, enhancing its capabilities in the domestic innovation sector [3]. Group 5: AI Integration and Service Growth - The company launched the Fengyunwei AI security capability platform, integrating various AI models and tools for enhanced security management [4]. - The AI-Scan product was introduced for risk assessment in large model software supply chains [4]. - The AI+SOC Eagle Eye security operation center improved detection and response times by over 50%, with more than 70% of attacks being automatically assessed [4]. - Data security-related orders grew by over 100% in 2024, driven by the integration of AI in services [4]. Group 6: Industry Outlook - The network security industry is showing signs of recovery, with ongoing demand from downstream sectors [5]. - The company is expected to continue its quality improvement strategy and technological innovation, with projected EPS of 0.02, 0.09, and 0.14 yuan for 2025-2027 [5].