Topsec(SZ:002212) Xin Lang Cai Jing·2025-05-09 10:45Group 1 - The company achieved a revenue of 2.82 billion yuan in 2024, a year-on-year decrease of 9.73%, while the net profit attributable to shareholders reached 83 million yuan, a year-on-year increase of 122.35% [1] - The gross profit margin for 2024 increased by 0.85 percentage points, and total expenses decreased by 10.73% year-on-year, indicating improved operational efficiency [1] - In Q1 2025, the company expects a significant reduction in losses, with projected revenue between 320 million to 340 million yuan, and a net loss attributable to shareholders of 73 million to 83 million yuan, showing a reduction in losses compared to the previous year [1] Group 2 - The company's cloud computing business generated revenue of 256 million yuan in 2024, reflecting a year-on-year growth of 10.09%, driven by the launch of various cloud security products [1] - The company has established a grid-based product system centered on autonomous control and artificial intelligence, enhancing its ability to respond to market changes [2] - In 2024, the total cash dividends and share buybacks exceeded 100 million yuan, with cash dividends amounting to 44.2 million yuan and share buybacks close to 60 million yuan, demonstrating a commitment to shareholder returns [2] Group 3 - The company is expected to benefit from the growth of the network security and AI industries, with projected total revenues of 3.16 billion, 3.65 billion, and 4.08 billion yuan for 2025 to 2027, corresponding to growth rates of 12.03%, 15.39%, and 11.93% respectively [3] - The net profit attributable to shareholders is forecasted to be 173 million, 266 million, and 343 million yuan for 2025 to 2027, with year-on-year growth rates of 108.59%, 53.71%, and 29.01% respectively [3] - The current price corresponds to a PE ratio of 51, 33, and 25 times for 2025 to 2027, maintaining a "recommended" rating [3]