深信服(300454)：收入端稳健增长 Q2单季度实现扭亏

Core Viewpoint - The company reported a revenue of 3.009 billion yuan for the first half of 2025, marking an 11.16% year-on-year increase, while the net profit attributable to shareholders was -228 million yuan, a significant increase of 61.54% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.747 billion yuan, reflecting a 4.50% year-on-year growth, and turned a profit with a net profit of 22 million yuan [1] - The company's gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points compared to the same period last year [3] - The operating cash flow improved from -977 million yuan in the previous year to -235 million yuan, primarily due to increased sales receipts and better supply chain management [3] Group 2: Business Segments - The company's network security business generated 1.435 billion yuan in revenue, a slight increase of 2.61% year-on-year, with strategic areas like XDR and MSS showing faster growth [2] - The cloud computing and IT infrastructure business saw a revenue of 1.395 billion yuan, up 26.15% year-on-year, driven by domestic demand and product quality improvements [2] - The basic network and IoT business reported a revenue of 179 million yuan, down 11.62% year-on-year, mainly due to intensified competition in the enterprise wireless market [2] Group 3: Cost Management and Efficiency - The company implemented cost reduction and efficiency improvement measures, resulting in a 6.81% year-on-year decrease in sales, management, and R&D expenses [3] - The net profit margin improved significantly to -7.56%, an increase of 14.31 percentage points compared to the previous year [3] - The company achieved a turnaround in Q2 with a net profit, indicating effective cost management strategies [3] Group 4: Investment Outlook - As a leading player in network security and cloud computing in China, the company is expected to benefit from the surge in AI demand, leading to rapid growth in its cloud business [4] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.23, 1.88, and 2.45 respectively, with corresponding price-to-earnings (PE) ratios of 97.3, 63.8, and 48.9 [4]