深信服(300454)：盈利能力改善 围绕AI+安全持续发力

Core Insights - The company reported a revenue of 5.125 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.62% with a net profit attributable to shareholders of -0.081 billion yuan [1] - In Q3 2025, the company achieved a revenue of 2.116 billion yuan, a year-on-year increase of 9.86%, and a net profit attributable to shareholders of 0.147 billion yuan, reflecting a significant growth of 1097.40% [1] - The company's gross margin stood at 60.94%, slightly down by 0.53 percentage points compared to the same period last year, while the decrease in expense ratio contributed to improved profit performance [1] Financial Performance - The net cash flow from operating activities for the first three quarters was 0.013 billion yuan, showing a substantial improvement year-on-year [1] - The company’s adjusted net profit (excluding non-recurring items) for Q3 was 0.123 billion yuan, marking a year-on-year increase of 3276.12% [1] Market Position - The company maintained a stable industry position, ranking first in the overall hyper-converged market and full-stack hyper-converged market in China for H1 2025 according to IDC [1] - In Q2 2025, the company was also ranked first in the application delivery market in China [1] - The company received top rankings in various categories during the 2025 Cybersecurity Awareness Week Technology Summit, including "AI-based automated analysis and response for cybersecurity" and "noise reduction for cybersecurity alert logs" [1] Product Development - The company launched the AI Coding platform CoStrict, aimed at enhancing end-to-end R&D efficiency and shortening overall development cycles for enterprises [2] - The new generation AICP computing platform is compatible with various mainstream GPUs and open-source models, improving activation efficiency [2] - The company continues to advance in AI and security, providing large model safety solutions [2] Investment Outlook - The company is expected to perform well in the cybersecurity and cloud computing sectors, with projected EPS for 2025, 2026, and 2027 being 0.87, 1.25, and 1.74 yuan respectively, maintaining a "buy" rating [2]