Topsec(SZ:002212) Xin Lang Cai Jing·2025-11-10 00:36Core Insights - The company reported a significant decline in revenue and increased losses for the first three quarters of 2025 compared to the previous year [1][2] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.202 billion, a year-on-year decrease of 24.01% [1][2] - The net profit attributable to the parent company was a loss of 235 million, compared to a loss of 169 million in the same period last year [1][2] - The net profit excluding non-recurring items was a loss of 252 million, compared to a loss of 185 million in the previous year [1][2] - In Q3 alone, revenue was 376 million, reflecting a substantial decline of 46.96% year-on-year, primarily due to project recognition progress and a high base from the previous year [2] Group 2: Strategic Initiatives - The company is actively pursuing a quality improvement and efficiency enhancement strategy, successfully reducing costs in R&D, sales, and management expenses by 15.05%, 6.48%, and 17.23% respectively [2] - The cloud computing strategy is progressing well, with revenue from intelligent computing cloud products reaching 129 million, accounting for 10.73% of total revenue, and showing a year-on-year increase of 7.59% [2] Group 3: Future Outlook - The company has been investing in quantum technology since 2018, forming strategic partnerships to advance quantum security services and applications, with ongoing pilot projects expected to scale in various industries [3] - Adjusted revenue forecasts for 2025-2027 are 2.9 billion, 3.089 billion, and 3.295 billion respectively, with corresponding growth rates of 2.8%, 6.5%, and 6.7% [3] - The net profit projections for the same period are 139 million, 226 million, and 285 million, with year-on-year growth rates of 67.3%, 62.8%, and 26.2% respectively [3] - The company is assigned a target price of 12.57 based on a valuation of 4.8x PS for 2026, maintaining a "strong buy" rating [3]