DAS-Security(688023) 开源证券·2024-08-28 08:30Investment Rating - The report maintains a "Buy" rating for the company, citing its strong position in emerging security sectors and long-term growth potential [1][5] Core Views - The company's operating quality has improved, with steady growth in core product lines [1] - Despite short-term pressure, the company shows significant potential in emerging security sectors [5] - Cost reduction and efficiency improvement measures have yielded notable results, with a 25% decrease in combined sales, R&D, and management expenses [6] Financial Performance - H1 2024 revenue reached 698 million yuan, a 0.29% YoY increase, with Q2 revenue growing 15.96% YoY to 417 million yuan [6] - H1 2024 gross margin improved to 55.15%, up 1.23 percentage points YoY [6] - The company's per capita revenue increased by over 16% YoY [6] Product and Market Performance - Data security products integrated with Hengnao·Security Domain Large Model saw revenue growth exceeding 150% [7] - Commercial cryptography revenue grew over 100%, while Xinchuang security revenue increased by more than 80% [7] - Subscription-based revenue continued to show positive growth trends [7] Industry Performance - Power industry revenue grew over 150%, while central state-owned enterprises and telecom sectors both saw over 60% growth [7] - Government sector revenue showed steady growth, with big data bureau revenue experiencing rapid expansion [7] - Key industries such as power, transportation, and internet information saw rapid growth in order volumes during H1 2024 [7] Financial Projections - 2024-2026 revenue is projected to grow at 8.9%, 15.0%, and 17.0% respectively [8] - Net profit margin is expected to improve from -16.6% in 2023 to 6.0% in 2026 [8] - ROE is forecasted to increase from -14.3% in 2023 to 6.6% in 2026 [8] Valuation Metrics - Current P/E ratios for 2024-2026 are 661.3x, 38.0x, and 14.8x respectively [5][8] - P/B ratio remains stable at around 1.1x from 2024 to 2026 [8]