深信服：企业客户运营显韧性，持续降本增效

Investment Rating - The report assigns a rating of "Accumulate" (downgraded) for the company [1] Core Views - The company has shown resilience in its enterprise customer operations despite a challenging macroeconomic environment, leading to a cautious adjustment in revenue and profit forecasts for 2024-2026 [1][3] - The report highlights that the company's revenue and profit performance are under pressure due to a slow recovery in the macroeconomic environment, but it maintains a positive outlook on the company's competitive advantages in technology products and market presence [1][3] Summary by Relevant Sections Financial Performance - The company reported a revenue of 7,413 million in 2022, with a slight increase to 7,662 million in 2023, but a forecasted decline to 7,608 million in 2024 [1] - The net profit attributable to the parent company was 194 million in 2022, with a slight increase to 198 million in 2023, and a forecasted decrease to 196 million in 2024 [1] - Earnings per share (EPS) is projected to remain stable at 0.47 in 2024, with significant growth expected in subsequent years [1] Business Segments - The report indicates that the company's three main business lines are under pressure, with network security, cloud computing, and basic networking and IoT businesses all facing challenges [1] - Despite these challenges, the company continues to invest in product development and market expansion, particularly in network security and cloud computing [1] Market Conditions - The report notes that the domestic macroeconomic environment remains sluggish, impacting demand for IT services, particularly in network security and cloud computing [1] - The competitive landscape is described as intense, with companies being cautious in their IT investments, which has led to a reduction in revenue for the company [1] Future Outlook - The company is expected to implement cost-cutting measures and improve operational efficiency, which may help mitigate some of the financial pressures [1] - The forecast for 2025 and 2026 shows a potential recovery in revenue and profit, with net profit expected to reach 352 million and 505 million respectively [1]