深信服2024三季报点评：基本面筑底中

Investment Rating - The investment rating for the company is "Buy" [6][9]. Core Views - The company's fundamentals are showing signs of bottoming out, with revenue growth improving for three consecutive quarters, despite pressure on gross margins being partially offset by cost control measures [2][6]. - The company reported a revenue of 4.634 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.63%, while the net profit attributable to shareholders was -580 million yuan, down 6.25% year-on-year [3]. - In Q3 2024, the company achieved a revenue of 1.926 billion yuan, a year-on-year increase of 2.77%, and a net profit of 12 million yuan, marking a year-on-year growth of 54.76% [3]. Revenue and Profitability - The gross margin for Q3 2024 was 59.57%, a decline of 6.55 percentage points compared to Q3 2023, primarily due to rising production material costs [4]. - The total expenses for sales, research and development, and management in Q3 2024 amounted to 1.286 billion yuan, a year-on-year decrease of 6.88%, indicating effective cost control [5]. Earnings Forecast - The revenue projections for 2024-2026 are 7.718 billion yuan, 7.956 billion yuan, and 8.563 billion yuan, respectively, with net profits expected to be 214 million yuan, 293 million yuan, and 415 million yuan [6][8].