ZFINFO(300659) 浙商证券·2024-11-10 12:33Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The implementation of the "Regulations on the Protection of State Secrets" is expected to accelerate the classified information system's regulatory work, leading to a new phase in the supervision of classified information systems [2][12] - The company has a core positioning advantage in the confidentiality field and is expected to benefit significantly from the new regulations [4][17] - A new round of bidding for domestic PC upgrades in government sectors is expected to boost demand for terminal security protection [23] Summary by Sections 1. Implementation of State Secrets Protection Regulations - The State Council published the "Regulations on the Protection of State Secrets" on July 10, 2024, which sets clear regulatory requirements for classified information systems [2][12] - The regulations require agencies to determine protection levels based on the highest confidentiality of stored and processed information and to implement corresponding security measures [12][13] 2. Core Positioning Advantage in Confidentiality - The company integrates big data, AI, and data visualization technologies into its security supervision platform, enhancing its ability to monitor and manage network security risks [4][21] - The company has developed a complete product system in the domestic PC field, adapting to mainstream domestic CPUs and operating systems, which is expected to generate approximately 900 million yuan in incremental revenue from the new round of domestic PC replacements [4][23] 3. Profit Forecast and Valuation - The company is projected to have revenues of 892 million yuan, 1.495 billion yuan, and 1.93 billion yuan for 2024, 2025, and 2026 respectively, with net profits of -112 million yuan, 170 million yuan, and 387 million yuan [4][29] - The target market capitalization is set at 8.5 billion yuan, with a target price of 32.6 yuan, indicating a potential upside of 36% from the current price [4][29]