DAS-Security(688023) 天风证券·2024-11-13 10:07Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [4][12]. Core Insights - The company reported a significant reduction in losses for Q3, with operating cash flow turning positive, indicating a steady improvement in overall financial health [1]. - For the first three quarters, the company achieved revenue of 1.145 billion yuan, a year-on-year decrease of 5.20%, while the net profit attributable to the parent company was -336 million yuan, a year-on-year reduction in losses of 37.26% [1]. - The company is focusing on cost control and improving gross margins, with a gross margin of 55.79% for the first three quarters, slightly down from the previous year but improved by 0.64 percentage points compared to the first half of 2024 [2]. - The company is actively advancing AI applications and data factor products, participating deeply in the "three data one chain" initiative, which is expected to benefit from the upcoming data security policies [3]. Financial Summary - The company forecasts revenues of 2.347 billion yuan, 2.598 billion yuan, and 3.004 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 6 million yuan, 76 million yuan, and 169 million yuan for the same years [4][6]. - The company reported a gross margin of 64.20% in 2022, which is expected to stabilize around 62.34% in 2024 and improve to 63.18% by 2026 [7]. - The company’s total assets are projected to decrease from 4.978 billion yuan in 2023 to 4.614 billion yuan in 2024, while total liabilities are expected to decrease from 2.414 billion yuan to 2.040 billion yuan in the same period [7][8].