DPtech(300768) 海通证券·2024-11-20 07:14Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown steady growth in revenue and net profit in the first three quarters, with revenue of 819 million yuan, up 13.78%, and net profit attributable to shareholders of 92 million yuan, up 37.73% [5] - The demand for cybersecurity is increasing, and the company is well-positioned to benefit from this trend due to its leading position in network security hardware and AI technology [7] - The company has established strong partnerships with major players in the power sector, enhancing its market presence [6] Summary by Sections Financial Performance - In Q3, the company reported revenue of 317 million yuan, an increase of 14.01%, and a net profit of 40 million yuan, up 45.76% [5] - The gross margin for Q3 was 65.14%, down 4.54 percentage points, while the net margin increased by 2.77 percentage points to 12.73% [5] - The company expects revenues of 1.22 billion yuan, 1.46 billion yuan, and 1.73 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 163 million yuan, 207 million yuan, and 263 million yuan [7][9] Market Position - The company's DDoS protection products are widely used across various sectors, including government and finance, and it ranks third in the domestic market for hardware DDoS products [5] - The company has launched a "self-secured optical network solution" with leading performance metrics, achieving throughput of up to 800G [6] Cost Management - The company has optimized its expense ratios, with sales, management, financial, and R&D expense ratios at 36.68%, 3.63%, -3.85%, and 23.36%, respectively [6]