Asiainfo Security(688225) 中泰证券·2025-01-25 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to achieve operating revenue of 3,474 million yuan in 2024, representing a year-on-year growth of 116% [2][3] - The company is projected to turn profitable in 2024 with a net profit attributable to shareholders of 12 million yuan, recovering from a loss of 291 million yuan in 2023 [2][3] - The company is focusing on enhancing its network security business, with expected revenue growth of 14-19% in this segment for 2024 [3] Summary by Sections Financial Performance - In 2022, the company reported operating revenue of 1,721 million yuan, which decreased to 1,608 million yuan in 2023, a decline of 7% [2] - The forecast for operating revenue is 10,377 million yuan in 2025 and 10,902 million yuan in 2026, indicating significant growth [2] - The net profit for 2024 is expected to be 12 million yuan, a substantial recovery from the -291 million yuan in 2023 [2][3] Profitability Metrics - The company's gross margin is projected to improve, with a forecast of 49.9% in 2024 and 50.0% in 2025 [4] - The net profit margin is expected to turn positive in 2024, reaching 6.8% [4] Valuation Ratios - The P/E ratio is forecasted to be 644.6 in 2024, decreasing to 37.9 in 2025 and further to 24.9 in 2026 [2][4] - The P/B ratio is expected to stabilize around 3.5 in 2025 and 3.2 in 2026 [2][4] Strategic Developments - The company completed a significant asset restructuring with AsiaInfo Technology in November 2024, which is expected to enhance its performance and create synergies [3] - The strategic focus on AI and data-driven technologies is anticipated to boost revenue contributions from core products and innovative business lines [3]