Integrity Technology (688244) Soochow Securities·2025-02-13 16:03Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8][61]. Core Viewpoints - The company is a leader in digital security testing and evaluation, focusing on network ranges and digital wind tunnels, and has been recognized as a national-level specialized "little giant" enterprise [8][11]. - The launch of the "Digital Wind Tunnel" product system in November 2022 positions the company to lead the professional track of digital security testing and evaluation [8][42]. - The company is expected to maintain a strong growth trajectory, with projected revenues of CNY 3.95 billion, CNY 4.84 billion, and CNY 5.87 billion from 2024 to 2026, alongside net profits of CNY 0.37 billion, CNY 0.65 billion, and CNY 0.99 billion during the same period [8][58][61]. Summary by Sections Company Overview - The company provides professional digital wind tunnel testing and evaluation, network range operations, and security protection services, addressing various security challenges faced by government and enterprise users [8][11]. - It has helped over a thousand government and enterprise users improve their digital security defenses [8][11]. Business Segments - The company has a strong foothold in the network range sector, which is crucial for digital security testing and evaluation [8][21]. - The "Digital Wind Tunnel" product system is designed to enhance security testing capabilities, utilizing a unique risk verification methodology [8][42][43]. Financial Projections - Revenue for 2024 is projected at CNY 3.95 billion, with a growth rate of 0%, followed by CNY 4.84 billion in 2025 (23% growth) and CNY 5.87 billion in 2026 (21% growth) [8][58]. - Net profit is expected to grow from CNY 0.37 billion in 2024 (20% growth) to CNY 0.65 billion in 2025 (75% growth) and CNY 0.99 billion in 2026 (51% growth) [8][58]. Market Position - The company holds the largest market share in the domestic network range sector as of 2023, outperforming competitors [8][28]. - The digital wind tunnel market is anticipated to grow significantly, driven by increasing demand for AI security assessments [8][32][41].