深信服：公司信息更新报告：全面向AI升级，迎来发展新机遇-20250223

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report expresses a strong outlook on the company's long-term development, maintaining the "Buy" rating despite a downward adjustment in net profit forecasts for 2024-2026 due to cautious investment from downstream clients [5] - The company is expected to benefit from its leading position in the cloud and cybersecurity sectors, with projected earnings per share (EPS) of 0.47, 1.00, and 1.33 CNY for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - The company is projected to achieve a revenue of 75.20 billion CNY in 2024, a year-on-year decline of 1.86%, with a net profit of 1.97 billion CNY, down 0.49% year-on-year [6] - The comprehensive gross margin is expected to decrease by approximately 3.67% due to intense domestic competition and changes in business structure, with a higher proportion of lower-margin cloud computing business [6] - The company has effectively controlled expenses, with total R&D, sales, and management expenses decreasing by about 6.25% [6] AI Upgrade and New Opportunities - The company has announced a comprehensive upgrade to its cloud services towards AI, enhancing its infrastructure to support the latest large models, including DeepSeek [7] - The new AI service offerings will allow users to quickly access AI capabilities through subscriptions, significantly lowering the overall costs of using large models [7] - The report suggests that the demand for private deployment of large models is strong, positioning the company as a leading provider of AI infrastructure in China [7] Financial Projections - The projected financial metrics for the company are as follows: - Revenue (in million CNY): 2024E: 75,200; 2025E: 82,730; 2026E: 94,140 [11] - Net Profit (in million CNY): 2024E: 1,970; 2025E: 4,200; 2026E: 5,620 [11] - EPS (CNY): 2024E: 0.47; 2025E: 1.00; 2026E: 1.33 [11] - P/E Ratios: 2024E: 256.3; 2025E: 120.1; 2026E: 89.8 [11]