Topsec(002212) 中航证券·2025-03-12 02:12Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [13]. Core Views - The company has successfully developed the Tianjian Intelligent Computing Cloud Platform, which has passed authoritative certification, indicating strong market potential for its cloud computing business [1][2]. - The DeepSeek security intelligent computing integrated machine integrates various capabilities and is designed to meet the growing demand for AI privatization deployment in the domestic market [3][7]. - The company is expected to benefit from a recovery in cybersecurity demand and the rapid growth of the AI privatization deployment market, with projected revenues of 2.805 billion, 3.091 billion, and 3.417 billion yuan for 2024 to 2026 respectively [8]. Summary by Sections Company Overview - Tianrongxin's DeepSeek security intelligent computing integrated machine combines computing hardware and intelligent computing platforms, providing a high-performance, secure, and reliable solution for clients [2]. - The company has seen steady growth in its cloud computing business since launching its products in 2019, with revenue growth rates of +12.17% for 2023 and +9.98% for the first three quarters of 2024 [2]. Market Potential - The overall scale of China's intelligent computing service market is projected to reach 5 billion USD in 2024 and 7.95 billion USD in 2025, with a compound annual growth rate of 57.3% from 2023 to 2028 [7]. - The demand for integrated machines has surged as enterprises shift towards private deployment of AI, ensuring data security and privacy [3][7]. Financial Projections - The company forecasts revenues of 2.804 billion yuan in 2024, 3.091 billion yuan in 2025, and 3.417 billion yuan in 2026, with corresponding net profits of 0.685 billion, 1.794 billion, and 2.419 billion yuan [10][8]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 157X, 60X, and 45X respectively [8].