WebRAY(688651) 民生证券·2025-03-14 08:23Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Viewpoints - The integration of AI and cybersecurity represents a paradigm shift, enabling a transition from traditional risk warning to proactive defense, with the company having established a forward-looking proactive defense product matrix [3][4] - The company's recent name change reflects its strategic development and cross-regional expansion, as it diversifies into new business areas such as cyberspace mapping, satellite internet, and low-altitude economy [1][2] - The development of the cyberspace map product aims to enhance national cybersecurity defense capabilities, providing services to special industry clients such as public safety departments [2] - The company is strategically investing in satellite internet security and low-altitude economy, which is expected to cultivate new business momentum and increase revenue in these sectors [2][3] Financial Projections - Revenue is projected to grow from 291 million in 2023 to 485 million by 2026, with a compound annual growth rate of approximately 25% [4][10] - The net profit is expected to recover from a decline in 2024, reaching 30 million by 2026, with a projected net profit margin of around 6.17% [4][10] - The price-to-earnings ratio is forecasted to decrease from 153 in 2024 to 102 in 2026, indicating a potential improvement in valuation as earnings grow [4][10]