Topsec(002212) AVIC Securities·2025-03-12 02:19Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [15]. Core Insights - The company has recently achieved authoritative certification for its self-developed Tianwen Intelligent Computing Cloud Platform, which is expected to drive growth in its cloud computing business [2][3]. - The launch of the DeepSeek Security Intelligent Computing Integrated Machine, which integrates various capabilities, positions the company to meet the growing demand for AI private deployment in the domestic market [4][10]. - Revenue forecasts for the company are projected to be 2.805 billion yuan in 2024, 3.091 billion yuan in 2025, and 3.417 billion yuan in 2026, with corresponding net profits of 69 million yuan, 179 million yuan, and 242 million yuan respectively [10][12]. Summary by Sections Company Overview - Tianrongxin has been actively developing its cloud computing products since 2019, with steady growth in related business [3]. - The company’s total market capitalization is approximately 10.792 billion yuan, with a circulating market value of about 10.682 billion yuan [4]. Financial Performance - The company reported a revenue of 3.124 billion yuan in 2023, with a projected decline of 11.81% for 2024, followed by a recovery with growth rates of 10.21% and 10.54% in 2025 and 2026 respectively [12][14]. - The net profit for 2023 was -371.4 million yuan, with expectations of turning profitable in 2024 with a net profit of 68.57 million yuan [12][14]. Market Position - The company’s DeepSeek series has been adopted by over 60 enterprises, including major players like Huawei and Lenovo, indicating a strong market presence [4][9]. - The overall scale of the intelligent computing service market in China is expected to reach 5 billion USD in 2024, with a compound annual growth rate of 57.3% from 2023 to 2028 [9].