Topsec(SZ:002212) NORTHEAST SECURITIES·2025-03-11 13:49Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to experience significant growth in its cloud computing business as the application of large models increases. It has launched a series of cloud computing products, including the high-performance Tianwen Intelligent Computing Cloud Platform and DeepSeek Security Integrated Machine [1]. - The DeepSeek Security Integrated Machine integrates computing, networking, and storage into a cloud resource pool, supporting the full process of AI model deployment and training, thereby lowering the technical barriers for customers [1]. - The company has been recognized by Gartner as a representative vendor in the hyper-converged space in China, leveraging its 30 years of experience in network security to create a cloud platform that integrates security and cloud computing [2]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated to be 72 million, 187 million, and 243 million yuan, respectively [3]. - The financial summary indicates a decline in revenue from 3,543 million yuan in 2022 to an estimated 2,812 million yuan in 2024, followed by a recovery to 3,121 million yuan in 2025 and 3,434 million yuan in 2026 [4]. - The report highlights a significant net profit decline in 2023, with a projected loss of 371 million yuan, but anticipates a turnaround in subsequent years [4].