WebRAY(688651) Minsheng Securities·2025-03-14 12:10Investment 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 is actively expanding into new business areas such as cyberspace mapping, satellite internet, and low-altitude economy, which is reflected in its name change to better represent its strategic development [1][2] - The development of the cyberspace map product aims to enhance national cybersecurity defense capabilities, providing services to special industry clients [2] - The company is strategically investing in satellite internet security and low-altitude economy safety, which is expected to foster new business momentum and increase revenue in these sectors [2][3] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are estimated at 318 million, 388 million, and 485 million respectively, with growth rates of 9.3%, 22.0%, and 25.0% [4][10] - The net profit attributable to the parent company is forecasted to be 20 million, 24 million, and 30 million for the same years, with growth rates of -53.1%, 20.3%, and 24.7% [4][10] - The price-to-earnings (PE) ratios based on the closing price on March 13, 2025, are projected to be 153, 127, and 102 for the years 2024, 2025, and 2026 respectively [3][4]