Topsec(002212) 中泰证券·2025-03-22 07:25Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][9]. Core Views - The company is projected to achieve revenue of 2.845 billion to 3.259 billion yuan in 2024, with a year-on-year growth rate of 15% in 2025 and 2026 [2][5]. - The net profit attributable to the parent company is expected to recover significantly, reaching approximately 86 million yuan in 2024, with a growth rate of 123% in 2025 and 127% in 2026 [2][5]. - The company has shown a strong improvement in operational efficiency through cost control and quality enhancement strategies, despite a projected revenue decline in 2024 [4][5]. Summary by Sections Financial Performance - The company forecasts a revenue of 2.845 billion yuan in 2024, down from 3.124 billion yuan in 2023, with a projected growth of 15% in the following years [2][5]. - The net profit is expected to turn positive in 2024, reaching 86 million yuan, compared to a loss of 371 million yuan in 2023 [2][5]. - The earnings per share (EPS) is projected to be 0.07 yuan in 2024, increasing to 0.17 yuan in 2025 and 0.21 yuan in 2026 [2][5]. Business Development - The company has secured multiple large-scale project orders, including significant contracts with Shenzhen Smart City and China Southern Power Grid, indicating strong business stability and growth potential [4]. - The company is actively expanding its product offerings in the "AI + Security" sector and has established strategic partnerships with major firms like Huawei [4][5]. Operational Efficiency - The company has achieved a reduction in R&D expenses by 8% year-on-year, while maintaining a high R&D expense ratio of 34.01% [4]. - The sales expense ratio is reported at 42.10%, management expense ratio at 10.25%, and financial expense ratio at -0.19%, reflecting effective cost management [4].