Sangfor Technologies (SZ:300454) Minsheng Securities·2025-03-30 05:39Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - In 2024, the company achieved revenue of 7.52 billion yuan, a year-on-year decrease of 1.86%, and a net profit attributable to shareholders of 197 million yuan, down 0.49% year-on-year [1] - The company's overall gross margin was 61.47%, a decline of 3.66 percentage points year-on-year, primarily due to increased competition in the domestic market and a higher proportion of lower-margin cloud computing business [1] - The company continues to implement cost reduction and efficiency enhancement measures, with total R&D, sales, and management expenses decreasing by 6.25% year-on-year [1] Revenue Breakdown - The network security business generated revenue of 3.629 billion yuan, a decrease of 6.75% year-on-year, accounting for 48.27% of total revenue [2] - The cloud computing and IT infrastructure business achieved revenue of 3.384 billion yuan, an increase of 9.51% year-on-year, representing 45.00% of total revenue [2] - The basic network and IoT business reported revenue of 506 million yuan, down 25.53% year-on-year, making up 6.73% of total revenue [2] Strategic Focus - The company adheres to an "AI First" strategy, integrating AI technology into various products, including security GPT, AICP, and AI PaaS, to drive innovation and commercial success [3] - The company is expected to see rapid growth in cloud computing revenue and aims to build a multi-dimensional resonance between hybrid cloud, AI, and subscription services [3] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 8.774 billion yuan, 10.578 billion yuan, and 12.790 billion yuan, respectively, with corresponding EPS of 0.76 yuan, 0.95 yuan, and 1.20 yuan [3][7] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 136, 108, and 86, respectively [3][7]