Sangfor Technologies (300454) 浙商证券·2025-03-31 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance met expectations, with a slight decline in revenue and net profit, but a rebound in fundamentals is anticipated for 2025 due to factors such as increased demand for hyper-converged and AICP platforms driven by large model deployments, significant improvement in advance payments, and stabilization of expenses [2][10] - The cybersecurity business is under short-term pressure, while the cloud computing business continues to grow well, with a 9.51% year-on-year increase in revenue [3][11] - The company has seen a notable improvement in advance payments, which is expected to positively influence revenue trends in 2025 [10] Revenue Breakdown - In 2024, the company's revenue by business segment was as follows: - Cybersecurity: 36.29 billion yuan, down 6.75% - Cloud Computing: 33.84 billion yuan, up 9.51% - Enterprise Wireless: 5.06 billion yuan, down 25.53% [3] - Revenue by downstream industry in 2024: - Enterprise: 34.87 billion yuan, up 1.82% - Government and Institutions: 32.97 billion yuan, down 3.85% - Finance and Others: 7.36 billion yuan, down 8.99% [4] Expense Management - The company's total sales, research, and management expenses in Q4 2024 were 11.88 billion yuan, down 3% year-on-year and down 7.6% from Q3 2024, indicating ongoing improvement [4] Future Earnings Forecast - The company expects to see revenue growth in 2025, with projected revenues of 81.25 billion yuan, 91.15 billion yuan, and 102.72 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 3.46 billion yuan, 5.66 billion yuan, and 6.94 billion yuan [12]