Sangfor Technologies (300454) 华福证券·2025-04-06 13:57Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Insights - The company is expected to benefit significantly from AI infrastructure, with a new growth phase in its cloud business starting [2][6]. - In 2024, the company achieved a revenue of 7.52 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 197 million yuan, a decrease of 0.49% [3][6]. - The company’s enterprise customer revenue grew by 1.82% year-on-year, while revenue from government, financial, and other sectors decreased by 3.85% and 8.99% respectively [4][5]. - The cybersecurity business saw a revenue decline of 6.75%, but strategic products like XDR and MSS showed significant growth potential [5]. - The cloud computing and IT infrastructure business revenue increased by 9.51%, with steady growth in SDDC, managed cloud, and distributed storage EDS [5]. - The company’s market share in hyper-converged infrastructure reached 18.8% in Q3 2024, and EDS storage market share was 11.1% [5]. Financial Forecast and Investment Recommendations - The company launched the AI computing platform AICP aimed at large model development scenarios, which is expected to support the demand for AI infrastructure and cloud services [6]. - Revenue projections for 2025, 2026, and 2027 are adjusted to 8.08 billion yuan, 9.39 billion yuan, and 11.42 billion yuan respectively, with net profits projected at 368 million yuan, 541 million yuan, and 912 million yuan [6][10]. - The report maintains a "Buy" rating based on the company's breakthroughs in AI infrastructure and its leading position in hyper-convergence [6].