DPtech(300768) Shanxi Securities·2025-04-18 05:02Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][8]. Core Insights - The company achieved a revenue of 1.155 billion yuan in 2024, representing a year-on-year growth of 11.68%, and a net profit of 161 million yuan, up 27.26% year-on-year [1]. - In Q1 2025, the company reported a revenue of 279 million yuan, a 9.57% increase year-on-year, but a decline in net profit by 16.60% to 31 million yuan [1]. - The company is accelerating its AI business layout, which includes AI all-in-one machines, foundational networks, intelligent agents, and AI services [3]. Financial Performance - The company's revenue from network security products in 2024 was 767 million yuan, a growth of 11.05% year-on-year, while application delivery and network products generated 288 million yuan, up 7.61% [2]. - The gross margin for 2024 and Q1 2025 decreased by 1.55 and 7.36 percentage points year-on-year, respectively, primarily due to changes in product and customer structure [2]. - The net profit margin for 2024 reached 13.96%, an increase of 1.71 percentage points year-on-year, aided by effective cost control [2]. Revenue and Profit Forecast - The company forecasts revenues of 1.303 billion yuan in 2025, 1.479 billion yuan in 2026, and 1.687 billion yuan in 2027, with year-on-year growth rates of 12.8%, 13.5%, and 14.1%, respectively [9]. - Expected net profits for 2025, 2026, and 2027 are projected at 203 million yuan, 251 million yuan, and 301 million yuan, reflecting year-on-year growth rates of 25.9%, 23.7%, and 20.1% [9]. Market Performance - As of April 17, 2025, the company's closing price was 15.76 yuan, with a year-to-date high of 26.55 yuan and a low of 10.31 yuan [6]. - The circulating A-shares account for 4.21 billion out of a total share capital of 6.44 billion, with a market capitalization of 10.147 billion yuan [6].