DPtech(SZ:300768) Xinda Securities·2025-04-18 07:05Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company reported a revenue of 1.155 billion yuan for 2024, representing a year-on-year growth of 11.68%. The net profit attributable to the parent company was 161 million yuan, a 27.26% increase year-on-year [1]. - The company achieved a significant increase in operating cash flow, with a net amount of 328 million yuan for 2024, up 160.69% year-on-year, indicating strong cash generation capabilities [2]. - The company is focusing on strategic expansion despite external challenges, showcasing confidence in future operations [2]. - Research and development expenses accounted for 23.07% of revenue in 2024, reflecting the company's commitment to innovation in data security and artificial intelligence [2]. Financial Performance Summary - In 2024, the company's total revenue was 1,155 million yuan, with a growth rate of 11.7% compared to 2023. The net profit attributable to the parent company was 161 million yuan, with a growth rate of 27.3% [4]. - The gross margin for 2024 was 67.28%, a slight decrease of 1.55 percentage points year-on-year [2]. - The company forecasts earnings per share (EPS) of 0.32 yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 49.89 [5]. Product and Market Insights - The company's network security products generated 767 million yuan in revenue for 2024, a year-on-year increase of 11.05%. The security service business saw a revenue increase of 30.76%, reaching 91 million yuan [2]. - The company has made significant inroads in key industries such as telecommunications, government, and energy, with notable revenue contributions from these sectors [2]. - The company has successfully deployed its anti-DDoS management platform across multiple provinces and has participated in major projects with leading telecommunications operators [2].