VENUSTECH(SZ:002439) Guoyuan Securities·2025-04-21 05:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Views - The company experienced a revenue decline in 2024, with total revenue of 3.315 billion yuan, a year-on-year decrease of 26.44%. However, it is projected to return to profitability in the first quarter of 2025, with an expected net profit of 1.1 to 1.65 million yuan [2][5]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a year-on-year increase of 14.95%. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3][4]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.315 billion yuan, down 26.44% year-on-year, and a net loss of 226 million yuan. The first quarter of 2025 is expected to show a revenue of 600 to 680 million yuan, compared to 923 million yuan in the same period last year, with a projected net profit of 1.1 to 1.65 million yuan [2][8]. - The gross margin improved by 8 percentage points in the first quarter of 2025 compared to the previous year, laying a foundation for stable operations and high-quality development [2]. Growth Prospects - Revenue forecasts for 2025 to 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with net profits projected at 168 million, 271 million, and 397 million yuan [5][8]. - The company is expected to maintain a strong growth trajectory, driven by technological innovation and a focus on high-quality development [5]. Strategic Initiatives - The company is committed to enhancing its AI capabilities and has launched the "Nine Sky·Taihe Security Model" and "Anxing Intelligent Agent" in collaboration with China Mobile [3][4]. - The company’s security business, particularly in cloud security and trusted innovation, has seen revenue growth of 15% and 20% year-on-year, respectively [4].