Topsec(002212) 山西证券·2025-04-29 01:20Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company has turned a profit, with its intelligent computing machine achieving commercial success [1]. - The cybersecurity demand has weakened, leading to revenue pressure, but cost control measures have helped the company return to profitability [4]. - The company is actively enhancing its AI product layout and has made significant progress in commercializing its intelligent computing machine [5]. Financial Performance Summary - In 2024, the company reported a revenue of 2.82 billion yuan, a year-on-year decrease of 9.73%, and a net profit of 0.83 billion yuan, recovering from a loss of 3.71 billion yuan in the previous year [3]. - The first quarter of 2025 is expected to see revenue between 320 million to 340 million yuan, a year-on-year decrease of 19.43% to 24.17%, with a projected net loss of 0.75 billion to 0.65 billion yuan, but showing growth compared to the previous year's loss [3]. - The company's gross margin reached 61.04% in 2024, an increase of 0.85 percentage points from the previous year, with expectations for further improvement in the first quarter of 2025 [4]. Business Segment Performance - The cybersecurity business generated 2.55 billion yuan in revenue in 2024, down 11.49% year-on-year, while the cloud computing business saw a revenue increase of 10.09% to 256 million yuan [4]. - The intelligent computing machine has generated over 2 million yuan in sales in the first quarter of 2025, with signed and upcoming orders exceeding 20 million yuan [5]. Future Outlook - The company is expected to benefit from macroeconomic recovery and industry policy implementation, with projected EPS for 2025-2027 at 0.14, 0.24, and 0.28 respectively [6][7]. - The company is focusing on quality improvement and efficiency enhancement strategies while actively exploring new business directions in cloud security and computing [6].