Infosec(SH:688201) Tianfeng Securities·2025-04-30 08:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company has shown significant cost reduction and efficiency improvement, with a notable decrease in losses in the financial sector, achieving a revenue of 0.75 billion yuan in Q1 2025, a year-on-year increase of 6.44%, and a 14.46% growth in the financial sector [1][2] - The company has implemented effective cost control measures, reducing total expenses by 29.93% year-on-year to 61.86 million yuan in Q1 2025, with R&D expenses decreasing by 47.52% due to the capitalization of some project costs [2] - The post-quantum cryptography (PQC) ecosystem is maturing, with the company actively promoting PQC algorithm research and application across various industries, which is expected to enhance performance in 2025 as customer demand recovers [3] Financial Performance and Forecast - The company has adjusted its revenue forecast for 2025-2027 to 5.76 billion yuan, 6.62 billion yuan, and 7.94 billion yuan respectively, down from the previous estimate of 12.19 billion yuan for 2025, with net profit estimates revised to 0.27 billion yuan, 0.34 billion yuan, and 0.44 billion yuan for the same period [4] - The company reported a gross margin of 72.63% in Q1 2025, a slight decrease of 1.61 percentage points year-on-year [1] Key Financial Data - The company’s total revenue for 2023 is projected at 549.23 million yuan, with a decline of 16.54% year-on-year, followed by a forecast of 500.56 million yuan in 2024 [11] - The net profit attributable to the parent company is expected to be 11.22 million yuan in 2023, with a significant drop to -47.82 million yuan in 2024, and a recovery to 26.68 million yuan in 2025 [11] - The company’s earnings per share (EPS) is projected to be 0.04 yuan in 2023, dropping to -0.15 yuan in 2024, and recovering to 0.08 yuan in 2025 [11]