VENUSTECH(002439) Soochow Securities·2025-05-06 04:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 641 million yuan, a year-on-year decline of 30.54%, and a net profit attributable to shareholders of 2 million yuan, indicating a turnaround from losses [2][10] - The decline in revenue is attributed to a challenging network security market environment, with no significant improvement in downstream customer demand [10] - The company has successfully built a comprehensive security product matrix for large model applications, enhancing its offerings in AI security [10] Financial Summary - Total revenue forecast for 2023 is 4,507 million yuan, with a projected decline of 26.44% in 2024, followed by a recovery with growth rates of 12.04%, 12.10%, and 12.16% in the subsequent years [1][11] - The net profit attributable to shareholders is expected to recover from a loss of 226.30 million yuan in 2024 to 194.90 million yuan in 2025, with further increases to 292.24 million yuan in 2026 and 432.73 million yuan in 2027 [1][11] - The latest diluted EPS is projected to be 0.16 yuan in 2025, increasing to 0.24 yuan in 2026 and 0.36 yuan in 2027 [1][11] - The company's total assets are forecasted to grow from 13,778 million yuan in 2024 to 15,498 million yuan in 2027 [11]