VENUSTECH(002439) Soochow Securities·2025-05-06 05:23Investment 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, while the profit turnaround is due to reduced operating costs, decreased sales and management expenses, and increased investment income [10] - The company is rapidly iterating its AI security product matrix, having completed multiple technical upgrades and established a comprehensive security protection system for large model applications [10] - Long-term outlook remains positive due to effective strategic business layout and successful cooperation with China Mobile, which is expected to help gradually restore performance [10] Financial Summary - Total revenue forecast for 2023 is 4,507 million yuan, with a year-on-year growth of 1.58%, while the forecast for 2024 is 3,315 million yuan, reflecting a decline of 26.44% [1][11] - The net profit attributable to shareholders is projected to be 741.14 million yuan in 2023, with a significant year-on-year increase of 18.37%, but a loss of 226.30 million yuan in 2024 [1][11] - The earnings per share (EPS) is expected to be 0.61 yuan in 2023, dropping to -0.19 yuan in 2024, and recovering to 0.16 yuan in 2025 [1][11]