Topsec(SZ:002212) Guoyuan Securities·2025-05-06 10:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Viewpoints - The company has focused on improving operational efficiency and restoring profitability, achieving a net profit of 83.01 million yuan in 2024, a significant turnaround from a loss of 371.40 million yuan in the previous year [2][4]. - The company has launched a series of AI-enabled products, including the Intelligent Computing Cloud platform, which enhances its service offerings in high-performance computing and security [2][4]. - Despite a decline in overall revenue, the company has seen improvements in gross margin and cost control, with total expenses decreasing by 10.73% year-on-year [2][3]. Financial Performance Summary - In 2024, the company reported operating revenue of 2.82 billion yuan, a decrease of 9.73% year-on-year, while gross margin increased by 0.85 percentage points [2][3]. - The company forecasts revenue growth for the years 2025 to 2027, with projected revenues of 3.04 billion yuan, 3.26 billion yuan, and 3.47 billion yuan respectively [4][7]. - The net profit is expected to grow significantly, reaching 160.22 million yuan in 2025 and 303.40 million yuan in 2027, reflecting a strong recovery trajectory [4][7]. Industry Analysis - The government and public sector contributed 45.46% of the company's main business revenue, although this segment saw a year-on-year decline of 10.58% [3]. - The energy and healthcare sectors have shown rapid growth, with revenue increases of 22.86% and 17.90% respectively, indicating potential areas for future expansion [3].