DAS-Security(SH:688023) ZHESHANG SECURITIES·2025-05-08 07:40Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company is experiencing a structural breakthrough through strategic focus and technological innovation, with significant growth in data security, domestic innovation, and Managed Security Services (MSS) despite overall revenue pressure [2] - Cost reduction measures have led to a significant improvement in operational quality, with a 45.01% reduction in net loss year-on-year, and the company achieved positive operating cash flow for the first time since 2021 [3] - AI technology is being leveraged to enhance both product efficiency and management processes, contributing to a notable increase in revenue from AI-related products [4] Revenue Performance - In 2024, the company reported total revenue of 2.04 billion yuan, a year-on-year decrease of 5.87%, with a net loss of 198 million yuan [7] - For Q4 2024, revenue was 898 million yuan, down 6.7% year-on-year, while the net profit was 138 million yuan, a decline of 21.38% [7] - In Q1 2025, the company achieved revenue of 311 million yuan, a year-on-year increase of 10.8%, with a net loss of 111 million yuan [7] Business Segment Performance - The company's data security business saw new product contract amounts increase by over 40%, with specific products like API security and network DLP growing by 200% and 150% respectively [8] - The domestic innovation business benefited from accelerated domestic substitution, with revenue increasing by 78% [8] - The MSS business, empowered by AI, experienced a 25% revenue growth [8] Financial Forecast - The company is projected to achieve revenues of 2.15 billion, 2.27 billion, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 47.25 million, 125.80 million, and 171.55 million yuan [10]