DAS-Security(SH:688023) ZHESHANG SECURITIES·2025-05-08 10:30Investment 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 operating cash flow turning positive for the first time since 2021, driven by enhanced collection efficiency and optimized procurement spending [3] - AI technology is being leveraged to enhance both product efficiency and management processes, with direct AI product revenue reaching 17 million and indirect AI-enabled revenue at 62 million, accounting for 3.9% of total revenue [4] Revenue and Profitability - In 2024, the company achieved total revenue of 2.04 billion, a year-on-year decrease of 5.87%, with a narrowed net loss of 198 million [7] - For Q4 2024, revenue was 898 million, down 6.7% year-on-year, while net profit was 138 million, a decline of 21.38% [7] - The first quarter of 2025 saw revenue of 311 million, a year-on-year increase of 10.8%, with a narrowed net loss of 111 million [7] Business Segment Performance - The company's data security business saw new product contract amounts grow over 40%, with API security and network DLP products increasing 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, achieved a revenue growth of 25% [8] Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.15 billion, 2.27 billion, and 2.42 billion respectively, with net profit expected to recover to 47 million, 126 million, and 172 million [10]