DAS-Security(SH:688023) ZHESHANG SECURITIES·2025-05-19 05:45Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The launch of Hengnao 3.0 marks a new era in AI security, addressing the dual mission of responding to security risks posed by rapidly evolving AI technologies and reconstructing security defense systems to tackle increasingly complex cyber threats [1][2] - The continuous evolution of Hengnao models from 1.0 to 3.0 reflects the company's progression from exploration to leadership in the AI security field [2] - AI is fundamentally transforming the cybersecurity industry, shifting it from a labor-intensive to a technology-intensive model, with the global AI market in cybersecurity projected to reach $25.89 billion in 2024, growing at a CAGR of 16.2% from 2024 to 2029 [3] - The company is building competitive advantages through three dimensions: - Technological integration, enhancing core scenarios such as data classification and leakage prevention, achieving efficiency improvements of 30 times and 50 times respectively [3] - Ecosystem development, actively participating in national data infrastructure construction and initiating strategic partnerships [3] - Strategic collaboration with various technology vendors, resulting in 182 new compatible products in 2024 [3] - The company is expected to establish a differentiated advantage in the AI security sector through the continuous iteration of Hengnao models, maintaining a leading market position amid the wave of intelligent transformation [4] Financial Forecast and Valuation - The company’s revenue projections for 2025-2027 are estimated at 21.46 billion, 22.71 billion, and 24.21 billion yuan, with net profits of 0.47 billion, 1.26 billion, and 1.72 billion yuan respectively [10] - The earnings per share (EPS) is projected to be 0.60 yuan in 2025, 1.59 yuan in 2026, and 2.17 yuan in 2027, with a price-to-earnings (P/E) ratio of 78.67 in 2025, decreasing to 21.67 by 2027 [12]