汇丰：中国网络安全-仍面临艰难时期
汇丰·2025-05-25 14:09
22 May 2025 Equity Research Report China Cybersecurity Equities Still facing a tough period Muted demand recovery with signs of improvement in emerging subsectors. We maintain our Buy rating on DBAPP and Hold on QAX and Venustech following their diverged 1Q25 results. DBAPP's 1Q25 revenue grew 11% y-o-y, while net loss narrowed 44% y-o-y, backed by solid demand in emerging security subsectors and expense control, beating our expectations. QAX and Venustech saw continued revenue contraction in 1Q25 due to we ...