Topsec(SZ:002212) ZHONGTAI SECURITIES·2025-08-21 05:19Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [8] Core Views - The company has shown significant recovery in profitability and rapid growth in its cloud computing business, with a projected revenue increase from 30.66 billion yuan in 2025 to 36.61 billion yuan in 2027, alongside a substantial reduction in net losses [3][5] - The company is focusing on enhancing its "AI + Security" model and has launched new products in its intelligent computing cloud platform, which is expected to improve its market position and operational efficiency [5][6] Financial Summary - For the first half of 2025, the company reported total revenue of 826 million yuan, a year-on-year decrease of 5.38%, but with notable growth in specific sectors such as finance (19.52% growth) and transportation (60.78% growth) [5] - The company achieved a gross margin of 67.41% in H1 2025, an increase of 4.1 percentage points year-on-year, indicating improved operational efficiency [5] - The forecast for 2025-2027 includes a net profit of 1.69 billion yuan in 2025, increasing to 3.24 billion yuan by 2027, reflecting a strong recovery trajectory [3][5]