深信服（300454）：盈利能力显著改善，云计算保持高增

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 145.05 [1][5] Core Insights - The company reported a significant improvement in profitability, with a revenue of RMB 30.09 billion for the first half of 2025, representing a year-on-year growth of 11.16%. The net profit attributable to shareholders was a loss of RMB 2.28 billion, narrowing by 61.54% compared to the previous year [1] - The growth in revenue is primarily driven by the accelerated demand for cloud computing services due to the AI wave, and the company is expected to enhance its profitability throughout the year as it optimizes cost and expense management [1][2] - The gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points year-on-year, with the cloud computing segment's gross margin rising by 3.46 percentage points [2] - The company has seen a recovery in demand from government clients and is actively expanding its overseas market presence, with international revenue growing by 35.33% year-on-year to RMB 2.54 billion in the first half of 2025 [4] Revenue and Profitability - The company achieved a revenue of RMB 17.47 billion in Q2 2025, a year-on-year increase of 4.50%, and reported a net profit of RMB 0.22 billion, marking a turnaround from a loss of RMB 1.03 billion in Q2 2024 [1] - The company’s operating cash flow improved to a negative RMB 2.35 billion in the first half of 2025, compared to a negative RMB 9.77 billion in the same period of 2024 [1] Business Segments - Revenue from the network security segment was RMB 14.35 billion, a year-on-year increase of 2.61%, while cloud computing revenue reached RMB 13.95 billion, growing by 26.15% year-on-year [2] - The company’s super-converged and EDS products are driving rapid growth in the cloud computing business, with the super-converged segment maintaining over 20% growth and a market share of 25.1% in Q1 2025 [3] Future Projections - The company forecasts revenues of RMB 87.42 billion, RMB 102.52 billion, and RMB 121.68 billion for the years 2025, 2026, and 2027 respectively, with an upward adjustment of the target price reflecting the anticipated growth in the cloud computing business [5]