深信服（300454）：单Q2实现盈利，云业务增长26%

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][18] Core Views - The company achieved profitability in Q2, with a revenue of 1.747 billion yuan, representing a 4.50% increase, and a net profit of 22 million yuan, marking a significant recovery [1][7] - The cloud computing business remains the main driver of revenue growth, with a 26.15% increase in revenue to 1.395 billion yuan in H1 2025 [1][2] - The company is expected to release a profit turning point in 2025, driven by AI and security integration, with a focus on XDR and managed security services [2][12] Financial Performance Summary - For H1 2025, the company reported a total revenue of 3.009 billion yuan, an increase of 11.16%, and a narrowed net loss of 228 million yuan [1][7] - The gross margin for H1 2025 was 62.09%, up by 0.75 percentage points year-on-year, with a notable increase in the gross margin of the cloud computing business by 3.46 percentage points [1][2] - The company expects revenues of 8.321 billion yuan, 9.346 billion yuan, and 10.740 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 10.7%, 12.3%, and 14.9% [2][12][16] Revenue Breakdown - In H1 2025, cloud computing revenue was 1.395 billion yuan, while security business revenue was 1.435 billion yuan, and basic network and IoT revenue was 179 million yuan [1][2] - The revenue from enterprise customers grew by 6.61%, accounting for 48.75% of total revenue, while government and institutional revenue increased by 16.98%, making up 41.57% [1][2] - International market revenue reached 254 million yuan, reflecting a growth of 35.33% [1][2]