深信服（300454）：公司信息更新报告：Q2净利润转正，现金流明显改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The report maintains a positive outlook on the company's long-term development, emphasizing its leading position in the cloud and cybersecurity sectors and its long-term growth potential [4] - The company is expected to achieve a net profit of 4.20 billion, 5.62 billion, and 6.85 billion yuan for the years 2025 to 2027, with corresponding EPS of 1.00, 1.33, and 1.62 yuan per share [4] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 30.09 billion yuan, a year-on-year increase of 11.16%, and a narrowed net loss of 2.28 billion yuan, down 61.54% year-on-year [5] - The second quarter saw a revenue of 17.47 billion yuan, a 4.50% year-on-year increase, and a net profit of 21.98 million yuan, marking a return to profitability [5] - The company's cloud computing and IT infrastructure business revenue grew by 26.15% year-on-year to 13.95 billion yuan, while the cybersecurity business revenue increased by 2.61% to 14.35 billion yuan [5] - The overall gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points year-on-year [5] Business Developments - The company announced a comprehensive upgrade to its cloud services to support AI, providing a new generation of hyper-converged solutions that enhance inference performance and reduce overall costs for large model applications [6] - The AI innovation platform achieved five capability upgrades in June, further lowering the barriers to AI infrastructure construction [6] Financial Projections - The company forecasts operating revenues of 82.19 billion, 91.93 billion, and 100.97 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.20 billion, 5.62 billion, and 6.85 billion yuan [7] - The projected EPS for the same years is 1.00, 1.33, and 1.62 yuan, with P/E ratios decreasing from 120.4 in 2025 to 73.9 in 2027 [7]