Topsec(SZ:002212) Shanxi Securities·2025-08-25 10:54Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8]. Core Views - The company achieved positive revenue growth in Q2, with all-in-one machines becoming a new growth point. Despite a weak cybersecurity market, the company has improved its product system and marketing layout, leading to a recovery in revenue [5][6]. - The company is focusing on enhancing product competitiveness and marketing strategies, which has resulted in a significant improvement in net profit margins. The financial sector saw a year-on-year revenue increase of 19.52%, while the telecommunications sector grew by 25.31%, and the energy sector by 32.35% [5][6]. - The integration of AI capabilities into security products is advancing, with the company launching various AI-enhanced security solutions and cloud products, contributing to revenue growth [6][7]. Financial Performance Summary - In the first half of 2025, the company reported revenue of 826 million yuan, a year-on-year decrease of 5.38%. However, Q2 revenue reached 491 million yuan, a year-on-year increase of 8.72% [4][5]. - The gross profit margin for the first half of 2025 was 67.41%, an increase of 4.10 percentage points compared to the same period last year. The net profit margin improved to -7.90%, up 15.66 percentage points year-on-year [5][6]. - The company expects earnings per share (EPS) to be 0.14, 0.21, and 0.28 for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 71.31, 48.48, and 36.87 [8][10].