Sangfor Technologies (SZ:300454) Shanxi Securities·2025-08-25 10:53Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8][19] Core Views - The company achieved a revenue of 3.009 billion yuan in the first half of 2025, representing a year-on-year growth of 11.16%. The net profit attributable to shareholders was -228 million yuan, a significant improvement of 61.54% year-on-year [5][6] - In Q2 2025, the company reported a revenue of 1.747 billion yuan, a year-on-year increase of 4.50%, and turned a profit with a net profit of 22 million yuan [5][6] - The growth drivers include the super-converged and EDS businesses, with the cloud computing and IT infrastructure segment growing by 26.15% year-on-year [6][7] Financial Performance - The company's gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points year-on-year. The gross margin for the cloud computing business improved by 3.46 percentage points [7] - Operating expenses decreased by 6.81% year-on-year, leading to a significant improvement in the net profit margin, which reached -7.56%, an increase of 14.31 percentage points year-on-year [7] - The operating cash flow improved from -977 million yuan in the previous year to -235 million yuan, attributed to increased sales and better supply chain management [7] Revenue and Profit Forecast - The company is expected to see rapid growth in its cloud business driven by the explosion in AI demand, with EPS forecasts for 2025, 2026, and 2027 at 1.23, 1.88, and 2.45 yuan respectively [8][11] - The projected P/E ratios for 2025, 2026, and 2027 are 97.3, 63.8, and 48.9 respectively, based on the closing price of 119.85 yuan on August 22, 2025 [8][11] Market Performance - As of August 22, 2025, the company's closing price was 119.85 yuan, with a year-to-date high of 142.00 yuan and a low of 42.70 yuan [4][5]