DPtech(SZ:300768) Guotou Securities·2025-08-26 15:36Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 22.01 CNY, compared to the current stock price of 19.42 CNY [5]. Core Viewpoints - The company has demonstrated steady growth in performance, with a reported revenue of 551 million CNY for the first half of 2025, reflecting a year-on-year increase of 9.59%. The net profit attributable to shareholders reached 52 million CNY, a slight increase of 0.17% year-on-year [1]. - The launch of the domestically produced 400G computing switch series, which utilizes domestic CPUs and switching chips, is expected to drive new business growth for the company [1][3]. - The operator sector remains the largest revenue contributor, achieving 157 million CNY in revenue, a year-on-year growth of 16.75%. The financial sector saw significant growth, with an 85.58% increase in revenue to 78 million CNY [2]. Summary by Relevant Sections Financial Performance - The company reported a total revenue of 551 million CNY in the first half of 2025, with a net profit of 52 million CNY [1]. - Revenue breakdown shows that the operator business generated 157 million CNY, the government sector declined by 43.19% to 92 million CNY, while the public utility sector grew by 2.64% to 86 million CNY [2]. Product Development - The newly launched 400G computing switch series supports various data center features and is expected to enhance the company's product portfolio significantly [3]. - The switch series is designed with advanced technologies for efficient network traffic management and high-performance data transmission [3]. Market Outlook - The company is focusing on high-value clients in sectors such as telecommunications, finance, and energy, while gradually expanding into government and enterprise clients [9]. - Revenue projections for 2025, 2026, and 2027 are estimated at 1.28 billion CNY, 1.46 billion CNY, and 1.66 billion CNY, respectively, with net profits expected to reach 189 million CNY, 241 million CNY, and 294 million CNY [9].