深信服（300454）：Q2单季度扭亏，经营拐点信号

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant improvement in Q2, achieving a net profit of 21.98 million yuan, marking a turnaround from previous losses, which exceeded expectations [7] - The cloud computing business is experiencing high growth, with revenue of 1.395 billion yuan in H1 2025, a year-on-year increase of 26.15%, becoming a core growth driver [7] - The security business remains stable, with revenue of 1.435 billion yuan in H1 2025, a year-on-year growth of 2.61% [7] - The company has seen significant improvements in cost reduction and efficiency, with operating cash flow improving from -977 million yuan in the previous year to -235 million yuan [7] - The international strategy is showing results, with overseas revenue of 254 million yuan in H1 2025, a year-on-year increase of 35.33% [7] - The company has adjusted its revenue and profit forecasts upwards for 2025-2027, anticipating revenues of 82.83 billion yuan, 91.73 billion yuan, and 102.37 billion yuan respectively, and net profits of 4.12 billion yuan, 5.42 billion yuan, and 7.52 billion yuan [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 8.283 billion yuan, with a year-on-year growth rate of 10.2% [6] - The net profit for 2025 is forecasted to be 412 million yuan, representing a significant year-on-year increase of 109.4% [6] - The gross margin is expected to remain stable, around 62% for the forecast period [6]