Topsec(SZ:002212) Great Wall Securities·2025-09-10 09:54Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is focusing on quality improvement and efficiency enhancement strategies, reducing low-margin businesses, and gradually increasing overall gross margin [3] - The company has achieved significant growth in key industries, with notable increases in the financial sector (19.52%), telecommunications (25.31%), energy (32.35%), and transportation (60.78%) [2] - The integration of hardware and software in intelligent computing is progressing, with over 8 million yuan in orders and 5 million yuan in revenue from intelligent computing products [2] Financial Performance Summary - For 2023A, the company reported a revenue of 3,124 million yuan, with a projected decline to 2,820 million yuan in 2024A, followed by a recovery to 3,114 million yuan in 2025E [1] - The net profit attributable to the parent company is expected to turn positive in 2024A, reaching 83 million yuan, and further increasing to 130 million yuan in 2025E [1] - The company's gross margin improved to 67.41% in the first half of 2025, an increase of 4.1 percentage points year-on-year [2] - The earnings per share (EPS) is projected to be 0.11 yuan in 2025E, increasing to 0.25 yuan by 2027E [1] Industry Focus - The company's focus on state-owned enterprises in its innovation and transformation (信创) business has increased, with revenue from state-owned enterprises rising from 9% in 2023 to 20% in the first half of 2025 [3] - The report highlights the company's strategic positioning in key industries, which is expected to yield positive results in the future [3]