深信服（300454）：打造私有化部署的AI全栈能力

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is focusing on building a comprehensive AI stack for private deployment, which is expected to enhance its profitability and operational efficiency [1]. - The company has shown a significant improvement in its financial performance, with a revenue of 3.009 billion yuan in H1 2025, representing a year-on-year increase of 11.16%, and a net profit of -228 million yuan, up 61.54% year-on-year [1]. - The company is experiencing growth in international markets, with H1 2025 international revenue reaching 254 million yuan, a year-on-year increase of 35.33% [2]. - The company has a strong pipeline for future growth driven by large clients and AI capabilities, with the number of MSS/XDR clients reaching 5,500 by H1 2025 [2][3]. Financial Performance - The company reported a revenue of 7.662 billion yuan in 2023, with a projected increase to 8.517 billion yuan in 2025, reflecting a growth rate of 13.26% [5][12]. - The net profit attributable to the parent company is expected to rise from 197.83 million yuan in 2023 to 404.74 million yuan in 2025, indicating a growth rate of 105.59% [5][12]. - The company's operating expenses have been managed effectively, with sales, management, and R&D expense ratios showing improvements [1]. AI Capabilities - The company is developing three foundational AI capabilities: AI infrastructure, AI PaaS, and AI applications, which are expected to enhance its service offerings [3]. - The AI platform AICP is designed to support enterprise-level large models and has shown significant performance improvements in deployment scenarios [3]. - The company has successfully tested its security GPT in over 130 real-world environments, indicating strong market validation for its AI solutions [2][3]. Growth Projections - Revenue projections for the company are set at 8.517 billion yuan for 2025, 9.911 billion yuan for 2026, and 11.153 billion yuan for 2027, with respective growth rates of 13.26%, 16.37%, and 12.53% [5][12]. - The company anticipates further acceleration in revenue growth driven by overseas expansion, large client demand, and cloud business initiatives [3].