Topsec(SZ:002212) NORTHEAST SECURITIES·2025-11-06 06:44Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company experienced a significant decline in revenue, with a 24.01% year-on-year decrease, totaling 1.202 billion yuan for the first three quarters of 2025. The net profit attributable to the parent company was -235 million yuan, with a gross margin of 63.62% [1][2] - The company is strategically investing in the quantum security field, having started its initiatives in 2018. It has developed various quantum communication technologies that are being applied in significant national network communication projects [3] - The company has launched a comprehensive product and solution system in key areas, including AI and cloud security, which has begun to show results from prior investments [2][3] Financial Summary - For the first three quarters of 2025, the company reported a revenue of 1.202 billion yuan, with a net profit of -235 million yuan. The gross margin was 63.62%, and the sales expense ratio was 51.81% [1] - The company’s revenue from its intelligent computing cloud products reached 129 million yuan, accounting for 10.73% of total revenue [2] - The financial forecast predicts net profits of 164 million yuan, 237 million yuan, and 316 million yuan for 2025, 2026, and 2027 respectively [3][4] Industry Performance - The report indicates that the telecommunications and transportation sectors showed growth, with year-on-year increases of 13.14% and 18.73% respectively, while the financial and energy sectors remained stable [2] - The company’s stock has shown a 49% absolute return over the past 12 months, outperforming the market [8]