Topsec(SZ:002212) Guoyuan Securities·2025-11-07 10:36Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company experienced a significant revenue decline of 24.01% year-on-year in the first three quarters of 2025, with total revenue reaching 1.202 billion yuan. The net profit attributable to shareholders was -235 million yuan, and the net profit excluding non-recurring items was -252 million yuan [1]. - The company is focusing on quantum security and has established a strategic partnership with Xintong Quantum to enhance its security product offerings [3]. - The company's intelligent computing business is growing steadily, with revenue from intelligent cloud products reaching 129 million yuan, accounting for 10.73% of total revenue, reflecting a year-on-year increase of 7.59% [2]. Financial Performance Summary - In Q3 2025, the company reported revenue of 376 million yuan, a decrease of 46.96% year-on-year, primarily due to slower project progress compared to the previous year. The net profit attributable to shareholders for this quarter was -171 million yuan [1]. - The company has successfully reduced its expenses, with R&D expenses down by 15.05%, sales expenses down by 6.48%, and management expenses down by 17.23% in the first three quarters of 2025 [1]. - The revenue forecast for 2025-2027 has been adjusted to 2.789 billion yuan, 2.990 billion yuan, and 3.187 billion yuan, respectively, with net profit forecasts of 129 million yuan, 190 million yuan, and 267 million yuan [4][7].