网宿科技（300017）：Q3净利同环比实现高增，继续推进出海

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Insights - The company achieved significant growth in net profit for Q3 2025, with a year-on-year increase of 84.77% and a quarter-on-quarter increase of 34.84% [4][10]. - The company is actively expanding into overseas markets, particularly in Southeast Asia and the Middle East, while continuing to promote its full range of products [4][8]. - The company has launched a comprehensive security assessment service for AI applications, enhancing its offerings in the security domain [4][8]. Financial Summary - For the first three quarters of 2025, the company reported total revenue of 3.49 billion RMB, a decrease of 3.27% year-on-year, and a net profit attributable to shareholders of 0.62 billion RMB, an increase of 43.60% year-on-year [4][8]. - The projected revenues for 2025-2027 are 4.83 billion RMB, 4.88 billion RMB, and 5.17 billion RMB, with net profits of 0.82 billion RMB, 0.71 billion RMB, and 0.74 billion RMB respectively [4][8]. - The earnings per share (EPS) are expected to be 0.33 RMB, 0.29 RMB, and 0.30 RMB for the years 2025, 2026, and 2027 [4][8]. Market Expansion and Product Development - The company is focusing on a wide range of security solutions, including website, application, API security, and zero-trust solutions, catering to various industries [4][8]. - The company has been recognized as a leader in the IDC MarketScape for intelligent security access service edge vendors in China [4][8]. - The upgrade of the next-generation edge AI platform aims to establish a comprehensive capability system for AI applications [4][8].