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].

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 14.02 CNY [6][12]. 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%. The net profit attributable to the parent company reached 2.44 billion CNY [12][12]. - The company is actively expanding its overseas market presence, focusing on Southeast Asia and the Middle East, while continuing to promote its full range of products internationally [2][12]. - The report projects revenue for 2025-2027 to be 48.26 billion CNY, 48.75 billion CNY, and 51.70 billion CNY, respectively, with net profits of 8.21 billion CNY, 7.09 billion CNY, and 7.44 billion CNY [12][12]. Financial Summary - Total revenue for 2023 is projected at 4,705 million CNY, with a decrease of 7.4% year-on-year. The net profit attributable to the parent company is expected to be 613 million CNY, reflecting a substantial increase of 221.7% [4][12]. - The earnings per share (EPS) for 2025 is estimated at 0.33 CNY, with a projected price-to-earnings (PE) ratio of 42 times [12][14]. - The company reported a gross margin of 34.52% for the first three quarters of 2025, an increase of 4.07 percentage points year-on-year [12][12].