深信服 20250927 深信服公司在云计算和 AI 领域取得了显著进展。去年博通向合同过期的 VM 永 久许可证客户发出了勒令停止通知函，深信服通过其超融合产品提供了替代方 案，成功降低了成本，并已完成约 12,000 家客户的替换。此外，以 Deepseek 为代表的推理大模型降低了 AI 应用技术门槛，使中小型企业能够以 更低算力成本获得 AI 能力，促进了 AI 基础设施和云服务的快速发展。2025 年 上半年，公司云计算收入接近 14 亿元，同比增长 26%，这是自 2022 年以来 披露的最高增速。在 AI 方面，公司于 2023 年 5 月发布首款安全 GPT，并迭代 至第四个版本，有超过 400 家企事业单位应用。今年公司在人工智能技术赋能 网络安全应用测试中报送三个项目并全部夺冠。 预计深信服 2025-2027 年营业收入分别为 84.24 亿、94.67 亿、 106.99 亿元，同比增速维持在 12%-13%。归母净利润预计分别为 4.13 亿、5 亿、7.52 亿元，同比增速分别为 109.7%、42.7%和 27.7%。 公司持续优化费用结构，销售费用率和研发费用率均有所下降，经营 ...

Group 1 - The focus is on the information technology self-controllable sector, with the Xinchuang ETF fund (562030) experiencing a mid-session increase of 2.68% and currently up by 1.96% [1] - Among the constituent stocks, Neusoft Group leads with over 6% increase, followed by Chengdu Huami and Kingsoft Office with over 4% gains, and other stocks like Deepin Technology, 360 Security, and CloudWalk Technology also showing upward trends [1] Group 2 - Multiple cybersecurity listed companies are actively investing in AI technology research and development, with Deepin Technology applying large model technology to network security products, creating AI firewalls and other security products [3] - Ant Group has recently launched innovative products and solutions that integrate network security and AI technology, including the gPass framework for smart glasses, which has partnered with brands like Rokid and Xiaomi [3] - Market analysts indicate that the application of AI technology will lead to explosive growth across various industries, but security issues are limiting data circulation [3] Group 3 - Dongguan Securities notes that the Xinchuang industry is steadily advancing according to a "2+8+N" rhythm, transitioning from policy-driven to a dual drive of policy and market [4] - The market scale is expected to grow significantly, with projected growth rates of 17.84% and 26.82% for 2025 and 2026 respectively, and the market is anticipated to exceed 2.6 trillion yuan by 2026 [4] Group 4 - The Xinchuang ETF fund (562030) and its linked funds are designed to passively track the CSI Xinchuang Index, which covers key segments of the Xinchuang industry chain, including hardware, software, application software, and information security [6] - The investment logic for the Xinchuang industry includes international geopolitical disturbances, increased local debt efforts, technological breakthroughs by domestic manufacturers, and the critical timing of procurement standards [6]

Core Insights - Multiple cybersecurity companies are actively investing in AI technology development, enhancing their product capabilities and operational efficiency [1][2][3] - The integration of AI in cybersecurity is seen as a double-edged sword, presenting both new security risks and opportunities for improved efficiency [1][4] Group 1: Company Developments - Green Alliance Technology plans to launch AI security products, including an AI security integrated machine and a large model security assessment system [1] - North Trust has developed an AI capability platform that integrates large models and development tools, with applications delivered in finance and energy sectors [1][2] - Deepin Technology has incorporated large model technology into its cybersecurity products, including a security GPT and AI firewall, with plans for further investment in AI R&D [2] - Ant Group has released innovative products that combine cybersecurity and AI technology, including a trusted connection framework for smart glasses [2] - Starry Sky Technology's AI model has been applied in security operations and threat detection, significantly enhancing product capabilities [3] - AsiaInfo reported significant growth in AI model applications and deliveries in the first half of the year, focusing on AI model applications, 5G private networks, and intelligent operations [3] Group 2: Industry Trends and Challenges - Gartner's report indicates a shift in focus towards securing AI systems in cybersecurity, with expectations that 60% of large Chinese enterprises will adopt exposure management technology by 2027 [4] - The need for companies to be aware of risks associated with AI model applications, such as prompt injection and model manipulation, is emphasized [4][5] - The importance of supply chain security in AI applications is highlighted, with calls for enhanced version vulnerability management and code security audits [5] - The rapid adoption of AI models is expected to create significant security risks, necessitating a dynamic defense system and cross-departmental collaboration [5][6] Group 3: Recommendations for AI Security - Experts suggest mandatory registration for AI models to identify risks early and ensure comprehensive understanding of their security and usability [6] - Companies are encouraged to conduct compliance assessments and deploy specialized protections, such as AI security barriers, to defend against new types of attacks [6] - Establishing trust through security measures is seen as essential for promoting data flow and maximizing the value of AI applications across various industries [6]

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].

Summary of Conference Call Records Company Overview - The company discussed is 深信服 (Deepin Technology), focusing on its subscription products and services in the cybersecurity and cloud computing sectors. Key Points and Arguments Industry and Business Performance - Subscription product lines, such as MSS (Managed Security Services), have shown significant growth of 20%-30%, while traditional hardware sales have declined. Subscription methods now account for 50% of the cybersecurity business [1][2] - The MSS solution integrates firewall, EDR, XDR, and situational awareness into a platform, providing a good customer experience, but only 10%-15% of long-term operational customers currently utilize it due to high costs. The goal is to increase this to 50% [1][2] - Managed cloud services maintain a growth rate of 40%-50%, primarily targeting medium-sized customers through competitive pricing, representing about 25% of cloud computing revenue [1][13] - EDS (Enterprise Data Services) has seen significant demand in manufacturing and finance, with a large market share and a new unified storage solution launched this year [1][14][19] Pricing and Customer Segmentation - The price for a complete MSS system is approximately 30,000 to 40,000 yuan, which includes bundled services like firewall and XDR. Customers typically increase their module usage over time, leading to higher renewal amounts [1][4] - 信创 (Xinchuang) hyper-converged products are priced 20%-30% higher than non-Xinchuang products, with Xinchuang customers accounting for over 50% of total sales despite being only 20%-30% of the customer base [1][21] AI and Technological Integration - The AICP platform aims to help enterprises utilize AI resources and optimize hardware performance through GPU pooling technology, but its high price is leading the company to adjust its pricing strategy [1][22][23] - The company has discussed AI products like email protection and security GPT, but market acceptance remains low due to high costs and the need for local deployment for data security [9][10][11] Market Dynamics and Competitive Landscape - The cybersecurity market is highly competitive, with price wars among leading firms, resulting in high investment but low returns. Despite some smaller players exiting, the overall market has not improved significantly [2] - The transition from centralized to distributed storage in the financial sector is ongoing, with some clients still using traditional databases, indicating a gradual shift rather than an immediate change [17][18] Future Outlook - The company expects to increase its enterprise user base from approximately 20 to around 100 in the future, with individual user spending gradually increasing [6] - The hyper-converged market is growing at 20%-30%, with a focus on filling the gap left by VMware's exit [20] - The company is exploring ways to leverage existing customers to expand its user base, particularly in AI technology [28] Challenges and Considerations - High costs remain a significant barrier for many potential customers, particularly in manufacturing, where investment decisions are cautious without clear ROI [26][27] - The company recognizes the need to balance hardware and software costs to make their offerings more attractive to customers [27] Additional Important Information - The company has a strong focus on providing high-level operational services, requiring a small team to manage multiple enterprise users [7] - The managed cloud service offers a cost advantage over traditional public cloud services by allowing flexible pricing based on actual resource usage [15]

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company is a leader in network security, leveraging AI to open a new chapter in cloud computing and security [5][13] - The integration of AI and cloud computing is expected to drive a new growth cycle for the company's products [5][14] - The company has a differentiated solution combining virtualization, hyper-convergence, and private cloud, effectively replacing VMware [5][15] Summary by Relevant Sections Company Overview - The company has over 20 years of experience in the network security industry and has expanded into cloud computing [16] - It operates a business model that includes a platform, components, and services in network security [26] Network Security Market - The network security market in China is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [5][71] - The company holds an 11.1% market share in the domestic network security hardware market as of 2024, leading the competition [5][77] Cloud Computing and AI Integration - The cloud computing market in China reached ¥616.5 billion in 2023, growing by 35.5% from 2022 [5][24] - The company has launched the AICP computing platform, which significantly reduces the cost of deploying large AI models and enhances performance [5][14] Financial Performance and Forecast - The company expects EPS of ¥1.15, ¥1.55, and ¥1.87 for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 90.23, 67.12, and 55.59 [5][6] - Revenue for 2024 is projected at ¥75.2 billion, with a slight decline of 1.9% year-over-year, but is expected to rebound in subsequent years [6][64]

本报告导读： 发布AICP 平台，布局XaaS、安全GPT 等。①网安业务，2024 年公司通过云端和本地交付安全服务。 云计算业务，2024 年公司发布了超融合/云平台6.10.0 版本，面向大模型开发场景，发布AI 算力平台 （简称AICP）。物联网业务，公司旗下信锐网科持续投入网络联接，将研发创新应用于用户网络 的"云、网、端"环节的产品、服务及解决方案。②重点布局的产品集中在网络安全和云计算及基础设施 业务。深信服在这两块业务上都面向未来布局了XaaS 业务、安全GPT、AI 算力平台、EDS 等新业务。 聚焦XaaS 和AI 业务，市场管理内外结合。①2025 年公司聚焦持续提升产品品质和推进产品创新上，包 括XaaS 业务和AI 相关业务。市场方面会积极开拓头部行业客户和海外市场，并深化渠道体系建设。内 部会加强组织能力建设，提高公司精细化管理水平和盈利能力。②未来3-5 年，公司业务将集中在如下 方面：1.聚焦关键产线和XaaS 业务；推动AI 与网安、云计算融合的创新业务产品。 2.加大拓展KA 行业头部市场和海外市场。3.持续提升产品质量，深化渠道体系建设。4.继续加强组织能 力建设和人才培 ...

编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 √业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | 线上参与深信服 2024 年度业绩说明会的投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 14 日 15:00-16:30 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | | 董事长、总经理：何朝曦 | | 公司接待人员 | 副董事长、副总经理：熊武 | | 姓名 | 副总经理、财务总监、董事会秘书：蒋文光 | | | 独立董事：叶钦华、曾斌、钱镇 | | | 一、公司董事长何朝曦先生汇报公司 2024 年度市值管理工作推进情况 | | | 各位投资者及股东下午好！现在由我向各位股东及投资者汇报公司 2024 | | | 年市值管理工作的推进情况： | | | 一、专注主业，稳健经营。2024 年，公司实现营业收入 75. ...

Financial Performance - In 2024, the company achieved an operating revenue of 7.52 billion CNY and a net profit attributable to shareholders of 197 million CNY, with a net cash flow from operating activities of 812 million CNY, maintaining stable operating performance year-on-year [2] - The company completed a second round of stock repurchase in April 2024, repurchasing 3.5277 million shares for approximately 200 million CNY [2] - A total cash dividend of 20.7532 million CNY was distributed in June 2024 [2] Investor Relations and Communication - The company published 166 announcement documents in 2024 and has been rated A-level for information disclosure by the Shenzhen Stock Exchange for five consecutive years [2] - Multiple channels for investor communication were utilized, including performance briefings, shareholder meetings, and interactive platforms [2] Market Outlook and Strategy - The cybersecurity market is currently in a downturn but is expected to see sustained demand growth due to digitalization and compliance-driven developments [4] - The company anticipates increased demand for cybersecurity solutions in 2025, driven by accelerated digital transformation and AI innovations [5] Business Development and Focus Areas - The company plans to focus on key product lines and XaaS (Anything as a Service) business for sustainable growth, integrating AI with cybersecurity and cloud computing [6] - The XaaS strategy has shown significant results, and the company aims to enhance annual recurring revenue and customer satisfaction [7] - Key products include network security and cloud computing, with a strong emphasis on new business areas such as AI computing platforms and security GPT [8] Talent Acquisition and M&A Strategy - The company recognizes the importance of talent and aims to attract young high-potential individuals, particularly in AI [12] - The company is open to mergers and acquisitions to accelerate business progress and acquire key talent, having established an industry fund for investment in startups [12]