第二，所有主要的CSP的客人都已经是联想的客户，在E/SMB上联想表现更突出，且成长速度非常快， 市场基本稳定；第三，技术上异构算力的调度和液冷是联想明显的差异化竞争优势。 责任编辑：江钰涵 在业绩发布会的提问环节，联想集团执行副总裁兼中国区总裁刘军表示，我们正在针对大客户和中小企 业客户进行不同业务模式的梳理和再造。 刘军从三方面透露了联想目前的战略进展：第一，已经完善了"一横四纵"的战略布局。一横是万全异构 智算平台，四纵是服务器、存储、数据网络和超融合，这是非常完善的基础设施的布局，联想已经完 成。 新浪科技讯 11月20日中午消息，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩：当季营 收同比增长15%至1464亿元人民币，创下财季历史新高。经调整后的净利润同比增长25%，达36.6亿元 人民币。 ...

Core Viewpoint - Deepin Technology Co., Ltd. is a leading domestic player in network security and cloud computing, showcasing strong technical capabilities and market competitiveness in the information security sector [1] Group 1: Business Performance - In Q3 2025, Deepin reported revenue of 5.125 billion yuan, ranking 4th among 35 companies in the industry, with the top competitor, iFlytek, generating 16.989 billion yuan [2] - The net profit for the same period was -80.5638 million yuan, placing the company 22nd in the industry, while the leading company, Kingsoft Office, achieved a net profit of 1.164 billion yuan [2] - Revenue growth for the first three quarters of 2025 was 10.62%, while net profit showed a significant increase of 86.10% [6][7] Group 2: Financial Ratios - As of Q3 2025, Deepin's asset-liability ratio was 38.13%, higher than the industry average of 29.42% [3] - The company's gross profit margin was 60.94%, which is below the industry average of 63.59% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.92% to 30,900, while the average number of circulating A-shares held per shareholder decreased by 10.65% [5] Group 4: Management and Compensation - The chairman, He Chaoxi, received a salary of 398,000 yuan in 2024, reflecting a slight increase from 395,800 yuan in 2023 [4] Group 5: Market Position and Future Outlook - Deepin maintains a leading position in the domestic hyper-converged market with market shares of 15.9% and 26.5% in the overall and full-stack hyper-converged markets, respectively [7] - The company is expected to benefit from the growing demand for AI localization deployment, with projected revenues for 2025, 2026, and 2027 at 8.234 billion, 9.166 billion, and 10.340 billion yuan, respectively [6][7]

Core Insights - The report highlights a significant acceleration in revenue growth for companies in the AI and cloud computing sectors, driven by increased demand and strategic investments in technology infrastructure [6][23][27] - The commercial aerospace industry is identified as a key growth area, supported by government policies and increasing market visibility for companies involved in satellite and rocket manufacturing [7][14] - The report emphasizes the importance of e-commerce channels for retail companies, showcasing a shift in consumer behavior and the need for businesses to adapt to digital sales strategies [20][22] Industry Commentary - The telecommunications sector is experiencing a convergence of overseas industrial trends and domestic policy support, suggesting a favorable environment for companies to capitalize on the upcoming quarterly reports [5][6] - The AI infrastructure market is seeing substantial investments, with Google committing to supply Anthropic with up to 1 million TPU units, indicating a robust growth trajectory for AI-related businesses [6] - The "14th Five-Year Plan" outlines a clear direction for building a "strong aerospace nation" and "strong network nation," which is expected to catalyze investment opportunities in commercial aerospace and domestic computing sectors [6][7] Company Analysis - Shunluo Electronics reported record-high quarterly performance, with Q3 revenue reaching 18.08 billion yuan, a year-on-year increase of 20.21%, driven by rapid growth in data center business [10][12] - Shen Nong Group's Q3 report indicates a stable gross margin of 36.84%, with a focus on maintaining competitive breeding costs in the pig farming industry, positioning the company favorably within the sector [16][17] - The jewelry company Zhou Dazheng showed a narrowing revenue decline in Q3, with e-commerce channels emerging as a significant growth driver, reflecting a shift in consumer purchasing patterns [20][22] Investment Recommendations - The report suggests a focus on companies involved in high-value sectors such as AI, commercial aerospace, and e-commerce, as these areas are expected to see sustained growth and investment returns [9][18][31] - For Shunluo Electronics, projected net profits for 2025-2027 are estimated at 11.21 billion, 14.32 billion, and 18.19 billion yuan, indicating a strong growth outlook [12] - Shen Nong Group is expected to maintain a steady profit trajectory, with projected net profits of 5.59 billion, 5.90 billion, and 11.20 billion yuan for the same period, reflecting its competitive position in the market [18]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7] Core Views - The company has shown a significant improvement in net profit and accelerated revenue growth in the latest quarter, driven by robust performance in its cloud business and effective cost management [4][5] - The company is positioned as a leader in the domestic network security and cloud computing sectors, with expectations for rapid growth in cloud services due to the surge in AI demand [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 5.125 billion yuan, a year-on-year increase of 10.62%, while the net profit attributable to shareholders was -81 million yuan, reflecting an 86.10% increase year-on-year [4] - In Q3 2025, the company reported revenue of 2.116 billion yuan, a 9.86% year-on-year growth, and a net profit of 147 million yuan, marking a staggering 1097.40% increase year-on-year [4] - The gross margin for the first three quarters of 2025 was 60.94%, up 0.33 percentage points from the same period last year [4] - The company's operating cash flow improved from -731 million yuan in the previous year to 13 million yuan, primarily due to increased sales receipts and reduced payments for raw materials [4] Business Segment Performance - The company's hyper-converged infrastructure (HCI) and distributed storage (EDS) businesses are key growth drivers, with HCI maintaining a leading market share of 15.9% in the overall domestic market and 26.5% in the full-stack HCI market [5] - Over 600 central and state-owned enterprises have adopted the company's hyper-converged products for domestic transformation, with significant deployments reported [5] Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.23 yuan, 1.88 yuan, and 2.45 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 93.1, 61.0, and 46.8 [7][8] - The company is expected to see a revenue increase from 8.51 billion yuan in 2025 to 10.90 billion yuan in 2027, with a compound annual growth rate (CAGR) of 14.1% [8]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 145.80 [1][5]. Core Insights - The company has shown resilient profit potential for the year, driven by robust revenue growth in cloud services and improved cost management, leading to a significant reduction in losses [1][2]. - The cloud business is becoming the main growth engine, with revenue growth expected to exceed 20% in the first three quarters, surpassing the network security segment [3][4]. - The company is well-positioned in the enterprise-level distributed storage and hyper-converged markets, enhancing its competitive advantage and market share [4]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of RMB 5.125 billion, a year-on-year increase of 10.62%, while the net profit attributable to shareholders was a loss of RMB 0.81 billion, narrowing by 86.10% year-on-year [1]. - The gross margin for the first three quarters was 60.94%, up by 0.33 percentage points year-on-year, with significant reductions in selling, administrative, and R&D expense ratios [2]. Business Growth - The cloud business is expected to drive high-quality revenue growth, with its revenue share surpassing that of the network security business [3]. - The company has launched a privatized AI infrastructure platform, enhancing its capabilities in the rapidly growing AI infrastructure market [3]. Market Position - The company continues to gain market share in distributed storage and hyper-converged markets, leveraging its technology and service capabilities [4]. - The demand for flexible hardware configurations in distributed storage is anticipated to accelerate, providing further growth opportunities [4]. Profit Forecast and Valuation - The revenue forecasts for 2025, 2026, and 2027 are RMB 8.742 billion, RMB 10.252 billion, and RMB 12.168 billion, respectively, with corresponding net profits of RMB 343.84 million, RMB 450.64 million, and RMB 592.70 million [12][18]. - The company is valued at 6.0 times the 2026 price-to-sales ratio, reflecting strong growth prospects in its cloud computing business [5].

Core Viewpoint - The company reported a revenue of 3.009 billion yuan for the first half of 2025, marking an 11.16% year-on-year increase, while the net profit attributable to shareholders was -228 million yuan, a significant increase of 61.54% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.747 billion yuan, reflecting a 4.50% year-on-year growth, and turned a profit with a net profit of 22 million yuan [1] - The company's gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points compared to the same period last year [3] - The operating cash flow improved from -977 million yuan in the previous year to -235 million yuan, primarily due to increased sales receipts and better supply chain management [3] Group 2: Business Segments - The company's network security business generated 1.435 billion yuan in revenue, a slight increase of 2.61% year-on-year, with strategic areas like XDR and MSS showing faster growth [2] - The cloud computing and IT infrastructure business saw a revenue of 1.395 billion yuan, up 26.15% year-on-year, driven by domestic demand and product quality improvements [2] - The basic network and IoT business reported a revenue of 179 million yuan, down 11.62% year-on-year, mainly due to intensified competition in the enterprise wireless market [2] Group 3: Cost Management and Efficiency - The company implemented cost reduction and efficiency improvement measures, resulting in a 6.81% year-on-year decrease in sales, management, and R&D expenses [3] - The net profit margin improved significantly to -7.56%, an increase of 14.31 percentage points compared to the previous year [3] - The company achieved a turnaround in Q2 with a net profit, indicating effective cost management strategies [3] Group 4: Investment Outlook - As a leading player in network security and cloud computing in China, the company is expected to benefit from the surge in AI demand, leading to rapid growth in its cloud business [4] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.23, 1.88, and 2.45 respectively, with corresponding price-to-earnings (PE) ratios of 97.3, 63.8, and 48.9 [4]

Group 1 - The stock price of Tianrongxin closed at 8.22 yuan on August 7, 2025, down by 0.12 yuan, a decrease of 1.44% from the previous trading day [1] - The trading volume on that day was 310,225 hands, with a transaction amount of 255 million yuan [1] - Tianrongxin specializes in the field of cybersecurity, focusing on the research, sales, and services of cybersecurity products, including firewalls, situational awareness, and endpoint security [1] Group 2 - The company recently disclosed a collaboration with Huawei to launch the Tianrongxin Intelligent Computing Integrated Machine (Ascend version), which is powered by Huawei's Ascend AI chip [1] - The Tianrongxin Kunlun Xinchang product series, based on Huawei's Kunpeng architecture, includes 15 categories and 27 products such as firewalls, situational awareness, and hyper-convergence, all equipped with Huawei's Kunpeng processor chip [1] Group 3 - On August 7, the net outflow of main funds was 31.84 million yuan, accounting for 0.33% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 7.48 million yuan, representing 0.08% of the circulating market value [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is recognized as a leading domestic alternative to VMware in the hyper-converged infrastructure (HCI) market, achieving a market share of 20.2% in Q4 2024 and 17.5% for the entire year, making it the top player in China's HCI market [7] - The acquisition of VMware by Broadcom has led to increased costs and customer churn due to higher subscription fees and bundled sales, creating an opportunity for the company to capture market share [7] - The company has developed a competitive edge with its virtualization performance, comprehensive migration tools, and future-proof architecture that supports AI upgrades without requiring significant infrastructure changes [7] - Key clients, including Guojin Securities and Jianghuai Automobile, have successfully migrated their critical operations to the company's solutions, indicating strong market acceptance [7] - The company is expected to benefit from a strategic shift in market sales and organizational structure, with revenue forecasts for 2025 and 2026 adjusted to 82.50 billion and 91.13 billion yuan, respectively [7] Financial Data and Profit Forecast - Total revenue is projected to be 8,250 million yuan in 2025, with a year-on-year growth rate of 9.7% [6] - The net profit attributable to the parent company is expected to reach 372 million yuan in 2025, reflecting an 89.2% increase compared to the previous year [6] - Earnings per share are forecasted to be 0.88 yuan in 2025, with a projected return on equity (ROE) of 3.9% [6]

Core Viewpoint - Huawei successfully held the 2025 Shenzhen government and enterprise commercial market storage product promotion conference, focusing on the theme of "Advanced Storage in Pengcheng, Achieving Good Business" to share the benefits of the digital economy and seize opportunities in the digital age [1] Group 1: Storage Industry Transformation - The explosion of AI data is driving a transformation in the storage industry, with a significant increase in demand for processing unstructured data, marking a critical turning point for intelligent upgrades in storage [3] - Huawei continues to innovate by launching high-performance file storage, hyper-convergence, AI inference platforms, and data backup solutions to help partners seize new opportunities and expand market space [3][6] Group 2: Simplified All-Flash Data Center - Huawei's all-flash data center features "flash storage for all, one step to success," providing high performance, easy deployment, and low-cost storage solutions through full-stack technology integration [5][6] - The focus for 2025 will be on sectors such as healthcare, education, and manufacturing, aiming to create a market space worth billions [6] Group 3: Hyper-Convergence Technology - Hyper-convergence technology is becoming the mainstream model for building IT infrastructure due to its lightweight, efficient, secure, and intelligent management characteristics [8] - Huawei has introduced new virtualization integrated machines and software business models to strengthen its commercial market layout, including the FusionCube 1000V, which meets diverse customer needs from traditional virtualization to hyper-convergence [8] Group 4: Full Flash Transition - The digital transformation towards all-flash storage is accelerating in industries like finance, healthcare, and government, with expectations that by 2027, over 90% of global storage will be all-flash [12] - Huawei's new entry-level storage products, including the OceanStor Dorado series, are designed to facilitate a smooth transition from hybrid flash to all-flash environments [12] Group 5: Storage Management Software - Huawei has upgraded its DME IQ cloud management platform to provide a one-stop operational platform for partners and customers, addressing high delivery costs and service barriers [14] Group 6: Partner Ecosystem and Policies - Huawei emphasizes the importance of a robust partner ecosystem and supportive policies to drive industry progress, focusing on building a fair and sustainable cooperation environment [15] - The company implements a dual-driven approach of "certificate incentives + platform empowerment" to enhance partners' delivery capabilities [17][19]

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. ...