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]

Core Viewpoint - In 2024, the company achieved operating revenue of 7.52 billion yuan, a year-on-year decrease of 1.86%, and a net profit attributable to shareholders of 197 million yuan, a year-on-year decrease of 0.49% [1][2] - In the first quarter of 2025, the company achieved operating revenue of 1.26 billion yuan, a year-on-year increase of 21.91%, and a net profit attributable to shareholders of -250 million yuan, a year-on-year reduction in loss of 48.93% [1][2] - As of the end of the first quarter of 2025, the company's contract liabilities reached 1.43 billion yuan, a year-on-year increase of 16.36%, which may provide momentum for future growth [1][5] Financial Performance - In 2024, the company's operating revenue was 7.52 billion yuan, with a net profit of 197 million yuan and a non-recurring net profit of 77 million yuan, reflecting a decline of 1.86%, 0.49%, and 30.45% year-on-year respectively [2][3] - In Q4 2024, the company reported operating revenue of 2.89 billion yuan, a year-on-year increase of 1.13%, and a net profit of 777 million yuan, a year-on-year increase of 4.46% [3] - In Q1 2025, the company achieved significant revenue growth of 1.26 billion yuan, with a net profit of -250 million yuan, marking a substantial reduction in loss [3] Business Segments - In 2024, the company's cybersecurity product revenue was 3.63 billion yuan, a year-on-year decrease of 6.75%, while cloud computing and IT infrastructure revenue was 3.38 billion yuan, a year-on-year increase of 9.51% [4] - The company’s focus on strategic businesses like XDR and MSS has led to faster growth despite overall industry weakness [4] - The company’s cloud business orders continued to grow well in Q1 2025, driven by the AICP computing platform addressing enterprise private model deployment challenges [4] Customer Demand and Future Outlook - In 2024, the company's enterprise customer revenue grew by 1.82%, supported by resilient IT construction demand [5] - As of Q1 2025, the company's contract liabilities reached 1.43 billion yuan, indicating potential for future growth [5] - The company expects operating revenues for 2025-2027 to be 8.27 billion, 9.43 billion, and 10.93 billion yuan, with corresponding net profits of 398 million, 536 million, and 696 million yuan, reflecting significant growth rates [1][5]

由于今年一季度云业务订单增速较高，叠加去年同期收入基数较低，公司一季度收入增速显著提升。 2025 年一季度公司毛利率达60.38%，较上年同期提高2.20 个百分点。在利润端，公司持续推行的降本 增效举措效果显著，今年一季度公司销售、管理、研发费用率分别较上年同期降低14.72、2.02、12.72 个百分点，受益于此，一季度公司净利率为-19.78%，较上年同期大幅提高27.45 个百分点。此外，2025 年一季度公司经营性净现金流-8.31 亿元，同比增长28.00%，主要是由一季度产品销售收到的现金增加 以及购买原材料支付的货款减少所致。 AICP 算力平台是今年公司的重点发力产品，并有望推动营收持续改善。 事件描述 4 月24 日，公司发布2025 年一季报，其中，2025 年一季度公司实现收入12.62 亿元，同比增长 21.91%；一季度实现归母净利润-2.50 亿元，同比高增48.93%，实现扣非净利润-2.61 亿元，同比高增 48.75%。 事件点评 云业务推动公司营收增长明显加速，持续降本增效下净利润大幅减亏。 公司作为国内网络安全及云计算领导厂商，AI 需求爆发有望带动公司云业务高速增 ...