Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.87 CNY based on a 2.65x PS multiple for 2026 [3][6]. Core Insights - The company is experiencing improved profitability primarily due to effective cost control, with a significant reduction in expense ratios [9]. - AI security is identified as the strategic core of the company, with the upcoming launch of the "Heng Nao 3.0" platform, which is expected to enhance product competitiveness [9]. - New business segments, particularly data security and MSS services, are showing rapid growth, with data security contracts increasing by nearly 25% year-on-year [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 2.126 billion, 2.306 billion, and 2.538 billion CNY, respectively, reflecting a growth rate of 4.1%, 8.5%, and 10.1% [3][5]. - The company is expected to achieve a net profit of 111 million CNY by 2027, with a significant turnaround from a net loss of 360 million CNY in 2023 [5][9]. - Gross margin is projected to decline slightly from 61.8% in 2023 to 58.3% by 2026, while net margin is expected to improve from -16.6% in 2023 to 4.4% in 2027 [5][9].