Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company reported a revenue of 4.634 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 3.63%. However, Q3 revenue showed a positive trend with a 2.77% increase year-on-year, amounting to 1.926 billion yuan. The net profit attributable to the parent company for Q3 was 0.12 billion yuan, a significant improvement of 54.76% year-on-year [3][4]. - The recovery in downstream demand is anticipated, supported by government fiscal policies aimed at stimulating growth and increasing domestic demand. The company expects a dual recovery in demand from both government and enterprise sectors, which together accounted for approximately 90% of its business in the first half of 2024 [4]. - The gross margin for Q3 was reported at 59.57%, down 6.55 percentage points year-on-year, primarily due to rising hardware procurement costs and intense market competition. However, there is an expectation of declining costs in the near future as prices for storage products have started to decrease [4][5]. - The company has strategically increased its inventory to 5.11 billion yuan, a year-on-year increase of 66.26%, to mitigate the impact of raw material price fluctuations. Operating cash flow for Q3 improved by 25.52% year-on-year, indicating a healthy cash recovery situation [5]. - The company launched significant new security products, including a data security platform and a distributed storage solution, which are expected to enhance operational efficiency and data protection capabilities [5]. Financial Summary - For 2024, the company forecasts total revenue of 7.733 billion yuan, with a slight year-on-year growth of 0.9%. The net profit is projected to be 0.254 billion yuan, representing a year-on-year increase of 28.6% [7]. - The gross margin is expected to recover to 62.1% in 2024, with a gradual improvement in subsequent years [7].

1、本次归属股份的上市流通日：2024 年 11 月 6 日（星期三），本次归属的 第二类限制性股票不设限售期。 2、本次归属股份数量：121,750 股，占公司目前总股本的 0.0290%。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 3、本次归属激励对象人数：18 人。 | 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-079 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 2022 年度限制性股票激励计划预留授予（第二批） 部分第一个归属期归属结果暨股份上市的公告 深信服科技股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开第 三届董事会第二十次会议及第三届监事会第十五次会议，审议通过了《关于 2022 年度限制性股票激励计划预留授予(第二批)部分第一个归属期符合归属条件及 作废部分限制性股票的议案》。近日，公司办理了 2022 年度限制性股票激励计 划（以下简称"2022 年度激励计划"或"本激励计划"）预留授予 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-080 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于信服转债转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1.债券代码：123210 债券简称：信服转债 2.调整前转股价格：111.26 元/股 3.调整后转股价格：111.24 元/股 4.转股价格调整生效日期：2024 年 11 月 6 日 本次可转债转股期自可转债发行结束之日（2023 年 8 月 2 日）满六个月后的 第一个交易日（2024 年 2 月 2 日）起至可转债到期日（2029 年 7 月 26 日）止。 (三)可转债转股价格的历次变动情况 本次发行的可转债初始转股价格为 111.74 元/股。 一、 可转债的基本情况 (一)可转债发行上市情况 经中国证券监督管理委员会《关于同意深信服科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1428 号）同意注册，深 信服科技 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2024-078 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、获取补助的基本情况 根据《财政部 国家税务总局关于软件产品增值税政策的通知》（财税 [2011]100 号）的有关规定，增值税一般纳税人销售其自行开发生产的软件产品 （含嵌入式软件），按法定税率征收增值税后，对其增值税实际税负超过 3%的 部分实行即征即退政策。深信服科技股份有限公司（以下简称"公司"）于近日 收到软件产品增值税退税款人民币 38,070,691.62 元，具体情况如下： 根据《企业会计准则第 16 号——政府补助》的相关规定，公司将与资产相 关的政府补助确认为递延收益，在相关资产使用寿命内按照合理、系统的方法分 期计入损益。对于公司收到的与收益相关的政府补助，若用于补偿以后期间的相 关成本费用或损失的，确认为递延收益，并在确认相关成本费用或损失的期间， 计入当期 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company achieved positive revenue growth in Q3 2024, with significant cost control measures leading to improved financial performance [2][3] - The company is expected to see continuous improvement in revenue and business growth driven by new initiatives in AI, overseas markets, and EDS [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 4.634 billion yuan, a year-on-year decrease of 3.63%, while the net profit attributable to shareholders was -580 million yuan, down 6.25% [1] - In Q3 2024, the company achieved revenue of 1.926 billion yuan, a year-on-year increase of 2.77%, and a net profit of 12 million yuan, a significant increase of 54.76% year-on-year [1][2] - The gross margin for the first three quarters of 2024 was 60.60%, a decrease of 4.51 percentage points compared to the same period last year, primarily due to the increase in cloud business revenue [2] - The company’s sales and R&D expense ratios for the first three quarters of 2024 were 41.04% and 35.17%, respectively, both showing a decrease compared to the previous year [2] Future Earnings Forecast - The company’s EPS for 2024-2026 is projected to be 0.64, 1.01, and 1.43 yuan, respectively, with corresponding P/E ratios of 104.09, 66.05, and 46.40 based on the closing price of 66.47 yuan on October 25 [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5] Core Views - The company's revenue showed signs of recovery in Q3, with a year-on-year increase of 2.77% to 1.926 billion yuan, indicating a positive trend [1][5] - The company has effectively controlled costs, with sales, management, and R&D expenses changing by -9.56%, +1.73%, and -5.78% respectively, leading to a positive outlook on contract liabilities which reached 1.445 billion yuan, up 11.58% year-on-year [1][5] - The company is actively investing in AI, launching new products that enhance data classification and risk assessment capabilities, which are expected to meet the growing demand for data security [1][5] Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 4.634 billion yuan, a decrease of 3.63% year-on-year, and a net profit attributable to shareholders of -580 million yuan, down 6.25% [1][5] - The gross margin for the first three quarters was 60.60%, a decline of approximately 4.5 percentage points compared to the previous year, primarily due to rising raw material costs [1][5] - The company forecasts revenue for 2024-2026 to be 8.031 billion yuan, 8.808 billion yuan, and 10.007 billion yuan respectively, with growth rates of 5%, 10%, and 14% [5][6]

证券研究报告 | 2024年10月25日 深信服（300454.SZ） 优于大市 三季度收入回暖，合同负责显示积极信号 三季度收入增速回正，经营逐季好转。2024 年前三季度公司收入 46.34 亿元 （-3.63%），归母净利润-5.80 亿元（-6.25%），扣非归母净利润-6.51 亿 元（-8.18%）。季度逐步好转，Q3 收入 19.26 亿元（+2.77%），增速回正； 归母净利润 0.12 亿元，扣非归母净利润 0.04 亿元，同比均有所增长。 控费效果持续显现，合同负债数据积极。公司销售、管理、研发费用变化为 -9.56%、+1.73%、-5.78%，整体费用控制较好。合同负责达到 14.45 亿元， 同比增长 11.58%。前三季度上游原材料涨价影响毛利率和现金流。公司前三 季度毛利率 60.60%，同比去年下降约 4.5 个百分点。上游存储等原材料涨价 对公司影响较大，因为公司超融合等一体机设备交付，存储是其重要成本环 节之一。公司为了应对部分原材料价格的上涨，也采取了提前备货等策略， 因此存货、预付款均有较大增长，也一定程度影响了公司现金流。 持续创新，在 AI 领域积极投入。在公司近期 ...

23/1023/1123/1224/0224/0324/0424/0524/0624/0724/0824/0924/10 深信服(300454) 报告日期：2024 年 10 月 25 日 基本面筑底中 ——深信服 2024 三季报点评 投资要点： ❑ 我们认为公司基本面呈现筑底信号：1）收入增速连续三个季度环比改善；2） 毛利率虽然承压，但从费用控制层面被部分对冲；3）利润、现金流环比持续改 善。 ❑ Q3 单季度收入增速连续第三个季度环比改善 公司发布 2024 年三季报，2024 年前三季度实现营业收入 46.34 亿元，同比下降 3.63%；归母净利润-5.8 亿元，同比下降 6.25%，扣非后归母净利润-6.51 亿元， 同比下降 8.18%。 单 Q3而言，2024Q3实现营业收入 19.26亿元，同比增长 2.77%；归母净利润 0.12 亿元，同比增长 54.76%，扣非后归母净利润 0.04 亿元，实现同比扭亏为盈。值 得强调的是，公司 Q3 单季度收入恢复正增长，连续第三个季度环比改善。 ❑ 采购成本上升导致毛利继续承压 公司 24Q3 毛利率 59.57%，较 23Q3 同比下降 6.5 ...

部分限制性股票作废、2022 年度限制性股票激励计划预留授予（第二批） 北京市金杜（深圳）律师事务所 关于深信服科技股份有限公司 2020 年度限制性股票激励计划预留授予部分第三个归属期条件成就及 部分第一个归属期条件成就及部分限制性股票作废事项的 法律意见书 致：深信服科技股份有限公司 北京市金杜（深圳）律师事务所（以下简称"金杜"或"本所"）接受深信服 科技股份有限公司（以下简称"公司"）委托，作为公司 2020 年度限制性股票激 励计划（以下简称"2020 年度激励计划"）、2022 年度限制性股票激励计划（以 下简称"2022 年度激励计划"）的专项法律顾问，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股权 激励管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上 市规则》（以下简称"《上市规则》"）、《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理》等相关法律、法规、部门规章、规范性文件（以 下简称"法律法规"）以及现行《深信服科技股份有限公 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,926,233,932.54, representing a 2.77% increase year-over-year[3] - Net profit attributable to shareholders was ¥12,283,340.43, a significant increase of 54.76% compared to the same period last year[3] - The net profit excluding non-recurring gains and losses was ¥3,647,745.72, up 126.89% year-over-year[3] - Operating revenue decreased by 3.63% to CNY 4,633,572,262.79, attributed to a slow recovery in the domestic macroeconomic environment and cautious IT investment from downstream customers[10] - Total operating revenue for Q3 2024 was approximately CNY 4.63 billion, a decrease of 3.64% compared to CNY 4.81 billion in Q3 2023[17] - The net profit for the third quarter of 2024 was -579,833,937.62 CNY, compared to -545,714,309.17 CNY in the same period last year, reflecting an increase in net loss of approximately 6.5%[18] - Operating profit for the quarter was -580,641,790.07 CNY, slightly worse than -560,643,842.93 CNY in the previous year, indicating a decline of about 3.5%[18] - The company reported a total comprehensive income of -458,691,758.73 CNY, compared to -366,103,477.60 CNY in the previous year, reflecting a worsening of approximately 25.3%[18] - The basic and diluted earnings per share were both -1.38 CNY, compared to -1.31 CNY in the same quarter last year[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,778,843,699.55, down 8.32% from the end of the previous year[3] - Shareholders' equity decreased to ¥8,301,743,188.96, a decline of 5.72% compared to the previous year[3] - Total liabilities decreased to approximately CNY 5.48 billion from CNY 6.22 billion, indicating improved financial stability[16] - The company's equity attributable to shareholders decreased to approximately CNY 8.30 billion from CNY 8.80 billion, reflecting a decline in retained earnings[16] - Long-term receivables decreased to approximately CNY 133.83 million from CNY 155.60 million, indicating a reduction in long-term financing[15] Cash Flow - The company reported a net cash flow from operating activities of -¥731,028,446.71, reflecting a significant decrease of 698.23% year-over-year[3] - Cash flow from operating activities showed a significant decrease, with net cash flow from investment activities dropping by 698.23% to CNY 1,404,702,947.61[10] - Cash flow from operating activities showed a net outflow of -731,028,446.71 CNY, compared to -91,581,626.86 CNY in the previous year, indicating a significant deterioration in cash flow[19] - Cash flow from investment activities generated a net inflow of 1,404,702,947.61 CNY, a recovery from a net outflow of -1,318,488,482.45 CNY in the same period last year[19] - The cash outflow from financing activities was 1,507,650,517.62 CNY, compared to 885,267,837.30 CNY in the previous year, indicating increased cash usage for financing[20] Inventory and Assets Management - Inventory increased by 33.49% to ¥511,053,068.59, driven by strategic stocking in response to rising raw material prices[7] - The total current assets decreased from CNY 6,952,556,513.50 to CNY 5,670,156,815.04, a decline of approximately 18.4%[14] - Cash and cash equivalents increased from CNY 737,203,408.21 to CNY 802,024,258.63, representing a growth of about 8.8%[14] - Accounts receivable decreased significantly from CNY 882,321,623.53 to CNY 511,653,797.25, a reduction of approximately 42.0%[14] - The trading financial assets decreased from CNY 2,013,253,780.06 to CNY 647,099,725.61, a drop of approximately 67.8%[14] - Other current assets increased from CNY 519,092,466.71 to CNY 750,908,430.09, an increase of about 44.5%[14] - The company reported a significant increase in prepayments from CNY 29,495,782.73 to CNY 98,700,012.44, a growth of approximately 234.5%[14] Strategic Initiatives - The company is focusing on expanding its market presence and enhancing product development to drive future growth[14] - The management provided optimistic guidance for the upcoming quarters, emphasizing strategic initiatives and potential acquisitions[14] - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[17] Other Financial Metrics - The weighted average return on equity was 0.15%, an increase of 0.05% compared to the previous year[3] - Investment income rose by 84.82% to CNY 75,897,013.62, primarily from the transfer of equity in Shenzhen Pocket Network Technology Co., Ltd.[10] - Research and development expenses decreased by 5.78% to CNY 1,629,397,432.73, reflecting ongoing cost reduction and efficiency improvement measures[10] - Other comprehensive income increased by 122.04% to CNY 220,410,423.02, mainly due to the rise in the stock price of China Telecom[9] - The company experienced a decrease in other comprehensive income after tax, which was 121,142,178.89 CNY, down from 179,610,831.57 CNY year-over-year[18]