Core Viewpoint - The company reported a slight decline in revenue and net profit for 2024, while showing strong growth in cloud computing and IT infrastructure segments, particularly in hyper-converged infrastructure products [1][2]. Financial Performance - The company's total revenue for 2024 was 7.52 billion yuan, a year-on-year decrease of 1.86% [1]. - The net profit attributable to shareholders was 197 million yuan, reflecting a minor decline of 0.49% year-on-year [1]. - Revenue from the cybersecurity business was 3.63 billion yuan, down 6.75% year-on-year [1]. - Revenue from cloud computing and IT infrastructure reached 3.38 billion yuan, marking a growth of 9.51% year-on-year [1]. - The basic network and IoT business generated 506 million yuan, a significant decrease of 25.53% year-on-year [1]. Market Position - The company maintained a stable industry position, ranking first in the hyper-converged market in China with a market share of 17.5% in 2023, which increased to 18.8% in Q3 2024 [1]. - In Q3 2024, the company's EDS storage held an 11.1% market share, ranking fourth in the Chinese file storage market [1]. - The company's XDR platform was recognized as a "leader" in the market, and its managed security services (MSS) have been ranked first in the remote managed security service market for seven consecutive years [1]. Product Development - In October 2024, the company launched version 4.0 of its data security model, which automates the classification and grading of static and flowing data, significantly improving efficiency [2]. - The next-generation firewall, enhanced by AI, was released, providing industry-leading protection against new threats such as mining, malware, and advanced persistent threats (APT) [2]. Investment Outlook - The company is expected to continue performing well in the cybersecurity and cloud computing sectors, with projected EPS of 0.77, 1.00, and 1.50 yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [2].

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-029 | | --- | --- | --- | | 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 2025 年第一季度可转换公司债券 转股情况的公告 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： 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)可转债转股价格及调整情况 3、截至 2025 年 3 月 31 日，"信服转债"的债券余额为 12,146,576 张，剩 余票面总金额为 1,214,657,600 元。 根据《深圳证券交易所创业板股票上市规则》的有关规定，深信服科技股份 有限公司（以下简称"公司"）现将 2025 年第一季度可转换公司债券转股及公 司总股本变化情况公告如下： 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 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于回购股份进展情况的公告 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。 深信服科技股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日召开第 三届董事会第二十六次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分社会公众股份（以下简称 "本次回购"），用于实施员工持股计划或股权激励计划。本次回购的资金总额 不低于人民币 1 亿元且不超过人民币 2 亿元（均含本数），回购价格不超过人民 币 80 元/股（含本数），具体回购股份的数量及占公司总股本的比例以回购期届 满或回购完毕时公司实际回购的股份数量和占公司届时总股本的比例为准。本次 回购实施期限为自公司董事会审议通过本次回购股份方案之日起不超过 12 个月。 具体内容详见公司在指定信息披露媒体巨潮资讯网（www.cninfo.com.cn ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Insights - The company reported a revenue of 7.51976 billion yuan and a net profit attributable to shareholders of 196.87 million yuan for 2024, with a 9.51% year-on-year growth in cloud computing business [1][4] - The operating cash flow reached 812 million yuan, exceeding expectations, indicating strong operational and financial management [1] - The company focuses on long-term product value innovation, with a 20.35% year-on-year increase in contract liabilities, reflecting growth in XaaS business [2] - The EDS and AICP computing platforms are expected to drive rapid growth in cloud business, with significant market share potential [3] Financial Performance Summary - Revenue for 2024 is projected at 7.51976 billion yuan, with a slight decline of 1.86% from 2023 [5] - The net profit for 2024 is estimated at 196.87 million yuan, a decrease of 0.49% compared to 2023 [5] - The company anticipates revenue growth of 10% in 2025, reaching 8.27173 billion yuan, and a significant profit increase of 106.3% to 406.13 million yuan [4][5] - The EBITDA for 2024 is projected at 176 million yuan, with a significant increase expected in subsequent years [5] Market Position and Growth Potential - The company is positioned as a leader in the hyper-converged market, with a first-place market share expected in Q3 2024 [3] - The focus on large clients and the enhancement of security product capabilities are seen as key growth drivers [2] - The company aims to balance operational quality and growth, reflecting a strong commitment to long-term strategies [1]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][18]. Core Viewpoints - The company reported a revenue of 7.51976 billion yuan and a net profit attributable to shareholders of 196.87 million yuan for 2024, with a 9.51% year-on-year growth in cloud computing business [1][4]. - The operating cash flow reached 812 million yuan, exceeding expectations, indicating strong operational and financial management capabilities [1]. - The company focuses on long-term product value innovation, with a 20.35% year-on-year increase in contract liabilities, reflecting growth in XaaS business and significant contributions from large clients [2]. - The EDS and AICP computing platforms are expected to drive rapid growth in the cloud business, with the company aiming for software value innovation [3]. Financial Data Summary - Revenue for 2024 is projected at 7.51976 billion yuan, with a growth rate of -1.86% compared to 2023 [5]. - The net profit for 2024 is estimated at 196.87 million yuan, showing a slight decrease of 0.49% from the previous year [5]. - The company anticipates revenues of 8.27173 billion yuan, 9.51249 billion yuan, and 10.43806 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 10%, 15%, and 9.73% [4][5]. - The EBITDA for 2024 is projected at 176 million yuan, with significant increases expected in subsequent years [5]. Market Position and Strategy - The company is positioned as a leader in the hyper-converged market, with a first-place market share expected in Q3 2024 according to IDC data [3]. - The focus on large clients and the enhancement of security product capabilities are seen as key drivers for future growth [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company is expected to face a slight decline in revenue in 2024, with projected revenue of 7.52 billion yuan, a decrease of 1.86% compared to 2023. However, net profit is expected to remain stable at 197 million yuan, down only 0.49% [7][3] - The company has shown resilience in its enterprise customer segment, with revenue from enterprise clients reaching 3.49 billion yuan, an increase of 1.82%. The cloud business has also demonstrated steady growth, with revenue of 3.38 billion yuan, up 9.51% [2][3] - The company has launched upgraded versions of its security models, which are expected to drive growth in its AICP and cloud services, indicating a positive outlook for future performance [2][3] Summary by Sections Financial Performance - In 2024, the company is projected to generate revenue of 75.20 billion yuan, with a slight decline of 1.86%. The net profit is expected to be 1.97 billion yuan, down 0.49%, while the non-recurring net profit is forecasted at 0.77 billion yuan, a decrease of 30.45% [7][3] - For Q4 2024, the company reported revenue of 28.86 billion yuan, an increase of 1.13%, and a net profit of 7.77 billion yuan, up 4.46% [7][3] - The overall gross margin for 2024 is expected to be 61.47%, a decrease of 3.66 percentage points from 2023, primarily due to increased competition and a higher proportion of cloud computing business [11][3] Business Segments - Revenue from enterprise customers is 34.87 billion yuan, up 1.82%, while revenue from government and public institutions is 32.97 billion yuan, down 3.85%. Revenue from financial and other clients is 7.36 billion yuan, down 8.99% [2][3] - The security business revenue is 36.29 billion yuan, down 6.75%, while the cloud business revenue is 33.84 billion yuan, up 9.51% [2][3] Future Outlook - The company maintains an "Outperform the Market" rating, with adjusted revenue forecasts for 2024-2026 at 83.21 billion yuan, 93.46 billion yuan, and 107.40 billion yuan, representing growth rates of 10.7%, 12.3%, and 14.9% respectively [3][16] - The net profit forecasts for the same period are 4.75 billion yuan, 7.64 billion yuan, and 10.09 billion yuan, indicating a significant recovery in profitability [3][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance met expectations, with a slight decline in revenue and net profit, but a rebound in fundamentals is anticipated for 2025 due to factors such as increased demand for hyper-converged and AICP platforms driven by large model deployments, significant improvement in advance payments, and stabilization of expenses [2][10] - The cybersecurity business is under short-term pressure, while the cloud computing business continues to grow well, with a 9.51% year-on-year increase in revenue [3][11] - The company has seen a notable improvement in advance payments, which is expected to positively influence revenue trends in 2025 [10] Revenue Breakdown - In 2024, the company's revenue by business segment was as follows: - Cybersecurity: 36.29 billion yuan, down 6.75% - Cloud Computing: 33.84 billion yuan, up 9.51% - Enterprise Wireless: 5.06 billion yuan, down 25.53% [3] - Revenue by downstream industry in 2024: - Enterprise: 34.87 billion yuan, up 1.82% - Government and Institutions: 32.97 billion yuan, down 3.85% - Finance and Others: 7.36 billion yuan, down 8.99% [4] Expense Management - The company's total sales, research, and management expenses in Q4 2024 were 11.88 billion yuan, down 3% year-on-year and down 7.6% from Q3 2024, indicating ongoing improvement [4] Future Earnings Forecast - The company expects to see revenue growth in 2025, with projected revenues of 81.25 billion yuan, 91.15 billion yuan, and 102.72 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 3.46 billion yuan, 5.66 billion yuan, and 6.94 billion yuan [12]

Core Viewpoint - The company maintains a positive outlook on long-term development, reiterating a "buy" rating based on its leadership in the cloud and cybersecurity sectors and long-term growth potential [1] Financial Performance - In 2024, the company achieved operating revenue of 7.52 billion, a year-on-year decline of 1.86%, and a net profit attributable to shareholders of 197 million, down 0.49% year-on-year [2] - The company's core net profit, excluding non-recurring items, was 76.82 million, reflecting a significant year-on-year decrease of 30.45% [2] - Revenue breakdown shows cybersecurity business revenue at 3.63 billion, down 6.75% year-on-year; cloud computing and IT infrastructure revenue at 3.38 billion, up 9.51% year-on-year; and basic network and IoT business revenue at 506 million, down 25.53% year-on-year [2] - The overall gross margin for 2024 was 61.47%, a decrease of 3.66 percentage points, influenced by intense domestic competition and changes in business structure [2] - The company successfully reduced total operating expenses (R&D, sales, and management) by approximately 6.25% [2] - Notably, the net cash flow from operating activities for the year was 812 million, with Q4 alone reaching 1.54 billion, a year-on-year increase of 48.62%, marking a historical high [2] Strategic Developments - The company announced a comprehensive upgrade to its cloud services towards AI, transitioning from traditional business platforms to intelligent computing platforms, compatible with the latest large models including DeepSeek [3] - A new AI service catalog has been launched, allowing users to quickly access AI capabilities through subscriptions [3] - The introduction of an AI application innovation platform aims to simplify the development and operation of AI applications, enhancing the performance of large model applications and reducing overall usage costs [3] - The shift towards AI positions the company as a leading provider of AI infrastructure in China, with strong demand for private deployment of large models, indicating a new era of development for the company [3]

计算机/软件开发 深信服（300454.SZ） 2025 年 03 月 30 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(元) | 103.01 | | 一年最高最低(元) | 142.00/42.70 | | 总市值(亿元) | 434.58 | | 流通市值(亿元) | 286.60 | | 总股本(亿股) | 4.22 | | 流通股本(亿股) | 2.78 | | 近 3 个月换手率(%) | 243.5 | 股价走势图 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 深信服 沪深300 数据来源：聚源 费用管控成效突出，Q4 现金流表现优异 相关研究报告 《全面向 AI 升级，迎来发展新机遇— 公司信息更新报告》-2025.2.23 《业绩符合预期，现金流表现优异— 公司信息更新报告》-2024.4.10 Q4 现金流表现优异，迎接 AI 新机遇 ——公司信息更新报告 陈宝健（分析师） 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 高度看好公司 ...

证券研究报告 深信服 (300454 CH) 深度受益 AI infra 建设 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 30 日│中国内地 | 计算机应用 | 公司发布 2024 年年度报告，实现营业收入 75.2 亿元，同比下降 1.86%， 实现归母净利润 1.97 亿元，同比下降 0.49%。其中，24Q4 营业收入 28.86 亿元，同比增长 1.13%，归母净利润 7.77 亿元，同比增长 4.46%。2024 年经营性现金流 8.12 亿元，造血能力保持行业领先。公司在国际市场实现 收入 4.81 亿元，同比增长 39.09%，国际竞争力持续提升。我们预计随着 25 年本地部署 DeepSeek 等大模型需求加速释放，有望带动公司云业务增 长提速，维持买入评级。 毛利率受原材料成本上涨影响，人效显著提升 2024 年公司全年毛利率为 61.47%，同比下降 3.67pct，主要由于原材成本 上涨所致。网络安全业务收入为 36.29 亿元，同比-6.75%，毛利率 79.31%， 同比-1.93pct；云计算及 I ...