Investment Rating - The report assigns a "Buy-A" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [2][3]. Core Views - The company has demonstrated robust revenue growth, with a 13.63% year-on-year increase in revenue for the first half of 2024, reaching 502 million yuan, and a 32.09% increase in net profit, amounting to 52 million yuan [2][3]. - The company's main business line, network security products, has been a significant driver of revenue growth, achieving a 12.55% increase in revenue to 366 million yuan in the first half of 2024 [3]. - The company is expected to continue growing alongside the development of the security industry, leveraging self-developed hardware and promoting application delivery products to enhance profitability [3]. Financial Performance - For the first half of 2024, the company reported a gross margin of 68.54%, an increase of 1.07% year-on-year, primarily due to improved margins in application delivery and network products [3]. - The company’s net profit margin reached 10.36%, up 1.45% year-on-year, reflecting effective cost control measures [3]. - The forecasted earnings per share (EPS) for 2024-2026 are projected to be 0.24, 0.30, and 0.37 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 47.71, 38.48, and 31.18 [3][5]. Market Segmentation - Government client revenue reached 161 million yuan in the first half of 2024, a year-on-year increase of 13.54%, with a gross margin of 78.94% [1]. - Revenue from operator clients was 135 million yuan, a decrease of 10.37% year-on-year, primarily due to the timing of revenue recognition [1]. - Public utility client revenue grew by 7.94% year-on-year, reaching 84 million yuan, making it the company's third-largest downstream sector [1].

| 序号 | 账户名称 | 开户机构 | 账号 | 中国建设银行股份有限公 | | --- | --- | --- | --- | --- | | 1 | 杭州迪普科技股份有限公司 | 33050261622700000116 | 司杭州吴山支行 | | 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》及 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律 法规的相关规定，上述账户将专用于暂时闲置募集资金进行现金管理的结算，不会用于 存放非募集资金或用作其他用途。 特此公告。 杭州迪普科技股份有限公司 证券代码：300768 证券简称：迪普科技 公告编号：2024-050 杭州迪普科技股份有限公司 关于开立募集资金现金管理专用结算账户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 杭州迪普科技股份有限公司（以下简称"公司"）于2024年8月5日召开的第三届董 事会第七次会议及第三届监事会第七次会议，审议通过了《关于使用暂时闲置募集资金 及自有资金进行现金管理的议案》，同意根据公司（含全资子公司杭州 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][7]. Core Insights - The company achieved steady revenue growth with a total revenue of 502.46 million yuan in the first half of 2024, representing a year-on-year increase of 13.63%. The net profit attributable to shareholders reached 52.06 million yuan, up 32.09% year-on-year [3]. - The company continues to deepen its business with the three major telecom operators and has seen rapid growth in the government sector, with revenue from government clients reaching 161 million yuan, a year-on-year increase of 13.54% [4]. - The integration of AI technology is enhancing the company's cybersecurity capabilities, significantly improving efficiency in threat detection and response [5]. Financial Performance - The company reported a net cash flow from operating activities of 57.82 million yuan, a substantial increase of 190.93% year-on-year [3]. - Revenue from cybersecurity products was 366 million yuan, with a gross margin of 71.04%, while application delivery and network products generated 93 million yuan, with a gross margin of 60.66%, reflecting a 10.49 percentage point increase [3]. - The forecast for revenue from 2024 to 2026 is projected to be 1.208 billion, 1.384 billion, and 1.550 billion yuan, respectively, with net profits expected to be 157.18 million, 200.40 million, and 246.32 million yuan [6][9]. Market Position - The company is recognized as a leading provider of comprehensive cybersecurity products and operational solutions, with a strong presence in various sectors including government, telecommunications, and public utilities [4][5]. - The company has established itself as a strategic partner in the electronic government security field, providing robust cybersecurity solutions to multiple government agencies [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported a revenue of 502 million yuan for the first half of 2024, representing a year-on-year growth of 13.63%. The net profit attributable to shareholders was 52 million yuan, up 32.09% year-on-year, while the net profit excluding non-recurring items was 46 million yuan, also up 32.34% year-on-year. The gross margin stood at 68.54%, an increase of 1.06 percentage points year-on-year [2][5] - In Q2 2024, the company achieved a revenue of 248 million yuan, a year-on-year increase of 17.42%. The net profit attributable to shareholders was 15 million yuan, a significant increase of 127.23% year-on-year, and the net profit excluding non-recurring items was 13 million yuan, up 266.38% year-on-year. The gross margin for this quarter was 67.66%, up 2.62 percentage points year-on-year [2][5] Financial Performance Summary - For the first half of 2024, government client revenue was 161 million yuan, a year-on-year increase of 13.54%, while operator client revenue was 135 million yuan, a year-on-year decrease of 10.37%. Public utility client revenue was 84 million yuan, up 7.94% year-on-year [6] - The company’s sales expenses for the first half of 2024 were 192 million yuan, an increase of 3.71% year-on-year, while management expenses were 21 million yuan, up 18.95% year-on-year. R&D expenses were 128 million yuan, a growth of 5.33% year-on-year [6] - The company is expected to achieve revenues of 1.259 billion yuan, 1.563 billion yuan, and 1.928 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.76%, 24.18%, and 23.35% [6][10] Valuation Metrics - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.26 yuan, 0.34 yuan, and 0.44 yuan respectively, with a three-year compound annual growth rate (CAGR) of 30.49% [6][10] - The price-to-earnings (P/E) ratio is expected to decrease from 50.6 in 2022 to 27.0 by 2026, indicating a more favorable valuation over time [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 502 million yuan for the first half of 2024, representing a year-on-year growth of 13.63%. The net profit attributable to shareholders was 52 million yuan, up 32.09% year-on-year [2] - The government sector showed strong performance, benefiting from a counter-cyclical expansion strategy, with revenue of 161 million yuan, a year-on-year increase of 13.54% [3] - The company's gross margin improved to 68.54% in the first half of 2024, an increase of 1.07 percentage points year-on-year, driven by a significant rise in the gross margin of application delivery products [4] - The company has been executing an orderly expansion strategy since 2022, with a notable increase in R&D and sales personnel, which is expected to sustain growth in 2024 [5] - Revenue projections for 2024-2026 are estimated at 1.227 billion, 1.437 billion, and 1.652 billion yuan, with corresponding net profits of 158.56 million, 191.82 million, and 237.95 million yuan, reflecting growth rates of 25.21%, 20.98%, and 24.05% respectively [6] Summary by Sections Financial Performance - The company achieved a revenue of 502 million yuan in H1 2024, with a net profit of 52 million yuan, marking a 32.09% increase year-on-year [2] - The gross margin for H1 2024 was 68.54%, up 1.07 percentage points from the previous year, attributed to improved cost advantages from self-developed hardware [4] Sector Performance - Government sector revenue reached 161 million yuan, growing 13.54% year-on-year due to increased market coverage from strategic investments [3] - The operator sector revenue was 135 million yuan, down 10.37%, influenced by project delivery delays [3] - Public utility sector revenue was 84 million yuan, up 7.94%, driven by high investment in security from key infrastructure industries [3] Strategic Initiatives - The company has been implementing a counter-cyclical expansion strategy since 2022, resulting in a 10.66% increase in R&D personnel and a 28.97% increase in sales personnel [5] - The company is expected to maintain a good growth trend in 2024 due to ongoing optimization in resource allocation, market development, and operational efficiency [5] Earnings Forecast - Projected revenues for 2024-2026 are 1.227 billion, 1.437 billion, and 1.652 billion yuan, with net profits of 158.56 million, 191.82 million, and 237.95 million yuan, indicating strong growth potential [6]

迪普科技 20240806 和利息到期时间的影响。 我们聚焦是运营商、金融和能源三个行业。现在信创已经到了器件层面，我们有 底层硬件，面对这种情况可以做出非常有竞争力的产品。比如电力的国网，我们 看到目前在有序做一些国产替换。运营商采购的国外的设备也在部分做有序替换。 政府市场是最大的单一市场，但特点是受财政资金影响，确实目前受宏观经济影 响丌会太好，但宏观环境好坏和我们的扩张没关系，我们在政府行业，尤其是今 年上半年看到政府行业增速还是相对比较快的，因为政府行业特别大也足够分散， 我们过去在政府行业投入相对少一些，现在肯定要逆势扩张，业务逆势增长。而 且政府行业也丌短有项目出来，从我们感觉下半年也会有一些特别国债出来的话， 对信息安全行业还是有拉劢的。公安、交通我们也在发展。另外海外，我们今年 初就探索海外业务，4 月份参加了迪拜的会展，目前看有一些机会，但对业务丌 会有拉劢，目前还是投入阶段。 上半年收入同比增长 13.63%，二季度增速环比是加快了，销售费用和管理费用 | --- | |----------------------------------------------------------- ...

证券代码：300768 证券简称：迪普科技 编号：2024-004 杭州迪普科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------|-------------------|-----------------------|------------| | 投资者关系活动类 | □特定对象调研 | □分析师会议 □媒体采访 | 业绩说明会 | | 别 | □新闻发布会 | □路演活动 □现场参观 | □其他 | | 参与单位 | | | | | 名称及人 | 详见附件 | | | | 员姓名 | | | | | 时间 | 2024 年 8 月 6 日 | | | 地点 在线会议 董事、总经理、董秘：邹禧典 上市公司 接待人员 姓名 市场部总裁：徐卫武 财务总监：夏蕾 一、公司经营情况综述 | --- | |-------------------------------------------------------------------------------| | 在有序扩张的战略引领下，公司坚持创新，持续对"一体两翼"的产品体系进行 ...

杭州迪普科技股份有限公司 第三届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300768 证券简称：迪普科技 公告编号：2024-047 2.审议通过《关于公司2024年半年度募集资金存放与使用情况专项报告的议案》 公司严格按照《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 一、董事会会议召开情况 杭州迪普科技股份有限公司（以下简称"公司"）第三届董事会第七次会议的会议 通知于2024年7月25日以口头、书面、电话、电子邮件等方式发出。本次会议于2024年8 月5日在公司会议室以现场与通讯表决相结合的方式召开。 本次会议应出席董事9人，实际出席董事9人。本次会议由董事长郑树生主持，监事 及高级管理人员列席了会议。本次会议符合《公司法》《公司章程》等有关规定。 二、董事会会议审议情况 经董事审议，以投票表决方式通过了以下决议： 1.审议通过《关于公司2024年半年度报告及其摘要的议案》 公司2024年半年度报告及其摘要的编制程序符合法律、行政法规及其他有关规定， 报告内容真实、准确、完整地反映了公司的经营情况 ...

杭州迪普科技股份有限公司 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》以及《深圳证券交易所 创业板上市公司自律监管指南第 2 号——公告格式》的相关规定，本公司就 2024 年半 年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 (一)实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于同意杭州迪普科技股份有限公司向特定对象发行 股票注册的批复》（证监许可〔2021〕616 号）核准，公司向特定对象发行人民币普通 股（A 股）29,242,293 股，发行价格为 34.71 元/股，募集资金总额为 1,014,999,990.03 元，扣除承销商发行费用人民币 10,149,999.90 元，减除其他与发行权益性证券直接相 关的外部费用人民币 1,437,874.03 元，实际募集资金净额为 1,003,412,116.10 元。 上述募集资金到位情况已经立信会计师事务所（特殊普通合伙）审验并出具信会 ...

证券代码：300768 证券简称：迪普科技 公告编号：2024-048 杭州迪普科技股份有限公司 第三届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 二、监事会会议审议情况 经与会监事审议，以投票表决方式通过以下决议： 1.审议通过《关于公司2024年半年度报告及其摘要的议案》 经审核，监事会认为：董事会编制和审核公司2024年半年度报告及其摘要的程序符 合法律、法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的经 营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见在深圳证券交易所网站（http://www.szse.cn）及巨潮资讯网 （http://www.cninfo.com.cn）上披露的《2024年半年度报告》《2024年半年度报告摘 要》。 表决结果：同意3票、反对0票、弃权0票。 2.审议通过《关于公司2024年半年度募集资金存放与使用情况专项报告的议案》 经审议，监事会认为：本专项报告真实、准确、完整地反映了公司2024年半年度募 集资金存放与使用情况，不存在虚假记载、误导性陈述或重大 ...