深信服(300454)：Q4现金流表现优异 迎接AI新机遇

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]