DPtech(300768) 新浪财经·2025-04-20 08:36Core Viewpoint - The company has achieved steady growth despite pressure in the domestic cybersecurity market, attributed to its strategic expansion over the past two years and the competitiveness of its products [1][4][8] Financial Performance - In 2024, the company reported revenue of 1.155 billion yuan, a year-on-year increase of 11.68%; net profit attributable to shareholders was 161 million yuan, up 27.26%; and net profit excluding non-recurring items was 148 million yuan, an increase of 24.06% [3][4] - For Q1 2025, revenue was 279 million yuan, a year-on-year increase of 9.57%, but net profit attributable to shareholders decreased by 16.60% to 31 million yuan, and net profit excluding non-recurring items fell by 13.17% to 29 million yuan [3][4] Cost and Expense Management - In 2024, the sales expense ratio was 37.17%, down 1.83 percentage points; R&D expense ratio was 23.07%, down 1.23 percentage points; management expense ratio was 3.79%, up 0.29 percentage points; and financial expense ratio was -4.59%, up 0.79 percentage points [5] - The total period expense ratio was 59.43%, down 1.98 percentage points, with net cash flow from operating activities reaching 328 million yuan, a year-on-year increase of 160.69% [5] Market Position and Product Competitiveness - The domestic cybersecurity hardware market faced challenges, with overall revenue in Q4 2024 at approximately 8.04 billion yuan, a year-on-year decline of 11.9%, and the total market size for 2024 at 21.02 billion yuan, down 6.5% [6] - The company ranks second in market share for high-end load balancing products, with box-type single machines exceeding 300G and frame-type machines reaching 800G throughput performance, widely used in high-value industries such as finance and power [7][8] Strategic Expansion and Future Outlook - The company has maintained a strong product lineup across various application scenarios, with high-end firewall and load balancing products showing strong competitiveness [8] - The introduction of DeepSeek is expected to drive rapid development in AI applications, creating new growth opportunities for the cybersecurity industry in China [6][8] - The company projects net profits attributable to shareholders of 201 million yuan, 249 million yuan, and 303 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 52X, 42X, and 34X, maintaining a "buy" rating [8]