Topsec(002212) 开源证券·2024-08-19 09:30Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company is experiencing rapid growth in new businesses and directions, leading to a significant improvement in operational quality [1] - The company is a leading provider in network security, big data, and cloud services, with a forward-looking layout in cloud security, AI, and data security [4] - The company reported a narrowing loss in net profit year-on-year, indicating improved performance despite a decline in overall revenue [5] Financial Performance Summary - The company achieved a revenue of 873 million yuan in the first half of 2024, a year-on-year decrease of 13.07%, with a net profit attributable to shareholders of -206 million yuan, a narrowing loss compared to the previous year [5] - In Q2 2024, the company reported a revenue of 451 million yuan, down 15.82% year-on-year, with a net profit of -116 million yuan, also showing a narrowing loss [5] - Revenue from cloud security grew by 51.52%, cloud computing by 35.80%, and Xinchuang security by 22.99% [5] Operational Quality Improvement - The company's gross profit margin for the first half of 2024 was 63.3%, an increase of 7.86 percentage points year-on-year [6] - The sales expense ratio, management expense ratio, and R&D expense ratio were 52.59%, 11.27%, and 40.59%, reflecting changes of 10.92, -2.85, and 3.14 percentage points year-on-year respectively [6] - The net cash flow from operating activities was -253 million yuan, an increase of 15.44% year-on-year [6] Research and Development Advancements - The company is continuously enhancing its R&D capabilities, launching new technologies and products in network security and data security, including AI-enabled firewalls and a new database auditing and protection system [7] - New products and versions have been released in cloud computing and cloud security, including the Tianwen Intelligent Cloud Platform and Tianrongxin Taihang Cloud [7]