Topsec(002212) 华创证券·2024-08-27 13:13Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 6 yuan, while the current price is 4.29 yuan [1]. Core Insights - The company reported a revenue of 873 million yuan for the first half of 2024, a year-on-year decline of 13.07%. The net profit attributable to the parent company was a loss of 206 million yuan, slightly improved from a loss of 212 million yuan in the same period last year [1]. - Revenue from cloud computing and cloud security products and services grew by 20.19% year-on-year, indicating a significant improvement in profitability despite overall revenue decline [1]. - The company has optimized its expenses, with total expenses decreasing by 2.63% year-on-year, including a 5.80% reduction in R&D expenses and a 30.64% decrease in management expenses [1]. - The company is actively expanding into new security markets, launching innovative solutions such as smart city rail network security and cloud-based smart hospital security, with cloud security revenue increasing by 51.52% year-on-year [1]. - The revenue forecasts for 2024-2026 are adjusted to 3.386 billion yuan, 3.834 billion yuan, and 4.273 billion yuan, respectively, with corresponding growth rates of 8.4%, 13.2%, and 11.5% [1]. Financial Summary - For 2024, the company expects a net profit of 200 million yuan, a significant turnaround from a loss of 371 million yuan in 2023, with projected earnings per share (EPS) of 0.17 yuan [2]. - The company's gross margin for the first half of 2024 was 63.30%, an increase of 7.86 percentage points year-on-year [1]. - The company has a total market capitalization of approximately 116.74 billion yuan, with a circulating market value of about 50.08 billion yuan [3].