深信服：战略新业务持续推进，Q2收入降幅收窄

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 2.707 billion yuan for the first half of 2024, a year-on-year decrease of 7.72%, with a net profit attributable to shareholders of -0.592 billion yuan, down 6.94% year-on-year [1]. - The demand from enterprise customers showed resilience, with a 2.51% year-on-year increase in revenue from enterprise clients in H1 2024, while revenue from government, financial, and telecom sectors declined significantly [1]. - The overall gross margin for H1 2024 was 61.34%, a decrease of 3.14 percentage points year-on-year, primarily due to a reduction in gross profit and an increased proportion of lower-margin cloud computing business [1]. - The company continues to implement cost reduction and efficiency improvement measures, resulting in a 7.36% year-on-year decrease in overall operating expenses [1]. - The strategic new businesses are progressing, with the AI-enabled next-generation firewall and other AI technologies being deployed across products, positioning the company as a market leader in certain segments [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.672 billion yuan, a year-on-year decline of 2.84%, which is an improvement compared to Q1 [1]. - The net profit for Q2 was -0.103 billion yuan, showing a year-on-year increase of 27.10% [1]. - The company’s revenue forecast for 2024-2026 has been adjusted to 7.749 billion, 8.493 billion, and 9.489 billion yuan respectively, with net profit forecasts of 0.218 billion, 0.317 billion, and 0.449 billion yuan [2]. Business Segments - The network security business generated approximately 1.398 billion yuan in H1 2024, a decrease of 7.34% year-on-year, accounting for 51.65% of total revenue [1]. - The cloud computing and IT infrastructure business reported revenue of about 1.106 billion yuan, down 4.43% year-on-year, representing 40.85% of total revenue [1]. - The basic network and IoT business saw a significant decline of 24.13% year-on-year, with revenue of approximately 0.203 billion yuan, making up 7.50% of total revenue [1]. Strategic Initiatives - The company has launched AI-enabled products, including the next-generation firewall and the AI computing platform, which are expected to lower the barriers for users in developing and applying large models [2]. - The security managed service (MSS) has maintained its position as the market leader for three consecutive years, expanding its market share [2].