深信服：三季度收入回暖，合同负债显示积极信号

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5] Core Views - The company's revenue showed signs of recovery in Q3, with a year-on-year increase of 2.77% to 1.926 billion yuan, indicating a positive trend [1][5] - The company has effectively controlled costs, with sales, management, and R&D expenses changing by -9.56%, +1.73%, and -5.78% respectively, leading to a positive outlook on contract liabilities which reached 1.445 billion yuan, up 11.58% year-on-year [1][5] - The company is actively investing in AI, launching new products that enhance data classification and risk assessment capabilities, which are expected to meet the growing demand for data security [1][5] Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 4.634 billion yuan, a decrease of 3.63% year-on-year, and a net profit attributable to shareholders of -580 million yuan, down 6.25% [1][5] - The gross margin for the first three quarters was 60.60%, a decline of approximately 4.5 percentage points compared to the previous year, primarily due to rising raw material costs [1][5] - The company forecasts revenue for 2024-2026 to be 8.031 billion yuan, 8.808 billion yuan, and 10.007 billion yuan respectively, with growth rates of 5%, 10%, and 14% [5][6]