DPtech(300768) 国联证券·2024-10-28 02:00Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company reported a revenue of 819 million yuan for the first three quarters of 2024, representing a year-on-year growth of 13.78%. The net profit attributable to the parent company reached 92 million yuan, with a year-on-year increase of 37.73%. The company is positioned as a leading provider of full-scenario network security products and operational solutions, and is expected to benefit from the gradual improvement in downstream demand [2][6]. - The company's strategy involves a continuous upgrade of its "one body, two wings" product system, with increased investments in computing power and other areas. This approach aims to enhance its core competitiveness in various business scenarios, including network security and data security [6][7]. - The company is likely to benefit from a marginal improvement in government demand due to factors such as national debt issuance. The demand for security solutions in industries like telecommunications and energy is also increasing, and the company is capitalizing on opportunities in the financial sector through its robust product stability and operational experience [6][7]. Financial Summary - For 2024, the company is projected to achieve revenues of 1.207 billion yuan, with a year-on-year growth rate of 16.70%. The net profit is expected to be 165 million yuan, reflecting a growth rate of 29.93%. The earnings per share (EPS) is forecasted to be 0.26 yuan [6][7]. - The company's financial metrics indicate a gross margin of 67.23% for the first three quarters of 2024, although it has seen a slight decline of 1.10 percentage points year-on-year. The EBITDA for 2024 is estimated at 194 million yuan, with a projected growth rate of 57.58% [6][7].