Topsec(002212) 光大证券·2024-11-01 00:07Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.50 CNY [5][6]. Core Insights - The company achieved profitability in Q3 2024, with a revenue of 7.09 billion CNY, marking a year-on-year growth of 10.21%. The net profit attributable to shareholders was 36.49 million CNY, a turnaround from a loss of 36.22 million CNY in the same period last year [2][3]. - The company is focusing on the integration of "AI + Security" and has launched several innovative products in this area, including the Tianwen large model system and various cloud security solutions [4]. - Revenue from new business segments, particularly cloud security, has shown significant growth, with a year-on-year increase of 126.40% in the first three quarters of 2024 [3][4]. Summary by Sections Market Data - Total shares outstanding: 1.179 billion - Total market capitalization: 8.846 billion CNY - One-year price range: 3.98 CNY (low) to 10.57 CNY (high) - Recent turnover rate: 190.33% [1]. Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 15.82 billion CNY, a decrease of 3.98% year-on-year. The net profit attributable to shareholders was a loss of 1.69 billion CNY, although the loss margin has narrowed compared to previous periods [2]. - The breakdown of revenue by product shows that basic security products accounted for 62.82% of total revenue, while cloud computing and cloud security services grew by 11.58% [3]. Cost Management - The company effectively controlled its expenses, with a reduction of 5.26% in operating expenses for the first three quarters of 2024 compared to the same period last year [4]. Profitability Forecast - The revenue forecast for 2024-2026 is set at 35.60 billion CNY, 41.61 billion CNY, and 47.23 billion CNY respectively, with net profit predictions of 2.63 billion CNY, 3.58 billion CNY, and 4.10 billion CNY [5][6].