Asiainfo Security(688225) 国信证券·2025-01-27 08:09Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company is expected to achieve a turnaround in net profit for 2024, with a forecasted net profit of approximately 8.5 to 12.75 million, driven by a growth in its core security business, which is projected to grow by 14% to 19% year-on-year [1][8] - The integration of Aisino Technology is anticipated to significantly enhance revenue and profit elasticity in 2025, with the company expected to benefit from its strong demand in manufacturing, finance, and energy sectors [2][3] - The company's core products, including next-generation endpoint security and cloud security, are expected to see substantial growth, contributing significantly to revenue [1][2] Financial Performance Summary - For 2024, the company is projected to achieve revenue between 3.11 billion and 4.26 billion, with a net profit turnaround to approximately 8.5 million to 12.75 million [1][8] - The revenue forecast for 2024-2026 has been adjusted to 3.698 billion, 10.258 billion, and 10.979 billion respectively, with net profit estimates of 0.11 billion, 2.24 billion, and 3.35 billion [3][12] - The company is expected to maintain a positive growth trend in 2024, with a significant increase in revenue and profit due to the merger and operational improvements [3][12] Key Financial Metrics - The projected operating revenue for 2024 is 3.698 billion, reflecting a 130% increase from 2023 [4] - The net profit for 2024 is expected to be 11 million, a significant recovery from a loss of 291 million in 2023 [4] - The company's PE ratio is projected to be 698 for 2024, decreasing to 34 and 23 for 2025 and 2026 respectively [3][4]