Asiainfo Security(688225) 国信证券·2025-01-27 08:05Investment 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 company’s revenue for 2024 is estimated to be between 3.11 to 4.26 billion, with a significant increase in revenue growth in Q4, exceeding 20% [1][8] - The merger with AsiaInfo Technology is anticipated to enhance revenue and profit, with adjusted revenue forecasts for 2024-2026 significantly increased [3][12] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 3.698 billion, a 130% increase from 2023, while net profit is expected to be 11 million, marking a recovery from a loss of 291 million in 2023 [4][12] - The company’s gross margin is expected to improve due to a higher proportion of standardized product revenue and efficiency gains in solution-based services [1][2] Business Development - The company has successfully completed compatibility testing for its new generation endpoint security product with HarmonyOS NEXT, positioning itself as a key security partner [2] - The company has launched a self-developed secure browser in collaboration with ByteDance's Feishu, enhancing its product offerings in the trusted workspace segment [2] Market Position - The company’s core products, including next-generation endpoint security and cloud security, are experiencing rapid growth, contributing significantly to revenue [1][2] - The company is expected to gain market share in the endpoint security segment, particularly as the overall industry faces a downturn [1][2]