Sangfor Technologies (300454) 开源证券·2025-02-23 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report expresses a strong outlook on the company's long-term development, maintaining the "Buy" rating despite a downward adjustment in net profit forecasts for 2024-2026 due to cautious customer spending [5] - The company is expected to benefit from its leading position in the cloud and cybersecurity sectors, with projected earnings per share (EPS) of 0.47, 1.00, and 1.33 CNY for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - The company anticipates a revenue of 75.20 billion CNY for 2024, a year-on-year decline of 1.86%, and a net profit of 1.97 billion CNY, down 0.49% year-on-year [6] - The gross margin is expected to decrease by approximately 3.67% due to intense domestic competition and changes in business structure, with a higher proportion of lower-margin cloud computing business [6] - The company has effectively controlled expenses, with total operating expenses (R&D, sales, and management) decreasing by about 6.25% [6] AI Upgrade and New Opportunities - The company has announced a comprehensive upgrade to its cloud services towards AI, enhancing its infrastructure to support the latest large models, including DeepSeek [7] - The new AI service offerings will allow users to quickly access AI capabilities through subscriptions, and the launch of an AI application innovation platform aims to simplify the development and operation of AI applications [7] - The upgrade is expected to significantly improve inference performance and reduce overall costs associated with large model usage, positioning the company as a leading provider of AI infrastructure in China [7] Financial Projections - The projected financial metrics for the company are as follows: - Revenue: 75.20 billion CNY in 2024, 82.73 billion CNY in 2025, and 94.14 billion CNY in 2026 [11] - Net profit: 1.97 billion CNY in 2024, 4.20 billion CNY in 2025, and 5.62 billion CNY in 2026 [11] - Gross margin: Expected to be 61.5% in 2024, 61.2% in 2025, and 60.4% in 2026 [11] - EPS: 0.47 CNY in 2024, 1.00 CNY in 2025, and 1.33 CNY in 2026 [11]