Sangfor Technologies (300454) 国信证券·2025-02-25 10:09Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Views - The company reported a slight decline in annual revenue for 2024 at 7.52 billion yuan (-1.86%), but maintained positive growth in Q4 with revenue of 2.886 billion yuan (+1.12%) and a net profit of 777 million yuan (+4.58%) [1][8] - The company's AICP business, driven by localized deployment of large models, is expected to become a new growth driver, with significant performance improvements in multi-instance and concurrent inference scenarios [2][3] - The company has seen an increase in the proportion of cloud computing revenue, while total expenses have decreased by approximately 6.25% year-on-year [1][10] Summary by Sections Financial Performance - For 2024, the company expects non-recurring gains to impact net profit by approximately 121 million yuan, mainly from investment income and fair value changes [1] - The company's gross margin decreased by about 3.67% year-on-year due to intense market competition and a higher proportion of lower-margin cloud computing business [1][10] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 75.20 billion yuan, 82.97 billion yuan, and 92.96 billion yuan, with growth rates of -1.9%, 10.3%, and 12% respectively [3][12] - Net profit forecasts for the same period are 1.97 billion yuan, 4.73 billion yuan, and 7.60 billion yuan, with corresponding PE ratios of 242, 101, and 63 [3][12] Business Segments - Security business is expected to see a revenue decline of approximately 5.88% in 2024, but is projected to recover in 2025 and 2026 [10][12] - Cloud computing business is anticipated to grow steadily, with revenue growth rates of 5%, 20%, and 20% for 2024-2026 [10][12] - The enterprise wireless segment is expected to face challenges, with revenue forecasted to decline by 10% in 2024, but recover slightly in the following years [12]