深信服：全年业绩符合预期，AI算力布局全面升级-20250227

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company's annual performance met expectations, with a comprehensive upgrade in AI computing capabilities [1]. - Despite a slight decline in revenue, the company has shown signs of recovery, particularly in the third quarter, with effective cost control measures leading to a significant reduction in expense ratios [5][6]. - The launch of the company's AI applications and computing platforms positions it well to capitalize on the growing demand for AI services [6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 7.52 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 196 million yuan, down 1.1% year-on-year [4][10]. - The fourth quarter of 2024 saw a revenue of 2.886 billion yuan, a slight increase of 1.13% year-on-year, with a net profit of 777 million yuan, up 4.46% year-on-year [4]. - The company's gross margin decreased by approximately 3.67 percentage points due to an increase in cloud computing business and intensified market competition [5]. Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.46, 1.08, and 1.45 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 249.12, 106.79, and 79.50 [7][10].