深信服：全年业绩符合预期，AI算力布局全面升级-20250228

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]. - Revenue for 2024 is projected at 7.52 billion yuan, a slight decrease of 1.86% year-on-year, while net profit is expected to be 196 million yuan, down 1.1% year-on-year [4][9]. - The company has successfully implemented cost control measures, resulting in a significant reduction in the expense ratio by approximately 6.25 percentage points [5]. Financial Performance - In 2024, the company achieved a revenue of 75.20 billion yuan, with a net profit of 1.97 billion yuan, and a non-recurring net profit of 760 million yuan, reflecting a year-on-year decrease of 31.32% [4][5]. - The fourth quarter of 2024 saw a revenue of 28.86 billion yuan, a slight increase of 1.13% year-on-year, and a net profit of 7.77 billion 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 the proportion of cloud computing business and intensified market competition [5]. AI and Cloud Computing Developments - The company has launched its security GPT and AI computing platform, marking a comprehensive layout for AI applications and computing power [6]. - The introduction of the AICP computing platform and the upgraded cloud platform aims to enhance AI capabilities, including the deployment of enterprise-level large models [6]. - New AI service offerings have been made available through the cloud, allowing users to subscribe for AI capabilities [6]. Earnings Forecast - The company is expected to see significant growth in its cloud business driven by the explosion in AI demand, with EPS forecasts for 2024, 2025, and 2026 at 0.46, 1.08, and 1.45 yuan respectively [7]. - Corresponding P/E ratios for these years are projected at 249.12, 106.79, and 79.50 based on the closing price of 115.51 yuan on February 26 [7].