深信服：业绩符合预期，AI边界扩张-20250301

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with a reported revenue of 7.52 billion yuan for 2024, reflecting a year-on-year decrease of 1.86% [4][5] - The company is experiencing marginal improvement in performance, with cloud business growth potentially driven by AI demand [5] - The trend of AI infrastructure is expanding, with private deployment gaining traction, supported by significant investments from major players like Alibaba Cloud [5] - The company is positioned as a new generation IT infrastructure provider, enhancing its AI capabilities and product offerings [5] Financial Data Summary - For 2024, the total revenue is projected at 7.52 billion yuan, with a year-on-year growth rate of -1.9% [4] - The net profit attributable to the parent company is expected to be 197 million yuan for 2024, with a significant increase projected for 2025 at 367 million yuan [4][5] - The gross margin is expected to be 61.5% in 2024, with a slight improvement to 62.1% by 2026 [4][5] - The company has adjusted its revenue forecasts for 2024-2026, now estimating revenues of 75.20 billion yuan, 82.26 billion yuan, and 90.50 billion yuan respectively [5]