WebRAY(688651) 民生证券·2025-03-14 08:23Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company is undergoing a paradigm shift with the integration of AI in cybersecurity, transitioning from risk warning to proactive defense [3][4] - The company has expanded its business into new areas such as cyberspace mapping, satellite internet, and low-altitude economy, which is reflected in its name change to better represent its strategic development [1][2] - The development of a multi-source threat intelligence fusion analysis system is a key product that leverages AI technology to enhance cybersecurity capabilities [2][3] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 318 million, 388 million, and 485 million respectively, with growth rates of 9.3%, 22.0%, and 25.0% [4][10] - The net profit attributable to the parent company is projected to be 20 million, 24 million, and 30 million for the same years, with growth rates of -53.1%, 20.3%, and 24.7% [4][10] - The price-to-earnings (PE) ratios based on the closing price on March 13, 2025, are expected to be 153, 127, and 102 for the years 2024, 2025, and 2026 respectively [3][4] Strategic Developments - The company is focusing on cybersecurity solutions for special industries, enhancing national cybersecurity defense capabilities through products like cyberspace mapping [2][3] - Strategic investments in satellite internet security and low-altitude economy are being made to cultivate new business momentum, including the establishment of a dedicated product line for satellite internet security [2][3]