Topsec(002212) 华创证券·2025-03-14 03:04Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" due to expected performance exceeding the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company recently launched the DeepSeek security computing integrated machine and its self-developed Tianwen intelligent computing cloud platform has passed capability verification [2]. - The company is expected to achieve a revenue of 2.821 billion in 2024, a decrease of 9.7% year-on-year, but is projected to return to profitability with a net profit of 0.83 billion [4][8]. - The DeepSeek integrated machine is designed to support various model training and inference tasks, enhancing the company's product offerings in the AI and security sectors [8]. - The Tianwen model has been evaluated for its capabilities and is integrated with the company's existing security products, improving operational efficiency [8]. - The company anticipates revenue growth of 10.2% and 10.3% in 2025 and 2026, respectively, with net profits expected to reach 1.76 billion and 2.75 billion [8]. Financial Summary - Total revenue is projected to be 3.124 billion in 2023, decreasing to 2.821 billion in 2024, and then increasing to 3.109 billion in 2025 and 3.430 billion in 2026 [4]. - The company reported a net loss of 371 million in 2023, but is expected to turn profitable with net profits of 83 million in 2024, 176 million in 2025, and 275 million in 2026 [4]. - The earnings per share (EPS) is forecasted to be -0.31 in 2023, improving to 0.07 in 2024, 0.15 in 2025, and 0.23 in 2026 [4]. - The target price for the company's stock is set at 11.80 yuan, with the current price at 8.72 yuan [4].