Nsfocus(300369) 华泰证券·2025-04-23 08:12Investment Rating - The investment rating for the company is maintained as "Buy" [11] Core Views - The company achieved a revenue of 2.358 billion RMB in 2024, representing a year-on-year growth of 40.29%, and narrowed its net loss to 364.81 million RMB, a reduction of 62.66% compared to the previous year [1] - The operating cash flow for 2024 was 136 million RMB, a significant improvement from a negative cash flow of 202 million RMB in 2023, attributed to enhanced collection efforts [1] - The company is expected to further improve its operational quality and profitability in 2025, leading to an upgraded revenue forecast for 2025 and 2026 by 13% and 11% respectively [5] Financial Performance - The gross margin for 2024 was 53.80%, an increase of 7.65 percentage points year-on-year, with security product revenue reaching 1.137 billion RMB, up 45.16% [2] - The company’s expenses for sales, management, and R&D decreased significantly, indicating effective cost control [2] - The projected revenue for 2025 is 2.708 billion RMB, with a net profit forecast of 114.82 million RMB, marking a significant turnaround from previous losses [7] Product Development - The company has been focusing on AI security, launching several innovative products including the SecLLM model and the AI security capability platform in 2024 [3] - The AI+SOC Eagle Eye Security Operations Center has shown improvements in detection and response times by over 50% [3] - The company has released or upgraded over 60 products in 2024, with many achieving high market share and rapid order growth [4] Market Position and Valuation - The target price for the company is set at 10.17 RMB, reflecting a price-to-sales ratio of 3.0 times for 2025 [5][8] - The company’s market capitalization is approximately 5.387 billion RMB, with a closing price of 6.74 RMB as of April 22 [8] - The company is positioned favorably within the industry, with its data security business recognized in the IDC leader quadrant [4]