Topsec(002212) 信达证券·2025-04-23 08:45Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the company's performance and strategic initiatives [1]. Core Insights - The company achieved a turnaround in net profit, reporting a net profit of 0.83 billion yuan in 2024, a year-on-year increase of 122.35%, indicating a significant recovery from previous losses [2][4]. - Revenue for 2024 was 2.82 billion yuan, a decrease of 9.73% year-on-year, with a notable decline in Q4 revenue of 16.15% year-on-year [1][2]. - The cloud computing segment showed growth, with revenue increasing by 10.09% to 0.256 billion yuan, while the network security segment saw a decline of 11.49% [2]. - The company is focusing on AI and cloud computing integration, launching the Tianwen Intelligent Computing Cloud Platform, which combines hardware, software, and services [2]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.15, 0.25, and 0.35 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 48.95, 29.66, and 21.21 [2][4]. Financial Summary - In 2024, the total revenue was 2,820 million yuan, with a projected increase to 3,057 million yuan in 2025, reflecting a growth rate of 8.4% [4]. - The net profit for 2024 was 83 million yuan, with projections of 177 million yuan in 2025, indicating a growth rate of 113% [4]. - The gross margin for 2024 was 61%, with a slight increase expected in subsequent years [4]. - Research and development expenses decreased by 16.42% in 2024, reflecting the company's focus on efficiency [2].