Topsec(002212) 广发证券·2025-04-23 10:25Investment Rating - The investment rating for the company is "Buy" with a current price of 7.39 CNY and a fair value of 7.83 CNY [3]. Core Views - The company's performance meets expectations, with significant improvements in quality and efficiency [1]. - The revenue for 2024 is projected to be 2.82 billion CNY, a year-on-year decrease of 9.73%, while the net profit attributable to shareholders is expected to be 0.83 billion CNY, indicating a return to profitability [7][13]. - The company is focusing on enhancing operational efficiency and restoring profitability, with a gross margin of 61.04% in 2024, up 0.85 percentage points from 2023 [21][23]. - The company is strengthening its position in emerging security fields, leveraging AI and self-controlled technologies to enhance its product offerings [20][22]. Financial Performance Summary - 2023A: Revenue of 3.12 billion CNY, net profit of -0.37 billion CNY - 2024A: Revenue of 2.82 billion CNY, net profit of 0.83 billion CNY - 2025E: Revenue of 2.91 billion CNY, net profit of 0.12 billion CNY - 2026E: Revenue of 3.10 billion CNY, net profit of 0.17 billion CNY - 2027E: Revenue of 3.40 billion CNY, net profit of 0.23 billion CNY [2][31]. Revenue and Profitability Forecast - The company expects revenues to gradually recover, with projections of 2.60 billion CNY, 2.73 billion CNY, and 2.95 billion CNY for the years 2025 to 2027, respectively [26][29]. - The gross margin is anticipated to improve to 63.5%, 64.1%, and 64.7% over the same period [26][31]. Cost Management - The company has effectively reduced total expenses by 10.73% in 2024, with significant decreases in management and R&D expenses [23][33]. - The management expenses decreased by 40.95% in 2024, primarily due to enhanced management efficiency [30][33]. Emerging Business Development - The company is actively expanding into new security areas, including cloud security and data security, with a focus on AI integration [27][28]. - The company has developed a comprehensive cloud-native security defense system, enhancing its capabilities in multi-cloud environments [27][28].