Topsec(002212) 信达证券·2025-04-23 10:23Investment 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 reported at 2.82 billion yuan, a decline of 9.73% year-on-year, with a notable drop in Q4 revenue of 16.15% compared to the previous 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][4]. Financial Performance Summary - In 2024, the company reported total revenue of 2.82 billion yuan, down from 3.12 billion yuan in 2023, reflecting a year-on-year decrease of 9.73% [4]. - The net profit for 2024 was 0.83 billion yuan, a significant recovery from a loss of 0.371 billion yuan in 2023, marking a year-on-year growth of 122.35% [4]. - The gross margin improved slightly to 61.0% in 2024 from 60.2% in 2023, indicating better cost management [4]. - The company’s EPS (Earnings Per Share) is projected to grow from 0.07 yuan in 2024 to 0.35 yuan by 2027, reflecting a positive growth trajectory [4]. Strategic Developments - The company has made significant investments in R&D, with a focus on enhancing efficiency and integrating AI with security solutions [2]. - The launch of the DeepSeek security intelligent computing unit aims to provide comprehensive solutions for various industries, including government, energy, and healthcare [2]. - The company is also advancing in hyper-converged infrastructure, achieving upgrades in both domestic production and block storage performance [2]. Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at 0.15 yuan, 0.25 yuan, and 0.35 yuan respectively, with corresponding P/E ratios of 48.95, 29.66, and 21.21 [2][4].