Nsfocus(300369) 东北证券·2025-04-24 08:15Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - In 2024, the company achieved a significant revenue increase of 40.29% year-on-year, reaching 2.358 billion yuan, while the net profit attributable to shareholders saw a substantial reduction in losses to -365 million yuan [2][3]. - The gross margin improved to 53.8%, an increase of 7.65 percentage points year-on-year, and the net cash flow from operating activities turned positive at 136 million yuan [2]. - The revenue growth was driven by strong performance in the energy, enterprise, and government sectors, with notable increases in revenue from financial services, telecommunications, energy, and government sectors [2]. - The company is focusing on expanding its "AI + Security" product matrix, integrating advanced AI technologies into its security operations, which has significantly enhanced operational efficiency [3]. Financial Summary - The company reported a revenue of 2.358 billion yuan for 2024, a 40.29% increase from the previous year, with projections for 2025, 2026, and 2027 at 2.603 billion yuan, 2.851 billion yuan, and 3.100 billion yuan respectively [4]. - The net profit attributable to shareholders is forecasted to improve to 20 million yuan in 2025, 60 million yuan in 2026, and 134 million yuan in 2027, reflecting a significant recovery trajectory [4]. - The gross margin is expected to remain stable, with projections of 54.7% in 2025, 54.9% in 2026, and 55.0% in 2027 [4]. Market Data - The company's stock closed at 6.81 yuan, with a 12-month price range between 4.73 and 9.68 yuan [5]. - The total market capitalization is approximately 5.443 billion yuan [5].