Sangfor Technologies (300454) 平安证券·2025-04-25 12:29Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9]. Core Views - The company's revenue is experiencing rapid growth driven by cloud computing, and there is optimism regarding the continuous breakthroughs in its AI business [1][4]. - In Q1 2025, the company achieved a revenue of 1.262 billion yuan, representing a year-on-year increase of 21.91%, while the net profit attributable to the parent company was a loss of 250 million yuan, narrowing the loss by 48.93% year-on-year [4][8]. - The company is focusing on upgrading its product and service capabilities towards AI, with significant advancements in its cybersecurity offerings, including the launch of its self-developed security model "Security GPT" [8][9]. Financial Summary - The company is projected to achieve revenues of 7.520 billion yuan in 2024, 8.674 billion yuan in 2025, and 10.114 billion yuan in 2026, with corresponding year-on-year growth rates of -1.9%, 15.4%, and 16.6% respectively [7][11]. - The net profit attributable to the parent company is expected to be 409 million yuan in 2025 and 529 million yuan in 2026, with year-on-year growth rates of 107.6% and 29.4% respectively [9][11]. - The gross margin is projected to decline from 61.5% in 2024 to 55.1% in 2027, while the net margin is expected to improve from 2.6% in 2024 to 5.9% in 2027 [11]. Market Position - The company is recognized as a leading ICT provider in China, particularly in the cybersecurity sector, and holds a dominant market position in cloud computing and IT infrastructure [9][10]. - The company has maintained its position as the market leader in the hyper-converged market in China for two consecutive years [8][9].