Topsec(002212) 国投证券·2025-04-27 06:05Investment Rating - The investment rating for the company is "Buy-A" with a target price of 8.55 CNY, indicating a potential upside from the current price of 7.19 CNY [6]. Core Views - The company has shown resilience by achieving a turnaround in profitability, with a net profit of 0.83 billion CNY in 2024, compared to a loss in the previous year. However, revenue is expected to decline in Q1 2025, with estimates between 3.20 to 3.40 billion CNY, reflecting a year-on-year decrease of 19% to 24% [2][3]. - The company is focusing on enhancing operational efficiency and quality, leading to an increase in gross margin by 0.85 percentage points in 2024 and over 10 percentage points in Q1 2025 [2][3]. - The cloud computing segment is anticipated to become a new growth driver, with a 10.09% increase in revenue in 2024, while the cybersecurity business faced a decline of 11.49% [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 28.20 billion CNY, down 9.73% year-on-year, with a net profit of 0.83 billion CNY, marking a return to profitability [2][3]. - The Q1 2025 revenue forecast indicates a decline, with expected figures between 3.20 to 3.40 billion CNY, but the net loss is projected to narrow to between -0.75 to -0.65 billion CNY [2]. Business Segments - The cybersecurity business generated 25.50 billion CNY in revenue in 2024, while the cloud computing segment reached 2.56 billion CNY, showing a significant growth trajectory [3][4]. - The company has been actively managing project quality and focusing on high-repayment projects, which has contributed to the improved gross margin [3]. Strategic Initiatives - The company is strategically positioning itself in the cloud computing space, particularly in areas such as hyper-convergence and intelligent computing cloud platforms, which are expected to drive future growth [4][10]. - The launch of new products, including the intelligent computing cloud platform and integrated computing machines, aims to enhance the company's offerings and support clients in their digital transformation [4][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 30.14 billion CNY, 33.00 billion CNY, and 36.39 billion CNY, respectively, with net profits expected to grow to 1.68 billion CNY by 2025 [11][12].