Nsfocus(300369) 信达证券·2025-04-28 07:56Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company has shown significant recovery in operational quality, with a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29% [2]. - The company reported a net profit attributable to shareholders of -365 million yuan in 2024, which is a 62.66% improvement compared to the previous year [2]. - The company has focused on expanding its "AI + Security" product line, with notable growth in orders for security services [3]. Financial Performance - In 2024, the company achieved a revenue of 2.358 billion yuan, with a breakdown showing security products generating 1.137 billion yuan (up 45.16%), security services at 865 million yuan (up 18.40%), and third-party products at 355 million yuan (up 112.82%) [2]. - The gross margin for 2024 was 53.80%, an increase of 7.65 percentage points year-on-year, indicating a significant recovery in operational quality [2]. - The company managed to reduce total expenses by 6.85% year-on-year, with sales, management, and R&D expenses amounting to 1.578 billion yuan [2]. - Operating cash flow increased by 167.2% year-on-year, reaching 136 million yuan in 2024 [2]. Product and Technology Development - The company has made significant advancements in various technology fields, including APT detection and monitoring, and has launched several innovative products in data security [2][3]. - The introduction of the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" model risk assessment product highlights the company's commitment to integrating AI into its security offerings [3]. - The company has successfully adapted its products to various domestic CPU and operating systems, enhancing its competitiveness in the domestic market [2]. Future Earnings Forecast - The company is expected to continue its growth trajectory, with projected EPS of 0.02, 0.09, and 0.14 yuan for 2025, 2026, and 2027 respectively, reflecting a recovery in profitability [5].