Topsec(002212) 光大证券·2024-04-30 14:02Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's profitability quality continues to improve, with significant growth expected in new security business areas [6]. - The company has completed its new strategic layout, leading to a stable phase in R&D investment and improved management efficiency through digital upgrades [2][3]. - Despite a decline in overall revenue, certain new business segments, particularly cloud computing and data security, have shown promising growth [3]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 3.124 billion yuan, a year-on-year decrease of 11.81%, and a net profit attributable to shareholders of -371 million yuan, compared to a profit of 205 million yuan in the previous year [1]. - The first quarter of 2024 saw revenue of 422 million yuan, down 9.93% year-on-year, with a net profit of -89 million yuan, indicating a slight improvement from -91 million yuan in the same period last year [1]. Cost Management - The company achieved a 2.57% reduction in total expenses in 2023, with R&D expenses down 6.35% and management expenses down 32.58% due to enhanced efficiency [2]. - However, sales expenses increased by 13.17% due to growth-oriented investments in marketing [2]. Revenue Breakdown - The revenue from core security products was 2.159 billion yuan, down 11.30%, while cloud computing and cloud security services grew by 0.84% to 322 million yuan [3]. - New business areas such as cloud computing, data security, and trusted computing security saw revenue growth of 12.17%, 6.87%, and 33.01%, respectively [3]. Profitability Forecast - The profit forecast for 2024 and 2025 has been adjusted downwards to 387 million yuan and 524 million yuan, respectively, reflecting a decrease of 33.0% and 31.5% [4]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.33 yuan, 0.44 yuan, and 0.47 yuan, with corresponding price-to-earnings (P/E) ratios of 19x, 14x, and 13x [4].