研報掘金丨海通國際:予深信服“優於大市”評級,目標價114.94元
海通國際研報指出,安全、雲計算是深信服兩大板塊,佔比均近半;公司在AI和雲計算重點投入,發佈AICP平臺、XaaS、安全GPT等;外部營銷、內部管理結合將提升長期價值。未來3-5年,公司業務將集中在如下方面:1.聚焦關鍵產線和XaaS 業務;推動AI 與網安、雲計算融合的創新業務產品。2.加大拓展KA 行業頭部市場和海外市場。3.持續提升產品質量,深化渠道體系建設。4.繼續加強組織能力建設和人才培養力度。該行預計AI帶動雲計算需求提升,以及網安拐點到來,公司保持增長,但考慮到仍將保持銷售研發投入,公司2025-2027年EPS 預測爲0.77/1.18/1.54元,給予2025年6倍PS,目標價114.94元,“優於大市”評級。
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