Investment Rating - Maintains an "Overweight" rating with a target price raised to 23.06 CNY (+2.62) [4][6] Core Views - The company's cost optimization in 2024Q1-Q3 has significantly improved Q3 gross margin, and with continued cost control, the performance is expected to exceed expectations [1] - The company's revenue in 2024Q1-Q3 was 333 million CNY, a year-on-year increase of 0.40%, with a net profit of -0.38 million CNY, slightly worse than the previous year [4] - In Q3 2024, the company achieved a revenue of 139 million CNY, a year-on-year decrease of 17.24%, and a net profit of 12 million CNY, a year-on-year decrease of 8.00% [4] - The gross margin in Q3 2024 was 53.96%, a significant increase of 18.17 percentage points year-on-year, and the expense ratio for the first three quarters was 58.68%, a decrease of 4.90 percentage points year-on-year [4] - The company has made strategic deployments in Post-Quantum Cryptography (PQC) since 2021, with products and solutions already in pilot applications in several banks, poised for rapid growth once PQC standards are released [4] Financial Summary - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E is projected to be 660, 561, 631, 738, and 868 million CNY, respectively, with year-on-year growth rates of 7.9%, -14.9%, 12.4%, 17.0%, and 17.6% [3] - Net profit (attributable to parent company) for 2022A, 2023A, 2024E, 2025E, and 2026E is projected to be -9, 37, 63, 96, and 124 million CNY, respectively, with year-on-year growth rates of -110.9%, 524.3%, 69.3%, 52.7%, and 29.4% [3] - EPS for 2022A, 2023A, 2024E, 2025E, and 2026E is projected to be -0.04, 0.16, 0.27, 0.40, and 0.52 CNY, respectively [3] - ROE for 2022A, 2023A, 2024E, 2025E, and 2026E is projected to be -0.6%, 2.6%, 4.3%, 6.3%, and 7.8%, respectively [3] - P/E ratios for 2023A, 2024E, 2025E, and 2026E are 94.76, 55.96, 36.66, and 28.33, respectively [3] Business Segments - Revenue from general security products is expected to grow by 10%, 17%, and 17% in 2024E, 2025E, and 2026E, respectively [15] - Revenue from PKI infrastructure products is expected to grow by 12%, 15%, and 18% in 2024E, 2025E, and 2026E, respectively [15] - Revenue from PKI security application products is expected to grow by 15%, 18%, and 18% in 2024E, 2025E, and 2026E, respectively [15] Valuation - The company is valued at 57.0 times 2025E P/E, with a reasonable market value of 5.444 billion CNY [16] - Comparable companies in the cybersecurity industry have an average 2025E P/E of 55.30, with the company receiving a premium due to its leading position in the PKI sector [16][18]

Revenue and Operating Income - Revenue for the first three quarters of 2024 was RMB 332,785,986.38, a slight increase of 0.40% year-over-year[2] - Total operating income for the first three quarters of 2024 was RMB 332,785,986.38, slightly up from RMB 331,449,505.85 in the same period of 2023[13] - Revenue from sales of goods and services was 274.10 million yuan, up from 263.08 million yuan year-over-year[18] Net Profit and Earnings - Net profit attributable to shareholders for the first three quarters of 2024 was RMB -38,035,549.81, a decrease of 8.00% year-over-year[2] - The company's basic and diluted earnings per share for the first three quarters of 2024 were RMB -0.16[3] - Net profit for the third quarter of 2024 was -39.13 million yuan, compared to -37.76 million yuan in the same period last year[15] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was RMB -115,384,019.64[3] - Net cash flow from operating activities was -115.38 million yuan, an improvement from -147.14 million yuan in the same period last year[18] - Investment activities generated a net cash flow of RMB 81,006,035.26, a decrease from RMB 243,639,044.59 in the previous period[19] - Cash inflows from investment activities totaled RMB 565,817,788.27, compared to RMB 758,235,476.48 previously[19] - Cash outflows for investment activities were RMB 484,811,753.01, down from RMB 514,596,431.89[19] - Cash inflows from financing activities amounted to RMB 25,650,000.00, up from RMB 17,052,736.15[19] - Cash outflows for financing activities were RMB 36,330,122.47[19] - Net cash flow from financing activities was negative RMB 10,680,122.47, compared to positive RMB 17,052,736.15 previously[19] - The company's cash and cash equivalents decreased by RMB 45,058,106.85, compared to an increase of RMB 113,552,335.66 in the previous period[19] - Ending cash and cash equivalents balance was RMB 169,607,499.90, down from RMB 273,935,632.01[19] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,611,151,958.22, a decrease of 2.97% compared to the end of the previous year[3] - Total assets decreased from RMB 1,660,533,683.73 to RMB 1,611,151,958.22, a decline of approximately 2.97%[11][12] - Total liabilities increased from RMB 259,488,889.57 to RMB 269,564,457.55, a rise of approximately 3.88%[12][13] - Monetary funds decreased from RMB 222,990,511.81 to RMB 171,122,364.04, a decline of approximately 23.26%[11] - Accounts receivable increased from RMB 258,125,759.35 to RMB 288,841,993.86, a rise of approximately 11.90%[11] - Inventory decreased from RMB 147,781,944.75 to RMB 140,734,826.69, a decline of approximately 4.77%[11] - Fixed assets increased from RMB 139,809,716.89 to RMB 216,873,518.84, a rise of approximately 55.12%[11] Equity and Shareholder Information - Equity attributable to shareholders at the end of the reporting period was RMB 1,343,108,296.53, a decrease of 4.14% compared to the end of the previous year[3] - Total equity attributable to the parent company decreased from RMB 1,401,105,488.29 to RMB 1,343,108,296.53, a decline of approximately 4.14%[13] - The company's largest shareholder, Kong Linggang, holds 13.01% of the total shares, amounting to 30,081,462 shares[8] - The top 10 shareholders collectively hold approximately 40.32% of the company's total shares[8] - The company's actual controllers, Kong Linggang and Lu Haitian, collectively control 29.31% of the company's shares[9] Expenses and Costs - Total operating costs for the first three quarters of 2024 were RMB 376,361,342.81, down from RMB 404,765,913.94 in the same period of 2023[13] - Sales expenses decreased to 50.35 million yuan from 56.87 million yuan year-over-year[15] - Management expenses decreased to 79.47 million yuan from 90.48 million yuan year-over-year[15] - R&D expenses slightly decreased to 65.49 million yuan from 66.51 million yuan year-over-year[15] Non-Recurring Items and Other Income - Non-recurring gains and losses for the first three quarters of 2024 amounted to RMB 14,154,153.61, primarily due to government subsidies and investment income[4][5] - Other comprehensive income after tax was 4.45 million yuan, compared to -362,370.86 yuan in the same period last year[17] Return on Equity (ROE) - The weighted average return on equity (ROE) for the first three quarters of 2024 was -2.76%, a decrease of 0.01 percentage points year-over-year[3] Cash Flow from Operating Activities - Cash received from other operating activities increased to 26.87 million yuan from 22.74 million yuan year-over-year[18] - Cash paid for goods and services decreased to 144.26 million yuan from 161.58 million yuan year-over-year[18] - Cash paid to employees decreased to 161.39 million yuan from 172.68 million yuan year-over-year[18]

2024 年半年度报告 公司代码：603232 公司简称：格尔软件 格尔软件股份有限公司 2024 年半年度报告 1 / 180 2024 年半年度报告 重要提示 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述，该陈述不构成公司对投资者的实质承诺，敬请投资者注 意投资风险。请投资者及相关人士对此保持足够的风险认识，并且理解计划、预测与承诺之间的 差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司不存在对生产经营产生实质性影响的特别重大风险。公司已在本报告中详细 描述可能面对的各种风险及应对措施，敬请查阅"第三节管理层讨论与分析"中"五、其他披露 事项(一)可能面对的风险"的内容。 十一、 其他 □适用 √不适用 2 / 180 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性， ...

2024年半年度业绩预亏公告 重要内容提示： 业绩预告相关的主要财务数据情况：经财务部门初步测算，预计格尔软 件股份有限公司（以下简称"公司"）2024年半年度实现归属于母公司所有 者的净利润约为-5,700万元至-3,800万元；预计2024年半年度实现归属于母公 司所有者的扣除非经常性损益后的净利润约为-6,700万元至-4,500万元。 （一）业绩预告期间 （二）业绩预告情况 2、预计公司 2024 年半年度实现归属于母公司所有者的扣除非经常性损益后 的净利润约为-6,700 万元至-4,500 万元。 二、上年同期经营业绩和财务状况 （二）每股收益：-0.22 元/股。 公司下游客户主要为国家部委、地方政府部门、军工企业、金融机构、大中 型企事业单位等，此类客户在上半年主要进行预算立项审批，而合同签署、验收 支付的高峰期则集中在下半年，因此通常公司上半年营业收入占全年收入比重较 低。同时，公司人力成本、其他费用等支出相对均衡且为刚性支出，导致公司 2024 年上半年利润出现亏损，公司上年同期业绩亦亏损。 本次业绩预告是公司财务部门基于自身专业判断进行的初步核算，尚未经注 册会计师审计。公司不存在影响本 ...

各位投资者朋友 大家下午好我是格尔软件总理蔡茂华今天很荣幸为各位介绍一下格尔软件2023年的情况首先我们现在简单了解一下格尔格尔是成立于1998年它是中国信箱权数字信任领域的先行者和领导者 格尔软件在2017年4月份成功登陆产品网络500然后同时格尔也是中国首批研制推出PKI工藥设计设施产品的厂商是国内首批公共货架区密码管理群的审查支持SNR算法审批电子设计服务机构的建设材料 格尔在发展的过程中始终坚持关键技术自研可控密码产品安全应用的原则在随着20多年的积累目前已经形成了11大类近100多款的完整的产品矩阵 同时随着业务的积累随着各种应用场景的服务的客户我们现在也形成了或者说具备了构建全方位安全解决方案的这么一个能力同时格尔作为密码安全的主要厂商之一我们牵头参与了相关的标准有100多项 其中有国标20多项,行业标准仅40项,其他还有很多地方标准,法庭标案等等同时我们承担了国家的审执的非常大20多项历史上我们曾经两次获得过国家经济进步20项 同时格尔也发行专利八十多项,软件搜索专利一百九十多项等等同时格尔目前随着业务的发展我们逐渐形成了现在密码安全、数字服务、创新发展三大业务专业 从我们的布局来看我们上海和北 ...

各位讀者朋友 大家下午好我是格尔软件董益 蔡冠华今天很荣幸为各位介绍一下格尔软件2023年的情况首先我们先来简单了解一下格尔格尔是成立于1998年它是中国信箱权数字信任领域的先行者和领导者 格尔软件在2017年4月份成功登陆了商家口服版然后同时格尔也是中国首批研制推出PKI工药设计测试产品的厂商是国内首批服务回家密码管理群的审查支持SMR算法审及电子设计服务机构的建设单位 格尔在发展过程中始终坚持关键技术、自研可控、密码产品安全应用的原则在随着二十多年的积累目前已经形成了十一大类近一百多款的完整的产品矩阵 同时随着业务的积累随着各种应用场景的服务的客户我们现在也形成了或者说具备了构建全方位安全解决方案的这么一个能力同时格尔作为密码安全的主要厂商之一我们牵头参与了相关的标准有100多项 其中有国标20多项,行业标准仅40项,其他还有很多地方标准,反标等等同时我们承担了国家的省级的可以说是20多项历史上我们曾经两次获得过国家经济进步20项 同时,戈尔目前随着业务的发展,我们逐渐形成了现在密码安全、数字服务、创新发展三大业务单元 从我们的布局来看我们上海和北京形成了一个双总部的相互的协同互动的一个状态在上海、北京、 ...

证券代码：603232 证券简称：格尔软件 格尔软件股份有限公司 投资者关系活动记录表 记录表标号：2024-004 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他： 参与单位名称 参与公司网上2023年度业绩说明会的投资者 时间 2024年05月31日（周五）13:00-14:30 地点 上证路演中心（网址：http://roadshow.sseinfo.com/） 公司接待人员姓 董事长：杨文山 名 董事、总经理：叶枫 董事、董事会秘书：蔡冠华 财务总监：邹瑛 ...

投资评级和相关定义 暂停评级：由于研究报告发布当时该行业的投资价值分析存在重大不确定性，缺乏足够的研 究依据支持分析师给出明确行业投资评级；分析师在上述情况下暂停对该行业给予投资评级 信息，投资者需要注意在此报告发布之前曾给予该行业的投资评级信息不再有效。 23 年收入下滑，静待公司未来成长 ⚫ 收入基数导致费用率仍然上行。从费用端看，23 年公司期间费用率为 49.55%，同 比上升 3.7pct，主要系收入下滑导致收入基数较小所致。其中，管理费用率为 20.22%（同比-2.09pct），销售费用率和研发费用率分别为 14.85%、15.16%，同 比分别上升 5.12pct、1.30pct。 盈利预测与投资建议 ⚫ 根据 2023 年报以及 24Q1 季报，下调收入增速，上调费用率，略微调整毛利率，我 们预测公司 2024-2026 年 EPS 分别为 0.30/0.36/0.41 元（原预测 24-25 年 EPS 为 0.55/0.69 元），根据可比公司 PE 水平，我们给予公司 24 年 49 倍 PE，对应目标价 为 14.70 元，维持买入评级。 风险提示 网络安全需求释放不及预期；网络安全 ...

格尔软件－量子科技系列240508兴业原文 2024年05月08日11:03 发言人100:00 嘉宾发言的兴业证券不保障其发言内容的准确性与完整性。兴业证券不承担外部嘉宾发言内容所引起的 任何损失及责任，不承担因转载、转发引起的任何损失及责任。市场有风险投资需谨慎，提醒投资者注 意投资风险，审慎参考会议内容。 发言人2 00:27 尊敬的各位投资者朋友啊，各位领导，非常感谢大家今天上午抽抽时间来参加由我们兴业证券计算机研 究团队组织的量子科技系列沙龙。今天我们很荣幸邀请到了格尔软件的董事会秘书蔡总，在线上跟大家 做交流。格尔软件在密码安全领域有非常深厚的产品技术和市场积累。在量子科技领域也在做积极的探 索和布局，也取得了一定的成果。好，下面的话我们就先把时间交给蔡总，先由蔡总给大家做分享，结 束之后我们再进行互动交流。今天的本场交流活动由我和我们团队的杨海萌、贵阳三个人一起主持。 好，下面我们有请蔡总。 发言人301:33 各位投资者大家好，感谢各位时间。就是我先简单介绍一下公司，主要软件是密码行业的一个领先企 业，或者叫头部企业。然后我们简单看一下过去一年的情况，就是从整从整体行业来说，其实过去的 年并不 ...

然后从整个的代表合同来看实际上也相对理想相对理想就是至少相比去年同期我目前代表合同的数量还是有明显的增加的因为之前2022年大家知道特别悲催要延续到2023年所以整体2023年我们经过了一个上半年一个很痛苦的一个 时间点之后下半年逐步在回转另外一个就是整体的其实从下半年开始整体的不管是党政也好金融金融党政还有关键行业重点行业基本上还是逐步在向好逐步在突破的大致的 从23年来说其实大致的逻辑就是这样的一个逻辑那么24年从开年到现在其实可以看到说一方面国家对于密码这件事的重视程度还是在加强的包括大家可以看到说3月份还是4月份密评机构从原来48家变成了100家换句话说就是密评的原来的工作他们是不是饱和到不行那么现在 其实增加之后依然是偏饱和的所以相对来说逆贫机构增加其实相对来说我们业务业业务的机会也是跟着增加的这是一个另外一个从政府和国养企的重视程度来说密码已经是他们整个目前不管是政府还是国养企他们对数据 业务的重视程度是非常高的那么数据业务肯定是离不开密码的所以整个我们密码业务的发展应该还是欣欣向荣的你来这么说还是往前走的当然反过来说的好的也得说坏的反过来也有不好的地方那就是政府没钱这件事依然存在而且会持续很长一 ...