亚信安全(688225) 报告日期：2025 年 05 月 08 日 并购驱动高增长，AI 原生筑壁垒 ——亚信安全 2024 年报&2025Q1 点评 事件： 证券研究报告 | 公司点评 | 软件开发 点评： ❑ 业绩符合预期，并购亚信科技实现营收和利润增厚 公司 2024 年营收和业绩表现符合市场预期，公司通过并购亚信科技实现了营收 和利润的显著增厚，实现扭亏为盈。分业务来看，公司 2024 年网络安全业务实 现营收收入 17.10 亿元，同比增长 6.37%，毛利率达到 61.35%，归母净利润-0.91 亿元，亏损大幅缩窄，体现内生业务提质增效；数智业务作为新增板块，并表贡 献 18.85 亿元收入，1 亿元归母净利润，成为营收和业绩扩张的核心驱动力。 ❑ 网安业务收入结构持续优化，现金流率先实现转正 公司主业网络安全业务呈现结构优化与效率提升的双重特征。具体而言，标准化 产品营收同比增长 7.4%，在网安业务收入占比提升至 47.3%，并拉动网安业务 毛利率同比提升 13.53pcts 至 61.35%；解决方案类业务与安全服务业务在网安业 务收入占比分别为 37.1%和 15.6%，安全服务业务占 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2024 met market expectations, with significant revenue and profit growth driven by the acquisition of AsiaInfo Technology, resulting in a turnaround from loss to profit [2] - The network security business achieved revenue of 1.71 billion yuan in 2024, a year-on-year increase of 6.37%, with a gross margin of 61.35%. The net profit attributable to shareholders was -91 million yuan, indicating a substantial reduction in losses, reflecting improvements in internal business quality and efficiency [2] - The newly added digital intelligence business contributed 1.885 billion yuan in revenue and 100 million yuan in net profit, becoming a core driver for revenue and performance expansion [2] - The revenue structure of the network security business continues to optimize, with standardized product revenue growing by 7.4%, increasing its share to 47.3% of total network security revenue, which in turn improved the gross margin by 13.53 percentage points to 61.35% [3] - The company has achieved positive cash flow in its network security business, with a net operating cash flow increase of 425 million yuan year-on-year, reflecting effective receivables management and cost control [3] - The company is strategically positioned in high-barrier sectors such as telecommunications and finance, maintaining a leading market share in terminal security and ranking among the top three in cloud host security [3] - The company is actively following AI trends, integrating AI technology with security scenarios, and has established a dual-engine model of "Security + Digital Intelligence" [4] - The financial forecast for 2025-2027 estimates revenues of 8.468 billion, 9.313 billion, and 10.534 billion yuan, with net profits of 102 million, 153 million, and 215 million yuan respectively, reflecting a long-term growth potential driven by structural and efficiency improvements in the network security business and AI integration [5]

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

中国国际金融股份有限公司 关于亚信安全科技股份有限公司 重大资产购买之2024年度持续督导意见 独立财务顾问 北京市建国门外大街1号国贸大厦2座27层及28层 签署日期：2025年5月 声明和承诺 中国国际金融股份有限公司（以下简称"中金公司"）接受委托，担任亚信 安全科技股份有限公司（以下简称"亚信安全"或"上市公司"或"公司"）重大资 产购买暨关联交易的独立财务顾问（以下简称"本独立财务顾问"）。本独立财 务顾问按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的 态度，出具本持续督导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方已承 诺上述有关资料均为真实、准确和完整的，不存在虚假记载、误导性陈述或者 重大遗漏，并承担因违反上述承诺而引致的个别和连带的法律责任。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息 披露文件真实、准确、完整。 3、本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续 督导意见所做出的任何投资决策而产生的相应风险，本独立财务顾问不承担任 何责任。 ...

中国国际金融股份有限公司 2024 年度，公司归属于上市公司股东的净利润为 959.06 万元，扣除非经常性损益 后归属于上市公司股东的净利润为-1,625.66 万元。针对上述情况，中金公司与公司相关 人员进行了沟通，制定了现场检查计划，并于 2025 年 4 月 28 日进行了现场检查。通过 高管访谈、查阅相关公告文件和财务资料等方式对公司经营情况、财务情况以及未来发 展进行了研究，了解公司 2024 年度公司扣除非经常性损益后归属于上市公司股东净利 润为负的主要原因。 二、本次现场检查主要事项及意见 （一）现场核查执行的程序 1、查阅公司 2024 年财务报表及附注，对财务报表及相关经营数据进行审阅、分析； 对公司 2024 年度收入分类情况进行分析，了解公司各品类产品的收入变动原因，并就 各品类产品的毛利率变动情况与公司财务经理进行确认； 2、查阅网络安全行业上市公司 2024 年年度报告或业绩快报，分析公司 2024 年度 业绩表现与同行业可比公司是否存在重大差异；查阅网络安全行业相关研究报告，了解 网络安全行业发展态势； 1 关于亚信安全科技股份有限公司 之 专项现场检查报告 根据《首次公开发行股 ...

中国国际金融股份有限公司 关于亚信安全科技股份有限公司 2024 年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据 《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》和 《上海证券交易所上市公司自律监管指引第11号——持续督导》等相关规定对亚 信安全进行上市后的持续督导工作，并出具本持续督导年度跟踪报告。 | 序 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针对 | 保荐机构已建立健全并有效执行持 | | | 具体的持续督导工作制定相应的工作计划 | 续督导工作制度，并针对具体的持续 | | | | 督导工作制定相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与上市公司签署了《保荐 | | | 前，与上市公司或相关当事人签署持续督导协议， | 协议》，协议明确了双方在持续督导 | | | 明确双方在持续督导期间的权利义务，并报上海证 | 期间的权利和义务，并已报上海证券 | | | 券交易所备案 | 交易所备案 ...

Core Viewpoint - The company, AsiaInfo Security (688225.SH), reported significant growth in its 2024 annual revenue and a turnaround in net profit compared to the previous year, indicating a strong recovery and operational improvement [1][3]. Financial Performance Summary - The company achieved an operating revenue of 3.595 billion yuan in 2024, representing a year-on-year increase of 123.56% [1][3]. - The net profit attributable to shareholders was 9.59 million yuan, a substantial improvement from a net loss of 291 million yuan in the previous year [1][3]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -16.26 million yuan, compared to -32.49 million yuan in the previous year [1][3]. - The net cash flow from operating activities was 1.145 billion yuan, a significant recovery from a negative cash flow of 379 million yuan in the previous year [1][3]. Q1 2025 Performance Summary - In the first quarter of 2025, the company reported an operating revenue of 1.29 billion yuan, marking a remarkable year-on-year growth of 347.54% [4]. - The net profit attributable to shareholders for Q1 2025 was -22.74 million yuan, compared to -14.59 million yuan in the same period last year [4]. - The net cash flow from operating activities for Q1 2025 was -685.57 million yuan, worsening from -204.41 million yuan in the previous year [4]. Company Background - AsiaInfo Security was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on February 9, 2022, with an initial public offering of 40.01 million shares at a price of 30.51 yuan per share [5]. - The stock reached a peak price of 41.55 yuan on its listing day but has since experienced a decline, currently trading below its initial offering price [5]. - The total amount raised during the IPO was 1.221 billion yuan, with a net amount of 1.123 billion yuan after expenses, which were higher than initially planned [5].

● 本报记者 王婧涵 从通用大模型到智能体，人工智能技术的升级一直是市场关注焦点。从2024年年报看，人工智能产业链 公司业绩大幅增长，应用场景不断落地赋能千行百业，为上市公司提供新发展动能。 AI赋能千行百业 作为未来社会的发展基础，人工智能对传统行业及新兴行业均产生显著影响。不少上市公司通过人工智 能技术赋能生产经营，或是围绕人工智能应用场景开拓新的业务，打造企业第二增长曲线，实现了高质 量发展并提升公司业绩。 在视源股份"未来一节课"体验区，记者体验了人工智能辅助自动生成课件、教案；智能反馈课堂情况、 智能分析学生学情等丰富的教育教学产品。 2024年，视源股份总收入同比提升11.05%，公司围绕视觉、听觉、触觉及数据四大方向推进以人工智 能为核心的技术布局，落地人工智能+教育、人工智能+办公等应用场景，在智能控制部件和智能终端 及应用上实现业绩增长。 视源股份未来教育集团（希沃）副总裁魏振水表示，数智化赋能课堂教学是时代要求，对重构新型教学 关系有重要意义，公司希沃品牌将秉持数智化教育使命，扎根校园、深入校园，通过人工智能和数智化 技术为消除教育行业的数字鸿沟尽一份力。 不仅教育行业，消费、能源、交通 ...

证券代码：688225 证券简称：亚信安全 公告编号：2025-031 亚信安全科技股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、获得补助的基本情况 亚信安全科技股份有限公司（以下简称"公司"）于近日收到政府补助人民 币4,634,916.87元，属于与收益相关的政府补助。 二、政府补助的类型及对公司的影响 公司根据《企业会计准则第16号——政府补助》等有关规定，确认上述事项 并划分补助类型。上述政府补助未经审计，具体的会计处理以及对公司损益的影 响情况最终以审计机构年度审计确认后的结果为准，敬请广大投资者注意投资风 险。 特此公告。 亚信安全科技股份有限公司董事会 2025年4月30日 ...

证券代码：688225 证券简称：亚信安全 公告编号：2025-030 亚信安全科技股份有限公司 2024年度业绩快报更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 亚信安全科技股份有限公司（以下简称"公司"）董事会于2025年2月28日在 《上海证券报》和上海证券交易所网站（www.sse.com.cn）披露了公司2024年度 业绩快报。现根据审计结果对相关内容修正如下。 | | 本报告期 | | | 修正后较上 | | --- | --- | --- | --- | --- | | 项目 | 修正前 | 修正后 | 上年同期 | 年同期的增 减变动幅度 | | | | | | （％） | | 营业总收入 | 374,418.82 | 359,508.23 | 160,808.84 | 123.56 | | 营业利润 | 47,271.48 | 40,711.56 | -29,253.60 | 不适用 | | 利润总额 | 46,610.70 | 40,050.77 | -29,420.80 | 不适用 | | ...