Summary of Conference Call on Cybersecurity Industry and Yongxin Zhicheng Industry Overview - The cybersecurity sector has experienced a rebound but remains at a valuation bottom, with significant potential in military, government, and other critical areas due to national emphasis on cybersecurity [2][4] - Digital transformation in key industries such as finance, energy, and healthcare is driving strong demand for cybersecurity solutions, especially in the face of risks posed by AI and data science [2][6] - The market for cybersecurity is expected to grow significantly, with projections indicating that the integration of AI could lead to the emergence of companies with five to ten times growth potential in the next three years [2][7] Key Points on Yongxin Zhicheng - Yongxin Zhicheng, established in 2014, operates as an independent third-party evaluation agency, focusing on cybersecurity assessments without selling products [2][16] - The company has developed a unique cybersecurity testing environment that simulates real-world scenarios, allowing for extensive data accumulation and professional security assessments [2][19] - Yongxin Zhicheng's 2024 stock incentive plan aims for revenues of 1.45 billion yuan and profits of 300 million yuan by 2026, leveraging a "300 by 300" strategy targeting top clients [4][24][26] Financial Performance and Market Position - The cybersecurity sector's overall valuation has dropped significantly, with a price-to-sales ratio (PS) falling to 1-2 times, indicating a market correction where valuations have decreased by 80% since 2021 [3][13] - Yongxin Zhicheng's unique positioning in the independent security evaluation market allows it to avoid direct competition with traditional cybersecurity product companies, focusing instead on a 30 billion yuan market for independent assessments [2][23] Technological Advancements and Product Development - The launch of the "Digital Risk Control" product in 2024 marks a significant advancement for Yongxin Zhicheng, utilizing accumulated data and industry expertise to enhance its service offerings [24][25] - The company has also introduced a large model native security all-in-one machine, which addresses critical customer needs for secure and efficient AI applications [32][33] Market Trends and Future Outlook - The cybersecurity market is expected to see increased demand due to the rapid advancement of AI technologies, with significant implications for security needs in autonomous driving, drones, and robotics [34][36] - Yongxin Zhicheng's strategy includes expanding its service offerings and partnerships, particularly in sectors like oil and gas, while maintaining a strong brand presence through government collaborations [43][44] Conclusion - Yongxin Zhicheng is well-positioned to capitalize on the growing cybersecurity market, with a focus on independent assessments and innovative product offerings. The company's ambitious growth targets and strategic initiatives suggest a promising outlook in the evolving landscape of cybersecurity [27][40]

很多人不理解说这个赛道那既然是安全的赛道其实这个国家重不重视那是不是有这个政治罪化然后呢这个最终的客户要不要去买单实际上这个赛道它面临的客户群是非常广阔的我们一直比较关注的像这个把客户群分成三大块的话第一大块可能就跟国家安全相关那大部分的像一些军队军工啊头部的部委和党政啊这个一般我们会把它称为叫国家安全的客户群 那这位客户实际上他对这个产品的关注度通常来说跟安全相关的大部分是用在国防属性的比如说网络战争而现在的网络战争大家能关注到最多的可能就是国与国之间的这样一个攻防对抗如果熟悉这个Planter的公司这个大家可能这个各位投资人大家也知道他是跟这个美国的这个CIA走的比较近因为CIA是他大股东嘛 所以国防大模型的这种这个场景下你能看到这个相关的这种跟网络安全的一些攻击属性的动作也在出现所以在国家安全层面其实AI的加持下也会爆发网络战的这样一个趋势而网络战加上AI其实一方面增加了攻击的压力也增加了防守难度这是一个情况 那这类客户群面临的是军队军工头部部委和党政所以他们的数据他们的国他们的整个这种业务系统的安全性以及现在的郑雾云的上AI之后带来的整体的安全隐患是极为重视的很多领导说那这块是不是不出事他是不投入国家 ...

Financial Performance - Total revenue for 2024 was RMB 356.33 million, a decrease of 9.99% compared to the previous year[4] - Net profit attributable to shareholders was RMB 8.54 million, down 72.53% year-on-year[4] - The weighted average return on net assets was 0.82%, a decrease of 2.12 percentage points compared to the previous year[4] - The net profit excluding non-recurring gains and losses was RMB -1.88 million, a decline of 117.05% year-on-year[4] Assets and Capital - The company's total assets at the end of the reporting period were RMB 1,222.29 million, a decrease of 2.05% from the beginning of the period[7] - The company's share capital increased by 47.50% during the reporting period due to a capital reserve conversion[10] - The net asset per share attributable to shareholders decreased by 34.76% to RMB 10.04[4] Research and Development - The company experienced a significant increase in R&D expenses, contributing to the decline in profits[10] Client Growth and Revenue - The number of clients for the "Digital Wind Tunnel" product system increased, leading to revenue growth from clients with recurring annual payments[8] Strategic Goals - The company aims to provide effective solutions for network and data security in the context of digital transformation[8]

这个公司我们更内比较早更比较早然后我们是在去年的9月27号撰写了公司的深度报告然后当时的话其实整个AR也已经公司也已经就AR相关的一些领域做了他自己的相关的一些大模型我们后面会讲到这里面的话我们首先先结论性的谈一下我们对公司的看法 这就是公司看法因为安全的公司的话呢其实在我们传统认知内的网络安全公司的这个公司的数量是很多的围绕着这种传统的网络安全产品防火墙相关的业务公司的很多大家的业务相对来说一定的这个重叠但是呢在我们研究这个 呃这个永信制产的时候呢我们发现了这公司还是有一些比较典型的特点啊典型的特点啊无论说是啊这个传统的说安全业务对吧公司呢是做啊这个网络靶场和人才培养体系啊起家的啊这样的一个公司那围绕着网络靶场的这个建设和运营啊我们后面会介绍一下什么叫网络安全靶场啊然后呢 也是国内最大的安全评测平台每年都会举行相关的一些活动同时公司又是有一些新的业务也是国内率先做数字分洞测评评估产品和服务的这样的一个炒商所以 这公司的话呢在我们看来呢在网络型公司里面的是一家相对来说比较特殊和独特的公司啊这个公司的这个董事长蔡总的话呢也是啊整个这个技术啊各方面啊这个水平非常高的啊这样的一个技术性的这样的一个管理层啊管理层所以 ...

证券代码：688244 证券简称：永信至诚 公告编号：2025-009 永信至诚科技集团股份有限公司 股票交易异常波动暨严重异常波动公告 本公司董事会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。 重要内容提示： 永信至诚科技集团股份有限公司（以下简称"公司"）股票于 2025 年 2 月 12 日、2 月 13 日、2 月 14 日连续三个交易日内收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所交易规则》《上海证券交易所科创板股票异常交易实 时监控细则》的有关规定，属于股票交易异常波动情形。 公司股票连续 10 个交易日内（2025 年 2 月 5 日至 2025 年 2 月 14 日） 收盘价格涨幅偏离值累计超过 100%，根据《上海证券交易所科创板股票上市规 则》《上海证券交易所交易规则》《上海证券交易所科创板股票异常交易实时监控 细则》的有关规定，属于股票交易严重异常波动情形。 经公司自查并向公司控股股东、实际控制人发函查证，截至本公告披露 日，公司及控股股东、实际控制人不存在关于公司的应披露而未披露的重大事项。 公司目前生产经 ...

证券代码：688244 证券简称：永信至诚 公告编号：2025-010 永信至诚科技集团股份有限公司 关于股东减持股份结果暨权益变动的提示性公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，奇安（北京）投资管理有限公司－北京奇安创业投资 合伙企业（有限合伙）（以下简称"奇安创投"）持有永信至诚科技集团股份有 限公司（以下简称"公司"）股份 11,937,680 股，占公司股份总数 11.6768%。 减持计划的实施结果情况 2024 年 10 月 25 日，公司披露了《持股 5%以上股东减持股份计划公告》 （公告编号：2024-069），公司股东奇安创投拟通过集中竞价交易、大宗交易方 式减持其所持有的公司股份数量合计不超过 3,067,024 股，即不超过公司总股本 的 3%。截至本公告披露日，上述减持计划时间区间已届满，减持计划已实施完 毕。近日，公司收到奇安创投出具的《减持股份结果暨权益变动的告知函》。在 减持计划期间内，累计减持公司股票 3,0 ...

《关于永信至诚科技集团股份有限公司股票交易异常波动 暨严重异常波动的询证函》的回函 致：永信至诚科技集团股份有限公司 贵公司《关于永信至诚科技集团股份有限公司股票交易异常波动暨严重异 常波动的询证函》已收悉，现就贵公司询证事项回复如下： 截至目前，作为公司控股股东/实际控制人，不存在正在筹划并购重组、股 份发行、债务重组、业务重组、资产剥离和资产注入等重大事项。 特此回函。 （本页以下无正文） (本页无正文，为控股股东/实际控制人《<关于永信至诚科技集团股份有限公 司股票交易异常波动暨严重异常波动的询证函>的回函》之签署页 > 控股股东/实际控制人: 9 2025 年 2 月 14 日 《关于永信至诚科技集团股份有限公司股票交易异常波动 暨严重异常波动的询证函》的回函 致：永信至诚科技集团股份有限公司 2025 年 2 月 14 日 贵公司《关于永信至诚科技集团股份有限公司股票交易异常波动暨严重异 常波动的询证函》已收悉，现就公司询证事项回复如下： 截至目前，本人作为贵公司实际控制人，不存在正在筹划并购重组、股份 发行、债务重组、业务重组、资产剥离和资产注入等重大事项。 特此回函。 （本页以下无正文） (本页 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8][61]. Core Viewpoints - The company is a leader in digital security testing and evaluation, focusing on network ranges and digital wind tunnels, and has been recognized as a national-level specialized "little giant" enterprise [8][11]. - The launch of the "Digital Wind Tunnel" product system in November 2022 positions the company to lead the professional track of digital security testing and evaluation [8][42]. - The company is expected to maintain a strong growth trajectory, with projected revenues of CNY 3.95 billion, CNY 4.84 billion, and CNY 5.87 billion from 2024 to 2026, alongside net profits of CNY 0.37 billion, CNY 0.65 billion, and CNY 0.99 billion during the same period [8][58][61]. Summary by Sections Company Overview - The company provides professional digital wind tunnel testing and evaluation, network range operations, and security protection services, addressing various security challenges faced by government and enterprise users [8][11]. - It has helped over a thousand government and enterprise users improve their digital security defenses [8][11]. Business Segments - The company has a strong foothold in the network range sector, which is crucial for digital security testing and evaluation [8][21]. - The "Digital Wind Tunnel" product system is designed to enhance security testing capabilities, utilizing a unique risk verification methodology [8][42][43]. Financial Projections - Revenue for 2024 is projected at CNY 3.95 billion, with a growth rate of 0%, followed by CNY 4.84 billion in 2025 (23% growth) and CNY 5.87 billion in 2026 (21% growth) [8][58]. - Net profit is expected to grow from CNY 0.37 billion in 2024 (20% growth) to CNY 0.65 billion in 2025 (75% growth) and CNY 0.99 billion in 2026 (51% growth) [8][58]. Market Position - The company holds the largest market share in the domestic network range sector as of 2023, outperforming competitors [8][28]. - The digital wind tunnel market is anticipated to grow significantly, driven by increasing demand for AI security assessments [8][32][41].