证券简称：三未信安 股票代码：688489 三未信安科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |--------------------|-------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：688489 证券简称：三未信安 公告编号：2024-054 公司在会上发布了由三未信安编写的《抗量子密码技术与应用白皮书 （2024）》。该白皮书旨在全面梳理抗量子密码技术的发展脉络，系统介绍其理 论基础、技术框架、标准化进程、迁移指南以及在不同行业中的应用方案。 三未信安科技股份有限公司 关于自愿披露公司发布新产品的公告 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。 2024 年 9 月 13 日，三未信安科技股份有限公司（以下简称"公司"）在北 京举办"探索无限量 安全新未来"密码创新大会 2024，公司在会上发布了新一 代抗量子密码系列产品、《抗量子密码技术与应用白皮书（2024）》以及多款创 新型密码新品，具体情况公告如下： 一、新产品基本情况 1、抗量子密码系列产品 公司发布的新一代抗量子密码系列产品，涵盖抗量子密码芯片、抗量子密码 板卡、抗量子 UKEY、抗量子密码机、抗量子网关、抗量子数字证书认证系统、抗 量子密钥管理系统全产业链产品，构建了新一代抗量子密码基础设施。 三未信安新一代抗量子密码系 ...

证券研究报告 ＃industryId＃ 安防设备 ＃investSuggestion＃ | --- | --- | |---------------------------------|--------------------------------------| | | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 24.66 | | 总股本（百万股） | 114.33 | | 流通股本（百万股） | 49.41 | | 净资产（百万元） | 1834.61 | | 总资产（百万元） | | | | 2016.81 | | 每股净资产 ( 元 ) 来源： WIND | 16.05 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |----------------------------------------------|-----------------|--------------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.10 [table_Authors] 朱丽江(分析师) 010-83939785 zhulijiang@gtjas.com 登记编号 S0880523060002 本报告导读： 公司营收实现快速增长，利润有较快修复，受益于下游需求高景气，密码整机及密 码服务收入增长迅速，前沿布局信创及抗量子密码产品，未来发展有望超预期。 投资要点： [Table_Summary] 维持"增持"评级，下调目标价至 36.20 元。我们根据最新业绩情 况，下调并新增盈利预测，预计2024-2026年公司EPS分别为0.78(- 0.92)、1.02(-1.21)、1.28 元，基于最新盈利预测及可比公司平均估 值水平，按照 2024 年 46.41 倍 PE，下调目标价至 36.20 元，维持 "增持"评级。 公司营收实现快速增长，利润有较快修复。2024 年上半年，公司 实现营收 1. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.76 CNY per share based on a 40x PE ratio for 2024 [3][15]. Core Insights - The company's performance met expectations, with significant revenue growth attributed to the consolidation of Jiangnan Keyou. For H1 2024, revenue reached 169 million CNY, a year-on-year increase of 63.48%, and net profit attributable to shareholders was 14 million CNY, up 35.21% year-on-year [6][11]. - The rapid increase in operating expenses during the business expansion phase has impacted short-term profits. Sales, management, and R&D expenses grew by 80.26%, 38.02%, and 43.98% respectively in H1 2024 [6][12]. - The company continues to lead in innovative applications of cryptographic technology in emerging fields, having fully implemented mainstream post-quantum cryptographic algorithms [6][11]. - The establishment of the Hong Kong subsidiary has led to breakthroughs in overseas business, contributing to new revenue streams [6][11]. Financial Summary - For H1 2024, the company reported a revenue of 169 million CNY, with a net profit of 14 million CNY. In Q2 2024, revenue was 120 million CNY, reflecting a year-on-year growth of 78.06% [6][11]. - The company’s gross margin for H1 2024 was 76.83%, an increase of 5.91 percentage points compared to H1 2023 [8]. - The forecast for revenue from 2024 to 2026 is 509 million CNY, 671 million CNY, and 827 million CNY respectively, with year-on-year growth rates of 41.91%, 31.86%, and 23.17% [12][11]. Business Segment Performance - Revenue from the cryptographic machine segment reached 70.29 million CNY, up 69.45% year-on-year, while the cryptographic system segment generated 38.99 million CNY, a 20.94% increase [7]. - The cryptographic services and other segment saw a remarkable growth of 442.35%, reaching 32.92 million CNY, driven by increasing demand for cryptographic services [11][12]. - The cryptographic chip segment experienced a decline, with revenue dropping 73.48% to 0.15 million CNY [7]. Expense Analysis - The company’s sales expenses for H1 2024 were 55.55 million CNY, a year-on-year increase of 80.26%, primarily due to increased sales management capabilities and the consolidation of Jiangnan Keyou [8][12]. - Management expenses rose to 21.84 million CNY, up 38.02% year-on-year, while R&D expenses reached 52.95 million CNY, a 43.98% increase [8][12]. Cash Flow and Financial Ratios - The net cash flow from operating activities for H1 2024 was -22.04 million CNY, reflecting a 22.22% year-on-year improvement [8][9]. - The company’s projected EPS for 2024, 2025, and 2026 is 0.72 CNY, 1.25 CNY, and 1.75 CNY respectively [11][12]. Valuation - The report suggests a reasonable value of 28.76 CNY per share based on a 40x PE ratio for 2024, reflecting the company's strong growth potential and recent international market expansion [15][11].

证券研究报告 | 公司点评 | 计算机设备 三未信安(688489) 报告日期：2024 年 09 月 06 日 收入利润高增，海外市场取得突破 ——三未信安 2024 半年报点评报告 事件 公司发布 2024 年半年报，2024 年上半年实现营业收入 1.69 亿元，同比增长 63.48%；归母净利润 0.14 亿元，同比增长 35.21%，扣非后归母净利润 0.09 亿 元，同比增长 1.14%。 单 Q2 而言，2024Q2 实现营业收入 1.2 亿元，同比增长 78.06%；归母净利润 0.24 亿元，同比增长 70.05%，扣非后归母净利润 0.22 亿元，同比增长 62.23%。 点评 ❑ 并表江南科友，收入利润显著提升 公司 2024H1 营收实现高速增长，主要受到并表江南科友的影响。公司 2023 年 6 月 29 日完成对江南科友的收购，截至 2024 年中报持有江南科友 86.28%股份。 江南科友上半年实现营收 0.53 亿元、归母净利润 0.12 亿元，带动公司及利润实 现显著提升。此外，根据公司公告，2024 上半年华为等大客户采购量同比大幅 增加，同时公司在医保、运营商和电力等领域 ...

证券简称：三未信安 股票代码：688489 三未信安科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------------|------------------------------------------------------------------------|-----------------| | 投资者关系活动类 别 | □特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □专场机构交流会 □其他 | 业绩说明会 □路演活动 □现场参观 | | | 参与单位名称及人 员姓名 | 投资者 | | | | 时间 | 2024 年 9 月 4 日 | | | | 地点 | 价值在线（ | https://www.ir-online.cn/ | ）网络互动 | | 上市公司接待人员 姓名 | 董事长、总经理 张岳公 独立董事 罗新华 财务总监 焦友明 董事会秘书 张玉 ...

营收利润均高增，海外布局获得新进展 三未信安（688489）/计算机 证券研究报告/公司点评 2024 年 9 月 5 日 [Table_Industry] [Table_Finance] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 29.82 CNY, compared to the current stock price of 25.19 CNY as of September 3, 2024 [1]. Core Insights - The company has demonstrated significant revenue growth, achieving 169 million CNY in revenue for H1 2024, a year-on-year increase of 63.48%, with Q2 2024 revenue reaching 120 million CNY, up 78.06% year-on-year [2][3]. - The net profit for H1 2024 was 14 million CNY, reflecting a 35.21% increase year-on-year, with Q2 2024 net profit at 24 million CNY, up 70.05% year-on-year [2][3]. - The company is in a rapid development phase, focusing on both R&D and market expansion, which is expected to open broader growth opportunities with new products and clients [2]. Financial Performance - The company reported a gross margin of 76.83% for H1 2024, an increase of 5.91 percentage points year-on-year, indicating improved product competitiveness [3]. - Sales, management, and R&D expenses increased by 80.26%, 38.02%, and 43.98% respectively, with management and R&D expense growth rates lower than revenue growth, showcasing effective cost control [3]. - Revenue projections for 2024 to 2026 are estimated at 499 million CNY, 590 million CNY, and 690 million CNY respectively, with net profits expected to be 85 million CNY, 116 million CNY, and 139 million CNY [6][7]. Market Position and Strategy - The company is positioned as a vertically integrated player in the commercial encryption industry, with strong R&D capabilities and a focus on high-barrier sectors [5]. - The introduction of new XT and XR series chips is aimed at expanding into the IoT market, targeting applications in energy, healthcare, video security, and vehicle networking [4]. - The company has established partnerships with major cloud service providers, including Huawei Cloud and JD Cloud, to support digital transformation across various sectors [4]. Future Outlook - The company is actively expanding into international markets, with the establishment of a subsidiary in Hong Kong, marking its first step in overseas business [4]. - The anticipated growth trajectory is supported by the company's ongoing investment in quantum-resistant encryption technologies and hardware [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][5] Core Views - The company reported a revenue growth of over 63% in the first half of the year, driven by significant procurement increases from major clients like Huawei and successful expansion in sectors such as healthcare, telecommunications, and electricity [1][4] - The gross margin improved to 76.83%, up by 5.91 percentage points year-on-year, while operating expenses increased significantly due to the consolidation of Jiangnan Keyou and investments in sales and R&D [1][4] - The company is actively positioning itself in new industry opportunities, focusing on quantum-resistant cryptography and hardware chips, with pilot projects already underway for its quantum-resistant products [1][4] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 169 million yuan (+63.48%) and a net profit of 14 million yuan (+35.21%), with a net profit of 24 million yuan in Q2 (+70.05%) [1][4] - The company expects revenue for 2024-2026 to be 465 million yuan, 602 million yuan, and 745 million yuan, with growth rates of 30%, 29%, and 24% respectively [5][6] - The projected net profit for the same period is 104 million yuan, 142 million yuan, and 183 million yuan, corresponding to current P/E ratios of 27, 20, and 15 times [5][6]