Investment Rating - The report assigns a rating of "Overweight" (downgraded) to the company [2][3]. Core Views - The company has shifted its focus from scale to quality, emphasizing cash collection and achieving dual growth in sales collection and net profit. The operating cash flow has significantly improved compared to the previous year, and the expenses have decreased year-on-year [2][3]. - The company reported a revenue of 1.783 billion yuan for the first half of 2024, a year-on-year decrease of 28.17%, while the net profit attributable to the parent company was a loss of 820 million yuan, which is a narrowing of the loss compared to the previous year [2][3]. - The company is focusing on core high-quality clients, with enterprise-level clients continuing to contribute significantly to revenue [2][3]. Financial Forecast and Valuation - Revenue projections for 2024, 2025, and 2026 are 6.643 billion yuan, 7.324 billion yuan, and 8.291 billion yuan respectively, with growth rates of 3%, 10%, and 13% [2][3]. - Net profit forecasts for the same years are 137 million yuan, 292 million yuan, and 500 million yuan, with growth rates of 92%, 112%, and 71% respectively [2][3]. - Earnings per share (EPS) are projected to be 0.20 yuan, 0.43 yuan, and 0.73 yuan for 2024, 2025, and 2026 respectively [2][3]. Market Position and Strategy - The company has been recognized as a leader in the cybersecurity industry for three consecutive years, with its market share further increasing [2][3]. - The company has established a marketing system that enhances coordination between industries and regions, aiming to improve resource efficiency [2][3]. - The company is accelerating its overseas expansion, with a focus on markets in Indonesia, Oman, and Egypt [2][3].

Investment Rating - The investment rating for Qi Anxin (688561) is not explicitly stated in the provided content, but the report suggests a focus on quality and strategic shareholder support from China Electronics [6][10]. Core Insights - Qi Anxin reported a revenue of 1.783 billion yuan for the first half of 2024, a year-on-year decrease of 28.17%. The net profit attributable to shareholders was -820 million yuan, indicating a narrowing loss [10]. - The company is shifting its focus from scale to quality, strategically abandoning clients with less favorable payment expectations and reducing its role in total integration, leading to a significant decrease in hardware and other revenues [10]. - The company launched several new products across various fields, including an AI+ security robot and upgraded models in situational awareness and cloud security [10]. - China Electronics increased its stake in Qi Anxin by 5%, which is expected to optimize the company's equity structure and strengthen its position in the national cybersecurity industry [10]. Financial Performance Summary - For the second quarter of 2024, Qi Anxin achieved a revenue of 1.078 billion yuan, down 30.76% year-on-year, with a net profit of -340 million yuan, also showing a narrowing loss [10]. - The gross profit margin for the first half of 2024 was 57.08%, down 3.89 percentage points year-on-year, while the second quarter's gross margin was 53.96%, down 8.95 percentage points year-on-year [10]. - Revenue projections for 2024-2026 are estimated at 6.568 billion yuan, 7.093 billion yuan, and 7.810 billion yuan, with corresponding year-on-year growth rates of 1.95%, 7.99%, and 10.11% [10][11]. - The net profit attributable to shareholders is projected to be 122 million yuan, 248 million yuan, and 358 million yuan for 2024-2026, with growth rates of 69.40%, 103.81%, and 44.49% respectively [11]. Market Position and Strategy - The company continues to lead the cybersecurity market, with enterprise clients contributing over 80% of its revenue [10]. - The report emphasizes the importance of maintaining a strong market share in the cybersecurity sector, suggesting that investors should continue to monitor the company's performance closely [10].

计算机 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 奇安信-U 上证综指 688561.SH 买入 原评级：买入 市场价格:人民币 22.60 板块评级:强于大市 股价表现 (60%) (48%) (35%) (23%) (10%) 2% (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (41.8) (0.6) (14.4) (57.9) 相对上证综指 (37.8) 0.7 (6.4) (48.5) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 685.17 | | 流通股 ( 百万 ) | | 510.06 | | 总市值 ( 人民币 百万 ) | | 15,484.90 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 88.17 | | 主要股东 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company has optimized its operational quality, resulting in growth in sales collections and a reduction in net losses. The revenue for H1 2024 was 1.783 billion, a year-on-year decrease of 28.17%, while the net profit attributable to shareholders was -820 million, a reduction in loss of 6.78% [1]. - The company has shifted its focus from scale to quality, strategically abandoning clients with less favorable payment expectations and reducing its role in total integration, leading to a significant decrease in hardware and other revenues [1]. - The company has secured multiple large-scale projects across various product lines, including data security and cloud security, and has been recognized with national awards for its contributions to the cybersecurity field [1]. - The company is actively exploring new opportunities in overseas markets, leveraging its international R&D center and business headquarters in Hong Kong to expand into countries like Indonesia, Oman, and Egypt [1]. Financial Summary - For 2024-2026, the company’s revenue projections are adjusted to 6.630 billion, 7.292 billion, and 7.975 billion respectively, with net profit projections of 148 million, 212 million, and 309 million respectively [2][3]. - The company reported a sales collection of 1.838 billion in H1 2024, a year-on-year increase of 2.48%, and a net operating cash flow of -826 million, an increase of 5.73 billion, representing a year-on-year growth of 40.97% [1]. - The company’s core product lines are leading the industry, with significant revenue performance in data security and endpoint security, surpassing the company’s average level [1].

证券代码：688561 证券简称：奇安信 奇安信科技集团股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |-------------------------|-------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类 \n别 | R 特定对象调研 \n£ 业绩说明会 \n£新闻发布会 £其他 | £ 分析师会议 £媒体采访 £现场参观 \n£ 路演活动 £一对一沟通 | | 参与单位及人员 | 本次参会机构共 | 116 家，参会人员 141 人，具体名单详见文后附录 | | 时间 | 2024 年 ...

奇安信科技集团股份有限公司 第二届监事会第十八次会议决议公告 证券代码：688561 证券简称：奇安信 公告编号：2024-026 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）上披露的 《奇安信科技集团股份有限公司2024年半年度报告》及《奇安信科技集团股份有 限公司2024年半年度报告摘要》。 本公司监事会及全体监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、监事会会议召开情况 奇安信科技集团股份有限公司（以下简称"奇安信"或"公司"）第二届监 事会第十八次会议（以下简称"本次会议"）于 2024 年 8 月 28 日在公司会议室 以现场结合通讯的方式召开。根据《奇安信科技集团股份有限公司章程》（以下 简称"《公司章程》"）的规定，本次会议通知已提前以邮件方式发送。本次会 议由公司监事会主席张继冉女士召集和主持，应参会监事 3 名，实际参会监事 3 名。本次会议的召集、召开和表决情况符合《中华人民共和国公司法》及有关法 律、法规的规定。 二、监事会会议审议情况 经与会监事审议表决，形成的会议决议如下： （一 ...

关于中国电子财务有限责任公司的风险持续评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通知》等 有关规定的要求，奇安信科技集团股份有限公司（以下简称"本公司"） 通过查验中国电子财务有限责任公司（以下简称"中电财务"）的《金融 许可证》《营业执照》等证件资料及取得并审阅中电财务2024年6月30日财务 报表，对中电财务的经营资质、业务和风险状况进行了评估，具体情况报 告如下： 一、中电财务基本情况： 中国电子财务有限责任公司前身是中国信息信托投资公司。中国信息 信托投资公司1988年3月15日经中国人民银行批准，同年4月21日在国家工 商行政管理局登记注册，为全国性非银行金融机构，是电子工业部的直属 企业，业务受中国人民银行、国家外汇管理局领导、管理、监督、协调和 稽核。2000年11月6日经中国人民银行批准，中国信息信托投资公司改组 为企业财务公司，并更名为中国电子财务有限责任公司，2001年起开始正 式运营，并领取《金融机构法人许可证》（编号：L0014H211000001）， 并获得由北京工商行政管理局颁发的营业执照（统一社会信用代码： 91110000102090836Y）。 2022年9 ...

奇安信科技集团股份有限公司 2024 年度"提质增效重回报"行动方案的半年度评估报告 一、落实高质量发展战略，聚焦经营主业，全面提升经营效益 奇安信科技集团股份有限公司（以下简称"公司"或"奇安信"）成立于 2014 年，专注于网络空间安全市场，向政府、企业用户提供新一代企业级网络安全产 品和服务。目前，公司已经从"快速上规模"进入"高质量发展"的战略阶段： 在经营质量方面，公司 2024 年上半年净利润和扣非净利润较去年同期稳步提升， 经营性现金流净额较去年同期提升近 6 亿元。公司参与申报的某电子数据取证技 术研究及应用项目，获评 2023 年公安部科学技术奖一等奖。公司参与申报的"超 大规模多领域融合联邦靶场（鹏城网络靶场）关键技术及系统"项目获得国家科 学技术进步二等奖，这也是本年度网络攻防领域唯一的国家级科学技术进步奖。 在市场方面，公司在云安全、威胁情报、安全咨询服务、终端安全软件、数据安 全软件等多个重要细分领域均排名第一。 2024 年下半年，公司将进一步提升运营质量，推动以回款和毛利为导向的 考核体系，全面提升营收质量，强化经营性现金流管理，加强对应收账款和供应 链管理，严格各项费用管控，提 ...

证券代码：688561 证券简称：奇安信 公告编号：2024-027 奇安信科技集团股份有限公司 关于对子公司申请综合授信额度提供担保的公告 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。 重要内容提示: 被担保人：奇安信科技集团股份有限公司（以下简称"奇安信"或"公 司"）的控股子公司奇安信网神信息技术（北京）股份有限公司（以下简称"网 神"），被担保人中无公司关联方。 网神拟向南京银行股份有限公司北京分行（以下简称"南京银行"）申 请综合授信不超过人民币 3 亿元，公司拟在综合授信额度内为网神提供不超过人 民币 3 亿元的担保；网神拟向浙商银行股份有限公司北京分行（以下简称"浙商 银行"）申请综合授信不超过人民币 2 亿元，公司拟在综合授信额度内为网神提 供不超过人民币 2 亿元的担保；网神拟向中国邮政储蓄银行股份有限公司北京金 融大街支行（以下简称"邮储银行"）申请综合授信不超过人民币 5 亿元，公司 拟在综合授信额度内为网神提供不超过人民币 5 亿元的担保； 截至本公告披露日，公司及子公司累计对外担保余额为人民币1 ...

Financial Performance - The company reported a net loss of CNY 8.25 billion for the first half of 2024, with a net loss attributable to shareholders of CNY 8.20 billion, and a net loss of CNY 8.54 billion after deducting non-recurring items[4]. - Revenue for the first half of 2024 was CNY 17.83 billion, representing a year-on-year decline of 28.17%[5]. - Cumulative undistributed profits reached CNY -37.44 billion as of June 30, 2024[4]. - The company's operating revenue for the first half of 2024 was approximately ¥1.78 billion, a decrease of 28.17% compared to ¥2.48 billion in the same period last year[19]. - The net profit attributable to shareholders of the listed company was approximately -¥820 million, compared to -¥880 million in the same period last year[19]. - The net cash flow from operating activities was approximately -¥826 million, an improvement from -¥1.40 billion in the same period last year[19]. - The total assets at the end of the reporting period were approximately ¥14.65 billion, a decrease of 9.96% from ¥16.27 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 7.93% to approximately ¥9.36 billion from ¥10.16 billion at the end of the previous year[19]. - The basic earnings per share for the reporting period was -¥1.21, compared to -¥1.29 in the same period last year[20]. - The cumulative undistributed profit as of June 30, 2024, was -3.744 billion yuan, indicating ongoing financial challenges[92]. Research and Development - The company continues to focus on high R&D investments, which are essential for developing core technology capabilities in the cybersecurity sector[4]. - The R&D investment as a percentage of operating revenue increased by 1.12 percentage points to 40.12%[20]. - The total R&D investment amounted to ¥715,435,921.14, a decrease of 26.11% compared to ¥968,292,453.14 in the same period last year, with R&D investment accounting for 40.12% of operating revenue[57]. - The company has established a multi-tiered sales model combining direct sales for large clients and channel sales for small and medium-sized clients[38]. - The company has developed dozens of core security technologies covering new IT scenarios, including endpoint security detection and response, next-generation security engines, and cloud security[38]. - The company’s R&D investment has begun to yield results, focusing on a "tool + data + platform" model to enhance core competitiveness and reduce costs[25]. - The company has established a comprehensive "zero-accident" network security standard, ensuring business continuity, data integrity, and compliance during the Beijing Winter Olympics and Paralympics[77]. Market Position and Competition - The company achieved a market share of 9.83% in the cybersecurity industry, ranking first in the "Top 50 Competitiveness in China's Cybersecurity Industry" for three consecutive years[24]. - The company leads the market in several core product categories, including endpoint security software, security analysis and intelligence, and security consulting services, maintaining the top position for six and four consecutive years respectively[24]. - The company achieved a market share of 8.0% in the IT security consulting services sector, ranking first for four consecutive years since 2020[27]. - The company's NDR product market share reached 22.5%, maintaining the top position for three consecutive years[27]. - The company secured a 25.8% market share in the private cloud workload security market, ranking first for two consecutive years[27]. - The company’s cloud-native application security protection platform (CNAPP) won the Pioneer Product Award from CDM during the RSAC 2024 event[27]. - The company ranked first in the Chinese cloud security market for six consecutive years, according to the 2023-2024 report by CCID Consulting[27]. Strategic Initiatives - The company emphasizes the need for continuous investment in product R&D and market promotion to mitigate risks of declining revenue and profitability[5]. - The company is focusing on zero trust security models, providing comprehensive coverage across users, terminals, networks, applications, and data[41]. - The company has committed to a $10 million investment in research and development for innovative technologies over the next two years[132]. - The company has implemented new strategies to address competitive pressures, focusing on enhancing customer experience and product differentiation[132]. - The company is expanding its market presence in Asia, targeting a 20% market share by the end of 2025[132]. Financial Management and Risks - The company faces risks related to high R&D expenditure, which is a significant portion of its revenue, and ongoing cash flow challenges due to increasing accounts receivable[6]. - The company acknowledges the uncertainty regarding its ability to achieve positive net profit in the future, particularly after excluding non-recurring items[4]. - The company faces risks from intensified market competition as the cybersecurity industry grows rapidly, attracting more participants and potentially leading to slower revenue growth[99]. - The company's cash flow remains under pressure, with accounts receivable increasing as a percentage of revenue, which could negatively impact overall cash flow if collections are delayed[98]. - The company anticipates that future revenue growth may be impacted by macroeconomic factors, industry competition, and the need for timely market adaptation[93]. Corporate Governance and Shareholder Commitments - The actual controller of the company holds more than 5% of the shares and has made irrevocable commitments regarding shareholding and lock-up periods[133]. - The controller commits not to reduce their shareholding for three complete accounting years if the company is not profitable at the time of listing[133]. - The company guarantees that its shares are free from any pledges or third-party rights, ensuring no restrictions on voting or income rights[5]. - The company will comply with all relevant regulations regarding share reduction and lock-up arrangements as stipulated by the Shanghai Stock Exchange[5]. - The company has made an irrevocable commitment that its shares are not pledged or subject to any third-party rights, ensuring no restrictions on voting or income rights[5]. Social Responsibility and Sustainability - The company is committed to reducing carbon emissions through various measures, including optimizing cabinet layout and enhancing water circulation systems[126]. - The company participated in three rural revitalization projects through its foundation, focusing on improving medical capabilities and supporting local economies[128]. - The "Heart Safe Medical" project screened over 2,600 children in Tibet for vision issues and donated four screening devices to local hospitals[129]. - The company has implemented a carbon emission data recording system to monitor and audit its carbon footprint annually[126].