Investment Rating - The report upgrades the investment rating of the company to "Buy" [31] Core Insights - The company is positioned as a small giant in the cybersecurity sector, focusing on vulnerability scanning and Web Application Firewall (WAF) products, with a strategic expansion into satellite internet security and network space mapping [61][73] - The company has a stable shareholding structure, with the founder holding approximately 35% of the shares, which is expected to maintain the company's operational strength [63] - The company has seen significant revenue growth, with projected revenues of 356.1 million yuan in 2024, 500.2 million yuan in 2025, and 727 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 28.48% from 2019 to 2023 [55][79] Summary by Sections 1. Company Overview - The company was founded in 2010 and has developed core products such as WAF and vulnerability scanning systems, focusing on critical information infrastructure needs since 2015 [61] - The company launched a network space map product in 2022 and is strategically expanding into satellite internet security [61] 2. Market Position - In the Chinese web application firewall market, the company holds a 5.9% market share, ranking fifth, while in the vulnerability scanning market, it ranks third with a 7.8% market share [6][8] 3. Product Strengths - The company's products are characterized by practical capabilities rather than mere compliance, with a strong technical background among its executives [11] - The RayOS platform allows for modular and cost-effective development, enhancing the company's ability to respond to market demands [11] 4. Future Growth Opportunities - The company aims to expand its overseas market presence, particularly in the Middle East and countries along the Belt and Road Initiative, by leveraging its partnership with Huawei [12] - The satellite internet security market is projected to be a significant growth area, with an estimated market size of 15.1 billion yuan by 2030 [32] 5. Financial Projections - The company expects to achieve revenues of 3.56 billion yuan in 2024, 5.00 billion yuan in 2025, and 7.27 billion yuan in 2026, with corresponding net profits of 0.55 billion yuan, 0.86 billion yuan, and 1.31 billion yuan [33][55]

本持股计划实际参与员工共计 20 人，最终买入股票数量为 45.00 万股，对 应份额为 1,077.75 万份，对应资金总额为 1,077.75 万元，股票来源为公司回购专 用证券账户持有的公司 A 股普通股股票。 2024 年 12 月 6 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，确认"远江盛邦（北京）网络安全科技股份有限公司回购专 用证券账户"（账户号码：B886379286）所持有的 45.00 万股公司股票已于 2024 年 12 月 5 日非交易过户至"远江盛邦（北京）网络安全科技股份有限公司－2024 年员工持股计划"（账户号码：B886833620）。截至本公告披露日，公司本持股 计划持有的公司股份数量为 45.00 万股，占公司目前总股本的比例为 0.60%。 根据公司《2024 年员工持股计划》的相关规定，本持股计划的存续期为 48 个月，自公司公告最后一笔标的股票过户至本持股计划名下之日起算。本持股计 划所获标的股票分三期解锁，解锁时点分别为自公司公告标的股票过户至本持股 计划名下之日起满 12 个月、24 个月、36 个月，每期解锁的标的股票比例分别为 ...

证券代码：688651 证券简称：盛邦安全 公告编号：2024-063 远江盛邦（北京）网络安全科技股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 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。 远江盛邦（北京）网络安全科技股份有限公司（以下简称"公司"）2024 年员工持股计划第一次持有人会议于 2024 年 12 月 6 日以现场结合通讯表 决的方式召开。本次会议由公司董事会秘书袁先登先生召集和主持，出席 本次会议的持有人 20 人，代表公司 2024 年员工持股计划份额 1,077.75 万 份，占公司 2024 年员工持股计划总份额的 100%。会议的召集、召开和表 决程序符合公司 2024 年员工持股计划的有关规定。会议以记名投票表决方 式，审议通过了以下议案： （一）审议通过了《关于设立公司 2024 年员工持股计划管理委员会的 议案》 为保证公司 2024 年员工持股计划的顺利进行，保障持有人的合法权益，根 据公司《2024 年员工持股计划》及《2024 年员工持股计划管理办法》等相关规 定， ...

Group 1: Company Overview and Market Position - The company, Shengbang Security, is actively involved in the satellite internet security sector, having initiated technology research and patent applications as early as 2021 [3]. - In May 2024, the company acquired Tianyu Cloud Security, which was consolidated into its financial statements in July 2024 [3]. - The domestic satellite internet market is experiencing rapid growth, with increasing demands for communication security due to the complexity of satellite networking [3]. Group 2: Product Development and Innovation - Shengbang Security is developing tailored products and services for various applications, including vehicle-mounted, airborne, and maritime scenarios [4]. - The company is focusing on enhancing its satellite internet security solutions, which include satellite communication vulnerability scanning and secure communication systems [7]. - Continuous investment in product research and development is aimed at upgrading core network security products and expanding the marketing system in key regions [5]. Group 3: Future Growth Strategies - The company plans to strengthen its market presence in both domestic and international markets, particularly in countries along the Belt and Road Initiative [6]. - Future growth will be driven by the development of new products and the enhancement of existing ones, with a focus on network security and satellite internet solutions [6]. - The government’s increasing emphasis on cybersecurity is expected to create a favorable environment for the industry’s growth [5]. Group 4: Financial Performance and Projections - The company anticipates a gradual reduction in expense growth in the second half of the year, contributing to profit increases [5]. - The integration of network identity and satellite internet security services is expected to be a significant driver of revenue growth [5]. - The company has established a comprehensive data asset management system, which is projected to provide new growth momentum through data monetization [7].

一、 回购股份的基本信息 公司分别于 2024 年 2 月 6 日、2024 年 2 月 22 日召开第三届董事会第十五 次会议、2024 年第二次临时股东大会，均审议通过了《关于以集中竞价交易方式 回购公司股份方案的议案》，同意公司以超募资金及自有资金通过上海证券交易 所系统以集中竞价交易的方式进行股份回购，回购股份将用于公司员工持股计划 或股权激励，回购价格不超过人民币 50 元/股（含），回购资金总额不低于人民 币 1,500 万元（含），不超过人民币 3,000 万元（含），回购期限自董事会审议通 过本次股份回购方案之日起不超过 12 个月。实际回购股份起始之日为自股东 大会审议通过此议案之日，终止之日与前述日期相同。具体内容详见公司于 2024 年 2 月 7 日、2024 年 2 月 23 日、2024 年 2 月 24 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：2024-011）、《2024 年第二次临时股东大会决议公告》（公告编号： 证券代码：688651 证券简称：盛邦安全 公告编号：2024-061 远江盛邦 ...

Group 1: Data Resource Strategy - The company has established various databases, including vulnerability databases and protection rule libraries, to support its security operations [3] - The company offers subscription services for data resources, which include network asset databases and threat detection capabilities [3] - A multi-source data fusion platform is in place to resolve conflicts in data and provide accurate assessments for users [4] Group 2: Satellite Internet Security Business - In 2024, the company will upgrade its strategy to focus on satellite internet security, leveraging its experience in network and satellite communication security [4] - The company has developed solutions for various applications, including airborne, maritime, and vehicle-mounted systems, providing comprehensive security solutions [4] - The company is exploring applications of satellite internet security in sectors such as IoT, low-altitude economy, and emergency rescue [4] Group 3: Performance Growth Points - The company aims to expand its overseas market presence, which is expected to be a significant growth driver [5] - The satellite internet business is anticipated to grow as the industry develops, with increasing market opportunities for related products [5] - The company’s network space map product is expected to gradually release additional growth potential [5] Group 4: R&D Advantages - The company prioritizes R&D innovation, maintaining a high level of responsiveness to market changes and user needs [6] - It has established three R&D centers, with nearly 40% of its workforce dedicated to R&D [7] - The company has participated in the formulation of 12 national standards and holds nearly 50 invention patents, showcasing its strong innovation capabilities [7]

Group 1: Company Overview and Market Position - The network security industry is maturing and consolidating, leading to a competitive landscape characterized by complementary advantages and collaborative development [4] - The company has established a comprehensive product system focusing on network security fundamentals, business scenario security, cyberspace mapping, and satellite internet security [4] - The company’s traditional strengths lie in network security fundamentals and business scenario security, with leading market positions in multiple products widely applied in sectors such as power, finance, education, and healthcare [4] Group 2: Financial Performance and Growth Drivers - The primary reason for the company's third-quarter performance growth is the effectiveness of talent upgrade strategies in R&D and sales, which began to show results in Q3 [5] - Government emphasis on network security has increased, leading to supportive policies that enhance the industry environment [5] - The market concentration in the network security industry is rising, with significant head effects, contributing to increased orders for technical capability output [5] Group 3: Future Business Directions - Satellite internet is viewed as a revolutionary technology that integrates satellite communication with internet technology, forming a new network system [6] - In 2024, the company will strategically upgrade to focus on satellite internet security, offering comprehensive solutions including vulnerability detection and encryption [6] - The company is exploring applications of satellite internet security in various fields such as IoT, low-altitude economy, maritime affairs, emergency rescue, and smart agriculture [7] Group 4: Integration of Technologies - The company is building an integrated network security protection system that combines scenario-based security, cyberspace mapping, and satellite internet security [7] - Cyberspace mapping technology is used to acquire and map virtual and physical resources, linking cyberspace with geographic space [7] - The company focuses on key business directions such as satellite internet mapping, communication encryption, and vulnerability analysis to provide customized security services [8]

证券代码：688651 证券简称：盛邦安全 公告编号：2024-060 远江盛邦（北京）网络安全科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 远江盛邦（北京）网络安全科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司《2024 年第三季度报告》，为便于广大投资者更全面深入 地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 27 日上午 10:00-11:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进 行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 11 月 27 日（星期三）上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https:/ ...

Company and Industry Conference Call Summary Company Overview - The company reported a revenue growth of 7.55% year-over-year for the first three quarters of 2024, with Q3 showing a significant increase of 19.91% year-over-year [1] - The company primarily focuses on terminal sales, with a substantial portion of products sold directly, supplemented by agents and partnerships [2] Financial Performance - Q3 cash collection increased by 10.55% year-over-year, with orders slightly exceeding 10% growth for the first three quarters [1] - Profit for the first three quarters increased by 11.6 million, attributed to a more than 20% rise in expenses, mainly due to personnel costs and business management expenses [2] - R&D personnel increased by 16%, and sales personnel grew by 14%, contributing to an overall personnel growth of approximately 15% [2] Industry Insights - The company noted that the overall industry demand has not significantly increased, impacting growth expectations [1] - Key sectors driving growth include power, energy, finance, and ecological cooperation [1] Future Outlook - The company anticipates a revenue target of approximately 3.5 billion for the year, with a profit expectation of around 55 million [3] - The company aims for a growth rate of 20-21% for the upcoming year, although achieving this may be challenging due to the current economic climate [4] Product Development and Market Opportunities - The company is focusing on upgrading its core products, particularly in collaboration with Huawei, to enhance their capabilities for international markets [4] - New market opportunities are emerging, particularly in the threat interruption system (RTI) and trusted identity products (TAG) [5][6] - The company is exploring the integration of data elements and security measures in its product offerings, particularly in satellite internet and internet security [6][7] Strategic Initiatives - The company has completed the acquisition of a satellite internet firm, with integration efforts underway to enhance sales and product offerings [12] - The company is optimistic about the potential for growth in the special industries sector, particularly with the establishment of independent departments [20] Challenges and Risks - The company faces challenges in meeting its growth targets due to delays in order acceptance and overall industry demand [1][2] - The economic environment remains uncertain, which may impact future performance [4] Conclusion - The company is in a high-investment phase, focusing on product development and market expansion while navigating industry challenges [32] - Future growth is expected to be driven by strategic partnerships, product upgrades, and a focus on emerging market opportunities [4][5][6]

Financial Performance - The company's revenue for the first three quarters reached 143 million yuan, representing a year-on-year increase of 7.55% [3] - In Q3 alone, the revenue was 48.12 million yuan, showing a year-on-year growth of 19.91% [3] - Total cash receipts for the first three quarters amounted to 170 million yuan, up by 10.55% compared to the previous year [3] - The net profit for the first three quarters was a loss of 34.85 million yuan, which is an increase in loss by 11.65 million yuan year-on-year, attributed to rising R&D and sales expenses [3] Strategic Focus - The company aims to enhance its core products and expand into overseas markets to improve international competitiveness [3] - It plans to delve into niche markets, promoting capabilities in scenario-based and cyberspace mapping products [3][4] - The company is exploring the value potential of its data assets and seeking opportunities in the data element sector [4] Recent Developments - The acquisition of Tianyu Cloud Security was completed in May, with smooth integration and positive market observations regarding satellite technology applications [4][5] - Future strategies will focus on satellite internet security, with plans to develop standardized products and expand related product categories [5][6] Future Outlook - The company expects continued performance improvement in the coming year, supported by organizational upgrades and talent development [5] - The overseas market for core products is identified as a key growth area, with ongoing product testing expected to last several months [5][6] - The market potential for satellite internet products is anticipated to grow rapidly, with strategic deployments in satellite communication security and vulnerability analysis [6][7]