Investment Rating - The report maintains a "Buy" rating and raises the target price to 11.66 CNY, up from the previous forecast of 8.23 CNY [1][13]. Core Views - The company is strategically positioned in the AI and cloud computing sectors, with the Tianwen Intelligent Cloud Platform designed for private deployment of large models. It has recently been included in Gartner's report on the competitive landscape of Chinese hyper-converged suppliers, indicating strong long-term growth potential [2][13]. - The company is expected to achieve significant profit growth, with projected net profits for 2024, 2025, and 2026 at 0.82 billion, 2.96 billion, and 3.83 billion CNY respectively, and corresponding EPS of 0.07, 0.25, and 0.32 CNY [13][27]. Financial Summary - Revenue is projected to decline from 3.54 billion CNY in 2022 to 2.88 billion CNY in 2024, before recovering to 3.25 billion CNY in 2025 and 3.68 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of 12.9% from 2025 to 2026 [4][27]. - The net profit attributable to the parent company is forecasted to turn from a loss of 371 million CNY in 2023 to profits of 82 million CNY in 2024, 296 million CNY in 2025, and 383 million CNY in 2026 [4][27]. - The company’s current price-to-earnings (P/E) ratio is 52.62, with an expected P/E of 131.83 for 2024, decreasing to 36.49 in 2025 and 28.17 in 2026 [4][29]. Market Data - The company has a total market capitalization of 10.285 billion CNY, with a 52-week stock price range of 4.08 to 9.76 CNY [5][9]. - The company has a net asset value per share of 7.84 CNY, with a price-to-book (P/B) ratio of 1.1 [6][29]. Revenue and Profit Forecast - The company is expected to generate revenues of 28.85 billion CNY in 2024, 32.54 billion CNY in 2025, and 36.75 billion CNY in 2026, with a focus on enhancing its AI and cloud computing capabilities [27][29]. Valuation Analysis - The report uses a P/E valuation method, assigning a target P/E of 46.5 for 2025 based on the company's leading position in the network security sector and its comprehensive capabilities [29][30].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" due to expected performance exceeding the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company recently launched the DeepSeek security computing integrated machine and its self-developed Tianwen intelligent computing cloud platform has passed capability verification [2]. - The company is expected to achieve a revenue of 2.821 billion in 2024, a decrease of 9.7% year-on-year, but is projected to return to profitability with a net profit of 0.83 billion [4][8]. - The DeepSeek integrated machine is designed to support various model training and inference tasks, enhancing the company's product offerings in the AI and security sectors [8]. - The Tianwen model has been evaluated for its capabilities and is integrated with the company's existing security products, improving operational efficiency [8]. - The company anticipates revenue growth of 10.2% and 10.3% in 2025 and 2026, respectively, with net profits expected to reach 1.76 billion and 2.75 billion [8]. Financial Summary - Total revenue is projected to be 3.124 billion in 2023, decreasing to 2.821 billion in 2024, and then increasing to 3.109 billion in 2025 and 3.430 billion in 2026 [4]. - The company reported a net loss of 371 million in 2023, but is expected to turn profitable with net profits of 83 million in 2024, 176 million in 2025, and 275 million in 2026 [4]. - The earnings per share (EPS) is forecasted to be -0.31 in 2023, improving to 0.07 in 2024, 0.15 in 2025, and 0.23 in 2026 [4]. - The target price for the company's stock is set at 11.80 yuan, with the current price at 8.72 yuan [4].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [15]. Core Insights - The company has recently achieved authoritative certification for its self-developed Tianwen Intelligent Computing Cloud Platform, which is expected to drive growth in its cloud computing business [2][3]. - The launch of the DeepSeek Security Intelligent Computing Integrated Machine, which integrates various capabilities, positions the company to meet the growing demand for AI private deployment in the domestic market [4][10]. - Revenue forecasts for the company are projected to be 2.805 billion yuan in 2024, 3.091 billion yuan in 2025, and 3.417 billion yuan in 2026, with corresponding net profits of 69 million yuan, 179 million yuan, and 242 million yuan respectively [10][12]. Summary by Sections Company Overview - Tianrongxin has been actively developing its cloud computing products since 2019, with steady growth in related business [3]. - The company’s total market capitalization is approximately 10.792 billion yuan, with a circulating market value of about 10.682 billion yuan [4]. Financial Performance - The company reported a revenue of 3.124 billion yuan in 2023, with a projected decline of 11.81% for 2024, followed by a recovery with growth rates of 10.21% and 10.54% in 2025 and 2026 respectively [12][14]. - The net profit for 2023 was -371.4 million yuan, with expectations of turning profitable in 2024 with a net profit of 68.57 million yuan [12][14]. Market Position - The company’s DeepSeek series has been adopted by over 60 enterprises, including major players like Huawei and Lenovo, indicating a strong market presence [4][9]. - The overall scale of the intelligent computing service market in China is expected to reach 5 billion USD in 2024, with a compound annual growth rate of 57.3% from 2023 to 2028 [9].

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [13]. Core Views - The company has successfully developed the Tianjian Intelligent Computing Cloud Platform, which has passed authoritative certification, indicating strong market potential for its cloud computing business [1][2]. - The DeepSeek security intelligent computing integrated machine integrates various capabilities and is designed to meet the growing demand for AI privatization deployment in the domestic market [3][7]. - The company is expected to benefit from a recovery in cybersecurity demand and the rapid growth of the AI privatization deployment market, with projected revenues of 2.805 billion, 3.091 billion, and 3.417 billion yuan for 2024 to 2026 respectively [8]. Summary by Sections Company Overview - Tianrongxin's DeepSeek security intelligent computing integrated machine combines computing hardware and intelligent computing platforms, providing a high-performance, secure, and reliable solution for clients [2]. - The company has seen steady growth in its cloud computing business since launching its products in 2019, with revenue growth rates of +12.17% for 2023 and +9.98% for the first three quarters of 2024 [2]. Market Potential - The overall scale of China's intelligent computing service market is projected to reach 5 billion USD in 2024 and 7.95 billion USD in 2025, with a compound annual growth rate of 57.3% from 2023 to 2028 [7]. - The demand for integrated machines has surged as enterprises shift towards private deployment of AI, ensuring data security and privacy [3][7]. Financial Projections - The company forecasts revenues of 2.804 billion yuan in 2024, 3.091 billion yuan in 2025, and 3.417 billion yuan in 2026, with corresponding net profits of 0.685 billion, 1.794 billion, and 2.419 billion yuan [10][8]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 157X, 60X, and 45X respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to experience significant growth in its cloud computing business as the application of large models increases. It has launched a series of cloud computing products, including the high-performance Tianwen Intelligent Computing Cloud Platform and DeepSeek Security Integrated Machine [1]. - The DeepSeek Security Integrated Machine integrates computing, networking, and storage into a cloud resource pool, supporting the full process of AI model deployment and training, thereby lowering the technical barriers for customers [1]. - The company has been recognized by Gartner as a representative vendor in the hyper-converged space in China, leveraging its 30 years of experience in network security to create a cloud platform that integrates security and cloud computing [2]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated to be 72 million, 187 million, and 243 million yuan, respectively [3]. - The financial summary indicates a decline in revenue from 3,543 million yuan in 2022 to an estimated 2,812 million yuan in 2024, followed by a recovery to 3,121 million yuan in 2025 and 3,434 million yuan in 2026 [4]. - The report highlights a significant net profit decline in 2023, with a projected loss of 371 million yuan, but anticipates a turnaround in subsequent years [4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided report [1]. Core Viewpoints - Tianrongxin is focusing on the AI and cloud computing sectors, launching new products to assist enterprises in their digital transformation [1]. - The company has developed the DeepSeek security intelligent computing integrated machine, which combines computing hardware and intelligent computing platforms to provide a high-performance, secure, and reliable integrated computing center solution for clients [1]. - The cloud computing market in China is rapidly growing, with the market size expected to exceed 1 trillion yuan by 2025 and 4 trillion yuan by 2030 [4]. - The company has seen its revenue from cloud computing and cloud security products grow from 180 million yuan in 2020 to 322 million yuan in 2023, with a compound annual growth rate of 21.4% [4]. Financial Summary - Total revenue for 2022 was 3,543 million yuan, with a projected decline to 2,840 million yuan in 2024, followed by a recovery to 3,117 million yuan in 2025 and 3,497 million yuan in 2026 [3]. - The net profit attributable to the parent company was 205 million yuan in 2022, expected to drop to -371 million yuan in 2023, and then recover to 76 million yuan in 2024, 178 million yuan in 2025, and 292 million yuan in 2026 [3]. - The gross margin is projected to remain stable around 59.7% to 60.2% over the forecast period [3]. - Earnings per share (EPS) are expected to be 0.06 yuan in 2024, 0.15 yuan in 2025, and 0.25 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 138.39, 58.98, and 36.00 respectively [3][4]. Product and Market Development - The company has launched several cloud computing products since 2019, including the TopHC hyper-converged management system, TopDC desktop cloud cluster, and TopEC Taihang cloud management platform [1]. - The DeepSeek integrated machine enhances computing efficiency by pooling resources from multiple servers, allowing for improved resource utilization and model calling efficiency [1]. - The company is actively innovating in the cloud computing space, with its cloud computing revenue expected to continue growing as it expands its product offerings [4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided report [1]. Core Insights - Tianrongxin is focusing on the AI and cloud computing sectors, launching new products to assist enterprises in their digital transformation [1]. - The company has developed the DeepSeek security intelligent computing integrated machine, which combines computing hardware and intelligent computing platforms to provide a high-performance, secure, and reliable integrated computing center solution for clients [1]. - The cloud computing market in China is rapidly growing, with the market size expected to exceed 1 trillion yuan by 2025 and 4 trillion yuan by 2030 [4]. - The company's revenue from cloud computing and cloud security products has increased from 180 million yuan in 2020 to 322 million yuan in 2023, with a compound annual growth rate of 21.4% [4]. Financial Summary - Total revenue for 2022 was 3,543 million yuan, with a projected decline to 2,840 million yuan in 2024, followed by a recovery to 3,117 million yuan in 2025 and 3,497 million yuan in 2026 [3]. - The net profit attributable to the parent company was 205 million yuan in 2022, expected to drop to -371 million yuan in 2023, then recover to 76 million yuan in 2024, 178 million yuan in 2025, and 292 million yuan in 2026 [3]. - The gross margin is projected to remain stable around 59.7% to 60.2% from 2022 to 2024 [3]. - Earnings per share (EPS) is expected to be -0.31 yuan in 2023, recovering to 0.06 yuan in 2024, 0.15 yuan in 2025, and 0.25 yuan in 2026 [3]. Market Position and Strategy - Tianrongxin is positioned as a representative vendor in the cloud computing sector, with a comprehensive cloud security defense system covering "cloud, network, and end" [1]. - The company has launched several products since 2019, including the TopHC hyper-converged management system, TopDC desktop cloud cluster, and TopEC Taihang cloud management platform, enhancing its cloud computing offerings [1]. - The company aims to innovate and optimize its cloud computing technology continuously, with cloud computing business revenue expected to maintain stable growth [4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided report [1]. Core Insights - Tianrongxin is focusing on the AI and cloud computing sectors, launching new products to assist enterprises in their digital transformation [1]. - The company has developed the DeepSeek security intelligent computing integrated machine, which combines computing hardware and intelligent computing platforms to provide a high-performance, secure, and reliable integrated computing center solution for clients [1]. - The cloud computing market in China is rapidly growing, with the market size expected to exceed 1 trillion yuan by 2025 and 4 trillion yuan by 2030 [4]. - The company's revenue from cloud computing and cloud security products has increased from 180 million yuan in 2020 to 322 million yuan in 2023, with a compound annual growth rate of 21.4% [4]. Financial Summary - Total revenue for 2022 was 3,543 million yuan, with a projected decline to 2,840 million yuan in 2024, followed by a recovery to 3,117 million yuan in 2025 and 3,497 million yuan in 2026 [3]. - The net profit attributable to the parent company was 205 million yuan in 2022, expected to drop to -371 million yuan in 2023, then recover to 76 million yuan in 2024, 178 million yuan in 2025, and 292 million yuan in 2026 [3]. - The gross profit margin is projected to remain stable around 59.7% to 60.2% from 2022 to 2024 [3]. - Earnings per share (EPS) is expected to be -0.31 yuan in 2023, recovering to 0.06 yuan in 2024, 0.15 yuan in 2025, and 0.25 yuan in 2026 [3]. Product Development - The company has launched several products in the cloud computing space, including the TopHC hyper-converged management system, TopDC desktop cloud cluster, and TopEC Taihang cloud management platform, enhancing its cloud security defense system [1]. - The DeepSeek integrated machine is designed to improve intelligent computing efficiency by pooling computing resources and providing a user-friendly interface for model selection and deployment [1][2]. - The Tianwen intelligent computing cloud platform, based on the self-developed Tianwen large model, aims to provide an integrated solution of hardware, software, and services [1].

证券代码：002212 证券简称：天融信 公告编号：2025-007 天融信科技集团股份有限公司 关于公司为全资孙公司银行综合授信总额度提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 天融信科技集团股份有限公司(以下简称"公司")分别于2025年2月10日、 2025年2月26日召开第七届董事会第十九次会议、2025年第一次临时股东会，同 意公司为全资孙公司北京天融信网络安全技术有限公司（以下简称"天融信网络"） 金额不超过人民币105,000.00万元的银行综合授信总额度提供不可撤销的连带责 任保证，有效期为自公司2025年第一次临时股东会审议通过之日起12个月。在上 述总额度内发生的具体担保事项，授权公司法定代表人或法定代表人指定的授权 代理人办理相关手续，并签署相关法律文件。 具体内容详见公司分别于2025年2月11日、2025年2月27日在巨潮资讯网 （www.cninfo.com.cn）及《中国证券报》《上海证券报》《证券时报》《证券日 报》披露的相关公告。 二、被担保人基本情况 1、基本情况 法定代表人：李雪莹 ...

Core Viewpoint - Tianrongxin's self-developed Tianwen Intelligent Computing Cloud Platform has successfully passed the capability verification for large model integrated machines by the China Software Evaluation Center, indicating a significant achievement in technology standards [1] Group 1 - Tianrongxin's Intelligent Computing Integrated Machine is equipped with the Tianwen Intelligent Computing Cloud Platform software [1] - The system has met technical standards in four key dimensions: reliability, stability, security, and effectiveness [1]