Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2][3] Core Views - The company is actively advancing its quality improvement and efficiency enhancement strategy while expanding into new business areas such as cloud security, cloud computing, and trusted computing security. With the recovery of the macro economy and the implementation of industry policies, the company is expected to benefit significantly [1][3] - The company's earnings forecast has been revised upward, with expected EPS for 2024-2026 being 0.19, 0.26, and 0.34 respectively, corresponding to a PE ratio of 35.05, 25.36, and 19.45 based on the closing price of 6.59 yuan on October 28 [1][3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.582 billion yuan, a year-on-year decrease of 3.98%, while the net profit attributable to shareholders was -169 million yuan, an increase of 31.83% year-on-year. In Q3 alone, revenue was 709 million yuan, a year-on-year increase of 10.21%, and net profit was 36 million yuan, a year-on-year increase of 200.73% [2][3] - The gross margin for Q3 reached 64.77%, a decrease of 8.26 percentage points year-on-year, primarily due to the lower gross margin from security services and cloud computing products [3] - The company has reduced total expenses by 10.15% year-on-year during Q3, with R&D expenses down by 12.09%, management fees down by 11.47%, and sales expenses down by 7.91% [3] - The net profit margin for Q3 improved to 5.12%, an increase of 10.75 percentage points year-on-year [3] Industry Insights - AI and trusted computing are expected to be significant growth drivers in the security industry. The rapid development of intelligent computing centers in China is projected to exceed 300 EFLOPS by 2025, with intelligent computing accounting for 35% of this growth [3] - The increasing maturity of domestic products and technologies is leading to a rapid rise in the penetration rate of trusted computing in sectors such as finance, telecommunications, transportation, and oil [3]

Investment Rating - The investment rating for the company Tianrongxin (002212.SZ) is not explicitly stated in the report, but it indicates a positive outlook with a focus on growth in new business areas and a recovery in profitability [1]. Core Viewpoints - The company achieved profitability in Q3 2024, with a revenue of 7.09 billion yuan, marking a year-on-year growth of 10.21%. The net profit attributable to shareholders was 0.36 billion yuan, a significant increase of 200.73% year-on-year [1]. - The company is focusing on enhancing quality and efficiency while actively expanding marketing channels. Total expenses decreased by 5.26% year-on-year, with R&D expenses down by 8.05% and management expenses down by 24.18% [1]. - New business directions, particularly in cloud security and AI integration, are showing strong growth, with cloud security revenue increasing by 126.4% year-on-year [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 15.82 billion yuan, a decrease of 3.98% year-on-year. The decline in revenue is narrowing compared to previous periods [1]. - The company’s basic security products generated revenue of 9.94 billion yuan, down 4.91% year-on-year, while cloud computing and cloud security products saw an increase in revenue [1]. - The earnings per share (EPS) forecast for 2024-2026 is projected to be 0.09, 0.17, and 0.25 yuan, respectively, with corresponding P/E ratios of 73.69, 39.50, and 26.69 [1][3]. Business Segments - The company’s revenue from the healthcare sector grew by 40.23% year-on-year, and the energy sector saw a revenue increase of 26.64% [1]. - The report highlights the launch of over 100 types of firewall products and the application of AI technologies in various security scenarios, indicating a strong commitment to innovation [1]. Future Outlook - The network security industry is showing signs of recovery, and the company is expected to continue its strategic initiatives in AI and cloud security, which are anticipated to drive future growth [1].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company achieved a turnaround to profitability in Q3 2024, with a net profit attributable to shareholders of 36.49 million yuan, compared to a net loss of 169 million yuan in the previous period [1][2]. - The company is focusing on cost reduction and efficiency improvement while leveraging its technological advantages to explore new business avenues such as AI+Security and data elements [2]. - The company’s revenue for the first three quarters of 2024 was 1.582 billion yuan, a year-on-year decrease of 3.98% [1]. Financial Performance Summary - Q3 2024 saw a total expense reduction of 10.15% year-on-year, with R&D expenses down by 8.05% and management expenses down by 24.18% [1]. - The projected net profits for 2024-2026 are estimated at 218 million, 318 million, and 388 million yuan respectively, with corresponding PE ratios of 36X, 24X, and 20X based on the closing price on October 28, 2024 [2][5]. - The company’s gross margin is expected to improve to 64% by 2024, with a net profit margin of 6.34% [5]. Business Development Highlights - The company’s AI+Security products received recognition in the IDC report for their outstanding performance in security operations [2]. - The company was included in the "2024 China Data Element Circulation Service Market Industry Map" by iResearch, highlighting its achievements in data security protection frameworks [2]. Financial Forecasts - The total revenue forecast for 2024 is 3.441 billion yuan, with a projected growth rate of 10.12% [5]. - The company’s operating profit is expected to reach 232 million yuan in 2024, with a significant EBIT growth rate of 324.09% [5]. Valuation Metrics - The report indicates a PE ratio of 36 for 2024, decreasing to 20 by 2026, suggesting an improving valuation outlook as profitability increases [5][6]. - The company’s PB ratio is projected to remain stable at 0.8 across the forecast period [6].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company is a leading provider in network security, big data, and cloud services, with a focus on enhancing quality and efficiency [3][4] - The forecasted net profits for 2024-2026 are 271 million, 351 million, and 462 million CNY respectively, with corresponding EPS of 0.23, 0.30, and 0.39 CNY per share [3] - The current stock price corresponds to a PE ratio of 26.1, 20.1, and 15.3 for the years 2024-2026, reflecting the company's strategic positioning in cloud security, AI, and data security [3] Financial Performance Summary - In the first three quarters of 2024, the company achieved operating revenue of 1.582 billion CNY, a year-on-year decline of 3.98%. The net profit attributable to the parent company was -169 million CNY, with a year-on-year loss reduction of 31.83% [4] - In Q3 alone, the company reported operating revenue of 709 million CNY, a year-on-year increase of 10.21%, and a net profit of 36.49 million CNY, marking a return to profitability [4] - The company has successfully reduced total expenses by 10.15% year-on-year in Q3, contributing to improved profit margins [4] Research and Development - The company is continuously enhancing its R&D capabilities, launching new technologies and products in network security and data security, including AI-enabled firewalls and a new database auditing and protection system [5] - New products in cloud computing and security have been introduced, such as the Tianwen Intelligent Cloud Platform and various new versions of existing products [5] Financial Forecast Summary - The projected operating revenues for 2024, 2025, and 2026 are 3.498 billion, 4.079 billion, and 4.852 billion CNY respectively, with expected growth rates of -11.8%, 12.0%, and 16.6% [6] - The forecasted net profits for the same period are -371 million, 271 million, and 351 million CNY, indicating a significant recovery trajectory [6] - The gross margin is expected to remain stable around 59.3% to 58.4% over the forecast period [6]

Financial Performance - In Q3 2024, the company achieved a revenue of 709.22 million CNY, a year-on-year increase of 10.21% [2] - The net profit attributable to shareholders in Q3 2024 was 36.49 million CNY, a significant increase of 200.73% compared to a loss of 36.22 million CNY in the same period last year [2] - For the first three quarters of 2024, revenue decreased by 3.98% year-on-year, while net profit increased by 31.83% [2] Revenue Breakdown - New business revenue showed strong growth: - Cloud security revenue increased by 126.40% - Trusted innovation revenue grew by 57.96% - Cloud computing revenue rose by 9.98% [2] - Revenue from the healthcare sector increased by 40.23%, and energy sector revenue grew by 26.64% [2] Product Revenue Structure - Basic security products accounted for 62.82% of total revenue, totaling 994 million CNY, a decrease of 4.91% year-on-year [2] - Revenue from big data and situational awareness products was 103 million CNY, representing 6.54% of total revenue, down by 20.55% [2] - Cloud computing and cloud security products generated 188 million CNY, accounting for 11.91% of total revenue, with an increase of 11.58% [2] Cost Management - Total expenses decreased by 2.57% year-on-year, with a reduction of 50.14 million CNY [3] - R&D expenses decreased by 8.05% year-on-year, while sales expenses increased by 3.56% [3] - Management expenses saw a significant drop of 24.18% year-on-year, amounting to a decrease of 51.72 million CNY [3] Market Trends and Opportunities - The market is recovering with long-term positive trends, driven by increased safety demands in public health and critical infrastructure [4] - New regulations are expected to boost security investments across various sectors, including telecommunications, energy, and public services [5] - The introduction of data security regulations is anticipated to enhance the market for data security solutions [5] Channel Development - The company aims for channel revenue to account for 40%-50% of total revenue, currently at less than 20% [11] - The number of registered distributors has increased from 8,512 in 2020 to 10,105 in 2021, and further to 2,166 by September 2024 [4]

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 8.26 CNY, down by 5.63% [3][4]. Core Views - The company's overall performance meets market expectations, with a significant reduction in losses in the first three quarters of 2024, achieving profitability in Q3. The effective cost control measures have contributed to this turnaround, and the company is expected to have a positive long-term growth outlook due to continuous innovation across multiple fields [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.582 billion CNY, a year-over-year decrease of 3.98%, with a net loss of 169 million CNY, which is a 31.83% improvement compared to the previous year. In Q3 alone, the company reported revenue of 709 million CNY, a year-over-year increase of 10.21%, and a net profit of 36 million CNY, reflecting a year-over-year increase of 200.73% [3][12]. Cost Control and Efficiency - The company has effectively reduced total expenses by 10.15% year-over-year in Q3 2024, and by 5.26% in the first three quarters. R&D expenses decreased by 8.05%, while management expenses saw a significant drop of 24.18%. The sales expenses increased by 3.56%, indicating a balanced approach to maintaining marketing investments while controlling costs [3][12]. Innovation and Market Response - The company is enhancing its technological innovation capabilities to quickly respond to new market demands. It has upgraded its hardware platform capabilities and launched a heterogeneous hardware platform supporting both NVIDIA and domestic GPUs. The newly released Tianwen large model system aims to provide automated assessments for various security scenarios [3][12]. Earnings Forecast - The company is projected to achieve revenues of 3.378 billion CNY in 2024, 3.853 billion CNY in 2025, and 4.357 billion CNY in 2026. The expected net profits for the same years are 205 million CNY, 296 million CNY, and 383 million CNY, respectively, with EPS of 0.17 CNY, 0.25 CNY, and 0.33 CNY [3][13]. Valuation - The report employs both PE and PS valuation methods, assigning a PE of 32.90 for 2025 based on comparable companies, leading to a reasonable market value of 9.739 billion CNY. The PS valuation method suggests a conservative estimate of 10.017 billion CNY, resulting in a target price of 8.26 CNY [3][15][18].

Financial Performance - The company's revenue for Q3 2024 was ¥709,221,846.92, representing a year-over-year increase of 10.21%[2] - Net profit attributable to shareholders for Q3 2024 was ¥36,488,959.36, a significant increase of 200.73% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥31,404,857.37, up 176.08% year-over-year[2] - The company reported a basic earnings per share of ¥0.03 for Q3 2024, a 200.00% increase from the same period last year[2] - Total operating revenue for Q3 2024 was approximately ¥1.58 billion, a decrease of 4.0% from ¥1.65 billion in the same period last year[19] - Net profit for Q3 2024 was approximately -¥169.43 million, an improvement from -¥248.48 million in Q3 2023[20] - Total comprehensive income for Q3 2024 was approximately -¥169.43 million, an improvement from -¥248.48 million in Q3 2023[21] Assets and Liabilities - The total assets as of September 30, 2024, were ¥10,736,416,876.75, a decrease of 4.34% from the end of the previous year[3] - The company’s total assets decreased from RMB 11,223,616,289.88 to RMB 10,736,416,876.75[17] - The total liabilities decreased from RMB 1,774,533,295.39 to RMB 1,483,437,243.98[18] - The company’s total equity attributable to shareholders decreased from RMB 9,446,955,317.46 to RMB 9,248,755,004.25[18] Cash Flow - The company’s cash flow from operating activities for the year-to-date was -¥295,037,961.87, down 57.53% compared to the same period last year[2] - Operating cash flow net amount decreased by 57.53% to -295,037,961.87 CNY, primarily due to a reduction in sales receipts[7] - The company’s financing cash flow net amount decreased by 285.11% to -104,550,193.06 CNY, largely due to share repurchase activities[7] - The net cash flow from financing activities was -104,550,193.06 CNY, compared to -27,148,114.70 CNY in the previous period[24] - The total cash and cash equivalents at the end of the period decreased to 228,779,230.01 CNY from 401,367,756.36 CNY[24] - The company reported a net decrease in cash and cash equivalents of 675,231,166.54 CNY during the quarter[24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 48,479[8] - The largest shareholder, Zheng Zhongnan, holds 7.20% of the shares, totaling 84,928,869 shares[9] - The company repurchased shares amounting to 0.60 billion CNY and restricted stock repurchase of 0.61 billion CNY during the reporting period[7] - The company has repurchased a total of 11,232,400 shares, accounting for 0.9523% of the total share capital, with a total expenditure of RMB 59,998,840.00 from February 5, 2024, to July 30, 2024[13] - The highest transaction price during the share repurchase was RMB 7.56 per share, while the lowest was RMB 4.31 per share[13] - The total amount of shares acquired by the management under the shareholding plan was 1,292,200 shares, representing 0.1096% of the total share capital, with a total investment of RMB 926.11 million[14] Expenses - The total expenses for Q3 2024 decreased by 10.15% year-over-year, with R&D expenses down 8.05%[5] - The company’s operating expenses decreased by 7,593.57 CNY during the reporting period, contributing to the improved net profit[7] - Research and development expenses were approximately ¥538.13 million, a decrease of 8.0% compared to ¥585.22 million in the previous year[19] - Other income decreased to approximately ¥77.22 million from ¥109.45 million year-over-year[19] Inventory and Impairment - The company’s inventory increased from RMB 462,855,145.34 to RMB 467,920,977.12 during the reporting period[16] - The company experienced a significant reduction in credit impairment losses, down to ¥3.82 million from ¥12.94 million in the previous year[20] - The company’s credit impairment losses decreased by 70.44% to 3,824,268.10 CNY, reflecting a reduction in sales collection compared to the previous year[7] Audit and Other Information - The company did not undergo an audit for the third quarter report[24]

证券代码：002212 证券简称：天融信 公告编号：2024-114 2、本次权益分派实施后计算除权除息参考价时，按公司总股本折算的每 10 股现金 分红比例=本次实际现金分红总额/公司总股本（含已回购库存股）*10 股=20,937,653.49 元/1,179,453,879 股*10 股=0.177519 元（保留小数点后六位），即每股现金红利为 0.0177519 元。本次权益分派实施后的除权除息参考价=股权登记日收盘价-0.0177519 元 /股。 一、股东大会审议通过利润分配方案情况 1、公司于2024年9月2日召开2024年第六次临时股东大会，审议通过了《关于<2024 年半年度利润分配预案>的议案》，分配方案的具体内容为：以截至第七届董事会第十 三次会议召开日，公司总股本1,179,453,879股剔除回购专户上库存股16,250,907股后的 股本总额1,163,202,972股为基数，向全体股东每10股派发现金股利0.18元人民币（含税）， 合计派发现金股利20,937,653.49元（含税），不送红股，不以公积金转增股本。自分配 预案披露至实施利润分配的股权登记日期间，公司股本若因新增 ...

CMMI（Capability Maturity Model Integration），即软件能力成熟度模型集成， 是国际上用于评价软件企业能力成熟度和工程开发能力的重要标准，是企业在开 发流程化和质量管理上的国际通行标准，代表符合国际规范、科学严谨的软件工 程管理方法，通过 CMMI 认证是衡量企业软件工程研发能力的重要标志。CMMI 模型等级分为五级，CMMI 成熟度 5 级是优化管理级，为最高等级。本次天融信 网络第三次通过 CMMI 成熟度 5 级评估认证，标志着公司的软件技术研发能力、 项目管理能力、质量保障能力和方案交付等能力持续保持国际最高的管理级，处 于国际及国内网络安全行业领先水平。 本次通过 CMMI5 级评估认证短期内不会对公司的经营业绩产生重大影响， 敬请广大投资者谨慎投资，注意投资风险。 特此公告。 证券代码：002212 证券简称：天融信 公告编号：2024-113 天融信科技集团股份有限公司 关于第三次通过 CMMI5 级评估认证的公告 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。 天融信科技集团股份有限公司（以下简称"公司"） ...

证券研究报告 ＃industryId＃ 横向通用软件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 天融信 （ 002212 ） 002212 ＃title＃ 新业务景气增长，持续推进降本增效 ＃createTime1＃ 2024 年 09 月 14 日 投资要点 ＃summary＃ ⚫ 事件：2024 年 H1，公司实现营业收入 8.73 亿元，同比下滑 13.07%；归母净 利润亏损 2.06 亿元，去年同期亏损 2.12 亿元；扣非归母净利润亏损 2.16 亿 元，去年同期亏损 2.22 亿元。2024 年 Q2 单季，公司实现收入 4.51 亿元，同 比下滑 15.82%；归母净利润亏损 1.16 亿元，去年同期亏损 1.21 亿元；扣非 净利润亏损 1.21 亿元，去年同期亏损 1.26 亿元。 ⚫ 新业务景气增长，现金流改善。分产品看，公司新业务新方向实现景气增长， 2024H1 公司云安全收入同比增长 51.52%，云计算收入同比增长 35.80%， 信创安全收入同比增长 22.99%。分行业看，2024 ...