证券代码：002212 证券简称：天融信 天融信科技集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | --- | |-------------------------|-----------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|--------|-------|----------------------| | | | | 编号： | | 2024-005 | | | □特定对象调研 | □分析师会议 | | | | | | □媒体采访 | □业绩说明会 | | | | | 投资者关系活 | □新闻发布会 | □路演活动 | | | | | 动类别 | □现场参观 | | | | | | | √其他（ 2024 | 广东辖区上市公司投资者网上集体接待 ...

证券代码：002212 证券简称：天融信 公告编号:2024-112 1、基本情况 法定代表人：李雪莹 注册资本：人民币35,000万元 主营业务：网络技术、计算机软硬件、电子设备的技术开发、技术转让、技 术咨询、技术服务、技术培训；生产、加工计算机软硬件；销售电子产品、通讯 设备、计算机、软件及辅助设备；技术进出口、货物进出口、代理进出口。（市 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2024年2月4日、 2024年2月21日召开第七届董事会第七次会议决议、2024年第三次临时股东大会， 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120,000.00万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2024年2月28日起至2025年2月27日止。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 ...

证券代码：002212 证券简称：天融信 公告编号：2024-111 天融信科技集团股份有限公司 关于参加 2024 广东辖区上市公司投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，天融信科技集团股份有限公司（以下简称 "公司"）将参加由中国证券监督管理委员会广东监管局、广东上市公司协会联合举 办的"2024 广东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（https://rs.p5w.net）参与本次互动交流活动，活动时间为 2024 年 9 月 12 日（星期四）15:30-16:30。 届时公司董事长、总经理李雪莹女士，董事、副总经理、财务负责人孔继阳先生， 董事、副总经理吴亚飚先生，副总经理、董事会秘书彭韶敏女士，将在线就公司 2024 年半年度业绩等投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与本次网上集体接待日活动。 特此公告。 天融信科技集团股份有限公司董事会 二〇二四年 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in cybersecurity, big data, and cloud services, along with its potential for future growth [5] Core Views - The company's revenue declined by 13.07% YoY to 873 million yuan in H1 2024, but its gross margin improved significantly by 7.86 percentage points to 63.30%, driven by better revenue quality and a larger decline in operating costs compared to revenue [3] - Traditional security business weakened, with basic security product revenue down 20.01% YoY, while new businesses like cloud security, cloud computing, and Xinchuang security grew rapidly, with YoY increases of 51.52%, 35.80%, and 22.99%, respectively [3] - The company is actively exploring the integration of AI and security, launching products like the Tianwen large model system and Xiaotian, which are applied in threat detection, security operations, and other scenarios [4] Financial Performance - The company's operating cash flow increased by 15.44% YoY in H1 2024, while R&D expenses decreased by 5.80% and management expenses dropped by 30.64% [3] - Revenue forecasts for 2024-2026 are adjusted to 3.375 billion, 3.807 billion, and 4.265 billion yuan, with net profit attributable to shareholders expected to be 204.14 million, 306.02 million, and 376.63 million yuan, respectively [5] - The company's PE ratios for 2024-2026 are projected at 24.96x, 16.65x, and 13.53x, with EPS of 0.17, 0.26, and 0.32 yuan per share [5] Business Segments - Basic security products contributed 532 million yuan in revenue, with a gross margin of 66.32%, up 16.85 percentage points YoY [3] - Big data and situational awareness products and services generated 63 million yuan in revenue, with a gross margin of 77.03% [3] - Cloud security, cloud computing, and Xinchuang security are emerging as key growth drivers, with significant revenue increases in these segments [3] Industry and Market Position - The company is recognized as a leading provider of cybersecurity, big data, and cloud services, with a strong focus on innovation and new business scenarios [5] - Its solutions in areas like smart city rail network security, vehicle-road-cloud integrated security, and smart hospital security have gained industry recognition [4] Future Outlook - The company is expected to benefit from the growth potential of the cybersecurity and cloud services industry, with a focus on expanding its presence in new business areas and scenarios [5] - Continued investment in AI and security integration is likely to drive further innovation and market penetration [4]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 6 yuan, while the current price is 4.29 yuan [1]. Core Insights - The company reported a revenue of 873 million yuan for the first half of 2024, a year-on-year decline of 13.07%. The net profit attributable to the parent company was a loss of 206 million yuan, slightly improved from a loss of 212 million yuan in the same period last year [1]. - Revenue from cloud computing and cloud security products and services grew by 20.19% year-on-year, indicating a significant improvement in profitability despite overall revenue decline [1]. - The company has optimized its expenses, with total expenses decreasing by 2.63% year-on-year, including a 5.80% reduction in R&D expenses and a 30.64% decrease in management expenses [1]. - The company is actively expanding into new security markets, launching innovative solutions such as smart city rail network security and cloud-based smart hospital security, with cloud security revenue increasing by 51.52% year-on-year [1]. - The revenue forecasts for 2024-2026 are adjusted to 3.386 billion yuan, 3.834 billion yuan, and 4.273 billion yuan, respectively, with corresponding growth rates of 8.4%, 13.2%, and 11.5% [1]. Financial Summary - For 2024, the company expects a net profit of 200 million yuan, a significant turnaround from a loss of 371 million yuan in 2023, with projected earnings per share (EPS) of 0.17 yuan [2]. - The company's gross margin for the first half of 2024 was 63.30%, an increase of 7.86 percentage points year-on-year [1]. - The company has a total market capitalization of approximately 116.74 billion yuan, with a circulating market value of about 50.08 billion yuan [3].

公司近一年市场表现 | --- | --- | |----------------------------|-------| | | | | | | | 基础数据： 2024 年 6 月 30 | 日 | | 基本每股收益(元)： | -0.18 | | 摊薄每股收益(元)： | -0.18 | | 每股净资产(元 )： | 7.82 | | 净资产收益率 (%)： | -2.23 | 方闻千 上半年云及信创业务实现快速增长。分业务看，2024 上半年公司基础安 全产品业务实现收入 5.32 亿元，同比减少 20.01%，大数据与态势感知产品 资料来源：最闻 及服务业务实现收入 0.63 亿元，同比减少 12.03%，基础安全服务业务实现 收入 1.40 亿元，同比减少 9.45%，云计算与云安全产品及服务业务实现收入 1.32 亿元，同比增长 20.19%，其中，上半年云计算收入同比增长 35.80%， 云安全收入同比增长 51.52%，主要是因为前期针对该新业务的投入进入了收 获期；此外，公司重点布局的信创安全业务上半年收入同比增长 22.99%。分 行业看，尽管三类客户政府及事业单位、国有企业、商业及其 ...

8 收入质量提升，新业务保持较好增长 天融信（002212）/计算机 证券研究报告/公司点评 2024 年 8 月 25 日 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|----------------------------------------|----------|-------------------|-------|-------|-------| | [Table_Title] 评级：买入（维持） \n市场价格： 4.27 | [Table_Finance] 公司盈利预测及估值 | | 2022A 2023A 2024E | | 2025E | 2026E | | 分析师：闻学臣 | 营业收入（百万元） | 3,543 | 3,124 | 3,616 | 4,122 | 4,643 | | | 增长率 yoy% | 6% | -12% | 16% | 14% | 13% | | 执业证书编号： S0740519090007 | 净利润 | 2 ...

联系电话：010-59219558 - 传真：010-59562637 2024年08月19日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|------------| | | | | | 天融信（002212） | 投资评级 | 买入 | | | | 维持评级 | | 2024 半年报点评:经营管理显韧性,盈利端依然具 | | | | | 2024年08月16日 | | | 备业绩弹性 | 收盘价(元): | 4.34 | | 报告摘要 | 公司基本数据 | | | 事件:公司发布业绩报告。2024年半年度实现营业收入 8.73 亿元(-13.07%),归母净 | 总股本(百万股) | 1,179.45 | | 利润-2.06 亿元（+2. ...

2024 年 8 月 21 日 公司研究 收入质量显著提升，"AI+安全"积极布局新质生产力 ——天融信（002212.SZ）2024 年半年报点评 收入质量显著提升，新业务收入保持较好增长。2024 年 H1，公司积极应对行业 和市场发展态势，持续推进提质增效战略，收入质量显著提升，毛利率同比增长 7.86 个百分点。期间费用总计同比下降 2.63%，其中公司在新方向和新技术的 前期布局基本完成，研发费用同比下降 5.80%，管理费用同比下降 30.64%；公 司持续保持营销的投入，销售费用同比增长 9.71%。在新方向新业务方面，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%。细分行业方面，卫生行业收入同比增长 46.45%，能源行业收入 同比增长 33.42%，政法行业收入同比增长 31.13%，交通行业收入同比增长 15.63%。 政策加持推动安全需求释放，未来发展长期向好。2024 年 1 月，国家数据局正 式发布《"数据要素×"三年行动计划（2024—2026 年）》，提出"到 2026 年底，打造 300 个以上示范性强、显示度高、带动 ...

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...