证券代码：002212 证券简称：天融信 公告编号：2024-061 天融信科技集团股份有限公司 关于公司董事、高级管理人员增持公司股份计划实施期限过半的进展公告 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及董事、 副总经理吴亚飚先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 2、截至本公告披露日，本次增持计划实施期限已过半，本次计划增持主体以集中竞 价交易方式合计增持公司股份 1,292,200 股，占公司目前总股本的比例为 0.1095%，合计 增持股份金额为 926.11 万元。 近日，天融信科技集团股份有限公司（以下简称"公司"）收到本次计划增持主体 出具的《关于增持公司股份计划实施进展的告知函》。根据《深圳证券交易所上市公司自 律监管指引第 10 号——股份变动管理》的相关规定，现将具体情况公告如下： 一、本次增持计划基本情况概述 1、本次计划增持主体：董事长、总经理李雪莹女士，董事、副总经理、财务负责人孔 继阳先生及董事、副总经理吴亚飚先生。 2、本次拟增 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's profitability quality continues to improve, with significant growth expected in new security business areas [6]. - The company has completed its new strategic layout, leading to a stable phase in R&D investment and improved management efficiency through digital upgrades [2][3]. - Despite a decline in overall revenue, certain new business segments, particularly cloud computing and data security, have shown promising growth [3]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 3.124 billion yuan, a year-on-year decrease of 11.81%, and a net profit attributable to shareholders of -371 million yuan, compared to a profit of 205 million yuan in the previous year [1]. - The first quarter of 2024 saw revenue of 422 million yuan, down 9.93% year-on-year, with a net profit of -89 million yuan, indicating a slight improvement from -91 million yuan in the same period last year [1]. Cost Management - The company achieved a 2.57% reduction in total expenses in 2023, with R&D expenses down 6.35% and management expenses down 32.58% due to enhanced efficiency [2]. - However, sales expenses increased by 13.17% due to growth-oriented investments in marketing [2]. Revenue Breakdown - The revenue from core security products was 2.159 billion yuan, down 11.30%, while cloud computing and cloud security services grew by 0.84% to 322 million yuan [3]. - New business areas such as cloud computing, data security, and trusted computing security saw revenue growth of 12.17%, 6.87%, and 33.01%, respectively [3]. Profitability Forecast - The profit forecast for 2024 and 2025 has been adjusted downwards to 387 million yuan and 524 million yuan, respectively, reflecting a decrease of 33.0% and 31.5% [4]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.33 yuan, 0.44 yuan, and 0.47 yuan, with corresponding price-to-earnings (P/E) ratios of 19x, 14x, and 13x [4].

Financial Performance - The company reported a comprehensive loss of -89,313,612.79, slightly improved from -91,251,895.53 in the previous period[32] - The net profit attributable to shareholders of the listed company is -¥89,313,612.79, showing an improvement of 2.12% from -¥91,251,895.53 in the previous year[61] - The company's operating revenue for the current period is ¥421,972,881.83, a decrease of 9.93% compared to ¥468,507,963.66 in the same period last year[61] - The company's investment income decreased by 35.33%, from -3,103,251.82 to -4,199,754.97, reflecting reduced returns from investee companies[37] - The company reported a net profit of CNY 5,524,818.43 from non-recurring gains and losses, with government subsidies contributing CNY 3,475,482.88[62] Cash Flow and Liquidity - As of March 31, 2024, the company's cash and cash equivalents decreased by 33.88% to ¥632,758,944.10 compared to December 31, 2023, primarily due to seasonal sales patterns[20] - The net cash flow from operating activities worsened by 229.25%, from -50,383,940.19 to -165,889,719.61, attributed to decreased sales collections[37] - The company's cash outflow from operating activities totaled ¥702,581,738.83, down from ¥816,821,940.20 in the previous period[45] - The cash and cash equivalents at the end of the period decreased from 730,544,679.39 to 589,632,314.84, a decline of approximately 19.3%[34] - The company's cash and cash equivalents at the end of the period are CNY 632,758,944.10, down from CNY 957,019,555.59 at the beginning of the period[71] Assets and Liabilities - The total assets decreased from 11,223,616,289.88 to 10,921,111,923.49, a reduction of approximately 2.69%[29] - The total liabilities decreased from 1,625,261,123.08 to 1,432,517,208.55, a decrease of about 11.87%[29] - Total assets at the end of the reporting period amount to ¥10,921,111,923.49, reflecting a decrease of 2.70% from ¥11,223,616,289.88 at the end of the previous year[61] - The total liabilities and equity at the end of the period amount to CNY 10,921,111,923.49, down from CNY 11,223,616,289.88 at the beginning of the period[84] Shareholder Information - The company repurchased a total of 2,892,200 shares, accounting for 0.2450% of the total share capital, with a total expenditure of ¥18,433,574.00[24] - The chairman and senior management plan to increase their shareholdings by no less than ¥3 million within six months from February 2, 2024[23] - The top shareholder, Zheng Zhongnan, holds 7.12% of the shares, totaling 84,301,969 shares[22] - The total number of ordinary shareholders at the end of the reporting period was 41,742[22] - The company has increased its shareholding by 1,292,200 shares, representing 0.1095% of the total share capital, with a total investment amount of ¥9.2611 million[55] Expenses and Costs - The company's operating costs decreased by 31.36% from 257,390,239.69 to 176,664,034.06, indicating improved revenue quality[37] - Total operating costs for the current period are CNY 611,423,175.19, down 12.09% from CNY 695,846,183.49 in the previous period[74] - The company’s other income decreased by 38.39%, from 70,131,483.09 to 43,207,020.28, mainly due to reduced VAT refunds[37] - Research and development expenses for the current period are CNY 161,069,296.85, a decrease of 6.96% from CNY 173,434,428.96 in the previous period[74] Tax and Refunds - The company received tax refunds of ¥62,950,179.53 during the current period, compared to ¥66,184,183.02 in the previous period[45] - The company reported a non-recurring gain of ¥38,644,991.68 from VAT refunds on software products[5] - Deferred tax assets increased by 67.52% to ¥148,309,297.20, mainly due to an increase in deductible losses and temporary differences[20] Stock Options and Equity Plans - The company canceled 10,269,612 stock options due to expiration and employee departures[38] - The company has completed the cancellation of 6,994,783 stock options and 4,413,981 restricted shares due to the termination of the 2020 equity incentive plan[69] Accounting Standards - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[88]

天融信（002212）2023 年报点评 推荐（维持） 2024 年 4 月 19 日，公司发布 2023 年年报和 2024 年一季度业绩预告：2023 年，实现营业收入 31.24 亿元，同比下滑 11.81%；归母净利润亏损 3.71 亿元， 上年同期盈利 2.05 亿元；归母扣非净利润亏损 4.17 亿元，上年同期盈利 1.54 亿元。2024 第一季度，预计实现收入 4.15 亿元至 4.35 亿元，同比下滑 7.15% 至 11.42%；归母净利润亏损 0.85 亿元至 0.95 亿元，去年同期亏损 0.91 亿元； 扣非净利润亏损 0.91 亿元至 1.01 亿元，去年同期亏损 0.97 亿元。 | --- | --- | --- | --- | --- | |----------------------------------|---------|-------------------|-----------------------------|-------| | | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 百万 ) | 3,124 | 3,633 ...

15 15 15 0 在建工程 0 0 其他收益 169 170 200 230 1, 197 1, 438 无形资产 961 1,651 营业利润 -393 289 388 520 其他非流动资产 4.811 4.817 4, 817 9 营业外收入 0 1 1 1 非流动资产合计 6,703 6, 905 7, 110 7,289 营业外支出 3 3 3 0 黃产合计 11, 931 13,098 -393 287 1, 161 3,616 4 1 , 456 5 应收账款 2,929 41 1, 076 44 销售 费用 1, 161 卒货 510 管理费用 242 288 合同资产 80୧ 911 637 635 财务费用 2 0 5, 424 流动资产合计 4,521 5,026 信用减值损失 -50 英他长期投资 6 6 资产或值损失 -5 502 502 公允价值变动收益 93 研发费用 1,008 美他流动资产 ୧୧୧ 0 0 -70 5,810 -59 -60 6 6 -450 -- 5 长期股权投资 50 50 422 346 授资收益 -9 4.815 ◼ 信创安全增速明显。公司 202 ...

联系电话：010-59219558 传真：010-59562637 2024年04月24日 证券研究报告|公司研究|公司点评 比+19.39%;加强采购和存货周转管理,采购支付款同比-16.46%。业绩预告,公司 2024Q1 收入质量有较大提升。毛利率同比增长超过 13 个 pcts, 毛利额同比增长超过 15%。研发费用和管理费用持续下降,研发费用同比下降约7%,管理费用同比下降约 23%。若不考虑增值税退税减少的影响,归母净利润同比减亏 30%左右。综合来看,公 司持续推进管理提质增效, 2024年或实现扭亏为盈。 � 我军信息支援部队成立,凸显网络空间安全产业国家战略地位。 ◆ 投资建议 | --- | --- | --- | |-------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------- ...

2024 年 04 月 28 日 天融信(002212.SZ) 信创安全和云计算支撑收入增长，商誉减值影响利润 信创安全方面，根据公司年报披露，公司基于国产软硬件的"天融信 昆仑"系列产品已累计发布 66 款 250 个型号，始终保持信创产品品 类最全、型号最多的行业领先优势。 股价表现 -53% -38% -23% -8% 7% 2023-04 2023-08 2023-12 2024-04 天融信 沪深300 zhaoyang1@essence.com.cn 公司快报/天融信 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------------------------------|--------|-------|-----------------------------------------|-------| | [Table_Finance1] (百万元) 2022A 2023A 2024E 2025E 2026E | | | | | | | 主 ...

事件：公司发布 2023 年度报告和 2024 年第一季度业绩预告。2023 年，公司实现营 业收入 31.24 亿元，yoy -11.81%，实现归母净利润-3.71 亿元，yoy -281.09%，实现 扣非归母净利润-4.17 亿元，yoy -371.32%。2024 年第一季度预告，预计实现营业收 入 4.15~4.35 亿元，归母净利润亏损 8500~9500 万元，扣非归母净利润亏损 9100~10100 万元。 宏观波动叠加商誉减值影响，2023 全年业绩承压。受宏观波动影响，行业复苏不均， 公司 2023 年第四季度新增订单不及预期，2023 全年收入同比下降 11.81%，但政府 及事业单位收入同比增长 8.48%，其中特种行业同比增长 59.05%；国有企业同比下 降 26.30%，其中运营商行业同比增长 23.51%，公司预计 2024 年市场环境和业务发 展处于逐步向好态势，行业需求继续恢复，但恢复到较高增速需要时间，对恢复程度 保持谨慎乐观，对之前作出的发展节奏预测进行调整，为此对账面商誉计提 4.43 亿元 的减值金额，导致 2023 全年归母净利润亏损，若剔除商誉减值因素，202 ...

公 司 研 究 | --- | --- | --- | --- | --- | |---------------------------------------|---------|----------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 3124 3643 4150 4638 | | | | 同比增长 | -11.8% | 16.6% | 13.9% | 11.8% | | 归母净利润 ( 百万元 ) | | -371 280 338 400 | | | | 同比增长 | -281.1% | 175.5% | 20.6% | 18.4% | | 毛利率 | 60.2% | 60.3% | 60.8% | 61.3% | | ROE | -3.9% | 2.9% | 3.4% | 3.8% | | 每股收益 ( 元 ) | | -0.31 0.24 0.29 0.34 | | | | 市盈率 | | -18.5 24.5 20.3 1 ...

[Table_Invest]买入|维持 ——天融信(002212.SZ)2023 年年度报告点评 点评： 2023 年，公司实现营业收入 31.24 亿元，同比下降 11.81%；归母净利润亏 损 3.71 亿元；扣非归母净利润亏损 4.17 亿元。按客户所处行业来看，政府 及事业单位实现收入 14.27 亿元，同比增长 8.48%，其中特种行业同比增 长 59.05%；国有企业实现收入 8.94 亿元，同比下降 26.30%，其中运营商 行业同比增长 23.51%。公司持续加强提质增效，毛利率同比增长 0.47pct， 费用控制效果明显，期间费用总额同比下降 2.57%，其中，研发方面因新方 向布局已基本完成，研发投入进入稳定期，研发费用同比下降 6.35%。公司 经营活动产生的现金流量净额为 5.17 亿元，同比大幅增长 290.59%。 公司将 AI 技术能力应用于公司网络安全产品、威胁情报及知识库等方面， 并将威胁情报、知识库以订阅服务的方式提供给用户。2023 年，公司订阅 服务内容一半以上来源于 AI 生产的知识。公司正式推出天问大模型，具备 风险预测、安全分析、情报抽取、知识生成、逻辑推理和决策 ...