Core Viewpoint - Tianrongxin (002212.SZ) reported a revenue of 336 million yuan for Q1 2025, with a year-on-year reduction in net loss by 23.43% and an increase in gross margin by 10.15 percentage points, indicating improved revenue quality and effective cost management [1][2][3] Group 1: Financial Performance - The company achieved total revenue of 336 million yuan in the reporting period [1] - Net profit saw a year-on-year reduction in loss by 23.43% [1] - Gross margin increased by 10.15 percentage points compared to the previous year [1] - Three major expenses decreased by 6.83% year-on-year [1] Group 2: Strategic Development - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China over the next decade [1] - The company is actively promoting its intelligent computing cloud business, achieving significant progress in infrastructure layout [2] - The intelligent computing all-in-one machine is expected to generate over 100 million yuan in sales for the year [2] Group 3: Technological Advancements - The company has made significant breakthroughs in AI technology, integrating AI with security to enhance product competitiveness [2] - The Tianwen large model technology has undergone a leap-forward upgrade, enhancing the efficiency of security knowledge output [2] - A comprehensive AI-driven digital transformation system has been established, improving internal applications and operational support [2] Group 4: Market Outlook - The cybersecurity industry is experiencing short-term pressure due to seasonal revenue characteristics and external macroeconomic factors [3] - The company is building a second growth curve through "cloud computing + intelligent computing" and collaborating with Huawei for new infrastructure initiatives [3] - Increased industry demand is anticipated due to accelerated technological innovation, expanding new scenario requirements, and deepening policy compliance [3]

Financial Performance - The company's revenue for Q1 2025 was ¥335,664,964.65, a decrease of 20.45% compared to ¥421,972,881.83 in the same period last year[3]. - The net profit attributable to shareholders was -¥68,388,818.56, an improvement of 23.43% from -¥89,313,612.79 year-on-year[3]. - The net cash flow from operating activities was -¥230,087,379.16, a decline of 38.70% compared to -¥165,889,719.61 in the previous year[3]. - Total operating revenue for the current period was ¥335,664,964.65, a decrease of 20.5% compared to ¥421,972,881.83 in the previous period[22]. - Net loss for the current period was ¥68,364,417.15, an improvement from a net loss of ¥89,715,247.38 in the previous period, indicating a 23.8% reduction in losses[24]. Cost and Expenses - The company reported a 39.75% decrease in operating costs, amounting to ¥106,448,788.17, attributed to improved revenue quality and higher-margin services[9]. - Total operating costs decreased to ¥511,770,310.50 from ¥611,423,175.19, representing a reduction of 16.3%[23]. - Research and development expenses increased slightly to ¥166,040,503.03 from ¥161,069,296.85, a rise of 3.0%[23]. Assets and Liabilities - The total assets decreased from 11,046,222,054.93 CNY at the beginning of the period to 10,746,400,716.55 CNY at the end of the period[18]. - The total liabilities decreased to ¥1,416,917,263.32 from ¥1,648,374,184.55, reflecting a decline of 14.0%[20]. - Current liabilities totaled ¥1,317,042,080.76, down from ¥1,536,297,762.88, a decrease of 14.3%[20]. - The total equity attributable to shareholders of the parent company decreased to ¥9,325,030,090.28 from ¥9,393,418,908.84, a reduction of 0.7%[20]. Cash Flow - The net cash flow from operating activities decreased by 38.70% to -230,087,379.16 CNY compared to the previous year, primarily due to a reduction in sales receipts and tax refunds[11]. - Cash inflow from operating activities was ¥453,977,341.93, compared to ¥536,692,019.22 in the previous period, a decrease of 15.4%[25]. - Cash outflow from operating activities totaled ¥684,064,721.09, a decrease from ¥702,581,738.83 in the previous period[26]. - Net cash flow from investment activities was -¥76,437,865.26, compared to -¥107,791,330.06 in the previous period[26]. - Net cash flow from financing activities improved by 86.08%, amounting to -5,663,366.67 CNY, compared to -40,697,032.04 CNY in the previous year[11]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 79,739, with no preferred shareholders[13]. - The top shareholder, Zheng Zhongnan, holds 7.20% of the shares, amounting to 84,928,869 shares[13]. Other Key Developments - The company launched the "Intelligent Computing All-in-One Machine" on February 11, 2025, which has already generated sales revenue during the reporting period[6]. - The company has made significant progress in AI technology integration, enhancing its product competitiveness through the "AI + Security" innovation system[6]. - The company is focusing on expanding its cloud computing business with the launch of the Intelligent Computing Cloud Platform, enhancing its product and service offerings[7]. - The company reported a significant increase in deferred tax assets by 67.12%, reaching ¥188,895,930.78, primarily due to increased deductible losses[9]. - The company achieved a 41.35% increase in contract assets, totaling ¥107,392,451.73, due to the completion of performance obligations[9]. - Credit impairment losses increased by 464.51% to 13,834,159.90 CNY, attributed to the recovery of receivables during the reporting period[11]. - The company reported a basic and diluted earnings per share of -0.06, an improvement from -0.08 in the previous period[25]. - The first quarter report was not audited[28].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 8.55 CNY, indicating a potential upside from the current price of 7.19 CNY [6]. Core Views - The company has shown resilience by achieving a turnaround in profitability, with a net profit of 0.83 billion CNY in 2024, compared to a loss in the previous year. However, revenue is expected to decline in Q1 2025, with estimates between 3.20 to 3.40 billion CNY, reflecting a year-on-year decrease of 19% to 24% [2][3]. - The company is focusing on enhancing operational efficiency and quality, leading to an increase in gross margin by 0.85 percentage points in 2024 and over 10 percentage points in Q1 2025 [2][3]. - The cloud computing segment is anticipated to become a new growth driver, with a 10.09% increase in revenue in 2024, while the cybersecurity business faced a decline of 11.49% [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 28.20 billion CNY, down 9.73% year-on-year, with a net profit of 0.83 billion CNY, marking a return to profitability [2][3]. - The Q1 2025 revenue forecast indicates a decline, with expected figures between 3.20 to 3.40 billion CNY, but the net loss is projected to narrow to between -0.75 to -0.65 billion CNY [2]. Business Segments - The cybersecurity business generated 25.50 billion CNY in revenue in 2024, while the cloud computing segment reached 2.56 billion CNY, showing a significant growth trajectory [3][4]. - The company has been actively managing project quality and focusing on high-repayment projects, which has contributed to the improved gross margin [3]. Strategic Initiatives - The company is strategically positioning itself in the cloud computing space, particularly in areas such as hyper-convergence and intelligent computing cloud platforms, which are expected to drive future growth [4][10]. - The launch of new products, including the intelligent computing cloud platform and integrated computing machines, aims to enhance the company's offerings and support clients in their digital transformation [4][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 30.14 billion CNY, 33.00 billion CNY, and 36.39 billion CNY, respectively, with net profits expected to grow to 1.68 billion CNY by 2025 [11][12].

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Views - The company is expected to turn profitable in 2024, driven by AI empowerment in cybersecurity [1]. - The cybersecurity market in China is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a CAGR of 9.2% [5]. - The company is positioned to benefit from the growth in AI and cybersecurity demand, with adjusted revenue forecasts for 2025-2027 being 32.19 billion, 37.14 billion, and 41.99 billion yuan respectively [11]. Summary by Sections Recent Performance - For Q1 2025, the company expects revenue between 320 to 340 million yuan, a year-on-year decline of 24.17% to 19.43%, with a net loss of 65 to 75 million yuan, a reduction in loss compared to the previous year [4]. Cybersecurity Business - The cybersecurity revenue for 2024 is projected to be 2.55 billion yuan, a decline of 11.49% year-on-year, but the long-term outlook remains positive due to increasing demand driven by domestic substitution and policy compliance [5]. Cloud Computing - The cloud computing segment is expected to generate 256 million yuan in 2024, reflecting a growth of 10.09% year-on-year, supported by advancements in hyper-converged infrastructure and user experience improvements [6]. Profitability Improvement - The company has improved its net profit margin by 14.84 percentage points year-on-year, with a sales gross margin of 61.04% and a net profit margin of 2.59% [7]. New Product Development - The company is leveraging AI technologies to enhance its product offerings, including the launch of the Tianwen large model system and various AI-enabled products, which are expected to support sustainable growth [9]. Financial Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.15, 0.20, and 0.26 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 48, 36, and 28 [10][11].

Investment Rating - The investment rating for the company is "Buy" with a current price of 7.39 CNY and a fair value of 7.83 CNY [3]. Core Views - The company's performance meets expectations, with significant improvements in quality and efficiency [1]. - The revenue for 2024 is projected to be 2.82 billion CNY, a year-on-year decrease of 9.73%, while the net profit attributable to shareholders is expected to be 0.83 billion CNY, indicating a return to profitability [7][13]. - The company is focusing on enhancing operational efficiency and restoring profitability, with a gross margin of 61.04% in 2024, up 0.85 percentage points from 2023 [21][23]. - The company is strengthening its position in emerging security fields, leveraging AI and self-controlled technologies to enhance its product offerings [20][22]. Financial Performance Summary - **2023A**: Revenue of 3.12 billion CNY, net profit of -0.37 billion CNY - **2024A**: Revenue of 2.82 billion CNY, net profit of 0.83 billion CNY - **2025E**: Revenue of 2.91 billion CNY, net profit of 0.12 billion CNY - **2026E**: Revenue of 3.10 billion CNY, net profit of 0.17 billion CNY - **2027E**: Revenue of 3.40 billion CNY, net profit of 0.23 billion CNY [2][31]. Revenue and Profitability Forecast - The company expects revenues to gradually recover, with projections of 2.60 billion CNY, 2.73 billion CNY, and 2.95 billion CNY for the years 2025 to 2027, respectively [26][29]. - The gross margin is anticipated to improve to 63.5%, 64.1%, and 64.7% over the same period [26][31]. Cost Management - The company has effectively reduced total expenses by 10.73% in 2024, with significant decreases in management and R&D expenses [23][33]. - The management expenses decreased by 40.95% in 2024, primarily due to enhanced management efficiency [30][33]. Emerging Business Development - The company is actively expanding into new security areas, including cloud security and data security, with a focus on AI integration [27][28]. - The company has developed a comprehensive cloud-native security defense system, enhancing its capabilities in multi-cloud environments [27][28].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the company's performance and strategic initiatives [1]. Core Insights - The company achieved a turnaround in net profit, reporting a net profit of 0.83 billion yuan in 2024, a year-on-year increase of 122.35%, indicating a significant recovery from previous losses [2][4]. - Revenue for 2024 was reported at 2.82 billion yuan, a decline of 9.73% year-on-year, with a notable drop in Q4 revenue of 16.15% compared to the previous year [1][2]. - The cloud computing segment showed growth, with revenue increasing by 10.09% to 0.256 billion yuan, while the network security segment saw a decline of 11.49% [2]. - The company is focusing on AI and cloud computing integration, launching the Tianwen Intelligent Computing Cloud Platform, which combines hardware, software, and services [2][4]. Financial Performance Summary - In 2024, the company reported total revenue of 2.82 billion yuan, down from 3.12 billion yuan in 2023, reflecting a year-on-year decrease of 9.73% [4]. - The net profit for 2024 was 0.83 billion yuan, a significant recovery from a loss of 0.371 billion yuan in 2023, marking a year-on-year growth of 122.35% [4]. - The gross margin improved slightly to 61.0% in 2024 from 60.2% in 2023, indicating better cost management [4]. - The company’s EPS (Earnings Per Share) is projected to grow from 0.07 yuan in 2024 to 0.35 yuan by 2027, reflecting a positive growth trajectory [4]. Strategic Developments - The company has made significant investments in R&D, with a focus on enhancing efficiency and integrating AI with security solutions [2]. - The launch of the DeepSeek security intelligent computing unit aims to provide comprehensive solutions for various industries, including government, energy, and healthcare [2]. - The company is also advancing in hyper-converged infrastructure, achieving upgrades in both domestic production and block storage performance [2]. Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at 0.15 yuan, 0.25 yuan, and 0.35 yuan respectively, with corresponding P/E ratios of 48.95, 29.66, and 21.21 [2][4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the company's performance and strategic initiatives [1]. Core Insights - The company achieved a turnaround in net profit, reporting a net profit of 0.83 billion yuan in 2024, a year-on-year increase of 122.35%, indicating a significant recovery from previous losses [2][4]. - Revenue for 2024 was 2.82 billion yuan, a decrease of 9.73% year-on-year, with a notable decline in Q4 revenue of 16.15% year-on-year [1][2]. - The cloud computing segment showed growth, with revenue increasing by 10.09% to 0.256 billion yuan, while the network security segment saw a decline of 11.49% [2]. - The company is focusing on AI and cloud computing integration, launching the Tianwen Intelligent Computing Cloud Platform, which combines hardware, software, and services [2]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.15, 0.25, and 0.35 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 48.95, 29.66, and 21.21 [2][4]. Financial Summary - In 2024, the total revenue was 2,820 million yuan, with a projected increase to 3,057 million yuan in 2025, reflecting a growth rate of 8.4% [4]. - The net profit for 2024 was 83 million yuan, with projections of 177 million yuan in 2025, indicating a growth rate of 113% [4]. - The gross margin for 2024 was 61%, with a slight increase expected in subsequent years [4]. - Research and development expenses decreased by 16.42% in 2024, reflecting the company's focus on efficiency [2].

Core Insights - Tianrongxin Technology Group Co., Ltd. reported a revenue of 2.82 billion yuan and a net profit of 83.01 million yuan for 2024, marking a return to profitability with a gross margin of 61.04% [1] - The company's cybersecurity products generated 2.55 billion yuan in revenue, accounting for 90.42% of total revenue, while cloud computing products contributed 256 million yuan, representing a 10.09% year-on-year growth [1] Group 1 - The company has released over 100 types of cybersecurity products and more than 1,000 product models, maintaining the number one market share in the firewall sector for 25 consecutive years [2] - AI has been integrated into all product lines, with new solutions for data classification, data security integration, and DSMM certification [2] - The company has launched cloud-native firewalls and cloud security resource pools, covering over 30 business scenarios [2] Group 2 - The cloud computing product portfolio has been further enhanced, with solutions for hyper-convergence, desktop cloud, and enterprise cloud tailored for various industries [3] - The intelligent computing cloud platform includes software, hardware, and integrated machines, providing a comprehensive solution for business support and security [3] - The company is focusing on new safety measures across multiple emerging fields, including industrial internet, vehicle networking, and low-altitude economy [2]

Group 1: Tianrongxin - Tianrongxin's sales of intelligent computing integrated machines exceeded 2 million units in Q1 2025, with orders surpassing 20 million, and annual sales expected to exceed 100 million [1] - The intelligent computing integrated machine is based on self-developed cloud computing products, providing a complete platform for intelligent applications, with prices ranging from hundreds of thousands to two million [1] - There is significant growth in demand for security in various sectors, including information security, cloud security, industrial internet security, and vehicle networking [1] - The company has partnered with insurance companies to launch various cybersecurity insurance products, with a business model that includes pre-assessment and post-service [1] - Downstream demand is expected to remain stable in Q1 2024, with high-quality orders remaining steady, indicating positive future business opportunities [1] - Revenue from government sectors is projected to decline in 2024 due to macroeconomic impacts and low-margin project reductions, but stable growth is expected in 2025 [1] - Supply chain impacts are currently minimal, but uncertainties may arise in the future, and the company has prepared in advance [1] - After years of intense competition, some manufacturers are beginning to weaken, which may improve industry competition [1] - AI applications are expanding security boundaries, increasing security demand, and enhancing customer security spending [1] - The workforce is expected to remain stable in 2025, with over 2,000 R&D personnel and a slight increase in sales staff [1] - No goodwill impairment is expected in 2025, while 2023's impairment was due to specific circumstances [1] Group 2: Meinuohua - Meinuohua is in a growth and profit recovery phase for 2024, with overall operations showing steady growth, particularly in the finished drug sector [2] - The raw material sector has achieved market share breakthroughs with multiple new products, while the CDMO sector is progressing smoothly despite international macroeconomic impacts [2] - The company is actively embracing innovation and plans to make it a key strategic focus for future development [2] - Projected revenue for 2024 is 1.373 billion, representing a year-on-year increase of 12.85%, with API business growth at 6.1% and self-operated business growth at 83.52% [2] - TianKang Pharmaceutical's revenue increased by 51%, and the net profit attributable to the parent company reached 66.81 million, up 476.64% year-on-year [2] - Overall gross margin is 32.61%, an increase of 1.74% compared to 2023 [2]

业绩方面，基金调研公司中，6家公司已经公布了一季报，净利润同比增幅最高的是中际旭创、顺络电 子，净利润增长幅度为56.83%、37.02%。公布一季度业绩预告的共有1家。以净利润增幅中值来看，净 利润增幅最高的是天融信，预计净利润中值为-7000.00万元，同比增幅为21.62%。（数据宝） 4月20日基金调研公司一览 昨日基金共对9家公司进行调研，扎堆调研甘源食品、顺络电子、中际旭创等。 证券时报·数据宝统计，4月20日共9家公司被机构调研，按调研机构类型看，基金参与9家公司的调研活 动，其中，10家以上基金扎堆调研公司共6家。甘源食品最受关注，参与调研的基金达39家；顺络电 子、中际旭创等分别获26家、24家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有3家，创业板公司有6家。所属行业来看，基 金调研的公司共涉及5个行业，所属医药生物行业最多，有3家公司上榜；电子、通信等紧随其后，分别 有2家、2家公司上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有1家，总市值不足100亿元的有3家，分 别是透景生命、甘源食品、天融信等。 市场表现上，基金调研股中，近5日上涨的有 ...