天眼查资料显示，北京天融信网络安全技术有限公司，成立于1995年，位于北京市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本35000万人民币，实缴资本35000万人民币。通过天眼查大 数据分析，北京天融信网络安全技术有限公司共对外投资了44家企业，参与招投标项目5000次，财产线 索方面有商标信息222条，专利信息2739条，此外企业还拥有行政许可5个。 金融界2025年4月10日消息，国家知识产权局信息显示，北京天融信网络安全技术有限公司申请一项名 为"零信任系统的身份信息管理方法、设备、介质及程序产品"的专利，公开号 CN 119783129 A，申请 日期为2024年12月。 专利摘要显示，本申请实施例提供一种零信任系统的身份信息管理方法、设备、介质及程序产品，涉及 网络安全技术领域。所述方法包括：响应于身份信息管理请求，从数据库中查询并获取身份信息属性结 构表，并反馈身份信息查询页面；响应于用户发起的身份信息属性配置请求，并反馈属性配置页面；获 取用户基于属性配置页面输入的属性配置信息，基于属性配置信息对身份信息属性结构表进行更新并存 储，并基于更新后的身份信息属性结构表反馈更新后的身份 ...

天眼查资料显示，北京天融信网络安全技术有限公司，成立于1995年，位于北京市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本35000万人民币，实缴资本35000万人民币。通过天眼查大 数据分析，北京天融信网络安全技术有限公司共对外投资了43家企业，参与招投标项目5000次，财产线 索方面有商标信息222条，专利信息2709条，此外企业还拥有行政许可5个。 金融界2025年3月29日消息，国家知识产权局信息显示，北京天融信网络安全技术有限公司申请一项名 为"一种设备类型识别方法、电子设备、存储介质和程序产品"的专利，公开号CN 119696863 A，申请日 期为2024年12月。 专利摘要显示，本申请提供一种设备类型识别方法、电子设备、存储介质和程序产品，该方法包括：对 待处理网络流量进行设备信息提取处理，设备信息包括：目标设备的设备类型；若未能提取出目标设备 的设备信息，则获取待处理网络流量中的五元组对应的审计日志，并根据审计日志中的审计字段内容确 定目标设备的设备类型。在上述方案的实现过程中，通过在待处理网络流量中未能提取出目标设备的设 备信息的情况下，根据待处理网络流量中的五元组对应的审计 ...

3月28日，天融信（002212）与华为启动全面合作并举行奠基仪式。会上，双方联合发布两大战略级新 品——基于昇腾AI架构的天融信智算一体机(昇腾版)，及基于鲲鹏架构的昆仑.信创系列产品，这标志着 双方在智算与安全领域的深度融合迈入新阶段。 会议期间，天融信还联合华为发布了基于鲲鹏架构的昆仑.信创系列产品。天融信与华为鲲鹏的合作是 国产化技术替代进程加速的重要标志，其背后既有国家对核心领域自主可控的强力驱动，也受益于双方 技术互补和生态闭环的成熟。 天融信与华为已有多年合作历史。2018年天融信加入华为安全商业联盟，携手构建网络安全生态圈； 2020至2022年天融信连续三年在鲲鹏计算平台安全漏洞奖励计划中贡献排名第一；2023年双方联合发布 全新鲲鹏架构超融合一体机；2024年天融信与华为签署合作备忘录(MoU)，积极推进VPN、数据防泄 漏、EDR等一系列产品的鸿蒙化落地。(文穗) 近期人工智能领域掀起开源热潮，在金融、医疗、教育及政务等垂直领域的大模型本地化应用快速渗 透。根据Gartner预测，到2027年，中国80%的企业将使用多模型生成式人工智能，满足本地部署要求。 据悉，天融信智算一体机(昇腾版 ...

会议同期，天融信还联合华为发布了基于鲲鹏架构的昆仑.信创系列产品。据介绍，天融信与华为鲲鹏 的合作是国产化技术替代进程加速的重要标志，其背后既有国家对核心领域自主可控的强力驱动，也受 益于双方技术互补和生态闭环的成熟。通过加强技术与生态合作，天融信可为华为鲲鹏拓展在网络安全 领域的应用，加速国产芯片和操作系统在关键行业的落地；华为则为天融信提供了自主可控的底层平 台，摆脱对国外基础软硬件的依赖。这种"抱团突围"模式，正是当前国产化替代的主流路径——以市场 需求拉动技术成熟，以生态闭环降低替代成本。 3月28日，天融信（002212）(002212.SZ)与华为启动全面合作并举行奠基仪式。会上，双方联合发布两 大战略级新品——基于昇腾AI架构的天融信智算一体机(昇腾版)，及基于鲲鹏架构的昆仑.信创系列产 品，标志着双方在智算与安全领域的深度融合迈入新阶段。 近期人工智能领域掀起开源热潮，在金融、医疗、教育及政务等垂直领域的大模型本地化应用快速渗 透。根据Gartner预测，到2027年，中国80%的企业将使用多模型生成式人工智能，满足本地部署要求。 据悉，天融信智算一体机(昇腾版)以"国产AI算力硬件+天融信智 ...

据了解，天融信此前推出智算一体机，目前已获得客户的极大兴趣，已经有不少客户加入购买队 列。据悉，天融信已将智算一体机作为重点战略产品，从营销策略、营销团队等方面进行了一系列布 置，有望在智算一体机市场获得竞争优势。 市场分析人士认为，天融信在网络安全、数据安全领域的技术优势，为其智算一体机注入了全栈安 全能力；而华为在硬件、云计算及AI框架领域的深厚积累，将使双方的合作达到强强联合的效果，有 望推出"高性能算力+场景化方案+主动防御"的一体化产品，后续应用于政府、金融、能源等关键行 业，能够满足数智化转型中对高效算力和安全合规的双重需求。 申万宏源证券（000562）认为，一体机是仍有较大预期差的方向。大模型私有化部署如火如荼，供 需两端均显示一体机的高景气度。此外，G端落地大模型成为趋势，国资也是更具购买力的需求方，预 计一体机将形成更陡峭的景气斜率。 天融信：将携手华为发布重量级新品 3月24日从官方获悉，天融信（002212）(002212.SZ)将与华为联合发布重量级新品，围绕智算和安 全开展进一步合作。 天融信此前在投资者互动平台表示，公司与华为在漏洞挖掘、云安全、商用密码、兼容性认证等技 术、产品 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][9]. Core Views - The company is projected to achieve revenue of 2.845 billion to 3.259 billion yuan in 2024, with a year-on-year growth rate of 15% in 2025 and 2026 [2][5]. - The net profit attributable to the parent company is expected to recover significantly, reaching approximately 86 million yuan in 2024, with a growth rate of 123% in 2025 and 127% in 2026 [2][5]. - The company has shown a strong improvement in operational efficiency through cost control and quality enhancement strategies, despite a projected revenue decline in 2024 [4][5]. Summary by Sections Financial Performance - The company forecasts a revenue of 2.845 billion yuan in 2024, down from 3.124 billion yuan in 2023, with a projected growth of 15% in the following years [2][5]. - The net profit is expected to turn positive in 2024, reaching 86 million yuan, compared to a loss of 371 million yuan in 2023 [2][5]. - The earnings per share (EPS) is projected to be 0.07 yuan in 2024, increasing to 0.17 yuan in 2025 and 0.21 yuan in 2026 [2][5]. Business Development - The company has secured multiple large-scale project orders, including significant contracts with Shenzhen Smart City and China Southern Power Grid, indicating strong business stability and growth potential [4]. - The company is actively expanding its product offerings in the "AI + Security" sector and has established strategic partnerships with major firms like Huawei [4][5]. Operational Efficiency - The company has achieved a reduction in R&D expenses by 8% year-on-year, while maintaining a high R&D expense ratio of 34.01% [4]. - The sales expense ratio is reported at 42.10%, management expense ratio at 10.25%, and financial expense ratio at -0.19%, reflecting effective cost management [4].

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].