Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to experience significant growth in its cloud computing business as the application of large models increases. It has launched a series of cloud computing products, including the high-performance Tianwen Intelligent Computing Cloud Platform and DeepSeek Security Integrated Machine [1]. - The DeepSeek Security Integrated Machine integrates computing, networking, and storage into a cloud resource pool, supporting the full process of AI model deployment and training, thereby lowering the technical barriers for customers [1]. - The company has been recognized by Gartner as a representative vendor in the hyper-converged space in China, leveraging its 30 years of experience in network security to create a cloud platform that integrates security and cloud computing [2]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated to be 72 million, 187 million, and 243 million yuan, respectively [3]. - The financial summary indicates a decline in revenue from 3,543 million yuan in 2022 to an estimated 2,812 million yuan in 2024, followed by a recovery to 3,121 million yuan in 2025 and 3,434 million yuan in 2026 [4]. - The report highlights a significant net profit decline in 2023, with a projected loss of 371 million yuan, but anticipates a turnaround in subsequent years [4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided report [1]. Core Viewpoints - Tianrongxin is focusing on the AI and cloud computing sectors, launching new products to assist enterprises in their digital transformation [1]. - The company has developed the DeepSeek security intelligent computing integrated machine, which combines computing hardware and intelligent computing platforms to provide a high-performance, secure, and reliable integrated computing center solution for clients [1]. - The cloud computing market in China is rapidly growing, with the market size expected to exceed 1 trillion yuan by 2025 and 4 trillion yuan by 2030 [4]. - The company has seen its revenue from cloud computing and cloud security products grow from 180 million yuan in 2020 to 322 million yuan in 2023, with a compound annual growth rate of 21.4% [4]. Financial Summary - Total revenue for 2022 was 3,543 million yuan, with a projected decline to 2,840 million yuan in 2024, followed by a recovery to 3,117 million yuan in 2025 and 3,497 million yuan in 2026 [3]. - The net profit attributable to the parent company was 205 million yuan in 2022, expected to drop to -371 million yuan in 2023, and then recover to 76 million yuan in 2024, 178 million yuan in 2025, and 292 million yuan in 2026 [3]. - The gross margin is projected to remain stable around 59.7% to 60.2% over the forecast period [3]. - Earnings per share (EPS) are expected to be 0.06 yuan in 2024, 0.15 yuan in 2025, and 0.25 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 138.39, 58.98, and 36.00 respectively [3][4]. Product and Market Development - The company has launched several cloud computing products since 2019, including the TopHC hyper-converged management system, TopDC desktop cloud cluster, and TopEC Taihang cloud management platform [1]. - The DeepSeek integrated machine enhances computing efficiency by pooling resources from multiple servers, allowing for improved resource utilization and model calling efficiency [1]. - The company is actively innovating in the cloud computing space, with its cloud computing revenue expected to continue growing as it expands its product offerings [4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided report [1]. Core Insights - Tianrongxin is focusing on the AI and cloud computing sectors, launching new products to assist enterprises in their digital transformation [1]. - The company has developed the DeepSeek security intelligent computing integrated machine, which combines computing hardware and intelligent computing platforms to provide a high-performance, secure, and reliable integrated computing center solution for clients [1]. - The cloud computing market in China is rapidly growing, with the market size expected to exceed 1 trillion yuan by 2025 and 4 trillion yuan by 2030 [4]. - The company's revenue from cloud computing and cloud security products has increased from 180 million yuan in 2020 to 322 million yuan in 2023, with a compound annual growth rate of 21.4% [4]. Financial Summary - Total revenue for 2022 was 3,543 million yuan, with a projected decline to 2,840 million yuan in 2024, followed by a recovery to 3,117 million yuan in 2025 and 3,497 million yuan in 2026 [3]. - The net profit attributable to the parent company was 205 million yuan in 2022, expected to drop to -371 million yuan in 2023, then recover to 76 million yuan in 2024, 178 million yuan in 2025, and 292 million yuan in 2026 [3]. - The gross margin is projected to remain stable around 59.7% to 60.2% from 2022 to 2024 [3]. - Earnings per share (EPS) is expected to be -0.31 yuan in 2023, recovering to 0.06 yuan in 2024, 0.15 yuan in 2025, and 0.25 yuan in 2026 [3]. Market Position and Strategy - Tianrongxin is positioned as a representative vendor in the cloud computing sector, with a comprehensive cloud security defense system covering "cloud, network, and end" [1]. - The company has launched several products since 2019, including the TopHC hyper-converged management system, TopDC desktop cloud cluster, and TopEC Taihang cloud management platform, enhancing its cloud computing offerings [1]. - The company aims to innovate and optimize its cloud computing technology continuously, with cloud computing business revenue expected to maintain stable growth [4].

Investment Rating - The investment rating for Tianrongxin (002212.SZ) is not explicitly stated in the provided report [1]. Core Insights - Tianrongxin is focusing on the AI and cloud computing sectors, launching new products to assist enterprises in their digital transformation [1]. - The company has developed the DeepSeek security intelligent computing integrated machine, which combines computing hardware and intelligent computing platforms to provide a high-performance, secure, and reliable integrated computing center solution for clients [1]. - The cloud computing market in China is rapidly growing, with the market size expected to exceed 1 trillion yuan by 2025 and 4 trillion yuan by 2030 [4]. - The company's revenue from cloud computing and cloud security products has increased from 180 million yuan in 2020 to 322 million yuan in 2023, with a compound annual growth rate of 21.4% [4]. Financial Summary - Total revenue for 2022 was 3,543 million yuan, with a projected decline to 2,840 million yuan in 2024, followed by a recovery to 3,117 million yuan in 2025 and 3,497 million yuan in 2026 [3]. - The net profit attributable to the parent company was 205 million yuan in 2022, expected to drop to -371 million yuan in 2023, then recover to 76 million yuan in 2024, 178 million yuan in 2025, and 292 million yuan in 2026 [3]. - The gross profit margin is projected to remain stable around 59.7% to 60.2% from 2022 to 2024 [3]. - Earnings per share (EPS) is expected to be -0.31 yuan in 2023, recovering to 0.06 yuan in 2024, 0.15 yuan in 2025, and 0.25 yuan in 2026 [3]. Product Development - The company has launched several products in the cloud computing space, including the TopHC hyper-converged management system, TopDC desktop cloud cluster, and TopEC Taihang cloud management platform, enhancing its cloud security defense system [1]. - The DeepSeek integrated machine is designed to improve intelligent computing efficiency by pooling computing resources and providing a user-friendly interface for model selection and deployment [1][2]. - The Tianwen intelligent computing cloud platform, based on the self-developed Tianwen large model, aims to provide an integrated solution of hardware, software, and services [1].

证券代码：002212 证券简称：天融信 公告编号：2025-007 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2025年2月10日、 2025年2月26日召开第七届董事会第十九次会议、2025年第一次临时股东会，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105,000.00万元的银行综合授信总额度提供不可撤销的连带责 任保证，有效期为自公司2025年第一次临时股东会审议通过之日起12个月。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 代理人办理相关手续，并签署相关法律文件。 具体内容详见公司分别于2025年2月11日、2025年2月27日在巨潮资讯网 （www.cninfo.com.cn）及《中国证券报》《上海证券报》《证券时报》《证券日 报》披露的相关公告。 二、被担保人基本情况 1、基本情况 法定代表人：李雪莹 ...

Core Viewpoint - Tianrongxin's self-developed Tianwen Intelligent Computing Cloud Platform has successfully passed the capability verification for large model integrated machines by the China Software Evaluation Center, indicating a significant achievement in technology standards [1] Group 1 - Tianrongxin's Intelligent Computing Integrated Machine is equipped with the Tianwen Intelligent Computing Cloud Platform software [1] - The system has met technical standards in four key dimensions: reliability, stability, security, and effectiveness [1]

天融信科技集团股份有限公司： 根据中国证券监督管理委员会发布的《上市公司股东大会规则》(以下简称 《股东大会规则》)的要求，国浩律师(广州)事务所(以下简称"本所")接受天 融信科技集团股份有限公司(以下简称"天融信")的委托，指派郭佳、陈伟律师 (以下简称"本所律师")出席天融信 2025 年第一次临时股东会(以下简称"本次 股东会")，对本次股东会的召集与召开程序、出席会议人员与召集人的资格、 表决程序与表决结果等重要事项出具法律意见。 本所及本所律师依据《中华人民共和国公司法》(以下简称《公司法》)、《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则(试 行)》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了 法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法 律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不 存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 国浩律师(广州)事务所 关于天融信科技集团股份有限公司 2025 年第一次临时股东会的法律意见 一、本次股东会的召集与召开 北 京 上 海 深 圳 杭 州 ...

证券代码：002212 证券简称：天融信 公告编号：2025-006 天融信科技集团股份有限公司 2025 年第一次临时股东会决议公告 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）会议召开时间： 1、现场会议召开时间：205 年 2 月 26 日 14:30 2、网络投票时间：2025 年 2 月 26 日 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年2月26日9:15-9:25、 9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票的具体时间为：205年2月26日9:15 至15:00期间的任意时间。 （二）现场会议召开地点：广东省汕头市金平区龙光世纪海岸 LCC 写字楼 6 栋 1407 （五）会议主持人：董事长李雪莹女士 本次会议的召集与召开程序符合《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东大会规则》等有关法律、法规、规章、规范性文件和《天融信科技集团股份有限 公司章程》（以下简称"公司章程"）的规定。 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会不涉及变更以 ...

Core Viewpoint - The meeting between the government officials of Xinyu City and Tianrongxin focuses on future cooperation and industrial collaborative development, particularly in the areas of smart city security and digital economy construction [1] Group 1: Government and Company Collaboration - Xinyu City officials expressed the expectation for Tianrongxin to participate comprehensively in the city's smart city security construction, emphasizing collaboration in industrial digitalization and cultural tourism digitalization [1] - Both parties aim to strengthen confidence and seize opportunities to expedite project implementation based on prior communications [1] - Xinyu City will actively follow up on the landing needs of enterprises and provide full service support [1] Group 2: Tianrongxin's Commitment - Tianrongxin's CEO expressed the desire to refine the projects discussed in previous communications and ensure their actual implementation [1] - The company plans to leverage its years of project experience and resource accumulation in Xinyu City to provide solutions in various fields, including AI security, data security, and integrated safety for cloud and network [1]

天融信 摘要 • 深信服发布深信服安全制榫一体机，结合计算存储、网络安全与智能能力， 内置深赛格与天问大模型，实现本地化部署，为客户提供便捷高效的解决 方案，表明 AI 和超融合对提升网络安全行业效率具有积极作用。 • 中国超融合市场未来五年复合增长率预计可达 5%，远超传统存储领域， 预计到 2028 年市场规模将达到 30 亿美元，与当前最大的单体防火墙市 场规模相当，超融合被视为未来的重要增长点之一。 • Deepfake 在春节期间遭受大规模 DDoS 攻击，导致服务中断，暴露了大 型系统安全架构的脆弱性，凸显了供应链安全、地缘政治因素和用户隐私 保护的重要性，需加强防御措施和应急响应机制。 • 天融信的大模型产品基于 DeepSpeech 升级，通过云端接入和本地化集 成，提升了云端 AI 能力，增强了安全运营中心，并推出了天问安全模型系 统，客户对升级后的产品表现出较高的认可度。 • 大规模私有化部署趋势下，大模型应用广泛，DevSecOps 开源使得私有 化部署更容易，为网络安全公司带来提供私有云解决方案、超融合架构以 及一体机等服务的机会，提高数据处理效率、安全性和灵活性。 Q&A 近年来 A ...