Investment Rating - The investment rating for Tianrongxin (002212) is "Buy" [1]. Core Views - The report indicates that the company's operations are recovering, with management expecting the business to approach a turning point. The overall performance improved year-on-year in Q3 2024, overcoming adverse external conditions. The company achieved a total revenue of 1.582 billion yuan, a decrease of 3.98%, while the net profit attributable to shareholders was -169 million yuan, an increase of 31.83%. In Q3 alone, revenue reached 709 million yuan, an increase of 10.21%, and net profit was 36 million yuan, a significant increase of 200.73% [1]. - The order situation remains stable year-to-date, with substantial progress in key sectors. Orders in the healthcare sector increased by nearly 60%, in corporate groups by 20%, and in the tobacco industry by over 30%. New business directions show promising growth, with cloud computing revenue up by 9.98%, cloud security revenue up by 126.40%, and Xinchuang security revenue up by 57.96% [1][4]. - The company is actively exploring the integration of AI and security, advancing domestic product adaptation, and building an enterprise-level AI security capability system. It is also focusing on new industrial applications, including low-altitude economy and satellite internet [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, Tianrongxin reported a revenue of 1.582 billion yuan, down 3.98% year-on-year, and a net profit of -169 million yuan, up 31.83%. In Q3, revenue was 709 million yuan, up 10.21%, and net profit was 36 million yuan, up 200.73% [1]. - Revenue projections for 2024-2026 are 3.444 billion yuan, 3.948 billion yuan, and 4.528 billion yuan, respectively. Net profits are expected to be 254 million yuan, 308 million yuan, and 362 million yuan, with corresponding PE ratios of 31X, 25X, and 21X [5]. Business Strategy - The company aims to increase channel revenue contribution to 40%-50%, currently at less than 20%. This will be achieved through expanding the number of channel partners and enhancing the order contribution rate from existing partners. The management anticipates a recovery in market demand and a 30% increase in orders in Q4 [1][4]. - Tianrongxin has been recognized for its innovative products in data security, winning awards at industry competitions and being included in key product recommendation directories [1][4].

证券代码：002212 证券简称：天融信 公告编号：2024-116 天融信科技集团股份有限公司 股票交易异常波动公告 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、股票交易异常波动的情况介绍 天融信科技集团股份有限公司（以下简称"公司"）（证券简称：天融信，证券代码： 002212）股票连续三个交易日内（2024 年 10 月 28 日、2024 年 10 月 29 日、2024 年 10 月 30 日）收盘价格涨幅偏离值累计达到 25.64%，根据深圳证券交易所有关规定，属于 股票交易异常波动情况。 二、公司关注、核实情况 针对公司股票交易异常波动情况，公司董事会已与公司、第一大股东就相关事项进 行了书面核实，现将有关情况说明如下： 1、截至本公告披露日，公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响 的未公开重大信息。 3、近期公司经营情况及内外部经营环境未发生重大变化。 4、经核查，公司、第一大股东郑钟南先生不存在关于公司的应披露而未披露的重 大事项，也不存在处于筹划阶段的重 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][24]. Core Insights - The company achieved a turnaround in profit in Q3 2024, with revenue of 709 million yuan, a year-on-year increase of 10.21%, and a net profit of 36 million yuan, marking a return to profitability [4][5][11]. - The company is focusing on enhancing its quality and efficiency strategies, which have shown positive results in controlling expenses and improving revenue quality [5][17]. - The company is actively investing in cloud computing R&D, with a focus on providing diverse capabilities to meet industry-specific needs [6][17][20]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 1.582 billion yuan, a decrease of 3.98% year-on-year, and a net loss of 169 million yuan, which is an improvement of 31.83% year-on-year [4][11]. - The gross margin for the first three quarters of 2024 was 63.96%, an increase of 1.65 percentage points year-on-year, while the net margin was -10.71%, a decrease of 4.37 percentage points year-on-year [3][17]. - The company’s R&D expenses for the first three quarters of 2024 were 538 million yuan, a decrease of 8.05% year-on-year, reflecting a completed initial layout in new directions and technologies [6][17]. Business Development - The company is advancing multiple business lines steadily, with a focus on high-quality development based on its next-generation trusted network security architecture (NGTNA) [5][15]. - The company has launched the Tianwen large model system, integrating AI into its security architecture, enhancing its product offerings and solutions [7][22]. - The company is expanding its product portfolio, including new versions of firewalls, cloud security products, and AI-enabled security solutions [21][20]. Earnings Forecast - The company is expected to achieve revenues of 3.604 billion yuan, 4.221 billion yuan, and 4.926 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 251 million yuan, 319 million yuan, and 409 million yuan [24][27].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company achieved profitability in Q3 2024, with a revenue of 709 million yuan, a year-on-year increase of 10.21%, and a net profit attributable to shareholders of 36 million yuan, marking a turnaround with a year-on-year growth of 200.73% [1]. - The company is effectively implementing a quality improvement and efficiency enhancement strategy, with total expenses decreasing by 5.26% year-on-year in the first three quarters of 2024 [1]. - New business segments are showing rapid growth, with cloud computing revenue increasing by 9.98% and cloud security revenue soaring by 126.40% year-on-year in the first three quarters of 2024 [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 709 million yuan and a net profit of 36 million yuan, indicating a significant recovery from losses [1]. - For the first three quarters of 2024, the company’s total revenue reached 994 million yuan, with a notable increase in net profit [1][3]. - The company’s expenses have been effectively controlled, with R&D expenses decreasing by 8.05% and management expenses dropping by 24.18% year-on-year [1]. Revenue Structure - The revenue from basic security products accounted for 62.82% of total revenue, while cloud computing and cloud security products saw an increase of 11.58% [2]. - The government and public institutions sector contributed 44.78% of total revenue, although it experienced a decline of 16.46% year-on-year [2]. - Revenue from state-owned enterprises increased by 25.40%, indicating a growing market share in this segment [2]. Business Development - The company is making substantial progress in key industries, with significant order growth in the healthcare sector (nearly 60%) and a 20% increase in orders from enterprise groups [3]. - The company’s new business initiatives are entering a harvest phase, contributing positively to overall revenue growth [3]. Future Projections - The company is projected to achieve revenues of 3.44 billion yuan, 3.96 billion yuan, and 4.56 billion yuan for the years 2024, 2025, and 2026, respectively [3][7]. - Net profit is expected to reach 245 million yuan, 338 million yuan, and 467 million yuan for the same years [7].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2][3] Core Views - The company is actively advancing its quality improvement and efficiency enhancement strategy while expanding into new business areas such as cloud security, cloud computing, and trusted computing security. With the recovery of the macro economy and the implementation of industry policies, the company is expected to benefit significantly [1][3] - The company's earnings forecast has been revised upward, with expected EPS for 2024-2026 being 0.19, 0.26, and 0.34 respectively, corresponding to a PE ratio of 35.05, 25.36, and 19.45 based on the closing price of 6.59 yuan on October 28 [1][3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.582 billion yuan, a year-on-year decrease of 3.98%, while the net profit attributable to shareholders was -169 million yuan, an increase of 31.83% year-on-year. In Q3 alone, revenue was 709 million yuan, a year-on-year increase of 10.21%, and net profit was 36 million yuan, a year-on-year increase of 200.73% [2][3] - The gross margin for Q3 reached 64.77%, a decrease of 8.26 percentage points year-on-year, primarily due to the lower gross margin from security services and cloud computing products [3] - The company has reduced total expenses by 10.15% year-on-year during Q3, with R&D expenses down by 12.09%, management fees down by 11.47%, and sales expenses down by 7.91% [3] - The net profit margin for Q3 improved to 5.12%, an increase of 10.75 percentage points year-on-year [3] Industry Insights - AI and trusted computing are expected to be significant growth drivers in the security industry. The rapid development of intelligent computing centers in China is projected to exceed 300 EFLOPS by 2025, with intelligent computing accounting for 35% of this growth [3] - The increasing maturity of domestic products and technologies is leading to a rapid rise in the penetration rate of trusted computing in sectors such as finance, telecommunications, transportation, and oil [3]

Investment Rating - The investment rating for the company Tianrongxin (002212.SZ) is not explicitly stated in the report, but it indicates a positive outlook with a focus on growth in new business areas and a recovery in profitability [1]. Core Viewpoints - The company achieved profitability in Q3 2024, with a revenue of 7.09 billion yuan, marking a year-on-year growth of 10.21%. The net profit attributable to shareholders was 0.36 billion yuan, a significant increase of 200.73% year-on-year [1]. - The company is focusing on enhancing quality and efficiency while actively expanding marketing channels. Total expenses decreased by 5.26% year-on-year, with R&D expenses down by 8.05% and management expenses down by 24.18% [1]. - New business directions, particularly in cloud security and AI integration, are showing strong growth, with cloud security revenue increasing by 126.4% year-on-year [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 15.82 billion yuan, a decrease of 3.98% year-on-year. The decline in revenue is narrowing compared to previous periods [1]. - The company’s basic security products generated revenue of 9.94 billion yuan, down 4.91% year-on-year, while cloud computing and cloud security products saw an increase in revenue [1]. - The earnings per share (EPS) forecast for 2024-2026 is projected to be 0.09, 0.17, and 0.25 yuan, respectively, with corresponding P/E ratios of 73.69, 39.50, and 26.69 [1][3]. Business Segments - The company’s revenue from the healthcare sector grew by 40.23% year-on-year, and the energy sector saw a revenue increase of 26.64% [1]. - The report highlights the launch of over 100 types of firewall products and the application of AI technologies in various security scenarios, indicating a strong commitment to innovation [1]. Future Outlook - The network security industry is showing signs of recovery, and the company is expected to continue its strategic initiatives in AI and cloud security, which are anticipated to drive future growth [1].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company achieved a turnaround to profitability in Q3 2024, with a net profit attributable to shareholders of 36.49 million yuan, compared to a net loss of 169 million yuan in the previous period [1][2]. - The company is focusing on cost reduction and efficiency improvement while leveraging its technological advantages to explore new business avenues such as AI+Security and data elements [2]. - The company’s revenue for the first three quarters of 2024 was 1.582 billion yuan, a year-on-year decrease of 3.98% [1]. Financial Performance Summary - Q3 2024 saw a total expense reduction of 10.15% year-on-year, with R&D expenses down by 8.05% and management expenses down by 24.18% [1]. - The projected net profits for 2024-2026 are estimated at 218 million, 318 million, and 388 million yuan respectively, with corresponding PE ratios of 36X, 24X, and 20X based on the closing price on October 28, 2024 [2][5]. - The company’s gross margin is expected to improve to 64% by 2024, with a net profit margin of 6.34% [5]. Business Development Highlights - The company’s AI+Security products received recognition in the IDC report for their outstanding performance in security operations [2]. - The company was included in the "2024 China Data Element Circulation Service Market Industry Map" by iResearch, highlighting its achievements in data security protection frameworks [2]. Financial Forecasts - The total revenue forecast for 2024 is 3.441 billion yuan, with a projected growth rate of 10.12% [5]. - The company’s operating profit is expected to reach 232 million yuan in 2024, with a significant EBIT growth rate of 324.09% [5]. Valuation Metrics - The report indicates a PE ratio of 36 for 2024, decreasing to 20 by 2026, suggesting an improving valuation outlook as profitability increases [5][6]. - The company’s PB ratio is projected to remain stable at 0.8 across the forecast period [6].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company is a leading provider in network security, big data, and cloud services, with a focus on enhancing quality and efficiency [3][4] - The forecasted net profits for 2024-2026 are 271 million, 351 million, and 462 million CNY respectively, with corresponding EPS of 0.23, 0.30, and 0.39 CNY per share [3] - The current stock price corresponds to a PE ratio of 26.1, 20.1, and 15.3 for the years 2024-2026, reflecting the company's strategic positioning in cloud security, AI, and data security [3] Financial Performance Summary - In the first three quarters of 2024, the company achieved operating revenue of 1.582 billion CNY, a year-on-year decline of 3.98%. The net profit attributable to the parent company was -169 million CNY, with a year-on-year loss reduction of 31.83% [4] - In Q3 alone, the company reported operating revenue of 709 million CNY, a year-on-year increase of 10.21%, and a net profit of 36.49 million CNY, marking a return to profitability [4] - The company has successfully reduced total expenses by 10.15% year-on-year in Q3, contributing to improved profit margins [4] Research and Development - The company is continuously enhancing its R&D capabilities, launching new technologies and products in network security and data security, including AI-enabled firewalls and a new database auditing and protection system [5] - New products in cloud computing and security have been introduced, such as the Tianwen Intelligent Cloud Platform and various new versions of existing products [5] Financial Forecast Summary - The projected operating revenues for 2024, 2025, and 2026 are 3.498 billion, 4.079 billion, and 4.852 billion CNY respectively, with expected growth rates of -11.8%, 12.0%, and 16.6% [6] - The forecasted net profits for the same period are -371 million, 271 million, and 351 million CNY, indicating a significant recovery trajectory [6] - The gross margin is expected to remain stable around 59.3% to 58.4% over the forecast period [6]

Financial Performance - In Q3 2024, the company achieved a revenue of 709.22 million CNY, a year-on-year increase of 10.21% [2] - The net profit attributable to shareholders in Q3 2024 was 36.49 million CNY, a significant increase of 200.73% compared to a loss of 36.22 million CNY in the same period last year [2] - For the first three quarters of 2024, revenue decreased by 3.98% year-on-year, while net profit increased by 31.83% [2] Revenue Breakdown - New business revenue showed strong growth: - Cloud security revenue increased by 126.40% - Trusted innovation revenue grew by 57.96% - Cloud computing revenue rose by 9.98% [2] - Revenue from the healthcare sector increased by 40.23%, and energy sector revenue grew by 26.64% [2] Product Revenue Structure - Basic security products accounted for 62.82% of total revenue, totaling 994 million CNY, a decrease of 4.91% year-on-year [2] - Revenue from big data and situational awareness products was 103 million CNY, representing 6.54% of total revenue, down by 20.55% [2] - Cloud computing and cloud security products generated 188 million CNY, accounting for 11.91% of total revenue, with an increase of 11.58% [2] Cost Management - Total expenses decreased by 2.57% year-on-year, with a reduction of 50.14 million CNY [3] - R&D expenses decreased by 8.05% year-on-year, while sales expenses increased by 3.56% [3] - Management expenses saw a significant drop of 24.18% year-on-year, amounting to a decrease of 51.72 million CNY [3] Market Trends and Opportunities - The market is recovering with long-term positive trends, driven by increased safety demands in public health and critical infrastructure [4] - New regulations are expected to boost security investments across various sectors, including telecommunications, energy, and public services [5] - The introduction of data security regulations is anticipated to enhance the market for data security solutions [5] Channel Development - The company aims for channel revenue to account for 40%-50% of total revenue, currently at less than 20% [11] - The number of registered distributors has increased from 8,512 in 2020 to 10,105 in 2021, and further to 2,166 by September 2024 [4]

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 8.26 CNY, down by 5.63% [3][4]. Core Views - The company's overall performance meets market expectations, with a significant reduction in losses in the first three quarters of 2024, achieving profitability in Q3. The effective cost control measures have contributed to this turnaround, and the company is expected to have a positive long-term growth outlook due to continuous innovation across multiple fields [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.582 billion CNY, a year-over-year decrease of 3.98%, with a net loss of 169 million CNY, which is a 31.83% improvement compared to the previous year. In Q3 alone, the company reported revenue of 709 million CNY, a year-over-year increase of 10.21%, and a net profit of 36 million CNY, reflecting a year-over-year increase of 200.73% [3][12]. Cost Control and Efficiency - The company has effectively reduced total expenses by 10.15% year-over-year in Q3 2024, and by 5.26% in the first three quarters. R&D expenses decreased by 8.05%, while management expenses saw a significant drop of 24.18%. The sales expenses increased by 3.56%, indicating a balanced approach to maintaining marketing investments while controlling costs [3][12]. Innovation and Market Response - The company is enhancing its technological innovation capabilities to quickly respond to new market demands. It has upgraded its hardware platform capabilities and launched a heterogeneous hardware platform supporting both NVIDIA and domestic GPUs. The newly released Tianwen large model system aims to provide automated assessments for various security scenarios [3][12]. Earnings Forecast - The company is projected to achieve revenues of 3.378 billion CNY in 2024, 3.853 billion CNY in 2025, and 4.357 billion CNY in 2026. The expected net profits for the same years are 205 million CNY, 296 million CNY, and 383 million CNY, respectively, with EPS of 0.17 CNY, 0.25 CNY, and 0.33 CNY [3][13]. Valuation - The report employs both PE and PS valuation methods, assigning a PE of 32.90 for 2025 based on comparable companies, leading to a reasonable market value of 9.739 billion CNY. The PS valuation method suggests a conservative estimate of 10.017 billion CNY, resulting in a target price of 8.26 CNY [3][15][18].