8 收入质量提升，新业务保持较好增长 天融信（002212）/计算机 证券研究报告/公司点评 2024 年 8 月 25 日 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|----------------------------------------|----------|-------------------|-------|-------|-------| | [Table_Title] 评级：买入（维持） \n市场价格： 4.27 | [Table_Finance] 公司盈利预测及估值 | | 2022A 2023A 2024E | | 2025E | 2026E | | 分析师：闻学臣 | 营业收入（百万元） | 3,543 | 3,124 | 3,616 | 4,122 | 4,643 | | | 增长率 yoy% | 6% | -12% | 16% | 14% | 13% | | 执业证书编号： S0740519090007 | 净利润 | 2 ...

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Views - The company has demonstrated resilience in operational management, with profitability showing elasticity despite a significant decline in revenue due to adverse external conditions. The company is actively pursuing quality improvement and efficiency enhancement strategies, resulting in improved revenue quality and a gross margin increase of 7.86 percentage points year-on-year [2][6]. - The company reported a half-year revenue of 873 million yuan, a decrease of 13.07% year-on-year, while the net profit attributable to shareholders was 206 million yuan, an increase of 2.98% [2][6]. - The company is experiencing strong growth in specific sectors, such as the healthcare industry (+46.45%), energy sector (+33.42%), and legal and political sectors (+31.13%). New business directions, including cloud security (+51.52%) and cloud computing (+35.80%), are also showing significant growth [2][6]. Financial Summary - For the year 2024, the company is projected to achieve revenues of 3.44 billion yuan, with net profits of 254 million yuan, reflecting a growth rate of 10.24% and 168.40% respectively [6][10]. - The company’s gross margin reached 63.30%, indicating effective cost control with operating costs decreasing by 28.41% [2][10]. - The company’s operating cash flow showed a net inflow of -253 million yuan, an increase of 15.44% year-on-year, indicating improved cash flow management [2][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.34 CNY [3][9]. Core Insights - The company has significantly improved its revenue quality, with a gross margin increase of 7.86 percentage points year-on-year. New business revenues have shown strong growth, particularly in cloud security (up 51.52%), cloud computing (up 35.80%), and trusted innovation security (up 22.99%) [1]. - The company is actively exploring the integration of "AI + Security" and has launched several products, including the Tianwen large model system and various security solutions for low-altitude economy and satellite internet [1]. - The national policies are expected to drive demand for security solutions, with a projected annual growth rate of over 20% in the data industry by 2026 [1]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 873 million CNY, a decrease of 13.07% year-on-year, and a net loss attributable to shareholders of 206 million CNY, slightly improved from a loss of 212 million CNY in the same period last year [2]. - The total expenses decreased by 2.63% year-on-year, with R&D expenses down 5.80% and management expenses down 30.64% [1]. Revenue Growth - The company has seen substantial revenue growth in specific sectors: healthcare (up 46.45%), energy (up 33.42%), law enforcement (up 31.13%), and transportation (up 15.63%) [1]. Profitability Forecast - The net profit forecast for 2024-2026 has been adjusted to 263 million CNY, 358 million CNY, and 410 million CNY, respectively, reflecting a downward adjustment of 32.0%, 31.7%, and 25.3% [3]. - The projected P/E ratios for 2024-2026 are 19x, 14x, and 12x, respectively [3]. Market Position - The company is positioned to benefit from national strategic implementations and the growing market demand for cybersecurity and data security solutions [1].

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Investment Rating - The report assigns a rating of "Accumulate" for the company [2]. Core Views - The company is a leading player in the cybersecurity industry, showing promising growth in new business areas and positive results in industry market bidding [3]. - The company reported a revenue of 873 million yuan for the first half of 2024, a year-on-year decline of 13.07%, with a net profit attributable to shareholders of -206 million yuan, narrowing the loss by 2.98% [1][3]. - The gross margin improved to 63.30%, an increase of 7.86 percentage points year-on-year, indicating a significant enhancement in revenue quality [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved an operating income of 873 million yuan, down 13.07% year-on-year, and a net profit attributable to shareholders of -206 million yuan, with losses narrowing by 2.98% [1]. - The operating cash flow was -250 million yuan, reflecting ongoing financial challenges [1]. - The total expenses decreased by 2.63% year-on-year, with sales, management, R&D, and financial expenses reported as 459 million, 98 million, 354 million, and -3 million yuan respectively [1]. Cost Control and Efficiency - The company has effectively implemented cost-cutting measures, resulting in a 10.45% reduction in total employees from 6,153 at the end of 2023 to 5,510 by June 2024 [1]. - R&D expenses decreased by 5.80% year-on-year, indicating better control over costs as the company completed its initial investments in new directions and technologies [1]. Business Growth and Market Outlook - The cloud products and services segment showed good growth, with revenues of 132 million yuan, accounting for 15.13% of total revenue, and a year-on-year increase of 20.19% [1]. - The company secured contracts in various sectors, including public health and emergency services, with significant wins in 27 provinces for public health and 11 for emergency services [1]. - The report anticipates that as the macroeconomic environment improves, the company is likely to return to a growth trajectory, leveraging its position as a leader in the cybersecurity industry [1][3]. Future Projections - Revenue projections for 2024-2026 are estimated at 3.265 billion, 3.878 billion, and 4.451 billion yuan, with year-on-year growth rates of 4.51%, 18.75%, and 14.78% respectively [3][4]. - The net profit attributable to shareholders is expected to reach 279 million, 358 million, and 423 million yuan for the same period, with corresponding growth rates of 175.11%, 28.38%, and 18.05% [3][4].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company is experiencing rapid growth in new businesses and directions, leading to a significant improvement in operational quality [1] - The company is a leading provider in network security, big data, and cloud services, with a forward-looking layout in cloud security, AI, and data security [4] - The company reported a narrowing loss in net profit year-on-year, indicating improved performance despite a decline in overall revenue [5] Financial Performance Summary - The company achieved a revenue of 873 million yuan in the first half of 2024, a year-on-year decrease of 13.07%, with a net profit attributable to shareholders of -206 million yuan, a narrowing loss compared to the previous year [5] - In Q2 2024, the company reported a revenue of 451 million yuan, down 15.82% year-on-year, with a net profit of -116 million yuan, also showing a narrowing loss [5] - Revenue from cloud security grew by 51.52%, cloud computing by 35.80%, and Xinchuang security by 22.99% [5] Operational Quality Improvement - The company's gross profit margin for the first half of 2024 was 63.3%, an increase of 7.86 percentage points year-on-year [6] - The sales expense ratio, management expense ratio, and R&D expense ratio were 52.59%, 11.27%, and 40.59%, reflecting changes of 10.92, -2.85, and 3.14 percentage points year-on-year respectively [6] - The net cash flow from operating activities was -253 million yuan, an increase of 15.44% year-on-year [6] Research and Development Advancements - 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 [7] - New products and versions have been released in cloud computing and cloud security, including the Tianwen Intelligent Cloud Platform and Tianrongxin Taihang Cloud [7]

也有的开拓有一定的效果取得比较好的效果那么尤其其中软件的占比增加所以是毛利率得到提升那么从客户结构来看我们说我们三大客户一个是政府和事业单位一个国有企业那么另外就是其他的就是什么叫商业 那么从结构上看也应该说跟过去变化不大政府和社团政府占了过去都是一半一半多今年上半年略少了一些占49.06%那么同比来看的话收入政府最快的收入同比是减少20.01%毛利率变动也是毛利率是增长了40.86%这个原因也就刚才说了也是由于这个集成项目的减少导致 那么国有企业我们的占比今年上半年收入占比28.51%那么收入同比的话是减少了5.61%毛主席同比增长了3.69%那里边一个主要的是我们一个运营商的这个今年的这个收入是有减少的那么主要原因是于上年度去年年底这个运营商的新增合同还是不够的去年底的去年的新增合同少那么接着到今年的合同也少 那么商业这块的话那么占比22.43%那么同比来看收入同比的话减少6.24%毛利同比减少了5.41%那收入减少的主要原因啊那这个跟刚才说经营商的情况类似啊其实对上年度教育行业新增合同比较少啊接着到今年也相应的节奖的合同也少了 那么渠道方面因为渠道是我们说我们双门驱动的营销战略一个直交加这个渠道那么渠道 ...

Financial Performance - The net profit attributable to shareholders for the first half of 2024 was -206 million CNY, a year-on-year increase of 2.98% [3] - The operating revenue for the first half of 2024 was 873 million CNY, a decrease of 13.07% year-on-year [3] - The gross profit margin increased to 63.30%, up 7.86 percentage points year-on-year [3] Revenue Breakdown - New business revenue showed strong growth: cloud security revenue increased by 51.52%, cloud computing revenue by 35.80%, and Xinchuang revenue by 22.99% [3] - Revenue from the healthcare sector grew by 46.45%, transportation by 15.63%, legal and political sectors by 31.13%, and energy by 33.42% [3] Cost Management - Total operating expenses for the first half of 2024 were 912 million CNY, a decrease of 2.63% year-on-year [3] - R&D expenses decreased by 5.80% due to the completion of new direction investments [3] - Management expenses decreased by 30.64%, primarily due to reduced share-based payment costs [3] Cash Flow and Financial Health - Net cash flow from operating activities improved by 15.44% year-on-year, amounting to -253 million CNY [3] - The company maintained a stable product structure, with basic security products accounting for 60.88% of total revenue [4] Market Position and Strategy - The company has seen a steady increase in market share, particularly in government and operator sectors [7] - The number of registered distributors increased from 8,512 in 2020 to 19,637 by June 2024 [4] - The company is focusing on optimizing its marketing team, with a reduction of 10.93% in total staff compared to June 2023 [4] Future Outlook - The company plans to maintain a cash dividend policy of at least 30% of the average distributable profits over the last three years [8] - Expected net profit for 2024 could reach approximately 110 million CNY, assuming a stable revenue scenario [10] - The government sector is anticipated to maintain its investment levels, while the operator sector is expected to increase its security investments [10]

证券研究报告 | 半年报点评 gszqdatemark 2024 08 17 年 月 日 天融信（002212.SZ） 持续推进提质增效，积极布局新技术新业务 事件：公司发布 2024 年半年报，实现收入 8.73 亿元，同比下降 13.07%； 实现归母净利润-2.06 亿元，同比增长 2.98%，经营活动产生的现金流量 净额-2.53 亿元，同比增长 15.44%。 提质增效成效显著，收入质量显著提升。公司积极应对行业和市场发展态 势，持续推进提质增效战略。报告期内公司毛利率显著提升，达到 63.3%， 同比增长 7.86 个百分点。费用控制也效果明显，报告期内公司期间费用 总计同比下降 2.63%，其中公司在新方向和新技术的前期布局基本完成， 研发费用同比下降 5.80%；管理费用同比下降 30.64%；公司持续保持营 销的投入，销售费用同比增长 9.71%。现金流情况也有所改善，经营活动 产生的现金流量净额同比增长 15.44%。 前瞻布局 AI 技术，积极拓展新业务。公司在网络安全与数据安全领域， AI 全面赋能防火墙、UTM、IDPS、僵木蠕、脆弱性扫描与管理等多款产品； 发布基于天问大模型的数据 ...

证券代码：002212 证券简称：天融信 公告编号：2024-103 天融信科技集团股份有限公司 第七届董事会第十三次会议决议公告 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、会议召开情况 天融信科技集团股份有限公司（以下简称"公司"）第七届董事会第十三次会议于 2024 年 8 月 14 日在公司会议室以现场表决方式召开，会议通知于 2024 年 8 月 2 日以 直接送达、电子邮件等方式向全体董事发出，全体董事对会议通知发出时间无异议。公 司应出席会议董事 9 名，实际出席会议董事 9 名。会议由董事长李雪莹女士主持，公司 监事及高级管理人员列席了本次会议。本次会议的召集和召开符合《中华人民共和国公 司法》和《天融信科技集团股份有限公司章程》（以下简称"公司章程"）的有关规定。 二、会议审议情况 （一）以 9 票同意，0 票反对，0 票弃权，审议并通过《关于 2024 年半年度报告全 文及摘要的议案》； 《2024年半年度报告》及《2024年半年度报告摘要》于2024年8月16日在巨潮资讯 网（www.cninfo.com.cn）披露，《2024年 ...