天融信（002212.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|-------|-------|-------|-----------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 3,543 | 3,124 | 3,535 | 4,101 | 4,973 | 股票信息 | | | 增长率 yoy （ % ） | 5.7 | -11.8 | 13.1 | 16.0 | 21.3 | | | | 归母净利润（百万元） | 205 | -371 | 260 | 346 | 416 | 行业 | 计算机 | | 增长率 yoy （ % ） | -10.8 | -281.1 | 170.0 | 32.9 | ...

天融信科技集团股份有限公司（以下简称"公司"）的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"）以自有资金 2,000 万元人民币在广东省广州市南沙区 出资设立全资子公司广州南沙天融信网络安全技术有限公司。具体内容详见公司于 2024 年 4 月 9 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《对外投资公告》（公告编号：2024-048）。 证券代码：002212 证券简称：天融信 公告编号：2024-064 天融信科技集团股份有限公司 对外投资进展公告 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。 近日，广州南沙天融信网络安全技术有限公司已完成工商注册登记手续，并取得了由广 州南沙经济技术开发区行政审批局颁发的《营业执照》。具体信息如下： | 项目 | 内容 | | | | --- | --- | --- | --- | | 名称 | 广州南沙天融信网络安全技术有限公司 | | | | 统一社会信用代码 | 91440115MADHW3Q04E | | | | 住所 ...

证券代码：002212 证券简称：天融信 公告编号：2024-063 天融信科技集团股份有限公司 近日，潍坊天融信网络安全技术有限公司已完成工商注册登记手续，并取得 了由潍坊市奎文区行政审批服务局颁发的《营业执照》。具体信息如下： | 项目 | 内容 | | --- | --- | | 名称 | 潍坊天融信网络安全技术有限公司 | | 统一社会信用代码 | 91370705MADK4MFD25 | | 住所 | 山东省潍坊市奎文区广文街道院校街 号 号楼 层 室 363 16 11 1113 | | 法定代表人 | 李雪莹 | | 注册资本 | 壹仟万元整 | | 类型 | 有限责任公司(非自然人投资或控股的法人独资) | | 经营范围 | 一般项目：物联网技术服务；网络与信息安全软件开发；软件开发； | | | 物联网技术研发；信息技术咨询服务；计算机软硬件及外围设备制 | | | 造；电子产品销售；通讯设备销售；软件销售；计算机软硬件及辅 | | | 助设备批发；计算机软硬件及辅助设备零售；机械设备租赁；智能 | | | 输配电及控制设备销售；机械电气设备销售；物联网设备销售；技 | | | 术服务、技术 ...

证券代码：002212 证券简称：天融信 公告编号：2024-062 天融信科技集团股份有限公司 关于回购股份的进展公告 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。 天融信科技集团股份有限公司（以下简称"公司"）于 2024 年 2 月 1 日召开 第七届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，董事会同意公司使用自有资金以集中竞价交易方式回购公司 A 股 股份（以下简称"本次回购"），用于公司后续实施股权激励计划或员工持股计划。 公司本次回购资金总额为不低于人民币 3,000 万元且不超过人民币 6,000 万元 （均包含本数），回购价格上限为人民币 13.13 元/股。本次回购的实施期限为自 公司董事会审议通过本次回购方案之日起 6 个月内。具体内容详见公司于 2024 年 2 月 2 日、2024 年 2 月 3 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。 现将公司回购股份的进展情况公告如下： 根据《深圳证券交易所上市公司自律监管指 ...

证券代码：002212 证券简称：天融信 公告编号：2024-061 天融信科技集团股份有限公司 关于公司董事、高级管理人员增持公司股份计划实施期限过半的进展公告 公司董事长、总经理李雪莹女士，董事、副总经理、财务负责人孔继阳先生及董事、 副总经理吴亚飚先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 2、截至本公告披露日，本次增持计划实施期限已过半，本次计划增持主体以集中竞 价交易方式合计增持公司股份 1,292,200 股，占公司目前总股本的比例为 0.1095%，合计 增持股份金额为 926.11 万元。 近日，天融信科技集团股份有限公司（以下简称"公司"）收到本次计划增持主体 出具的《关于增持公司股份计划实施进展的告知函》。根据《深圳证券交易所上市公司自 律监管指引第 10 号——股份变动管理》的相关规定，现将具体情况公告如下： 一、本次增持计划基本情况概述 1、本次计划增持主体：董事长、总经理李雪莹女士，董事、副总经理、财务负责人孔 继阳先生及董事、副总经理吴亚飚先生。 2、本次拟增 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's profitability quality continues to improve, with significant growth expected in new security business areas [6]. - The company has completed its new strategic layout, leading to a stable phase in R&D investment and improved management efficiency through digital upgrades [2][3]. - Despite a decline in overall revenue, certain new business segments, particularly cloud computing and data security, have shown promising growth [3]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 3.124 billion yuan, a year-on-year decrease of 11.81%, and a net profit attributable to shareholders of -371 million yuan, compared to a profit of 205 million yuan in the previous year [1]. - The first quarter of 2024 saw revenue of 422 million yuan, down 9.93% year-on-year, with a net profit of -89 million yuan, indicating a slight improvement from -91 million yuan in the same period last year [1]. Cost Management - The company achieved a 2.57% reduction in total expenses in 2023, with R&D expenses down 6.35% and management expenses down 32.58% due to enhanced efficiency [2]. - However, sales expenses increased by 13.17% due to growth-oriented investments in marketing [2]. Revenue Breakdown - The revenue from core security products was 2.159 billion yuan, down 11.30%, while cloud computing and cloud security services grew by 0.84% to 322 million yuan [3]. - New business areas such as cloud computing, data security, and trusted computing security saw revenue growth of 12.17%, 6.87%, and 33.01%, respectively [3]. Profitability Forecast - The profit forecast for 2024 and 2025 has been adjusted downwards to 387 million yuan and 524 million yuan, respectively, reflecting a decrease of 33.0% and 31.5% [4]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.33 yuan, 0.44 yuan, and 0.47 yuan, with corresponding price-to-earnings (P/E) ratios of 19x, 14x, and 13x [4].

Financial Performance - The company reported a comprehensive loss of -89,313,612.79, slightly improved from -91,251,895.53 in the previous period[32] - The net profit attributable to shareholders of the listed company is -¥89,313,612.79, showing an improvement of 2.12% from -¥91,251,895.53 in the previous year[61] - The company's operating revenue for the current period is ¥421,972,881.83, a decrease of 9.93% compared to ¥468,507,963.66 in the same period last year[61] - The company's investment income decreased by 35.33%, from -3,103,251.82 to -4,199,754.97, reflecting reduced returns from investee companies[37] - The company reported a net profit of CNY 5,524,818.43 from non-recurring gains and losses, with government subsidies contributing CNY 3,475,482.88[62] Cash Flow and Liquidity - As of March 31, 2024, the company's cash and cash equivalents decreased by 33.88% to ¥632,758,944.10 compared to December 31, 2023, primarily due to seasonal sales patterns[20] - The net cash flow from operating activities worsened by 229.25%, from -50,383,940.19 to -165,889,719.61, attributed to decreased sales collections[37] - The company's cash outflow from operating activities totaled ¥702,581,738.83, down from ¥816,821,940.20 in the previous period[45] - The cash and cash equivalents at the end of the period decreased from 730,544,679.39 to 589,632,314.84, a decline of approximately 19.3%[34] - The company's cash and cash equivalents at the end of the period are CNY 632,758,944.10, down from CNY 957,019,555.59 at the beginning of the period[71] Assets and Liabilities - The total assets decreased from 11,223,616,289.88 to 10,921,111,923.49, a reduction of approximately 2.69%[29] - The total liabilities decreased from 1,625,261,123.08 to 1,432,517,208.55, a decrease of about 11.87%[29] - Total assets at the end of the reporting period amount to ¥10,921,111,923.49, reflecting a decrease of 2.70% from ¥11,223,616,289.88 at the end of the previous year[61] - The total liabilities and equity at the end of the period amount to CNY 10,921,111,923.49, down from CNY 11,223,616,289.88 at the beginning of the period[84] Shareholder Information - The company repurchased a total of 2,892,200 shares, accounting for 0.2450% of the total share capital, with a total expenditure of ¥18,433,574.00[24] - The chairman and senior management plan to increase their shareholdings by no less than ¥3 million within six months from February 2, 2024[23] - The top shareholder, Zheng Zhongnan, holds 7.12% of the shares, totaling 84,301,969 shares[22] - The total number of ordinary shareholders at the end of the reporting period was 41,742[22] - The company has increased its shareholding by 1,292,200 shares, representing 0.1095% of the total share capital, with a total investment amount of ¥9.2611 million[55] Expenses and Costs - The company's operating costs decreased by 31.36% from 257,390,239.69 to 176,664,034.06, indicating improved revenue quality[37] - Total operating costs for the current period are CNY 611,423,175.19, down 12.09% from CNY 695,846,183.49 in the previous period[74] - The company’s other income decreased by 38.39%, from 70,131,483.09 to 43,207,020.28, mainly due to reduced VAT refunds[37] - Research and development expenses for the current period are CNY 161,069,296.85, a decrease of 6.96% from CNY 173,434,428.96 in the previous period[74] Tax and Refunds - The company received tax refunds of ¥62,950,179.53 during the current period, compared to ¥66,184,183.02 in the previous period[45] - The company reported a non-recurring gain of ¥38,644,991.68 from VAT refunds on software products[5] - Deferred tax assets increased by 67.52% to ¥148,309,297.20, mainly due to an increase in deductible losses and temporary differences[20] Stock Options and Equity Plans - The company canceled 10,269,612 stock options due to expiration and employee departures[38] - The company has completed the cancellation of 6,994,783 stock options and 4,413,981 restricted shares due to the termination of the 2020 equity incentive plan[69] Accounting Standards - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[88]

天融信（002212）2023 年报点评 推荐（维持） 2024 年 4 月 19 日，公司发布 2023 年年报和 2024 年一季度业绩预告：2023 年，实现营业收入 31.24 亿元，同比下滑 11.81%；归母净利润亏损 3.71 亿元， 上年同期盈利 2.05 亿元；归母扣非净利润亏损 4.17 亿元，上年同期盈利 1.54 亿元。2024 第一季度，预计实现收入 4.15 亿元至 4.35 亿元，同比下滑 7.15% 至 11.42%；归母净利润亏损 0.85 亿元至 0.95 亿元，去年同期亏损 0.91 亿元； 扣非净利润亏损 0.91 亿元至 1.01 亿元，去年同期亏损 0.97 亿元。 | --- | --- | --- | --- | --- | |----------------------------------|---------|-------------------|-----------------------------|-------| | | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 百万 ) | 3,124 | 3,633 ...

15 15 15 0 在建工程 0 0 其他收益 169 170 200 230 1, 197 1, 438 无形资产 961 1,651 营业利润 -393 289 388 520 其他非流动资产 4.811 4.817 4, 817 9 营业外收入 0 1 1 1 非流动资产合计 6,703 6, 905 7, 110 7,289 营业外支出 3 3 3 0 黃产合计 11, 931 13,098 -393 287 1, 161 3,616 4 1 , 456 5 应收账款 2,929 41 1, 076 44 销售 费用 1, 161 卒货 510 管理费用 242 288 合同资产 80୧ 911 637 635 财务费用 2 0 5, 424 流动资产合计 4,521 5,026 信用减值损失 -50 英他长期投资 6 6 资产或值损失 -5 502 502 公允价值变动收益 93 研发费用 1,008 美他流动资产 ୧୧୧ 0 0 -70 5,810 -59 -60 6 6 -450 -- 5 长期股权投资 50 50 422 346 授资收益 -9 4.815 ◼ 信创安全增速明显。公司 202 ...

联系电话：010-59219558 传真：010-59562637 2024年04月24日 证券研究报告|公司研究|公司点评 比+19.39%;加强采购和存货周转管理,采购支付款同比-16.46%。业绩预告,公司 2024Q1 收入质量有较大提升。毛利率同比增长超过 13 个 pcts, 毛利额同比增长超过 15%。研发费用和管理费用持续下降,研发费用同比下降约7%,管理费用同比下降约 23%。若不考虑增值税退税减少的影响,归母净利润同比减亏 30%左右。综合来看,公 司持续推进管理提质增效, 2024年或实现扭亏为盈。 � 我军信息支援部队成立,凸显网络空间安全产业国家战略地位。 ◆ 投资建议 | --- | --- | --- | |-------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------- ...