2024 年 04 月 28 日 天融信(002212.SZ) 信创安全和云计算支撑收入增长，商誉减值影响利润 信创安全方面，根据公司年报披露，公司基于国产软硬件的"天融信 昆仑"系列产品已累计发布 66 款 250 个型号，始终保持信创产品品 类最全、型号最多的行业领先优势。 股价表现 -53% -38% -23% -8% 7% 2023-04 2023-08 2023-12 2024-04 天融信 沪深300 zhaoyang1@essence.com.cn 公司快报/天融信 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------------------------------|--------|-------|-----------------------------------------|-------| | [Table_Finance1] (百万元) 2022A 2023A 2024E 2025E 2026E | | | | | | | 主 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company reported a revenue of 3.124 billion yuan in 2023, a year-over-year decrease of 11.81%, and a net profit attributable to shareholders of -371 million yuan, a year-over-year decline of 281.09% [1]. - For Q1 2024, the company expects revenue between 415 to 435 million yuan, with a net loss attributable to shareholders projected between 85 to 95 million yuan [1]. - The company is optimistic about the gradual recovery of the market environment and business development in 2024, although it acknowledges that returning to high growth rates will take time [1]. - The company has implemented measures to improve quality and efficiency, resulting in a significant improvement in cash flow, with net operating cash flow increasing by 290.59% year-over-year to 790 million yuan in 2023 [1]. Financial Performance Summary - **2023 Financials**: - Revenue: 3.124 billion yuan, down 11.81% year-over-year - Net Profit: -371 million yuan, down 281.09% year-over-year - Gross Margin: Increased by 0.47 percentage points [1][17]. - **2024 Projections**: - Expected Revenue: 3.564 billion yuan in 2024, with growth rates of 14.1% [17]. - Expected Net Profit: 287 million yuan in 2024, with a projected return to profitability [17]. - **Cash Flow**: - Operating cash flow turned positive in 2023, with a net increase of 790 million yuan [1][9]. - **Key Ratios**: - EPS for 2023: -0.31 yuan, with a projected recovery to 0.24 yuan in 2024 [17]. - P/E ratio for 2023: -19.5, expected to improve to 25.2 in 2024 [17]. Strategic Developments - The company has integrated AI technology into its cybersecurity products, launching the "Tianwen" model, which enhances risk prediction and security analysis capabilities [3]. - Subscription services, which have been a significant growth area, now derive over half of their content from AI-generated knowledge [3]. Market Outlook - The report anticipates a gradual recovery in the cybersecurity industry, with expected revenues of 3.564 billion yuan in 2024, 4.167 billion yuan in 2025, and 4.715 billion yuan in 2026 [3][17].

公 司 研 究 | --- | --- | --- | --- | --- | |---------------------------------------|---------|----------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 3124 3643 4150 4638 | | | | 同比增长 | -11.8% | 16.6% | 13.9% | 11.8% | | 归母净利润 ( 百万元 ) | | -371 280 338 400 | | | | 同比增长 | -281.1% | 175.5% | 20.6% | 18.4% | | 毛利率 | 60.2% | 60.3% | 60.8% | 61.3% | | ROE | -3.9% | 2.9% | 3.4% | 3.8% | | 每股收益 ( 元 ) | | -0.31 0.24 0.29 0.34 | | | | 市盈率 | | -18.5 24.5 20.3 1 ...

Investment Rating - The report maintains a "Buy" rating for Tianruixin (002212.SZ) [1][4]. Core Views - In 2023, the company achieved operating revenue of 3.1249 billion yuan, a year-on-year decrease of 11.81%, and a net loss attributable to shareholders of 371 million yuan [1]. - The company is focusing on enhancing quality and efficiency, with a gross margin increase of 0.47 percentage points and a significant reduction in total expenses by 2.57% [1]. - The application of AI technology in network security products and subscription services is a key growth area, with over 50% of subscription service content generated by AI [2]. - The company reported a substantial improvement in net cash flow from operating activities, reaching 517 million yuan, a year-on-year increase of 290.59% [1]. Financial Performance - The revenue from government and public institutions was 1.427 billion yuan, up 8.48% year-on-year, while revenue from state-owned enterprises decreased by 26.30% to 894 million yuan [1]. - The company forecasts operating revenues of 3.570 billion, 4.041 billion, and 4.532 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 285 million, 359 million, and 413 million yuan [4][20]. - The company's R&D expenses decreased by 6.35% as it enters a stable phase after completing new direction layouts [1]. Industry Position - The company is recognized as a leading provider in network security, big data, and cloud services, with significant growth potential in new directions and scenarios [4]. - The company benefited from recent policy implementations, with its Xinchuang business revenue growing by 33.01% year-on-year [3].

f 隔证券 公 司 研 究 现金流大幅改善，AI 助力安全服务能力提升 投资评级：买入（维持） 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 考虑宏观经济环境影响，我们下调公司 2024-2025 年归母净利润预测为 2.71、3.51 亿元（前值 6.38、7.99 亿元），新增 2026 年预测为 4.62 亿元，EPS 为 0.23、0.30、 0.39 元/股，当前股价对应 2024-2026 年 PE 为 24.9、19.2、14.6 倍，考虑公司在 云安全、AI、数据安全等领域的前瞻布局，维持"买入"评级。 （1）公司发布 2023 年年报，全年实现营业收入 31.24 亿元，同比下降 11.81%； 实现归母净利润-3.71 亿元，同比下降 281.09%。公司持续加强提质增效，一方 面毛利率同比增长 0.47 个百分点，一方面费用控制效果明显，期间费用总额同 比下降 2.57%，其中，研发方面因新方向布局已基本完成，研发投入进入稳定期， 研发费用同比下降 6.35%。此外，公司对账面商誉计提了 4.43 亿元的减值金额， 若剔除商誉减值因素 ...

年报交流环节 今天这样 今天我们的这个交流也是分为三个部分第一个部分就是主要是财务部分主要是包括二十三年度的年报的财务和二十年度第一季度的因为我们的月绩预告已经发了 简单的一个介绍 那第二部分呢是我们整个对于网安市场23年的市场的分析以及相关业务的主要业务的一个回顾那第三部分就是我们的这个自由问答环节那我们的第一部分就是由孔总给大家做财务部分的介绍各位下午好 感谢大家下午这个周末来参加这个会议那么我现在先把这个财务部门的一些主要数据跟大家再过一下昨天我们的年报和这个季度预告也刚刚建网有的同事可能还没来得及看所以我们大概简要的给大家说一下 对我们都有个表大家可以先总体看一下就是23年度公司实际营业收入31.24亿同比是下降了11.81%毛利率60.19同比有增长了0.47个百分点 那么研发费用7.68亿同比下降了6.35%销售费用9.1819个亿同比增长了13.17%管理费用2.17个亿同比下降了32.58%那么规模的净利润是负的3.71亿同比减少了281.09% 那么经营活动的现金流量 现金流量金额是5.17个亿同比增长了290.59%那么这几个主标我逐一向大家做一个简单的说明汇报跟那个下边的镜头 我们做了一 ...

入已基本完成，未来利润端有望释放。此外，公司现金流大幅改善，也 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of Tianrongxin 2023 Annual Performance Conference Call Company Overview - **Company**: Tianrongxin (天融信) - **Date of Conference**: April 21, 2024 Key Financial Highlights - **Revenue**: 3.124 billion (31.24亿), a decrease of 11.81% year-on-year [5] - **Gross Margin**: 60.19%, an increase of 0.47 percentage points year-on-year [5] - **R&D Expenses**: 768 million (7.68亿), a decrease of 6.35% year-on-year [5] - **Sales Expenses**: 918 million (9.18亿), an increase of 13.17% year-on-year [6] - **Management Expenses**: 217 million (2.17亿), a decrease of 32.58% year-on-year [6] - **Net Profit**: 371 million (3.71亿), a decrease of 281.09% year-on-year [6] - **Operating Cash Flow**: 517 million (5.17亿), an increase of 290.59% year-on-year [6] - **Significant Losses**: 443 million (4.43亿) attributed to goodwill impairment due to unmet revenue expectations [7] Revenue Breakdown by Product - **Technical Security Products**: Revenue decreased by 11.3% [8] - **Big Data Services**: Revenue decreased by 33.35% [8] - **Basic Security Services**: Revenue decreased by 8.63% [8] - **Cloud Computing and Security Services**: Revenue increased by 8% [8] Market Analysis - **Global Security Hardware Market**: Grew by 5.2% in 2023, with a projected compound annual growth rate (CAGR) of 4% [12] - **China's Security Hardware Market**: Slight decline of 0.09% in 2023, but still the second-largest market globally, accounting for 18% of the total [12] - **Key Growth Areas**: Government, finance, and telecommunications sectors continue to dominate, accounting for 60% of the market [12] Strategic Insights - **Focus on AI and Digital Transformation**: The integration of AI and new technologies is expected to enhance security market growth [12] - **Product Development**: Continuous innovation in security products, including the launch of 66 new models in the domestic market [25] - **Sales Strategy**: Increased focus on cash collection and risk management to improve cash flow [8] Future Outlook - **Cautious Optimism**: The company maintains a cautiously optimistic outlook for 2024, anticipating gradual recovery in market demand [36] - **Key Growth Areas**: Data security, AI security, and cloud computing are expected to drive future growth [32] - **Employee Strategy**: Plans to optimize workforce while gradually increasing sales personnel [9] Additional Insights - **Market Position**: Tianrongxin has maintained its position as a market leader in the security sector for 24 consecutive years [20] - **Investment in R&D**: Despite a decrease in R&D expenses, the company aims to enhance efficiency and effectiveness in research [6] - **Regulatory Compliance**: The company has achieved various certifications and recognitions in the cybersecurity field, enhancing its credibility [24] This summary encapsulates the key points discussed during the Tianrongxin 2023 Annual Performance Conference Call, highlighting financial performance, market analysis, strategic insights, and future outlook.

券代码：002212 可信网络 安全世界 2023年度社会责任报告 天融信科技集团股份有限公司 目录 关于天融信 企业文化理念概述 勇担责任，为网络安全行业赋能 共赢共利，保障股东和投资者安全 09 共享共创，关注员工赋能和核心需求 结语 红色引领，促进企业高质量发展 合作互惠, 重视客户和供应商权益 共担责任，保护环境和可持续发展 | 25 : | 共创和谐，尽显企业公益担当 | | --- | --- | | 27 | | 23 17 IMMA 21 01 03 05 11 01 2026年大融信社会责信报信 天融信科技集团股份有限公司（以下简称"公司"、"天融信"）是中国领先的网络安全、大数据与云服务提供商，在网 络安全领域努力开拓、不辍耕耘28年，始终以国家战略需求为导向，以捍卫国家网络空间安全为己任，为各行业客户提供 基础网络、工业互联网、物联网、车联网、云安全等业务场景下的网络安全、大数据和云服务相关产品、服务以及综合解 决方案，帮助客户降低安全风险，创造业务价值。 企业文化理念概述 公司属 公司目标 公司使命 公司履行社会责任的宗旨和理念 企业文化理念概述 04 的 公司愿景 成为中国领先的网络 ...

天融信科技集团股份有限公司 控股股东及其他关联方非经营性资金占用及其他关联资金往来情况汇总表 截至 2023 年 12 月 31 日止年度 | | ワ 元 | | | --- | --- | --- | | . | | 单位 | | | | | | | | | | | 单位： 万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与上市 | 上市公司核 | | 2023 年度占用累 | 2023 年度占用 | | 2023 年期末 | | | | | 资金占用方 | 公司的关联关 | 算的会计科 | 2023 年期初占 | 计发生金额(不含 | 资金的利息(如 | 2023 年度偿还 | 占用资金余 | 占用形成 | | | 非经营性资金占用 | 名称 | 系 | 目 | 用资金余额 | 利息) | 有) | 累计发生金额 | 额 | 原因 | 占用性质 | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | 无 | | | | | | | | | 非经营性 ...