证券研究报告 黄韦涵 S1060523070003（证券投资咨询）HUANGWEIHAN235@pingan.com.cn 王佳一 S1060525070001（证券投资咨询）WANGJIAYI446@pingan.com.cn 核心摘要 平安证券研究所计算机团队 分析师： 闫磊 S1060517070006（证券投资咨询）YANLEI511@pingan.com.cn 2025年7月21日 请务必阅读正文后免责条款 持续看好全球算力产业发展， 行业上市公司2025H1业绩呈改善趋势 计算机行业 强于大市（维持） 行业要闻及简评：1）英伟达将恢复H20在中国的销售， META将在人工智能领域投资数千亿美元。当前，以Meta等为代表的科技巨头在 资本支出方面依然强劲，将为全球AI算力产业的持续高景气提供有力支撑，我们持续看好全球算力产业发展。2）2025H1已发布业绩预告的 行业上市公司业绩呈改善趋势。截止2025年7月20日，计算机行业板块共有76家A股上市公司发布2025年半年度业绩预告。总体来看，2025 年上半年，已发布业绩预告的行业上市公司业绩呈改善趋势，其中软件开发和IT服务板块较上年同期实现较大幅 ...

金融界2025年7月19日消息，国家知识产权局信息显示，北京启明星辰信息安全技术有限公司、中国移 动通信集团有限公司、中国移动通信有限公司申请一项名为"一种云安全资源池的自动化安全业务链系 统及方法"的专利，公开号CN120342683A，申请日期为2025年04月。 专利摘要显示，本申请提供了一种云安全资源池的自动化安全业务链系统及方法。涉及云计算技术领 域，该系统包括，感知器模块、业务链控制器。其中感知器模块能够实时捕捉直接调度请求以及安全设 备和安全域的动态变化，这一实时感知能力确保了系统能够迅速响应云环境的变化，从而有效地提升安 全资源的利用率。更重要的是，基于感知器模块的实时数据，业务链控制器能够动态地调整业务链的组 成和配置。这种动态调整机制不仅满足了云上租户多样化的业务防护需求，还确保了租户业务始终符合 安全合规标准。通过这种方式，系统实现了安全资源的高效、精准分配，有效降低了安全管理的复杂性 和成本。 天眼查资料显示，北京启明星辰信息安全技术有限公司，成立于2000年，位于北京市，是一家以从事科 技推广和应用服务业为主的企业。企业注册资本110000万人民币。通过天眼查大数据分析，北京启明星 ...

Core Viewpoint - The company, Qimingxingchen, is experiencing a decline in revenue and net profit for the first half of 2025, attributed to external market challenges and strategic shifts in business focus [1][2]. Group 1: Financial Performance - The company expects revenue for the first half of 2025 to be between 1.115 billion and 1.175 billion yuan, a decrease from 1.574 billion yuan in the same period last year [1]. - The anticipated net loss for the parent company is between 103 million and 73 million yuan, an improvement from a loss of 182 million yuan in the previous year [1]. - The net profit excluding non-recurring gains and losses is expected to be a loss between 183 million and 153 million yuan [1]. Group 2: Market and Strategic Factors - The decline in revenue is primarily due to external environmental challenges and adjustments in market demand, with tightened customer budgets leading to structural changes in the cybersecurity market [2]. - The company is focusing on improving the quality of collaborative business with China Mobile, resulting in a reduction of low-margin integration projects, which has led to a decline in related transaction income [2]. - Despite the overall revenue decline, income from self-sourced security products and services from China Mobile has seen significant growth [2]. Group 3: Historical Context and Future Outlook - In 2024, the company reported a revenue of 3.32 billion yuan, a year-on-year decrease of 26.4%, and a net loss of 226 million yuan, a decline of 130.5% [3]. - The company has made significant progress in the research and development of AI security models and plans to apply these technologies more broadly in future products and services [3]. - The first quarter of 2025 showed a revenue of 641 million yuan, a decrease of 30.5%, but the company managed to turn a profit with a net income of 1.6 million yuan, compared to a loss of 113 million yuan in the same period last year [4].

Summary of Key Points from the Conference Call of Qimingxingchen (启明星辰) Company Overview - **Company**: Qimingxingchen (启明星辰) - **Period**: First half of 2025 Financial Performance - **Revenue**: Achieved between 1.115 billion to 1.175 billion RMB, a year-on-year decline due to external environment challenges and market demand adjustments [3] - **Net Profit**: Reported a net loss of between 103 million to 73 million RMB, with a non-recurring net profit loss of between 183 million to 153 million RMB [3] - **Gross Margin**: Increased by over 2 percentage points year-on-year due to strategic focus on high-quality projects and reduction of low-margin integrated projects [2][3] - **Operating Cash Flow**: Significant improvement with positive operating cash flow in Q2, marking the first time since listing that this was achieved in the second quarter [4][22] Strategic Focus and Innovations - **Partnership with China Mobile**: Deep resource integration and strategic collaboration to enhance cloud security and DICT business performance, aiming for improved operational efficiency [2][5] - **R&D Investment**: High-intensity investment in strategic innovation, particularly in AI security and data security, with AI coding improving overall R&D efficiency by over 30% [2][12] - **Product Development**: Launched several new products in AI application security, including a suite of large model application security products, which have already generated significant revenue [10][27] Market Trends and Opportunities - **AI Empowerment**: Future market opportunities are concentrated on AI-enabled customer solutions, focusing on large-scale B2B scenarios while also addressing B2C and B2H markets [3][15] - **Digital China Initiative**: Qimingxingchen plays a crucial role in enhancing network security capabilities in collaboration with China Mobile, addressing new technology challenges [8] - **Data Element Transformation**: Continuous growth in demand for data digitization and elementization, with significant progress in technology innovation and operational quality [17] Challenges and Responses - **External Market Conditions**: The company faces challenges from a downtrend in global cybersecurity spending and adjustments in market demand, as indicated by IDC's revised growth forecasts [3] - **Government Sector Budget Cuts**: The reduction in budgets for government and law enforcement sectors has impacted revenue, but the company is taking measures to strengthen internal sales management and expand collaboration with China Mobile [19][30] Future Outlook - **Market Recovery**: Despite current challenges, there is optimism for recovery in the cybersecurity sector, with expectations for improved performance in the second half of 2025 [24] - **Focus on High-Margin Products**: The strategy includes increasing the proportion of self-developed products and services to enhance overall profitability [21][20] - **Sector-Specific Growth**: Notable growth in the financial and healthcare sectors, with expectations for continued demand in these areas [18][30] Conclusion - **Overall Sentiment**: Qimingxingchen expresses confidence in its future market opportunities and aims to maintain a stable growth trajectory while enhancing its strategic partnerships and product offerings [13][31]

Financial Performance Overview - The company expects to achieve revenue between CNY 1.115 billion and CNY 1.175 billion for the first half of 2025, with a projected net profit attributable to shareholders ranging from -CNY 1.03 billion to -CNY 0.73 billion, and a non-recurring net profit between -CNY 1.83 billion and -CNY 1.53 billion [2][3]. Revenue Decline Factors - Revenue decline is attributed to external environmental challenges and market demand adjustments, with a structural adjustment in the cybersecurity market due to tightened customer budgets [2][3]. - Strategic focus on quality and revenue structure changes led to a reduction in low-margin integration projects, resulting in a decline in related transaction revenue from major clients [3]. Response Measures - The company has accelerated the commercialization of innovative businesses, achieving breakthroughs in AI security and data security, maintaining a leading market share in 30 core products and services [3][4]. - Improved operational quality through strict project order management and enhanced cash flow management, with a projected increase in overall gross margin by over 2 percentage points compared to the previous year [4][19]. Profitability Insights - The net profit attributable to shareholders is expected to grow by 43% to 60% year-on-year, driven by stock price fluctuations of associated listed companies and increased investment income [6]. - Non-recurring net profit has declined due to reduced revenue and gross profit scale, but cost control measures are in place to enhance long-term competitiveness [7]. Strategic Collaboration and Market Expansion - The company aims to deepen strategic collaboration with China Mobile, enhancing the competitiveness of security products and services in the enterprise market [4][8]. - The new chairman emphasizes the mission to build a world-class cybersecurity company and strengthen R&D efforts to support China Mobile's business [8]. Market Trends and Opportunities - The cybersecurity industry is facing pressure, but there are emerging opportunities in AI application security and data security, with significant growth potential in these areas [20][21]. - The company is focusing on high-margin orders and expanding its market reach in sectors like finance and healthcare, while managing low-margin projects [15][16]. Future Outlook - The company anticipates a gradual recovery in market demand, particularly in AI and data sectors, with a focus on enhancing internal procurement from China Mobile [16][18]. - Continued emphasis on cash flow improvement and operational efficiency is expected to support sustainable growth in the second half of 2025 [19].

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

启明星辰信息技术集团股份有限公司 2025 年半年度业绩预告 证券代码：002439 证券简称：启明星辰 公告编号：2025-050 2025年1月1日至2025年6月30日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 （二）业绩预告情况 预计净利润为负值 | 项目 | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | | 营业收入 | 111,500 | 万元~117,500 | 万元 | 万元 157,370.13 | | 归属于上市公司股东 | -10,300 万元~ | -7,300 | 万元 | -18,225.19 万元 | | 的净利润 | | | | | | 扣除非经常性损益后 | -18,300 万元~ | -15,300 | 万元 | -10,033.22 万元 | | 的净利润 | | | | | | 基本每股收益 | -0.085 元/股~ -0.060 | | 元/股 | -0.15 元/股 | 二、与会计师事务所沟通情况 本期业绩预告相关的财务数据未经过注册会计师审计。 三、业绩 ...

启明星辰信息技术集团股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召开了第六届董事会第十次会议，审议通过了《关于选举袁捷先生为公司董事 长的议案》，全体董事一致选举袁捷先生为公司第六届董事会董事长。根据《公 司章程》规定，董事长为公司的法定代表人，公司法定代表人相应由魏冰女士变 更为袁捷先生。 公司已于今日完成相关工商变更登记备案手续，获得北京市海淀区市场监督 管理局换发的《营业执照》，法定代表人由魏冰变更为袁捷，其他登记项目未发 生变化。 特此公告。 证券代码：002439 证券简称：启明星辰 公告编号：2025-049 启明星辰信息技术集团股份有限公司 关于公司变更法定代表人并完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司董事会 2025 年 7 月 11 日 ...

证券代码：002439 证券简称：启明星辰 公告编号：2025-047 启明星辰信息技术集团股份有限公司 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 《证券日报》。 二、审议通过了《关于补选袁捷先生为董事会战略委员会主任委员的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 启明星辰信息技术集团股份有限公司（以下简称"公司"）第六届董事会第 十次会议于 2025 年 7 月 9 日在公司会议室以现场会议和通讯表决结合的方式召 开。本次会议的通知及会议资料已于 2025 年 6 月 27 日以电子邮件形式送达至全 体董事。本次会议应出席董事 9 人，实际出席董事 9 人，各董事均亲自出席，无 委托出席和缺席情况，会议由公司联席董事长严立先生主持。会议的通知、召开 以及参与表决董事人数均符合相关法律、行政法规、规范性文件及《公司章程》 的有关规定。经出席会议的董事认真审核并进行表决，形成决议如下： 一、审议通过了《关于选举袁捷先生为公司董事长的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 《关于选举公 ...

证券代码：002439 证券简称：启明星辰 公告编号：2025-048 启明星辰信息技术集团股份有限公司 关于选举公司董事长、战略委员会主任委员的公告 二、补选战略委员会主任委员情况 公司第六届董事会第十次会议审议通过了《关于补选袁捷先生为董事会战略 委员会主任委员的议案》，全体董事一致选举袁捷先生为公司第六届董事会战略 委员会主任委员，任期至本届董事会届满之日止。 补选完成后，公司第六届董事会战略委员会成员如下：袁捷先生（主任委员）、 王佳女士、王志勇先生。 特此公告。 启明星辰信息技术集团股份有限公司董事会 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 启明星辰信息技术集团股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召开第六届董事会第十次会议，选举了公司董事长，并补选了公司第六届董事 会战略委员会主任委员。现将相关情况公告如下： 一、选举董事长情况 公司第六届董事会第十次会议审议通过了《关于选举袁捷先生为公司董事长 的议案》，全体董事一致选举袁捷先生为公司第六届董事会董事长，任期至本届 董事会届满之日止。袁捷先生简历详见附件。 根据《 ...