上 市 公 司 证 券 研 究 报 告 计算机 2024 年 09 月 03 日 启明星辰 (002439) ——短期业绩承压，蓄势健康发展 公 司 研 究/ 公 司 点 评 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 12.54 | | 一年内最高 / 最低（元） | 28.83/12.51 | | 市净率 息率（分红/股价） | 1.3 2.15 | | | 9,081 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,811.04/8,172.21 | | | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | | 9.43 | | 每股净资产（元） | | | 资产负债率 % ...

Investment Rating - The investment rating for the company is "Buy" [1][12][16] Core Views - The company has shown strong growth in its emerging security business despite facing challenges in revenue scale due to short-term customer investment limitations in the cybersecurity industry [1][11] - The company reported a revenue of 1.574 billion yuan, a year-on-year increase of 3.42%, but a net profit attributable to shareholders of -182 million yuan, a decrease of 198.60% [1][12] - The company is focusing on strategic integration with its major shareholder and maintaining collaborative revenue with China Mobile, which continues to grow [1][10] Financial Performance Summary - The company achieved a net cash flow from operating activities of -519 million yuan, showing a slight improvement of 1.33% year-on-year [1][9] - The gross profit margin for Q2 2024 increased by 13.77 percentage points to 64.59% [1][12] - The company expects rapid growth in new orders and strong performance in its emerging security business, particularly in cloud security, which saw revenue growth of over 200% year-on-year [1][11] Future Projections - Revenue projections for 2024-2026 are estimated at 5.027 billion yuan, 5.831 billion yuan, and 6.908 billion yuan respectively, with net profits of 882 million yuan, 1.056 billion yuan, and 1.233 billion yuan [11][12][14] - The company is expected to maintain a PE ratio of 18X, 15X, and 13X for the respective years [12][14] Strategic Initiatives - The company is enhancing its strategic collaboration with China Mobile, focusing on building a comprehensive security operation center system [10][11] - The company is committed to increasing R&D investments in key strategic areas such as security operations, cloud security, and artificial intelligence [1][10]

Group 1: Financial Performance - The company's operating revenue for the reporting period was 1.574 billion RMB, a year-on-year increase of 3.42% [2] - The gross profit margin for Q2 was 64.59%, an increase of 13.77 percentage points compared to the previous quarter [2] - The net profit attributable to shareholders was -182 million RMB, a year-on-year decrease of 198.60%, primarily due to a reduction in investment income and fair value changes amounting to approximately 400 million RMB [2] - Cash receipts totaled 1.668 billion RMB, a year-on-year increase of 13.69% [2] - The company had a total cash and financial assets of 4.541 billion RMB, with a debt-to-asset ratio of 16.86% [2] Group 2: Strategic Initiatives - The company is focusing on enhancing its collaboration with China Mobile, implementing the "BASIC6" innovation plan [2] - R&D investment reached 536 million RMB, a year-on-year increase of 5.54%, with significant growth in the emerging security business segment, particularly in cloud security, which saw over 200% growth [3] - The company aims to become a leader in network security by integrating its services with China Mobile's offerings [5] Group 3: Market Position and Future Outlook - The company is positioned as a specialized subsidiary of China Mobile, focusing on network security and contributing to the national security framework [4] - The market for network security in China is expected to grow at a rate of over 10% in the coming years, with the company identifying key growth areas in collaboration with China Mobile [7] - The company anticipates that its collaboration with China Mobile will enhance its market presence and operational efficiency, particularly in the CHBN market [6] Group 4: Challenges and Risk Management - The company is actively managing expenses, with total operating expenses decreasing by 2.69% year-on-year to 1.102 billion RMB [2] - The company is addressing cash flow challenges and has implemented measures to improve the collection of accounts receivable [10] - The competitive landscape is intensifying, with the company focusing on maintaining its market share while exploring new growth opportunities [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company is expected to continue its robust growth in revenue while actively expanding into emerging security sectors. The long-term development outlook remains positive, supported by strategic collaborations, particularly with China Mobile [3][5]. Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 1.574 billion yuan, representing a year-on-year growth of 3.42%. However, the net profit attributable to shareholders was -182 million yuan, primarily due to fluctuations in the stock prices of associated listed companies, leading to a decline in investment income and fair value changes [4]. - The gross profit margin for the first half of 2024 was 56.51%, a decrease of 3.76 percentage points year-on-year, but the second quarter saw a quarter-on-quarter increase of 13.77 percentage points to 64.59% [4]. - The company has effectively managed expenses, with total operating expenses (selling, administrative, and R&D) decreasing by 2.69% year-on-year. Additionally, cash collection improved, with a year-on-year increase of 13.69% in cash receipts [4]. Strategic Initiatives - The company is enhancing its strategic integration with China Mobile, focusing on new security fields such as AI+security, cloud network security, data element security, identity trust and cryptography applications, and industrial internet security. Revenue from cloud security, identity trust products, and 5G+industrial internet security detection products grew by over 150% year-on-year [5]. Financial Forecasts - The revised net profit forecasts for 2024-2026 are 535 million yuan, 771 million yuan, and 1.038 billion yuan, respectively, with corresponding EPS of 0.44 yuan, 0.63 yuan, and 0.85 yuan per share. The current stock price corresponds to P/E ratios of 43.8, 30.4, and 22.6 times for the respective years [3][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 met market expectations, with revenue of 1.574 billion yuan, a year-on-year increase of 3.42%, but a net profit attributable to shareholders of -182 million yuan, indicating a loss compared to the previous year [2][3] - The second quarter of 2024 saw a revenue decline of 11.30% year-on-year, with a net profit of -69 million yuan, reflecting a shift from profit to loss [3] - The company is focusing on strategic innovation and increasing R&D investment, particularly in emerging security sectors, with a 5.54% year-on-year increase in R&D spending [3] Summary by Relevant Sections Financial Performance - Total revenue for 2022 was 4.437 billion yuan, with projections of 4.507 billion yuan for 2023, 5.204 billion yuan for 2024, and 6.221 billion yuan for 2025, reflecting a growth rate of 15.47% in 2024 [2][8] - The net profit attributable to shareholders was 626.11 million yuan in 2022, with projections of 741.14 million yuan for 2023 and 845.89 million yuan for 2024, indicating a year-on-year growth of 14.13% [2][8] Margin and Cost Management - The gross margin for the first half of 2024 was 56.51%, a decrease of 3.75 percentage points year-on-year, but the second quarter saw a recovery with a gross margin of 64.59%, an increase of 13.77 percentage points from the previous quarter [3] - The company has successfully reduced its operating expenses, with a 2.69% year-on-year decrease in total operating expenses for the first half of 2024 [3] Strategic Focus - The company is enhancing its collaboration with China Mobile and focusing on technological innovation, particularly in cloud security and IoT security, with revenues in these areas growing over 150% year-on-year [3] - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.69 yuan, 0.88 yuan, and 1.12 yuan respectively, down from previous estimates, but maintains a positive outlook for future order recovery [3]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,573,701,348.33, representing a 3.42% increase compared to ¥1,521,682,198.60 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was -¥182,251,902.41, a decrease of 198.60% from ¥184,843,757.95 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥100,332,231.48, down 24.36% from -¥80,678,054.26 in the same period last year[24]. - The net cash flow from operating activities was -¥518,717,242.77, showing a slight improvement of 1.33% compared to -¥525,719,536.70 in the previous year[24]. - The total assets at the end of the reporting period were ¥13,836,855,064.84, a decrease of 6.92% from ¥14,864,922,828.35 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company were ¥11,494,173,818.81, down 4.18% from ¥11,995,594,570.07 at the end of the previous year[24]. - The basic earnings per share were -¥0.15, a decline of 175.00% compared to ¥0.20 in the same period last year[24]. - The diluted earnings per share were also -¥0.15, reflecting the same percentage decline of 175.00% from ¥0.20 in the previous year[24]. - The company reported a significant decline in investment income, with a loss of ¥43,953,664.68 compared to a gain of ¥207,033,639.78 in the previous year, marking a decrease of 121.23%[108]. - The total cash and cash equivalents decreased by 30.41% to ¥3,446,537,081.24 from ¥4,952,970,114.92[108]. - The company's cash flow from financing activities decreased by 8.89% to -¥341,706,685.76 from -¥313,816,383.78[108]. - The company reported a 602.21% increase in other non-current assets, reaching ¥1,053,315,722.22, primarily due to the reclassification of large time deposits[108]. - The company's total operating costs increased by 13.23% to ¥677,254,424.42 compared to the previous year[118]. - The company's cash and cash equivalents decreased by 8.41% to ¥3,446,537,081.24 from the previous year[123]. Strategic Developments - In January 2024, the company officially became a subsidiary of China Mobile, marking a new development phase and aiming to enhance national cybersecurity capabilities[32]. - The company has established itself as a leading enterprise in the cybersecurity industry, focusing on key sectors such as government, finance, and energy, with over ten products maintaining a top brand status for several years[31]. - The company is actively exploring public data authorization and cross-border data interactions to enhance data security and utilization[41]. - The company is deepening collaboration with China Mobile to enhance integrated security operations, leveraging its security capabilities in various sectors[51]. - The company signed a strategic cooperation agreement with Zhongyun Technology and China Mobile System Integration to enhance data security collaboration[106]. - The company is actively involved in the national "East Data West Computing" initiative, contributing to the construction of a unified computing network and providing integrated security services for enterprise clients[80]. Technological Innovation - The company is committed to technological innovation in key areas such as AI security, cloud security, and data security, leveraging its strengths to explore new market opportunities[33]. - The launch of the "Jiutian•Taihe Security Model" in May 2024 represents a significant advancement in applying AI technology to the cybersecurity industry[34]. - The company has developed an AI security intelligent system that enhances product capabilities and service efficiency, including the "Anxing Security Operation Assistant" for intelligent decision-making[35]. - The cloud security framework has been established to ensure safety and compliance across various cloud environments, including private and public clouds[37]. - The company has successfully adapted its cloud security resources to meet the needs of small to large enterprises, showcasing high efficiency in implementation[38]. - The company is leveraging AI technology to enhance network security, integrating AI into various stages of the cyber attack lifecycle, which has improved operational efficiency[72]. - The company is enhancing its vulnerability research and threat analysis capabilities, utilizing real-world simulations to improve the accuracy of vulnerability assessments[67]. - The company employs AI-driven methods for threat intelligence production and analysis, enhancing the accuracy and utility of threat data[69]. - The new generation of threat detection and defense technology, known as TianTian AI, aims to improve threat detection and response efficiency through collaborative resource utilization[70]. - The company has developed a comprehensive security capability platform, which integrates various security services and data, improving the efficiency of security product development and operational processes[75]. Market Position and Recognition - The company has maintained a leading position in the Chinese video IoT security market, as reported by IDC, and has contributed to the establishment of national security standards[83]. - The company has been recognized as a leader in zero trust network access solutions by IDC MarketScape in 2022[95]. - The company has received multiple awards, including "2023 Excellent Technical Support Unit" from CNNVD, highlighting its contributions to cybersecurity[97]. - The company’s products cover 102 subfields across seven major categories in cybersecurity, demonstrating its comprehensive market presence[97]. - The company achieved a revenue of 1.574 billion yuan, representing a year-on-year growth of 3.42%[104]. - The gross profit margin in Q2 increased by 13.77 percentage points to 64.59%[104]. - R&D investment increased by 5.54% year-on-year, with the emerging security business segment showing over 200% growth in cloud security revenue compared to the previous year[105]. Social Responsibility and Community Engagement - The company completed 12 public welfare projects in 2024, with a total donation amount of 4.8295 million yuan, focusing on rural revitalization, education assistance, poverty alleviation, and disaster relief[174]. - The company established a special fund for rural revitalization in Ganzi Prefecture, providing assistance to 100 students from special hardship families[174]. - The company continued its medical public welfare activities in the Tibetan Plateau, focusing on spinal health for local communities[174]. - The company provided psychological support and assistance to earthquake-affected areas in Gansu Province, establishing a project station for immediate support[178]. - The company donated warm clothing to high-altitude minority areas, distributing 48 boxes of supplies to villagers in Tibet[178]. - Total funding for public welfare activities amounted to CNY 479.95 million, with additional material donations valued at CNY 3 million[179]. - The company invested CNY 51.12 million in educational assistance for impoverished students, benefiting approximately 51,000 students[180]. - The company plans to continue its rural revitalization efforts, including projects in Ganzi Prefecture and psychological support initiatives following disasters[181]. Project Management and Fund Utilization - The company has faced delays in project completion due to external environmental factors affecting operational efficiency and client demand[140]. - The company plans to extend the construction period for certain projects to meet expected operational effectiveness[140]. - The company has received approval to extend the completion dates for multiple security operation center projects to December 31, 2024, to align with strategic development needs[141]. - The company has made changes to its fundraising projects, terminating the "Kunming Security Operation Center" project while adding the "Guangzhou Security Operation Center" project[141]. - The company has faced delays in project construction and customer demand due to government-imposed pandemic control measures across various regions[141]. - The company has achieved a cumulative investment of RMB 176,070.71 in committed investment projects, representing 43.34% of the total investment amount[145]. - The company has terminated the construction of the Tianjin Security Operations Center project to improve fund utilization efficiency and reduce investment intensity[143]. Risks and Challenges - The company faces risks related to national industrial support policies, which could impact its performance if there are changes in tax incentives or other supportive measures[158]. - The company is experiencing increased pressure to maintain technological innovation and operational efficiency as it expands its business and workforce[159]. - The cybersecurity landscape remains challenging, with ransomware attacks becoming increasingly complex and frequent, necessitating a robust security capability framework[64]. - The company emphasizes the importance of proactive security measures, including comprehensive asset management and risk tracking, to enhance overall cybersecurity resilience[65]. Governance and Compliance - The company has no significant litigation or arbitration matters during the reporting period[189]. - There were no violations of external guarantees during the reporting period[186]. - The company has maintained a good integrity status, with no significant debts or court judgments unmet during the reporting period[193]. - The company has adhered to regulations regarding the use of fundraising funds, ensuring reasonable and effective utilization throughout project implementation[143].

上市公司名称：启明星辰信息技术集团股份有限公司 单位：万元 上市公司2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 企业负责人： 王佳 主管会计工作的负责人： 王志勇 会计机构负责人：石桂君 | 非经营性资金占 | 资金占用方名称 | 占用方与上市公司的关联关 | 上市公司核 算的会计科 | 2024年期初占 | 2024年度1至6月 占用累计发生金 | 2024年度1至6 月占用资金的 | 2024年度1至6 月偿还累计发 | 2024年6月30日 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | | 系 | 目 | 用资金余额 | 额（不含利息） | 利息(如有） | 生金额 | 占用资金余额 | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 | | | | | | | | | | 非经营性占用 | | 企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控 ...

证券代码：002439 证券简称：启明星辰 公告编号：2024-043 启明星辰信息技术集团股份有限公司 第六届董事会第三次会议决议公告 一、审议通过了《关于公司<2024 年半年度报告>及其摘要的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 经董事会认真审议，认为公司《2024 年半年度报告》及其摘要的编制和审 核程序符合有关法律、行政法规、规范性文件及《公司章程》的相关规定，报告 内容能够真实、准确、完整地反映公司的实际情况，不存在任何虚假记载、误导 性陈述或者重大遗漏。 公司《2024 年半年度报告》及《2024 年半年度报告摘要》详见指定信息披 露媒体巨潮资讯网（www.cninfo.com.cn）和《证券时报》《中国证券报》《证券日 报》。 二、审议通过了《关于公司<2024 年半年度募集资金存放与实际使用情况的 专项报告>的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 经与会董事审议，同意公司《2024 年半年度募集资金存放与实际使用情况 的专项报告》。 《2024 年半年度募集资金存放与实际使用情况的专项报告》详见指定信息 披露媒体巨潮资讯网（www.cninfo ...

证券代码：002439 证券简称：启明星辰 公告编号：2024-044 启明星辰信息技术集团股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、 募集资金基本情况 （一）募集资金金额及到位时间 1.公开发行可转换公司债券 根据中国证券监督管理委员会于2018年12月24日签发的证监许可[2018] 2159号文 《关于核准启明星辰信息技术集团股份有限公司公开发行可转换公司债券的批复》，启明 星辰信息技术集团股份有限公司（以下简称"本公司"或"公司"）获准向社会公开发行 可转换公司债券10,450,000张，每张面值为人民币100.00元，债券款以人民币缴足，共计 人民币1,045,000,000.00元（债券款扣除应支付光大证券股份有限公司的承销保荐费后的 余额1,035,141,509.43元已于2019年4月2日存入公司在中国光大银行股份有限公司北京 德胜门支行35010188000148324银行账户中），扣除承销及保荐费用、发行登记费以及其他 交易费用共计人民币11,692,924.53 ...

证券代码：002439 证券简称：启明星辰 公告编号：2024-040 启明星辰信息技术集团股份有限公司 2024 年第一次临时股东大会决议公告 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。 特别提示 1．本次股东大会未出现否决、修改或新增议案的情形。 2．本次股东大会未涉及变更以往股东大会已通过的决议。 通过深圳证券交易所互联网投票系统投票的具体时间为：2024年7月26日上 午9：15至下午15：00期间的任意时间。 （2）会议召开地点：北京市海淀区东北旺西路8号中关村软件园21号楼启明 星辰大厦会议室； （3）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开； （4）会议召集人：公司第六届董事会； （5）会议主持人：公司董事长魏冰女士 本次会议的通知、召开以及参与表决股东人数均符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 3．公司，王佳、严立夫妇与中移资本于2022年6月17日签署了《投资合作协 议》、于2022年9月30日签署了《投资合作协议之补充协议》、于2023年8月4日签 署了《投资合作协议之补充协议（ ...