Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 641 million yuan, a year-on-year decline of 30.54%, and a net profit attributable to shareholders of 2 million yuan, indicating a turnaround from losses [2][10] - The decline in revenue is attributed to a challenging network security market environment, with no significant improvement in downstream customer demand [10] - The company has successfully built a comprehensive security product matrix for large model applications, enhancing its offerings in AI security [10] Financial Summary - Total revenue forecast for 2023 is 4,507 million yuan, with a projected decline of 26.44% in 2024, followed by a recovery with growth rates of 12.04%, 12.10%, and 12.16% in the subsequent years [1][11] - The net profit attributable to shareholders is expected to recover from a loss of 226.30 million yuan in 2024 to 194.90 million yuan in 2025, with further increases to 292.24 million yuan in 2026 and 432.73 million yuan in 2027 [1][11] - The latest diluted EPS is projected to be 0.16 yuan in 2025, increasing to 0.24 yuan in 2026 and 0.36 yuan in 2027 [1][11] - The company's total assets are forecasted to grow from 13,778 million yuan in 2024 to 15,498 million yuan in 2027 [11]

Group 1 - The core viewpoint of the articles highlights that Q1 2025 saw Qimingxingchen achieve a net profit of 1.597 million yuan, marking a turnaround from losses, with an 8 percentage point increase in gross margin [1] - The company optimized operational efficiency across the entire chain and managed non-recurring gains and losses, resulting in a 15% reduction in total expenses compared to the same period last year, creating room for profit release throughout the year [1] - In the context of a challenging recovery in the cybersecurity industry, Qimingxingchen achieved a breakthrough through management efficiency, technological upgrades, and strategic collaboration, signaling long-term investment value [1] Group 2 - The company's profitability improvement is attributed to its proactive grasp of AI security strategic opportunities, targeting the new track of the security industry driven by AI large models [2] - Qimingxingchen has launched the "Jiutian·Taihe Security Large Model" and the industry's first full-cycle AI security solution "Anxing Intelligent Body," leveraging the technological foundation of China Mobile's Jiutian large model [2] - The company has accelerated product iteration on a weekly basis since February 6, 2025, completing multiple technological upgrades and establishing a comprehensive security product matrix for large model applications [2][3] Group 3 - Large model application security has become a significant growth area for Qimingxingchen, with key products including large model application firewalls and security proxies, forming a "three-piece set" for large model security [3] - Qimingxingchen deepened collaboration with China Mobile, showcasing innovations in AI application security and data security at the 2025 China Mobile Cloud Intelligence Conference [4] - The company plays a crucial role as a technology innovator and security product service leader for China Mobile, with a sales figure of 1.083 billion yuan from related transactions in 2024, over 70% of which came from collaborative expansion in government and enterprise security business [4] Group 4 - In 2025, Qimingxingchen plans to strengthen business collaboration with China Mobile, expecting to sell approximately 1.95 billion yuan worth of goods to China Mobile and its controlled enterprises [5] - The company has made breakthroughs in commercial models for personal and family smart scenarios, integrating security capabilities into China Mobile's entry-level products like "Mobile Cloud Computer," ensuring user cloud service security [5] - Qimingxingchen emphasizes technological innovation as a core driving force, focusing on improving business quality and deepening strategic collaboration to achieve profitability breakthroughs and demonstrate high-quality development potential [5]

Company Overview - Company announced an earnings briefing on April 28, 2025 [1] - In Q1 2025, the company reported a net profit of 1.597 million yuan, marking a turnaround from losses [2] - The company aims to enhance operational management and reduce costs while focusing on technological innovation [2] Financial Performance - The company's main revenue for Q1 2025 was 641 million yuan, a year-on-year decrease of 30.54% [4] - The net profit attributable to shareholders increased by 101.41% year-on-year [4] - The company reported a gross margin of 58.79% [4] Market Position and Strategy - The company has maintained a leading market share in over 20 product categories for several years [2] - It is focusing on the "I+ security" product matrix to capture new market opportunities [2] - The partnership with China Mobile is expected to drive innovation in cybersecurity technology [2] Industry Outlook - The cybersecurity industry is projected to grow significantly, with China's market expected to increase from 11 billion USD in 2023 to 17.1 billion USD by 2028, reflecting a compound annual growth rate of 9.2% [3] - The industry is driven by policy support and increasing market demand for cybersecurity products and services [3] - The company is positioned to benefit from the growing emphasis on data security amid digital transformation [3]

Group 1: Financial Performance - The company reported a net profit of 1.597 million yuan for Q1 2025, achieving a turnaround from losses [1] - The focus for 2025 includes technology innovation, operational management, and cost reduction to ensure stable and high-quality growth [1] Group 2: Growth Opportunities - The company is targeting new market demands driven by AI large models in the security industry, with several new AI+security products entering the project implementation phase [1] - Collaboration with China Mobile aims to expand new business scales in ToC/ToH sectors, leveraging existing advantages while attracting new customer groups [1] Group 3: Industry Outlook - The network security industry is expected to grow significantly, driven by policy support and increasing market demand [2] - The Chinese network security market is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [2]

Core Viewpoint - The company achieved a turnaround in Q1 2025, reporting a profit of 1.597 million yuan, marking a significant improvement compared to the same period last year, laying a foundation for stable operations and high-quality development throughout the year [1][2]. Group 1: Financial Performance - The company focused on improving business quality, resulting in a notable increase in gross margin by 8 percentage points year-on-year [1]. - The total operating expenses were reduced by 15% compared to the previous year, enhancing profit potential for the year [1]. Group 2: Strategic Initiatives - The company is actively embracing AI technology, particularly in the AI + security sector, and is accelerating the development of its product matrix to seize market opportunities [1][2]. - The company plans to implement cautious and steady management measures while leveraging breakthroughs in AI large models to drive applications in the security industry [2][3]. Group 3: Collaboration and Innovation - The company aims to maintain close alignment with China Mobile's innovation directions, focusing on areas such as low-altitude economy, integrated vehicle-road-cloud systems, satellite internet, and 5G [3]. - The collaboration with China Mobile is expected to deepen, enhancing the company's service capabilities in the enterprise sector and expanding its security offerings [3][4].

Core Insights - The company reported a revenue of 641 million yuan and a net profit of 1.597 million yuan for Q1 2025, marking a year-on-year profit increase of 101.41% and an 8% rise in gross margin [1] - The company has optimized operational efficiency across its entire chain and reduced total expenses by 15% compared to the same period last year, creating room for profit release [1] - Despite challenges in the cybersecurity industry, the company achieved breakthroughs through management efficiency, technological upgrades, and strategic collaboration, signaling long-term investment value [1] Financial Performance - The company achieved a turnaround in profitability, with a significant improvement in revenue quality [2] - The company’s collaboration with China Mobile has resulted in a projected sales amount of approximately 1.95 billion yuan for 2025 [5] - The company’s revenue from its trust and innovation security business and cloud security business grew by 15% and 20% year-on-year, respectively [4] Strategic Initiatives - The company is leveraging AI security strategies and has launched the "Jiutian. Taihe Security Model" and the first full-cycle AI security solution "Anxing Intelligent Body" [2] - The company has developed a complete product matrix for large model application security, including a large model application firewall and access security proxy [2][3] - The company is focusing on enhancing its collaboration with China Mobile, which is expected to be a new growth point [4][5] Market Positioning - The company is positioned as a leader in the cybersecurity industry, emphasizing technological innovation as a core driver for high-quality development [5] - The company has established itself as a key player in the AI-driven security sector, aiming to capture strategic opportunities in this emerging market [2][3]

启明星辰（002439）公告，2025年第一季度营业收入6.41亿元，同比下降30.54%。净利润159.71万元， 去年同期净亏损1.13亿元。 ...

启明星辰信息技术集团股份有限公司 2025 年第一季度报告 证券代码：002439 证券简称：启明星辰 公告编号：2025-034 启明星辰信息技术集团股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 □是 否 1 启明星辰信息技术集团股份有限公司 2025 年第一季度报告 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同 期增减（%） | | --- | --- | --- | --- | | 营业收入（元） | 640,806,865.89 | 922,613,266.65 | -30.54% | | 归属于上市公司股东的净利润（元） | 1,597,149.47 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 启明星辰(002439)公司点评报告 2025 年 04 月 21 日 [Table_Title] 经营业绩短期承压，中国移动持续赋能 不断加大 AI 投入力度，打造安全大模型及智能体应用 2024 年，公司继续加大研发投入，投入金额达 9.80 亿元，同比增长 14.95%。 公司坚定落实中国移动"BASIC6"科创计划，支撑中国移动构建云网数智安 深度融合的网信安全能力体系。公司以包括但不限于中国移动九天大模型 为基础，在中国移动强大的算力资源支持下，充分利用公司丰富的安全数据 集，于 2024 年 5 月福建"数字中国"峰会期间正式发布训练完成的"九 天·泰合安全大模型"，并在 2024 年 8 月贵州中国国际大数据产业博览会 期间发布"安星智能体"。 点评： 2024 年营收有所下滑，2025 年第一季度实现盈利 2024 年，外部市场环境的变化和不确定性给公司经营带来压力和挑战，部 分优势行业受多重因素影响，公司实现营业收入 33.15 亿元，同比下降 26.44%；实现归母净利润-2.26 亿元，实现扣非归母净利润-1.32 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 启明星辰(002439)公司点评报告 2025 年 04 月 21 日 [Table_Title] 经营业绩短期承压，中国移动持续赋能 盈利预测与投资建议 作为网络安全产业领军企业，公司始终坚持以科技创新为核心驱动力，以高 水平安全护航高质量发展，未来持续成长空间广阔。预测公司 2025-2027 年的营业收入为 35.25、37.89、40.79 亿元，归母净利润为 1.68、2.71、 3.97 亿元，EPS 为 0.14、0.22、0.33 元/股，对应的 PE 为 108.71、67.11、 45.85 倍。考虑到行业的成长空间和公司业务未来的成长性，维持"买入" 评级。 ——启明星辰(002439.SZ)2024 年年度报告点评 [Table_Summary] 事件： 公司于 2025 年 4 月 14 日收盘后发布《2024 年年度报告》、《2025 年度第 一季度业绩预告》。 点评： 2024 年营收有所下滑，2025 年第一季度实现盈利 2024 年，外部市场环境的变化和不确定性给公司经营带来压力和挑战，部 分优势行业受多 ...