Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Insights - The company experienced a revenue decline of 26.44% year-on-year in 2024, with total revenue of 3.315 billion yuan. However, it is projected to achieve profitability in the first quarter of 2025, with expected revenue between 600 million and 680 million yuan [2]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a 14.95% increase year-on-year. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4]. Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -226 million yuan, with a projected recovery to a net profit of 1.68 million yuan in 2025. The earnings per share (EPS) is expected to improve from -0.19 yuan in 2024 to 0.14 yuan in 2025 [5][8]. - Revenue forecasts for 2025, 2026, and 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with corresponding net profits of 168 million, 271 million, and 397 million yuan [5][8].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is facing significant pressure in 2024, with projected operating revenue of 3.315 billion yuan, a decrease of 26.44%, and a net profit attributable to shareholders of -226 million yuan, a decline of 130.53% [4][7] - The company has established a strong collaboration with China Mobile, which is expected to generate over 1 billion yuan in related transactions, contributing to new growth points [5] - The company is focusing on enhancing its security products and services, with a notable increase in gross margin and a reduction in operating expenses [4][11] Revenue and Profit Summary - In 2024, the company anticipates a significant decline in revenue and profit, with a projected revenue of 3.315 billion yuan and a net profit of -226 million yuan [6][23] - The company reported a revenue of 9.89 billion yuan in Q4 2024, down 49.88%, and a net profit of -16 million yuan, a decrease of 103.25% [7] - The gross margin for 2024 is expected to be 58.77%, showing a slight improvement despite the negative net profit [11] Business Segments - The company's security products revenue is projected to be 1.905 billion yuan in 2024, a decrease of 26.12%, while the security operation services revenue is expected to be 1.383 billion yuan, down 27.20% [4][22] - The company has launched over 300 domestic products in the "信创" (Xinchuang) sector, with revenue growth exceeding 15% [4] - The cloud security segment has seen a revenue growth of over 20%, with 24 products launched on the mobile cloud marketplace [4] Financial Forecasts - The company expects revenues of 3.551 billion yuan, 3.989 billion yuan, and 4.515 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 135 million yuan, 288 million yuan, and 438 million yuan [6][23] - The projected PE ratios for 2025, 2026, and 2027 are 134.6, 63.3, and 41.6 respectively [23]

| 二、大模型安全的演变 | | --- | 从自身安全到应用环境安全：2024 年市场讨论的重点是大模型自身安全，今年 已扩展到智能体自身安全，再到大模型应用环境的安全。类比操作系统安全的 演变过程，大模型安全不应仅依赖内生安全，也可以通过外挂和外置方式解决， 催生出服务侧、访问侧及高价值场景深度应用安全需求的 AI 安全新赛道。 与传统安全的亲和性：大模型应用安全与传统网络安全、数据安全有很强的亲 和性，多种现有安全产品可直接应用于大模型场景。 三、启明星辰大模型安全解决方案 快速迭代的大模型安全产品矩阵：自 2025 年 2 月 6 日起，启明星辰以周为单 位加速产品迭代，已完成多项技术升级，成功构建完整的大模型应用安全产品 矩阵，形成覆盖全场景的大模型应用安全防护体系，包含：大模型应用防火墙 （MAF）、大模型访问安全代理（MASB）、大模型访问脱敏罩、大模型评估与检 查等。 智能体集群化：大模型应用向智能体集群化发展，大模型应用安全也应构建一 个多智能体、智能体集群的安全体系。 潘柱廷最后表示：大模型应用的安全风险需重视但无需焦虑。作为中国移动专 责网信安全专业子公司，启明星辰将与中国移动持续深度协 ...

公司发布2024 年年报，2024 年全年实现营业收入33.15 亿元，同比下降26.44%；归母净利润-2.26 亿 元，由盈转亏，扣非后归母净利润-1.32 亿元，由盈转亏。 事件： 单Q4 而言，2024Q4 实现营业收入9.89 亿元，同比下降49.88%；归母净利润-0.16 亿元，由盈转亏，扣 非后归母净利润0.16 亿元，同比下降96.55%。 2025 年以提升经营质量为先 2025 年以来，考虑到下游客户网安需求尚未出现明显好转，公司将聚焦于业务质量的提升。从2025Q1 表现来看，公司毛利率提升8pcts，同时通过AI 优化成本费用，三费合计同比下降15%，有望为全年利 润修复释放空间。 盈利预测与估值 考虑到公司2025 年聚焦经营质量、坚持以量换质，我们调整此前盈利预测，预测公司2025-2027 年营业 收入分别为33.58、35.86、39.39 亿元，归母净利润分别为0.77、2.05、3.68 亿元。尽管公司业绩短期受 到宏观经营环境以及自身战略调整等因素承压，但长期我们看好公司作为中国移动专责网信安全专业子 公司的战略定位，公司有望在与中国移动大融合后借助更高平台实现高效健康 ...

通用计算机设备 启明星辰（002439.SZ） 增持-A(维持) 下游需求疲软影响全年收入表现，中移动协同持续深化 2025 年 4 月 17 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 4 月 | 16 日 | | | --- | --- | --- | | 收盘价（元）： | | 15.18 | | 年内最高/最低（元）： | | 20.02/12.19 | | 流通 A 股/总股本（亿 | | 7.25/12.18 | | 股）： | | | | 流通 A 股市值（亿）： | | 110.11 | | 总市值（亿）： | | 184.95 | | 年 基础数据：2024 | 12 | 月 | 日 31 | | | --- | --- | --- | --- | --- | | 基本每股收益(元)： | | | | -0.19 | | 摊薄每股收益(元)： | | | | -0.19 | | 每股净资产(元)： | | | | 9.38 | | 净资产收益率(%)： | | | | -1.99 | | 资料来源：最闻 | | | | | 方闻千 执业登记编码：S076 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's overall revenue faced pressure, with significant declines in security products and services, but notable growth in emerging areas such as trusted computing products and cloud security [2] - Despite revenue challenges, the company's gross margin improved from 57.76% in 2023 to 58.77% in 2024, although net profit turned negative due to bad debt provisions and valuation changes of associated companies [3] - In 2025, the company aims to focus on improving operational quality, with early indicators showing an 8 percentage point increase in gross margin and a 15% reduction in total expenses [4] - Revenue forecasts for 2025-2027 are adjusted to 33.58 billion, 35.86 billion, and 39.39 billion respectively, with net profits expected to recover significantly in the coming years [5] Summary by Sections Revenue Performance - In 2024, the company achieved revenues of 3.315 billion, a decline of 26.44% year-on-year, with a net profit of -226.3 million [10] - The fourth quarter of 2024 saw a revenue drop of 49.88% year-on-year [10] Profitability and Forecasts - The company is projected to achieve net profits of 0.77 billion, 2.05 billion, and 3.68 billion for 2025, 2026, and 2027 respectively, indicating a strong recovery trajectory [5][11] - The gross margin is expected to stabilize around 59% in the coming years [11] Strategic Focus - The company plans to enhance operational quality in 2025, leveraging AI to optimize costs and improve profitability [4] - The strategic positioning as a dedicated cybersecurity subsidiary of China Mobile is expected to facilitate efficient growth [5]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][10]. Core Views - The company's revenue performance for the year is impacted by weak downstream demand, while collaboration with China Mobile continues to deepen [1][5]. - In 2024, the company achieved a revenue of 3.315 billion yuan, a year-on-year decrease of 26.44%, and a net profit attributable to shareholders of -226 million yuan, a year-on-year decrease of 130.53% [4][10]. - The company is focusing on strategic collaboration with China Mobile, enhancing product offerings in AI security, cloud security, and data security, which are expected to drive future growth [6][10]. Financial Performance Summary - In 2024, the company's revenue from security products was 1.905 billion yuan, down 26.12% year-on-year, while revenue from security operations and services was 1.383 billion yuan, down 27.20% year-on-year [5]. - The gross margin for 2024 was 58.77%, an increase of 1.00 percentage points compared to the previous year [5]. - The company’s R&D expenses reached 852 million yuan in 2024, a year-on-year increase of 4.6% [5]. - The net profit margin for 2024 was -6.86%, a decrease of 23.27 percentage points year-on-year [5]. Future Earnings Estimates - The company is projected to have earnings per share (EPS) of 0.25, 0.32, and 0.40 for the years 2025, 2026, and 2027, respectively [10]. - Corresponding price-to-earnings (P/E) ratios for these years are estimated at 61.00, 47.19, and 37.94 [10].

事件：启明星辰发布2024 年年度报告，2024 年公司实现营收33.15 亿元，同比下降26.44%；实现归母 净利润-2.26 亿元，同比由盈转亏；实现扣非净利润-1.32 亿元；单2024Q4 来看，公司实现营收9.89 亿 元，同比下降49.88%；实现归母净利润-0.16 亿元；实现扣非净利润0.16 亿元。 预算、需求下滑导致利润承压，毛利率保持稳定。2024 年公司实现归母净利润转亏，主要由于：1）外 部环境的变化和不确定性以及安全预算下滑、部分项目延期对公司收入产生影响；2）公司持续加大技 术研发、人才培养投入，新业务盈利尚需培育；3）公司成为中国移动的专责网信安全专业子公司，业 务融合与协同收入需要持续提升。费用端： 2024 年三费合计20.46 亿元，同比基本持平；其中销售/管理/研发费用分别为9.88/2.06/8.52 亿元，同比 变化分别为-4.28%/7.05%/4.60%。 2024 年公司毛利率为58.77%，同比增长1.01 个百分点。 公司大力推动AI+安全融合战略，新产品已实现落地签单。公司于2024年5 月发布了九天?泰合安全大模 型，并以此为基础构建大小模型相互协同 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 启明星辰(002439.SZ) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 坚持"AI+安全"融合战略，盈利能力有望恢复 [Table_ReportDate] 2025 年 4 月 17 日 [Table_S 事件：启明星辰 ummary]发布 2024 年年度报告，2024 年公司实现营收 33.15 亿元， 同比下降 26.44%；实现归母净利润-2.26 亿元，同比由盈转亏；实现扣非净 利润-1.32 亿元；单 2024Q4 来看，公司实现营收 9.89 亿元，同比下降 49.88%；实现归母净利润-0.16 亿元；实现扣非净利润 0.16 亿元。 请阅读最后一页免责声明及信息披露 h ...

Core Viewpoint - China Mobile's acquisition of Qihoo 360 (002439.SZ) has led to disappointing financial results, with a significant revenue decline and the company's first annual loss recorded [1][2]. Financial Performance - In 2024, the company reported total revenue of 3.315 billion yuan, a year-on-year decrease of 26.44% [2][9]. - The net profit attributable to shareholders was -226 million yuan, marking a shift from profit to loss for the first time since its listing [2][3]. - The company has experienced a cumulative cash flow deficit of 719 million yuan over three years from 2022 to 2024 [6]. Business Segments - The two core business segments, security products and operational services, both saw significant declines, with security product revenue at 1.905 billion yuan (down 26.12%) and operational services revenue at 1.383 billion yuan (down 27.2%) [9][7]. - Despite some growth in specific areas like cloud security and trusted security services, the overall revenue decline was not mitigated [7][9]. Strategic Challenges - The company faced challenges due to increased R&D investments, which rose by 14.95% to 980 million yuan, accounting for 29.56% of total revenue [3]. - Investment income and fair value changes decreased by approximately 352 million yuan (after tax), negatively impacting net profit [3]. Market Reaction - Since China Mobile's acquisition, the company's stock price has dropped nearly 40%, with a significant decline observed from the acquisition date [1][12]. - As of April 16, 2025, the stock closed at 15.18 yuan per share, below the acquisition price of 14.35 yuan [12]. Regulatory Issues - The company's subsidiary, Beijing Qihoo 360 Information Security Technology Co., Ltd., has faced procurement qualification suspensions due to alleged violations, impacting its operational capabilities [9][12].