Financial Performance - The company's revenue for Q1 2025 was ¥640,806,865.89, a decrease of 30.54% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥1,597,149.47, representing a significant increase of 101.41% year-over-year[5]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.0013, up 101.44% from the previous year[5]. - Total operating revenue for the current period is ¥640,806,865.89, down 30.5% from ¥922,613,266.65 in the previous period[18]. - Net profit attributable to the parent company is ¥1,597,149.47, compared to a net loss of ¥113,169,016.82 in the previous period[19]. - The company reported a total comprehensive income of ¥174,082.43, compared to a loss of ¥115,094,029.55 in the previous period[19]. - Basic and diluted earnings per share are both ¥0.0013, recovering from a loss of ¥0.0900 in the previous period[19]. Cash Flow and Operating Activities - Operating cash flow for the quarter was -¥209,535,795.97, a decline of 77.24% compared to the same period last year, primarily due to reduced sales collections[9]. - The net cash flow from operating activities is -¥209,535,795.97, worsening from -¥118,220,658.12 in the previous period[21]. - The company experienced a foreign exchange impact on cash and cash equivalents of -¥73,419.91 during the period[21]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥13,581,790,139.27, a decrease of 1.42% from the end of the previous year[5]. - The total current assets decreased to CNY 7,705,779,036.84 from CNY 8,402,386,543.06, reflecting a decline of approximately 8.3%[15]. - Cash and cash equivalents decreased to CNY 1,233,173,365.41 from CNY 1,964,231,160.39, a reduction of about 37.3%[15]. - The total non-current assets increased to CNY 5,876,011,102.43 from CNY 5,375,688,599.36, representing an increase of approximately 9.3%[16]. - The total liabilities decreased to CNY 2,152,494,063.59 from CNY 2,349,506,822.81, a decline of about 8.4%[16]. - The total equity increased slightly to CNY 11,429,296,075.68 from CNY 11,428,568,319.61, indicating a marginal growth[16]. Investment and Income - Investment income for Q1 2025 was ¥19,764,867.56, an increase of 165.89% year-over-year, driven by stock price fluctuations of associated companies[9]. - Fair value gains for the quarter reached ¥52,076,914.07, up 198.18% compared to the previous year, also influenced by stock price changes of associated companies[9]. Cost Management - The company reduced its operating costs, with total sales, management, and R&D expenses decreasing by approximately 15% year-over-year[8]. - Total operating costs decreased to ¥762,862,166.26, a reduction of 25.3% from ¥1,020,636,731.64 in the previous period[18]. - Research and development expenses for the current period are ¥226,909,670.08, down 21.4% from ¥289,203,657.24 in the previous period[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 90,320[11]. - The company plans to repurchase and cancel 6,969,171 shares of restricted stock due to performance targets not being met, reducing the total share capital from CNY 1,218,369,376 to CNY 1,211,400,205[13]. Inventory and Receivables - The company reported a decrease in accounts receivable to CNY 4,722,809,448.45 from CNY 4,732,428,490.33, a slight decline of about 0.2%[15]. - The inventory increased to CNY 506,379,267.37 from CNY 463,009,920.76, reflecting an increase of approximately 9.4%[15]. - The company’s long-term equity investments decreased to CNY 349,290,779.32 from CNY 350,706,395.27, a decline of about 0.4%[15].

Core Insights - In 2024, the focus on large model security will shift towards the security of the models themselves, while by 2025, the risks will escalate to include the security of the intelligent agents and their application environments [1] - The rapid advancement of AI technology is driving a transformation across various industries, with predictions indicating that by 2026, 50% of China's top 500 companies will utilize AI agents for data preparation and analysis [1] - The emergence of AI agents has led to a new phase in cybersecurity, termed "intelligent agent confrontation," where cybersecurity firms are developing dynamic defense systems that utilize AI to counter AI threats [2] Company Developments - Qimingxingchen has launched the "Nine Sky. Taihe" security model and the "Anxing" intelligent agent, enhancing their capabilities to identify and manage data risks [2] - The accuracy of data risk identification has improved from 70% to 90% through the integration of AI technologies [2] - The company is actively working on a cluster of intelligent agents that can collaboratively address complex cybersecurity threats, improving operational efficiency and reducing false alarms [3] Strategic Collaborations - Qimingxingchen is collaborating with China Mobile to develop a next-generation defense system, focusing on AI security governance and integrated security solutions [6] - The partnership aims to create a robust security foundation for the digital transformation of China, addressing the challenges posed by the widespread application of large models [6] - The company is committed to continuous product iteration and technological upgrades to establish a comprehensive security protection system for large model applications [6]

[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 ...

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]

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 | 市场数据：2025 月 | 年 4 | 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 ...