ABT Networks(SH:688168) Zheng Quan Shi Bao Wang·2025-02-06 06:06Core Viewpoint - Anbotong (688168) is expected to achieve significant revenue growth in 2024, with projected revenues between 700 million to 750 million yuan, reflecting a year-on-year increase of 27.67% to 36.79% despite anticipated net losses [1][2]. Group 1: Financial Performance - The company forecasts a net loss of 100 million to 150 million yuan for 2024, primarily due to slower payment collection from downstream clients and a prudent provision for credit impairment losses of approximately 100 million yuan [2]. - Excluding the impact of the impairment provision, the company did not incur actual losses, indicating a strong customer base with low risk of uncollectible receivables [2]. - The operating cash flow has turned positive, demonstrating effective cash collection efforts [2]. Group 2: Industry Context - The cybersecurity industry is currently experiencing a phase of downturn, with many companies reporting varying degrees of revenue decline due to economic challenges and intensified competition [1]. - Despite the industry's struggles, Anbotong has maintained a high customer retention rate and outperformed the overall industry revenue growth, showcasing its resilience [1]. Group 3: Strategic Initiatives - Anbotong is actively pursuing a "quality improvement and efficiency enhancement" action plan for 2024, focusing on optimizing operations, standardizing governance, and targeting high-value customer segments [1]. - The company is leveraging the AI trend by seeking digital transformation and establishing strategic partnerships with leading AI firms such as Baidu, Huawei, and Inspur Cloud [2]. - Anbotong has diversified its product offerings, including AI Ops security models and AI firewalls, to support its "AI + security" strategy, which is expected to provide substantial growth opportunities [2]. Group 4: Innovation and Development - Anbotong emphasizes innovation as a key driver of growth, having established a solid foundation for healthy development through proactive business innovation [3]. - The company has achieved significant breakthroughs in its innovation business, with its computing power subsidiary generating tens of millions in revenue within its first year [3]. - In 2024, Anbotong plans to enhance its R&D capabilities by establishing a new research center in Shanghai, complementing its existing centers in Beijing and Wuhan [3].