【私募调研记录】中睿合银调研奇安信

Group 1: Core Insights - The impact of the trade war on the cybersecurity industry by 2025 is expected to be neutral to positive, driven by national policies, accelerated innovation in the industry, increased global cybersecurity investments, and the adoption of Chinese solutions by Belt and Road countries [1] - In the first quarter, there was an increase in cybersecurity investments from the government, state-owned enterprises, and banks, with new market opportunities arising from the application of large models [1] - The growth in orders in the first quarter is primarily attributed to the recovery of delayed projects from government, state-owned enterprises, and banks, with security demands from large model applications expected to manifest in the second half of the year [1] Group 2: Company Strategy and Financial Outlook - By 2025, the company will prioritize cash flow, aiming for a significant breakthrough in operating cash flow [1] - The change in gross margin for 2024 is mainly due to underperformance in channel development and a high proportion of low-margin security service revenue, with plans to improve gross margin through product focus and channel reform in 2025 [1] - The company will adjust personnel size based on business needs, with a decrease in R&D expense ratio and dynamic adjustments in sales expenses planned for 2025 [1]