开源证券：给予亚信安全买入评级

Core Viewpoint - The report highlights the optimization of business structure and the establishment of leadership in AI large model applications and delivery by AsiaInfo Security, maintaining a "buy" rating for the company [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.124 billion yuan, a year-on-year increase of 372.81%. However, the net profit attributable to shareholders was -356 million yuan, primarily due to impairment provisions and increased losses from fair value changes in external investments [3]. - The network security business generated operating revenue of 510 million yuan with a gross margin of 59.6%, up 4.7 percentage points year-on-year, attributed to the optimization of business structure and improved delivery efficiency [3]. - The smart business segment reported operating revenue of 2.615 billion yuan with a gross margin of 31.4%, contributing a net profit of -44.63 million yuan [3]. Business Strategy - AsiaInfo Technology has formed partnerships with major institutions like Alibaba Cloud, Baidu Intelligent Cloud, and NVIDIA to develop end-to-end solutions for various industries, becoming a partner in Alibaba Cloud's AI large model initiative [4]. - In the first half of 2025, the company signed contracts worth approximately 70 million yuan, a year-on-year increase of 78 times, with AI large model application and delivery business revenue reaching 26 million yuan, up 76 times [4]. Profit Forecast - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to 97 million yuan, 247 million yuan, and 296 million yuan respectively, down from previous estimates of 207 million yuan, 270 million yuan, and 322 million yuan [2]. - The earnings per share (EPS) for the same years are projected to be 0.24 yuan, 0.62 yuan, and 0.74 yuan, with corresponding price-to-earnings (PE) ratios of 94.3, 37.1, and 31.0 times [2].