政策技术双轮驱动，数盾科技抢占商用密码千亿赛道先机

Core Insights - The commercial password industry in China is experiencing significant growth, with a projected market size of 38.67 billion yuan in 2024, representing a year-on-year increase of 19.3%, and expected to exceed 46.28 billion yuan in 2025, indicating sustained high demand [1] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, which is expected to constitute a major asset restructuring [1] - Shudun Technology has established itself as a leader in the commercial password sector, providing comprehensive lifecycle services and solutions across various industries, including energy, transportation, finance, and government [1] Industry Growth Drivers - The commercial password industry is supported by a combination of regulatory compliance and market demand, with recent laws such as the Cybersecurity Law and Data Security Law driving compliance requirements across key sectors [2] - Shudun Technology, as one of the first companies to receive national certification for commercial passwords, stands to benefit significantly from these regulatory trends [2] - The company is also positioned to leverage local government support as a key player in the password industry chain [2] Technological Advancements - Shudun Technology is advancing towards quantum-resistant encryption and integrating artificial intelligence, aligning with industry trends [3] - The company holds 63 invention patents and 152 software copyrights, with its post-quantum password card supporting both traditional and quantum-resistant encryption systems [3] - Shudun Technology's products are compatible with major domestic platforms, and the deployment rates of national encryption algorithms in key industries are notably high, with SM2, SM3, and SM4 reaching 82.4%, 78.9%, and 75.6% respectively [3] Commercialization and Market Position - Shudun Technology has validated its commercialization capabilities with a comprehensive product system covering hardware, software, and services, enabling flexible deployment across various scenarios [4] - The company has established a commercial password technology and application innovation center, enhancing its industry integration capabilities [4] - The market concentration in the commercial password sector has room for improvement, with Shudun Technology positioned in a core market that accounted for 22.2% of the national market in 2024, further unlocking growth potential [4] Investment Outlook - As the commercial password industry enters a phase of scaled development, the combination of policy benefits, technological advancements, and expanded application scenarios is expected to drive growth [4] - Shudun Technology's comprehensive advantages in policy, technology, and channels, along with its potential entry into the capital market post-acquisition, positions it as a long-term value target in the commercial password sector [4]