360 Security Technology (SH:601360) Ge Long Hui A P P·2025-12-23 01:50Core Viewpoint - The company has been recognized for its achievements in AI applications, marking a significant transformation from a traditional software vendor to an AI application platform, which provides a basis for re-evaluation in the market [1] Group 1: AI Strategy and Growth - The company has established a dual strategy of "AI + Security," integrating AI technology deeply into its security business while enhancing the credibility of AI products through its security capabilities [3][4] - The company’s approach to AI is application-oriented, focusing on practical implementations rather than competing directly with major players on model size or general capabilities [5] - The company’s self-developed large model, "360智脑," has been continuously iterated, achieving top-tier performance in domestic evaluations, particularly in mathematical reasoning [6][8] Group 2: Product Development and Market Position - The "Nano AI Search Super Intelligent Agent" is a flagship product that leverages multi-platform information to complete complex tasks, positioning the company advantageously in the competitive AI search market [9] - The company’s internet value-added services generated revenue of 1.379 billion yuan in 2024, with a significant year-on-year growth of 253.25% in other value-added services, indicating a shift in revenue structure towards AI applications [10] Group 3: Security Capabilities and Digital Transformation - The company has a strong foundation in security, having covered 1.5 billion terminals globally, and is now enhancing its digital security capabilities through the "360 Security Intelligent Agent" [11][12] - The company has secured contracts exceeding 300 million yuan for AI and digital security projects, demonstrating its strong B-end implementation capabilities [13] Group 4: Financial Performance and Future Outlook - In Q3 2025, the company reported revenues of 2.241 billion yuan, a year-on-year increase of 16.88%, and a net profit of 160 million yuan, marking a significant turnaround [15] - The company is expected to see continued revenue growth, with projections of 8.7% to 12.6% annual growth from 2025 to 2027, driven primarily by its AI business [15][16]