WebRAY(SH:688651) Zhong Guo Zheng Quan Bao·2025-12-23 20:23Core Insights - The company is transitioning towards an "integrated security for air, land, sea" strategy, focusing on the emerging industries of satellite internet, low-altitude economy, and deep-sea technology, highlighting the increasing importance of security in these sectors [1][2]. Business Diversification and Transformation - The company is actively expanding its business in the satellite internet sector, with significant developments in commercial aerospace, low-altitude economy, and deep-sea technology [2]. - The market for satellite internet in China is projected to reach 100 billion yuan in the next five years, emphasizing the critical nature of security in this new infrastructure [2]. - The company has developed a comprehensive security product line covering satellite control networks, operational control networks, and access networks, successfully winning contracts in various new business areas [2][3]. Technological Advancements - The company has made significant investments in research and development, with a focus on AI infrastructure security and quantum encryption technology, addressing the challenges of traditional encryption methods [3][4]. - A new 200G high-speed encryption gateway has been launched, achieving a fivefold increase in throughput compared to traditional solutions, and reducing encryption latency to below 3 microseconds [4]. - The product supports domestic commercial encryption algorithms and is designed to accommodate future quantum encryption scenarios, ensuring adaptability to technological advancements [4][5]. Research and Development Framework - The company reported a revenue of 155 million yuan in the first three quarters of the year, with a year-on-year growth of 8.49%, and R&D investment reaching 66.65 million yuan, accounting for 42.90% of revenue [6]. - A three-tier R&D structure has been established to facilitate collaboration between technology research and industrial application, focusing on precise detection and defense in network security [6][7]. - The company aims to leverage AI technology to enhance detection and defense efficiency while expanding into new business scenarios such as satellite commercial aerospace and intelligent computing centers [6][7].