奇安信：经营质量优化，销售回款与净利润实现增长

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company has optimized its operational quality, resulting in growth in sales collections and a reduction in net losses. The revenue for H1 2024 was 1.783 billion, a year-on-year decrease of 28.17%, while the net profit attributable to shareholders was -820 million, a reduction in loss of 6.78% [1]. - The company has shifted its focus from scale to quality, strategically abandoning clients with less favorable payment expectations and reducing its role in total integration, leading to a significant decrease in hardware and other revenues [1]. - The company has secured multiple large-scale projects across various product lines, including data security and cloud security, and has been recognized with national awards for its contributions to the cybersecurity field [1]. - The company is actively exploring new opportunities in overseas markets, leveraging its international R&D center and business headquarters in Hong Kong to expand into countries like Indonesia, Oman, and Egypt [1]. Financial Summary - For 2024-2026, the company’s revenue projections are adjusted to 6.630 billion, 7.292 billion, and 7.975 billion respectively, with net profit projections of 148 million, 212 million, and 309 million respectively [2][3]. - The company reported a sales collection of 1.838 billion in H1 2024, a year-on-year increase of 2.48%, and a net operating cash flow of -826 million, an increase of 5.73 billion, representing a year-on-year growth of 40.97% [1]. - The company’s core product lines are leading the industry, with significant revenue performance in data security and endpoint security, surpassing the company’s average level [1].