奇安信：侧重质量业绩承压，中国电子战略增持

Investment Rating - The investment rating for Qi Anxin (688561) is not explicitly stated in the provided content, but the report suggests a focus on quality and strategic shareholder support from China Electronics [6][10]. Core Insights - Qi Anxin reported a revenue of 1.783 billion yuan for the first half of 2024, a year-on-year decrease of 28.17%. The net profit attributable to shareholders was -820 million yuan, indicating a narrowing loss [10]. - The company is shifting 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 [10]. - The company launched several new products across various fields, including an AI+ security robot and upgraded models in situational awareness and cloud security [10]. - China Electronics increased its stake in Qi Anxin by 5%, which is expected to optimize the company's equity structure and strengthen its position in the national cybersecurity industry [10]. Financial Performance Summary - For the second quarter of 2024, Qi Anxin achieved a revenue of 1.078 billion yuan, down 30.76% year-on-year, with a net profit of -340 million yuan, also showing a narrowing loss [10]. - The gross profit margin for the first half of 2024 was 57.08%, down 3.89 percentage points year-on-year, while the second quarter's gross margin was 53.96%, down 8.95 percentage points year-on-year [10]. - Revenue projections for 2024-2026 are estimated at 6.568 billion yuan, 7.093 billion yuan, and 7.810 billion yuan, with corresponding year-on-year growth rates of 1.95%, 7.99%, and 10.11% [10][11]. - The net profit attributable to shareholders is projected to be 122 million yuan, 248 million yuan, and 358 million yuan for 2024-2026, with growth rates of 69.40%, 103.81%, and 44.49% respectively [11]. Market Position and Strategy - The company continues to lead the cybersecurity market, with enterprise clients contributing over 80% of its revenue [10]. - The report emphasizes the importance of maintaining a strong market share in the cybersecurity sector, suggesting that investors should continue to monitor the company's performance closely [10].