启明星辰：价值经营持续深化，全面布局BASIC6+X领域

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative price increase of over 15% within the next 6 to 12 months compared to the benchmark index [304]. Core Views - The company is focusing on deepening value management and comprehensively laying out the BASIC6+X field, which includes new security business segments that are showing significant growth [2][3]. - The company has reported stable revenue growth, with a notable increase in new orders and collaboration with China Mobile, particularly in the emerging security business [2][3]. - The report highlights the company's strategic innovation in research and development, with a significant increase in R&D investment [2][3]. Financial Summary - The company's revenue for 2024 is projected to be 51.94 billion, with a year-on-year growth rate of 15% [2]. - Net profit for 2024 is expected to be 792 million, reflecting a 7% year-on-year growth [2]. - Earnings per share (EPS) is forecasted to be 0.83 for 2024, increasing to 1.28 by 2026 [2][302]. - The company’s gross margin is expected to improve, supported by effective cost management [2]. - The report anticipates total revenue for 2024-2026 to be 87 billion, with net profit projections of 792 million, 984 million, and 1.22 billion respectively [2][302]. Operational Highlights - The company is enhancing its cloud security capabilities and has established a new industrial security capability system [2]. - The report notes a significant increase in the revenue of cloud security and identity trust products, with some segments growing over 200% year-on-year [2]. - The company is also focusing on building a comprehensive data element security system, integrating security with data elements [2]. Market Position - The company is positioned to leverage its collaboration with China Mobile to enhance its network security capabilities and expand its market presence [2][3]. - The report indicates that the company is well-prepared to navigate the competitive landscape of the information security industry [2].