亚信安全：并购亚信科技交易完成，多领域协同可期

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The completion of the acquisition of AsiaInfo Technology is expected to significantly enhance the company's performance, with projected revenue exceeding 10 billion in 2025 and a net profit contribution of approximately 20% from AsiaInfo Technology [1][7] - The company has maintained a relatively good revenue growth rate in the cybersecurity industry, driven by a focus on core strategic products and strengthening key industries and high-value clients [1][4] - The company has shown improvement in various operational metrics, including a 5.1 percentage point increase in gross margin year-on-year in Q3 and a 36.27% year-on-year improvement in operating cash flow [1][4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.108 billion (up 11.75%) and a net profit attributable to the parent of -208 million (up 1.37%) [1][4] - In Q3 alone, the company achieved revenue of 448 million (up 4.44%) and a net profit attributable to the parent of -16 million (up 59.29%) [1][4] - The company expects revenue for 2024-2026 to be 1.931 billion, 2.353 billion, and 2.793 billion respectively, with growth rates of 20%, 22%, and 19% [7][8]