Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is facing significant pressure in 2024, with projected operating revenue of 3.315 billion yuan, a decrease of 26.44%, and a net profit attributable to shareholders of -226 million yuan, a decline of 130.53% [4][7] - The company has established a strong collaboration with China Mobile, which is expected to generate over 1 billion yuan in related transactions, contributing to new growth points [5] - The company is focusing on enhancing its security products and services, with a notable increase in gross margin and a reduction in operating expenses [4][11] Revenue and Profit Summary - In 2024, the company anticipates a significant decline in revenue and profit, with a projected revenue of 3.315 billion yuan and a net profit of -226 million yuan [6][23] - The company reported a revenue of 9.89 billion yuan in Q4 2024, down 49.88%, and a net profit of -16 million yuan, a decrease of 103.25% [7] - The gross margin for 2024 is expected to be 58.77%, showing a slight improvement despite the negative net profit [11] Business Segments - The company's security products revenue is projected to be 1.905 billion yuan in 2024, a decrease of 26.12%, while the security operation services revenue is expected to be 1.383 billion yuan, down 27.20% [4][22] - The company has launched over 300 domestic products in the "信创" (Xinchuang) sector, with revenue growth exceeding 15% [4] - The cloud security segment has seen a revenue growth of over 20%, with 24 products launched on the mobile cloud marketplace [4] Financial Forecasts - The company expects revenues of 3.551 billion yuan, 3.989 billion yuan, and 4.515 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 135 million yuan, 288 million yuan, and 438 million yuan [6][23] - The projected PE ratios for 2025, 2026, and 2027 are 134.6, 63.3, and 41.6 respectively [23]
启明星辰(002439):4年承压较大,与移动协同打造新增长点