亚信安全（688225）：并购驱动高增长，AI原生筑壁垒

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2024 met market expectations, with significant revenue and profit growth driven by the acquisition of AsiaInfo Technology, resulting in a turnaround from loss to profit [2] - The network security business achieved revenue of 1.71 billion yuan in 2024, a year-on-year increase of 6.37%, with a gross margin of 61.35%. The net profit attributable to shareholders was -91 million yuan, indicating a substantial reduction in losses, reflecting improvements in internal business quality and efficiency [2] - The newly added digital intelligence business contributed 1.885 billion yuan in revenue and 100 million yuan in net profit, becoming a core driver for revenue and performance expansion [2] - The revenue structure of the network security business continues to optimize, with standardized product revenue growing by 7.4%, increasing its share to 47.3% of total network security revenue, which in turn improved the gross margin by 13.53 percentage points to 61.35% [3] - The company has achieved positive cash flow in its network security business, with a net operating cash flow increase of 425 million yuan year-on-year, reflecting effective receivables management and cost control [3] - The company is strategically positioned in high-barrier sectors such as telecommunications and finance, maintaining a leading market share in terminal security and ranking among the top three in cloud host security [3] - The company is actively following AI trends, integrating AI technology with security scenarios, and has established a dual-engine model of "Security + Digital Intelligence" [4] - The financial forecast for 2025-2027 estimates revenues of 8.468 billion, 9.313 billion, and 10.534 billion yuan, with net profits of 102 million, 153 million, and 215 million yuan respectively, reflecting a long-term growth potential driven by structural and efficiency improvements in the network security business and AI integration [5]