亚信安全：并购驱动高增长，AI原生筑壁垒-20250508

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 the parent company was -91 million yuan, indicating a substantial reduction in losses [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 cash flow from the network security business turned positive, with a net operating cash flow increase of 425 million yuan year-on-year, reflecting effective receivables management and cost control [3] - The company maintains a leading position in high-barrier sectors such as telecommunications and finance, with a second-place market share in endpoint security and a top-three position in cloud host security [3] - The company is strategically positioned in the AI sector, integrating AI technology with security scenarios, and has established partnerships with major players like Alibaba Cloud and Volcano Engine to deliver end-to-end AI solutions [4] Financial Summary - The company expects revenues of 8.468 billion yuan, 9.313 billion yuan, and 10.534 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 1.02 billion yuan, 1.53 billion yuan, and 2.15 billion yuan for the same years [5] - The 2024 financial performance showed a revenue of 3.595 billion yuan, a year-on-year increase of 123.56%, and a net profit of 10 million yuan, marking a return to profitability [10] - The company’s earnings per share (EPS) is projected to be 0.02 yuan, 0.25 yuan, 0.38 yuan, and 0.54 yuan for 2024, 2025, 2026, and 2027, respectively [12]