VENUSTECH(SZ:002439) Tou Bao Yan Jiu Yuan·2025-08-21 11:52Investment Rating - The report does not explicitly state an investment rating for the industrial firewall industry Core Insights - The industrial firewall has become a core security device in key industries such as electricity and petrochemicals, playing a crucial role in addressing network threats like ransomware and APT attacks, ensuring production continuity and the stable operation of critical infrastructure [7][43] - The market for industrial firewalls in China is characterized by a clear tiered competitive landscape, with Qiming Star holding a market share of 35.9%, followed by challengers like Venustech, Tianrongxin, and Qihoo 360, while companies like Sixiangyun are in the follower tier [8][53] Summary by Sections Industry Overview - The research aims to systematically deconstruct the industrial firewall ecosystem, revealing its strategic value as a network security infrastructure and providing a decision-making framework for the industry to grasp the wave of digital security upgrades [3] Industry Applications - Industrial firewalls are primarily applied in three scenarios within industrial control systems: inter-layer security protection (50%), intra-layer network security (30%), and device-level protection (20%) [21][26] Market Competition Landscape - The competitive landscape of the industrial firewall market in China is clearly tiered, with Qiming Star leading with a market share of 35.9%, while Venustech, Tianrongxin, and Qihoo 360 are in the challenger tier [8][53] Industry Analysis - The demand for industrial firewalls is driven by new factory deployments, economic benefits from renewable energy projects, equipment upgrades, domestic substitution policies, compliance requirements, and the expansion of enterprise needs [61][67] - The development trends in the industrial firewall sector include a shift towards multi-protocol deep detection and AI empowerment, enhancing defense efficiency against network threats [68][72]