与阿里云、腾讯云等传统CPU通算云服务不同，九章智算云专注于高密度AI计算服务，可自主规划、自 动执行并完成多步骤复杂场景的高端算力调度任务。据悉，九章智算云服务直接对标NeoCloud行业头 部企业：CoreWeave以6美元 / 卡时的价格提供GPU租赁，以及采用裸金属租赁模式的Lambda Labs、 Crusoe、AWS等竞品。与此同时，AI新云领域正在加速迭代，九章云极正推动开源方案。 新浪科技讯 6月16日下午消息，AI新云服务商九章云极今日宣布推出全新AI智算云平台 "九章智算云 Alaya NeW Cloud2.0"，开创Serverless+RL技术趋势，支持秒级生成百万级Token，实现十万卡级规模的 异构高端算力统一调度。平台支持客户 "一度算力" 购买模式，总拥有成本低至行业均值的40%。目前 该平台已对智能体开放抢先体验，并计划面向所有客户全面开放。 责任编辑：何俊熹 发布会上，九章云极发布"AI-STAR企业生态联盟"，同时宣布与赛富投资基金等多家产业机构联合设 立"AI-STAR智算生态基金"，首期投入1.8亿元。九章云极董事长方磊表示，未来三年，九章云极将在 AI高端算力等多个 ...

智通财经5月30日早间新闻精选 1、中办、国办印发《关于健全资源环境要素市场化配置体系的意见》。其中提出，严格用水总量和强 度双控，加强排污权与排污许可等制度衔接。 2、据报道，美国政府已实质性切断了部分美国企业向中国出售半导体设计软件的渠道，受影响企业包 括Cadence、Synopsys及Siemens EDA。对于美方滥用出口管制措施，中国商务部此前表示，倘若美方一 意孤行，继续实质性损害中方利益，中方必将采取坚决措施，维护自身正当权益。 3、美国联邦上诉法院29日批准了特朗普政府的请求，暂时中止此前一家下级法院禁止执行美政府多个 关税行政令的裁决。 4、国务院国资委主任张玉卓到中国汽车技术研究中心有限公司调研时指出，努力突破和掌握更多关键 核心技术，夯实产业技术底座，发挥行业标准引领作用，助力民族汽车品牌更好"走出去"。 7、广西广电公告，拟将广电科技100%股权与控股股东所持交科集团51%股权置换；双林股份公告，拟 定增募资不超15亿元；移为通信公告，拟1亿元设立全资子公司；品高股份公告，签订3.97亿元算力资 源服务合同。 8、光洋股份公告，终止购买银球科技100%股权等事项。 9、6连板尚纬股份 ...

新股方面，影石创新申购代码787775，发行价47.27元/股，申购上限0.65万股。 重要的消息有哪些 5月30日（周五）申购提示 理想汽车：一季度净利润6.47亿元同比增加9.4% 投资有风险，申购需谨慎。 合兴股份：公司目前未涉及无人驾驶物流车相关业务 1．5月29日，商务部新闻发言人何咏前就"近期中美双方经贸团队是否又进行了磋商"的相关问题回应表 示，中美日内瓦经贸会谈以来，双方利用多双边场合，在多个层级就经贸领域各自关切保持沟通。近期 中方围绕美方在半导体领域滥用出口管制措施等做法，多次与美方进行交涉。中方再次敦促美方立即纠 正错误做法，停止对华歧视性限制措施，共同维护日内瓦高层会谈共识。 2．中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，深化资源环境要素市场化配置 改革。意见提出，到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节能市 场化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要素畅通 流动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 3．财政部拟第三次续发行2025年超长期特别国债（二期）。 ...

Group 1: Company Overview and Strategy - The company has maintained a unique equity structure and management mechanism since October 2020, focusing on continuous innovation in various fields such as data security and AI+ security [3] - The company aims to become a leading provider of network security and intelligent computing solutions in China, embracing new technology directions [3] Group 2: Market Predictions and Growth - According to IDC, the Chinese cybersecurity market is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [4] - The overall ICT market in China is expected to reach approximately $751.76 billion by 2028, with a CAGR of 6.5% [4] Group 3: Product Development and Sales Performance - The company has actively developed new products in emerging security fields, including IoT and cloud security, and has launched several innovative products [5] - As of April 2025, the company reported sales of over 2 million yuan for its intelligent computing integrated machine, with a target to exceed 100 million yuan in sales for the year [5] Group 4: Financial Performance - The company reported a net profit of 83.01 million yuan for 2024, recovering from a loss of 371.40 million yuan in 2023 [7][8] - The company anticipates a pre-loss of 65 to 75 million yuan for the first quarter of 2025, attributing this to seasonal business cycles [8][10] Group 5: Challenges and Future Outlook - The cybersecurity industry faces short-term demand pressures due to macroeconomic factors, but long-term support from policies and technological innovations is expected [6] - The company is focused on improving operational efficiency, reducing costs, and enhancing product quality to drive profitability and sustainable growth [10][12]

Core Viewpoint - The company's 2024 performance meets expectations, with a turnaround in profitability and significant growth in energy and health sectors, indicating a positive long-term development outlook under the trend of deep integration of AI and industry [1] Investment Highlights - The investment recommendation is to maintain an "overweight" rating, with a target price adjustment to 9.66 yuan (-2.00). EPS estimates for 2025-2027 are projected at 0.12 (-0.13), 0.18 (-0.14), and 0.23 yuan, with a comparable company average PE of 60.83X for 2025. Given the company's forward-looking layout in AI and cloud computing, it is expected to achieve performance growth exceeding expectations, justifying a valuation premium with a 2025 target PE of 80 times, leading to the target price adjustment to 9.66 yuan [2] - In 2024, the company achieved operating revenue of 2.82 billion yuan, a year-on-year decline of 9.73%. However, the energy and health sectors showed remarkable growth, increasing by 22.86% and 17.90% respectively. The company reported a net profit attributable to shareholders of 83 million yuan, marking a return to profitability, primarily due to a 10.73% year-on-year decrease in total expenses during the quality improvement strategy [2] - In Q1 2025, the company reported total operating revenue of 336 million yuan, a year-on-year decrease of 20.45%. The focus on revenue quality improvement led to a gross margin increase of 10.15 percentage points, with a net profit attributable to shareholders of -68 million yuan, a year-on-year increase of 23.43%. The company secured over 300 million yuan in bids across four key industries in 2024, providing incremental support for future stable growth [2] AI and Cloud Computing Integration - The company leverages its strong network and data security technology capabilities to release innovative products such as the Tianwen large model system and various cloud computing solutions, enhancing clients' network security defenses. The cloud computing sector has seen the launch of products like the Intelligent Computing Cloud platform and integrated computing machines, establishing a comprehensive product and service solution system that covers all business scenarios and serves over 100,000 government and enterprise clients and more than 20,000 channel partners [3] - The urgency for AI and industry integration is highlighted by the national industrial and information technology conference at the end of 2024, which announced the implementation of the "AI + Manufacturing" initiative by the Ministry of Industry and Information Technology in 2025. The government work report further emphasizes the support for the widespread application of large models. The company is aligning with technological innovations and industry application processes, having completed significant initial investments in new directions such as AI + security and intelligent computing cloud, and is now entering the market promotion and output release phase [3]

网络安全与智算云双轮驱动，持续深化AI 与安全融合：公司构建了以自主可控与人工智能为核心， NGTOS、智算云和天问大模型为基石的网格化产品体系，能够快速响应市场变化。2024 年，天问大模 型、智算云平台融入NGTNA2.0，赋能全线安全产品，提升了安全知识的产出效率，展现了公司在技术 上的持续创新能力。 网安基本盘稳固，云安全与新兴场景业务增长显著：2024 年，公司云计算业务实现营业收入2.56 亿 元，同比增长10.09%。公司通过将安全能力原子化，推出了一系列云安全产品，如云原生防火墙、 SASE、CNAPP 等，同时在车联网、工业互联网、物联网等新兴场景中推出了多款安全产品，展示了公 司在新兴领域的市场机会和业务扩展能力。 风险提示：应收账款回收风险、技术创新及新产品开发风险、宏观需求不及预期风险、核心人员流失风 险、行业竞争加剧风险、总大项目建设及运营风险。 注重股东回报，经营提质增效。2024 年度现金分红及回购总额超1 亿，积极回馈股东：报告期内，公司 2024 年度累计现金分红总额为4420 万元（含税），加上以集中竞价交易方式回购公司股份支付的总金 额近6000万元（不含交易费用），合计 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of 5% to 15% relative to the industry index over the next six months [4]. Core Views - The company is focused on improving operational efficiency and restoring profitability, achieving a turnaround in 2024 with a net profit of 0.83 billion yuan, despite a revenue decline of 9.73% [2][3]. - The company is expanding into cloud computing and intelligent computing infrastructure, enhancing its profit margins and market competitiveness [2][3]. Financial Performance Summary - **Revenue**: The company reported revenues of 3,124 million yuan in 2023, projected to decline to 2,820 million yuan in 2024, before recovering to 3,114 million yuan in 2025, with a growth rate of 10.4% [1][3]. - **Net Profit**: The company experienced a net loss of 371 million yuan in 2023, but is expected to achieve a net profit of 83 million yuan in 2024 and 130 million yuan in 2025, reflecting a significant recovery [1][3]. - **Gross Margin**: The gross margin improved by 0.85 percentage points in 2024 and is projected to increase further by 10.15 percentage points in the first quarter of 2025 [2]. - **Earnings Per Share (EPS)**: The EPS is expected to rise from -0.31 yuan in 2023 to 0.07 yuan in 2024, and further to 0.11 yuan in 2025 [1][3]. Market and Business Strategy - The company is actively responding to industry trends and market conditions by maintaining marketing investments and exploring new business opportunities, particularly in integrated machine solutions [3]. - The report highlights the company's strategic focus on enhancing revenue quality and controlling costs, which has led to improved profitability despite declining revenues [2][3].

2025 年 5 月 6 日 公司研究 控费提质驱动净利扭亏，"安全为基，智算为擎，信创为锚"助公司发展 ——天融信（002212.SZ）2024 年年报点评 要点 事件：公司发布 2024 年年度报告，2024 年公司实现营收 28.20 亿元，同比减 少 9.73%；实现归母净利润 0.83 亿元，同比扭亏。Q424 公司实现营收 12.38 亿元，同比下降 16.15%；实现归母净利润 2.52 亿元，同比扭亏。 云计算构筑第二增长曲线。分产品看，2024 年，公司云计算业务实现收入 2.56 亿元，同比增长 10.09%；网络安全业务实现收入 25.50 亿元，同比减少 11.49%。 分客户所在行业看，2024 年，公司政府及事业单位客户实现收入 12.76 亿元， 同比减少 10.58%；国有企业客户实现收入 8.65 亿元，同比减少 3.34%。 毛利率连续三年增长，控费提质效果明显。公司 2024 年毛利率同比增长 0.85 个百分点，由 2022 年的 59.72%提升至 2024 年的 61.04%。公司持续积极应对 行业和市场发展态势，深化实施增效提质战略。2024 年营销、研发、管理三 ...

事件概述 公司近期发布2024 年年报和2025 年一季度业绩预告，2024 年公司实现营业收入28.20 亿元，同比下降 9.73%，实现归母净利润0.83亿元，同比扭亏为盈。2025 年一季度，公司预计实现营业收入3.20-3.40 亿 元，同比下降19%~24%，预计实现归母净利润-0.75 至-0.65 亿元，同比去年亏损有所收窄。公司收入端 下降主要由于外部环境的承压，但是公司24 年和25Q1 主动进行提质增效，2024 年毛利率提升0.85pct， 25Q1 综合毛利率上升超过10 个百分点，为公司后续经营发展奠定基础。 全年持续提质增效，控费效果显现 公司2024 年实现营业收入28.20 亿元，其中网络安全业务实现营业收入25.50 亿元，同比下降11.49%； 云计算业务实现营业收入2.56亿元，同比增长10.09%。公司网络安全业务一方面受到宏观环境的影响， 另一方面公司也在主动提升项目质量，选择回款较好的项目，从而对部分集成类项目进行管控。公司云 计算业务实现双位数增长，叠加AI 带来的新增需求，我们认为有望成为公司未来的新增长点。 2019 年起，公司云计算业务步入快速发展阶段，细分 ...

本报讯 （记者丁蓉）4月28日晚间，天融信科技集团股份有限公司（以下简称"天融信"）披露2025年一 季报。报告显示，公司第一季度实现营业收入3.36亿元；归属于上市公司股东的净利润同比减亏；毛利 率同比增长10.15个百分点；三项费用同比减少6.83%。 此前举行的业绩说明会上，公司方面人士介绍称智算一体机签订和即将签署的订单规模已经超过2000万 元，预计全年销售额有望过亿元。在智算一体机贡献业绩增量情况下，公司未来3年至5年的云计算业务 目标为产出至少达到安全板块产出的一半，有望进一步拓宽公司未来成长预期。 公司方面此前表示，未来十年的战略发展目标是成为中国领先的网络安全和智算云解决方案提供商。今 年第一季度，公司继续推进提质增效战略，充分发挥自身竞争优势，优化市场竞争策略，加强项目筛选 与取舍，收入质量在上年度好转的基础上继续得到较大幅度的提升。 （编辑 郭之宸） 一季报显示，公司积极推进智算云业务，智算基础设施布局取得里程碑进展。今年第一季度，公司发布 智算云平台和智算一体机，拓展了公司在云计算领域的产品与业务覆盖，加速向智算云领域推进，提升 了盈利空间。目前智算一体机已实现销售，形成软硬一体化的行 ...