【环球网科技综合报道】在 ISC.AI 2025 未来峰会上，360 集团首席科学家、数字安全集团 CTO 潘剑锋发表重要观点：安全行业对大模型的探索已从初期快 速集成模式迈入 "实战化" 纵深阶段，这要求跳出通用模型框架，深耕底层技术创新，打造安全领域专属垂直大模型。会上，潘剑锋结合 360 安全大模型实 践成果，系统阐述了基于人脑 "快慢思考" 方法论重构大模型与智能体能力边界的创新路径，为行业发展提供全新思路。 安全大模型入 " 深水区 " 底层创新成必然 近年来，安全行业对大模型的探索发生显著转变：从初期 "通用大模型 + 安全知识库 + 安全工具" 的快速集成模式，逐步向专业化纵深发展。尽管初期模式 在报告生成、数据分类分级等场景取得初步成效，但随着应用深入，安全领域的独特性对技术提出更高要求：一方面，安全领域高价值专业数据需实现 "学 进去、用起来" 的深度转化与吸收；另一方面，安全专家经验需在用户本地深度落地，对精准性、无二义性提出新挑战。 第三阶段聚焦训练框架创新。为解决多机多卡环境下训练成本高昂的痛点，360 主导联合伯克利 BAIR 实验室推出业界首个开源的 RL-LoRA 训练框架，并 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Views - The company reported a revenue of 7.52 billion yuan for 2024, a year-on-year decline of 1.86%, and a net profit attributable to shareholders of 197 million yuan, down 0.49% year-on-year. The non-recurring net profit was 76 million yuan, a significant drop of 31.32% year-on-year [2][3]. - The company is focusing on AI and cloud services, with a new upgrade aimed at supporting large model enterprises. The introduction of the "Deep Security GPT" and the upgraded cloud services are expected to enhance operational efficiency and market competitiveness [2][7]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 75.20 billion yuan in 2024, 84.13 billion yuan in 2025, and 93.74 billion yuan in 2026, with growth rates of -1.9%, 11.9%, and 11.4% respectively [3][8]. - **Net Profit Forecast**: The net profit is expected to be 197 million yuan in 2024, 346 million yuan in 2025, and 449 million yuan in 2026, with year-on-year growth rates of -0.5%, 75.6%, and 29.9% respectively [3][8]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.47 yuan in 2024, 0.82 yuan in 2025, and 1.06 yuan in 2026 [3][8]. - **Valuation**: The target price is set at 160 yuan for 2025, based on a price-to-sales ratio of 8x [2][3]. Market Position - The company has a total market capitalization of 50.44 billion yuan and a circulating market value of 33.27 billion yuan. The total share capital is approximately 4.22 billion shares, with a net asset value per share of 19.53 yuan [4][8].