格尔软件 603232.SH 公司研究 | 动态跟踪 抗量子加密大势所趋，公司有望占得先机 核心观点 盈利预测与投资建议 ⚫ 受宏观经济扰动影响，公司下游需求不及预期，下调营收预期，上调费用率水平， 我们预测公司 25-27 年 EPS 分别为 0.19/0.26/0.35 元（原预测 25-26 年 EPS 为 0.36/0.41 元），根据可比公司 PE 水平，我们给予公司 26 年 72 倍 PE，对应目标价 为 18.72 元，维持买入评级。 风险提示 安全需求释放不及预期；安全市场竞争加剧；业绩不及预期导致估值波动风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 561 | 529 | 536 | 598 | 651 | | 同比增长 (%) | -14.9% | -5.7% | 1.2% | 11.7% | 8.8% | | 营业利润(百万元) | 45 | 28 | 52 | 71 | 97 | | 同比增长 (%) | 561. ...

Group 1 - The core viewpoint is that quantum computers, while having the potential to outperform classical computers in specific tasks, are still in the early stages of development and do not currently pose a threat to bank accounts [1][2][3] - Quantum computers operate based on quantum mechanics principles, allowing for unique phenomena such as quantum superposition and entanglement, which can enable them to solve certain problems much faster than traditional computers [1][2] - The claim that quantum computers can instantly crack all passwords is linked to Peter Shor's quantum factorization algorithm, which poses a potential threat to current RSA encryption but does not imply that all passwords can be easily compromised [1][2] Group 2 - The development of quantum computers faces significant challenges due to the stringent environmental requirements of quantum mechanics and the complexity of manipulating quantum states accurately [2] - Current quantum computing technologies, such as superconducting quantum circuits and photonic quantum systems, have made some progress but are far from maturity, with ongoing efforts needed to scale up and ensure error correction [2] - In response to potential threats from quantum computing, countries are advancing the research and implementation of quantum-resistant encryption, which is based on classical physics and presents fewer technical challenges compared to building quantum computers [2]