证券日报网1月8日讯，东信和平（002017）在接受调研者提问时表示，基于公司在数字身份安全领域的 长期技术积累，正积极布局量子安全赛道，目前重点聚焦于后量子密码迁移技术研究与开发，致力于构 建可抵御未来量子计算机攻击的新一代密码算法。同时，公司将会持续密切关注国内外量子科技发展动 态，并与产业链相关方积极开展技术交流与合作，以夯实面向未来的技术竞争力。 ...

证券代码： 002017 证券简称：东信和平 东信和平科技股份有限公司投资者关系活动记录表 编号：2026-01 | 投资者关系活动 ☑ | 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 □ 业绩说明会 | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 活动参与人员 | 浙商证券股份有限公司、银华基金管理股份有限公司 | | | 东信和平：黄小鹏、卓义伟、黄少芬、龚楚瑶 | | 时间 2026 | 年 01 月 08 日 | | 地点 | 公司会议室 | | 形式 | 线上调研 | | | 1.公司在数字人民币业务未来布局如何？ | | | 答：公司紧跟国家数字人民币战略，坚持核心技术自主可控， | | | 实现数字人民币硬钱包及终端产品在企业园区、展览展会、民生 | | | 消费、企业服务等高频应用场景落地。未来，公司将紧跟央行政 | | | 策，把握 2.0 时代发展机遇，加强安全芯片与智能合约等技术与 | | | 产品研发，深化政银合作，推动创新业务落地。 | | | 2.请问公司 e ...

证券日报网讯1月7日，启明星辰（002439）在互动平台回答投资者提问时表示，公司积极跟进量子计算 技术的飞速发展，持续迭代产品能力。为应对量子计算威胁，升级了抗量子密码体系，实现后量子密码 算法的产品化集成与平滑演进。同时，在VPN产品中融合量子密钥分发技术，增强密钥供给与业务协同 能力。截至目前，已在金融、电信等国家关键信息基础设施领域成功落地，为量子安全提供密码安全基 础。 ...

Core Viewpoint - The collaboration between Guoxin Technology and Zhongyun Xinan has successfully developed the CUni360SQ-ZX quantum-resistant financial POS chip, marking a significant advancement in quantum security technology for financial applications [1][3]. Group 1: Product Development - The CUni360SQ-ZX chip is developed using a domestic 40nm process and features a low power consumption design, with typical operating power as low as 150mW and static power around 0.16mW [2]. - The chip integrates various cryptographic engines, including quantum-resistant algorithms, public key algorithms, symmetric key algorithms, and hashing algorithms, enhancing its security capabilities [2]. - It includes a true random number generator and multiple security detection features such as voltage, temperature, frequency, power glitch, light detection, and metal shielding [2]. Group 2: Market Impact - The joint ownership of the new chip product between Guoxin Technology and Zhongyun Xinan signifies a pioneering achievement in the industry for quantum-resistant financial POS technology [3]. - This development is expected to enhance the competitiveness of Guoxin Technology's products in the financial security sector and improve its positioning in the information security chip market [3]. - The successful implementation of quantum-resistant technology is anticipated to positively influence the company's future market expansion and growth potential [3].

Core Viewpoint - The company has successfully developed a quantum-resistant financial POS chip, CUni360SQ-ZX, in collaboration with Zhongyun Xinan, enhancing its competitive edge in the financial security sector [1][3]. Group 1: Product Development - The CUni360SQ-ZX chip is based on a domestic 40nm process and features a low power consumption of 150mW during operation and 0.16mW in standby [2]. - The chip integrates various cryptographic engines, including quantum-resistant algorithms, public key algorithms, symmetric key algorithms, and hashing algorithms [2]. - It includes a true random number generator and multiple security features such as voltage, temperature, frequency, power glitch, light detection, and metal shielding [2]. Group 2: Market Impact - The joint ownership of the new chip product between the company and Zhongyun Xinan signifies a strategic partnership in the quantum security field [3]. - The successful development of the quantum-resistant chip is expected to positively impact the company's market expansion and growth potential in the financial sector [3]. - This innovation enhances the company's product offerings in the information security chip market, particularly in financial applications [3].

Core Insights - The 2025 Quantum Technology and Industry Conference will be held from November 20 to 22 in Hefei, highlighting the growing importance of quantum technology in various applications [1] - Quantum technology is recognized for its significant advantages over classical information tools, particularly in computing, communication, and measurement [1] - The global quantum computing market is projected to grow from $5 billion in 2024 to over $800 billion by 2035, indicating a substantial commercial opportunity [2] Group 1 - Quantum computing is at a critical turning point, transitioning from experimental validation to commercial application, with hardware expected to lead the way in industrial breakthroughs [2] - China is leading in quantum key distribution (QKD) technology, establishing a comprehensive quantum secure communication industry chain [3] - The quantum measurement industry is entering a diversified development phase, enhancing measurement precision across various physical quantities [3] Group 2 - Major global tech companies, including Google, IBM, and Microsoft, are making significant advancements in quantum bit scale and error correction, contributing to the acceleration of quantum technology commercialization [2] - The Chinese quantum technology initiative is prioritized in the "14th Five-Year Plan," emphasizing its importance for future industrial development [1] - The quantum computing market is expected to experience rapid growth between 2028 and 2030, suggesting a favorable investment landscape [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 13.09 CNY [6][13]. Core Views - The company faced short-term pressure on performance due to temporary project delays, but has maintained a stable order book and is expected to achieve optimistic annual results with high-quality development [2][13]. - The company's revenue for the first three quarters of 2025 was 1.202 billion CNY, a year-on-year decrease of 24.01%, with a net profit attributable to the parent company of -235 million CNY, indicating an expanded loss [13]. - The company is strategically positioning itself in the quantum security and quantum computing sectors, having made significant progress and launched products like quantum VPN, which enhances communication performance and reduces customer costs [13]. Financial Summary - Total revenue for 2023 is projected at 3,124 million CNY, with a decline of 11.8% year-on-year, while a recovery is expected in 2025 with an estimated revenue of 3,056 million CNY, reflecting an 8.3% increase [4][14]. - The net profit for 2023 is forecasted at -371 million CNY, with a significant recovery anticipated in 2024, reaching 83 million CNY [4][14]. - The company’s earnings per share (EPS) is expected to improve from -0.31 CNY in 2023 to 0.25 CNY by 2027 [4][14]. Business Segments - The intelligent computing cloud segment is expected to grow significantly, with projected revenue of 1.29 million CNY in the first three quarters of 2025, accounting for 10.73% of total revenue, and an annual growth rate of approximately 10% [13]. - The company’s key industries, such as telecommunications and transportation, showed year-on-year growth of 13.14% and 18.73%, respectively, contributing to a stable business foundation [13]. - The quantum computing sector has seen the launch of several products and partnerships, indicating a forward-looking strategy that aligns with industry trends [13].

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a 6-month target price of 12.78 CNY, compared to the current stock price of 10.12 CNY [6]. Core Insights - The company experienced significant revenue and profit declines in Q3 2025, with a revenue of 3.76 billion CNY, down 46.96% year-on-year, and a net profit of -1.71 billion CNY, a decrease of 568.00% year-on-year [1]. - The decline in revenue and gross margin in Q3 2025 is attributed to temporary project disruptions, with project progress in Q3 2025 lagging behind that of Q3 2024 [2]. - The company has formed a strategic partnership with Xintong Quantum to enhance its quantum security offerings, applying research results in various products and achieving practical success in national network communication projects [3]. - The company is expanding its AI and security product offerings through a "standard products + platform + services" model, including new products based on large models and customized services [4]. - The company is expected to gradually recover in revenue throughout the year, with projected revenues of 30.14 billion CNY, 33.00 billion CNY, and 36.39 billion CNY for 2025, 2026, and 2027, respectively [11]. Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 12.02 billion CNY, a year-on-year decrease of 24.01%, and a net profit of -2.35 billion CNY, down 39.10% year-on-year [1]. - The projected financials indicate a return to profitability with net profits of 1.68 billion CNY, 2.40 billion CNY, and 2.98 billion CNY for 2025, 2026, and 2027, respectively [11]. - The company’s revenue growth rate is expected to improve from -11.8% in 2023 to 6.9% in 2025, with a net profit margin projected to reach 5.6% by 2025 [13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - The company experienced a significant revenue decline of 24.01% year-on-year in the first three quarters of 2025, with total revenue reaching 1.202 billion yuan. The net profit attributable to shareholders was -235 million yuan, and the net profit excluding non-recurring items was -252 million yuan [1]. - The company is focusing on quantum security and has established a strategic partnership with Xintong Quantum to enhance its security product offerings [3]. - The company's intelligent computing business is growing steadily, with revenue from intelligent cloud products reaching 129 million yuan, accounting for 10.73% of total revenue, reflecting a year-on-year increase of 7.59% [2]. Financial Performance Summary - In Q3 2025, the company reported revenue of 376 million yuan, a decrease of 46.96% year-on-year, primarily due to slower project progress compared to the previous year. The net profit attributable to shareholders for this quarter was -171 million yuan [1]. - The company has successfully reduced its expenses, with R&D expenses down by 15.05%, sales expenses down by 6.48%, and management expenses down by 17.23% in the first three quarters of 2025 [1]. - The revenue forecast for 2025-2027 has been adjusted to 2.789 billion yuan, 2.990 billion yuan, and 3.187 billion yuan, respectively, with net profit forecasts of 129 million yuan, 190 million yuan, and 267 million yuan [4][7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company experienced a significant decline in revenue, with a 24.01% year-on-year decrease, totaling 1.202 billion yuan for the first three quarters of 2025. The net profit attributable to the parent company was -235 million yuan, with a gross margin of 63.62% [1][2] - The company is strategically investing in the quantum security field, having started its initiatives in 2018. It has developed various quantum communication technologies that are being applied in significant national network communication projects [3] - The company has launched a comprehensive product and solution system in key areas, including AI and cloud security, which has begun to show results from prior investments [2][3] Financial Summary - For the first three quarters of 2025, the company reported a revenue of 1.202 billion yuan, with a net profit of -235 million yuan. The gross margin was 63.62%, and the sales expense ratio was 51.81% [1] - The company’s revenue from its intelligent computing cloud products reached 129 million yuan, accounting for 10.73% of total revenue [2] - The financial forecast predicts net profits of 164 million yuan, 237 million yuan, and 316 million yuan for 2025, 2026, and 2027 respectively [3][4] Industry Performance - The report indicates that the telecommunications and transportation sectors showed growth, with year-on-year increases of 13.14% and 18.73% respectively, while the financial and energy sectors remained stable [2] - The company’s stock has shown a 49% absolute return over the past 12 months, outperforming the market [8]