证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|首次覆盖 个股表现 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 杰创智能 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.24 | | --- | --- | | 总股本/流通股本（亿股）1.54 / 1.02 | | | 总市值/流通市值（亿元）28 / 19 | | | 52 周内最高/最低价 | 23.57 / 11.03 | | 资产负债率(%) | 31.2% | | 市盈率 | 456.00 | | 第一大股东 | 孙超 | AI 一体机+机器狗+低空，业务转型多面开花 技术创新驱动战略转型，一季度业绩高增 杰创智能聚焦智慧安全和智慧城市行业应用，以物联网、云计 算、大数据和人工智能等新一代信息技术为基础，形成了专用高性 能计算、多元混合智能计算、大数据智能分析、基于微服务架构的 数据协议交换、智能化系统设备通信协议分析、无线信号分析等核 ...

Core Viewpoint - The company, Beixin Source (300352.SZ), a leader in the domestic terminal security management sector, reported significant financial losses in 2024, with a revenue decline of 24.31% and a net loss of 1.45 billion yuan, marking a shift from profit to loss [1][2][7] Financial Performance - In 2024, Beixin Source achieved a revenue of 517 million yuan, down from the previous year, with a net profit loss of 1.45 billion yuan, a decrease of 2298.34% year-on-year [2][7] - The company's net profit excluding non-recurring items was a loss of 1.46 billion yuan, reflecting a decline of 4836.5% compared to the previous year [2][7] - Revenue from key sectors such as finance, military, government, and energy saw declines of 28.31%, 5.92%, 33.25%, and 7.51% respectively [7] Industry Segmentation - Revenue contributions from the four major sectors in 2024 were as follows: finance (39.78 million yuan), military (96.94 million yuan), government (180 million yuan), and energy (61.84 million yuan), with respective proportions of 7.7%, 18.76%, 34.77%, and 11.97% of total revenue [7] - The gross margins in military and government sectors decreased significantly, with military at 46.16% (down 32.23 percentage points) and government at 48.06% (down 31.2 percentage points) [7] Capital Raising Initiatives - Beixin Source announced a new round of private placement to raise up to 477 million yuan, aimed at funding projects related to AI security and intelligent emergency response [1][9] - The company plans to invest 308 million yuan in the AI security project and 248 million yuan in the emergency response platform [9] - This marks the first capital increase in eight years, with the last one in 2016 raising 1.262 billion yuan [10] Historical Context - Beixin Source has faced profitability challenges over the years, with net profits fluctuating and the company reporting its first loss in 2021 [3][7] - Since 2021, the company has not distributed dividends, reflecting ongoing financial pressures [10]

Core Insights - In 2024, the focus on large model security will shift towards the security of the models themselves, while by 2025, the risks will escalate to include the security of the intelligent agents and their application environments [1] - The rapid advancement of AI technology is driving a transformation across various industries, with predictions indicating that by 2026, 50% of China's top 500 companies will utilize AI agents for data preparation and analysis [1] - The emergence of AI agents has led to a new phase in cybersecurity, termed "intelligent agent confrontation," where cybersecurity firms are developing dynamic defense systems that utilize AI to counter AI threats [2] Company Developments - Qimingxingchen has launched the "Nine Sky. Taihe" security model and the "Anxing" intelligent agent, enhancing their capabilities to identify and manage data risks [2] - The accuracy of data risk identification has improved from 70% to 90% through the integration of AI technologies [2] - The company is actively working on a cluster of intelligent agents that can collaboratively address complex cybersecurity threats, improving operational efficiency and reducing false alarms [3] Strategic Collaborations - Qimingxingchen is collaborating with China Mobile to develop a next-generation defense system, focusing on AI security governance and integrated security solutions [6] - The partnership aims to create a robust security foundation for the digital transformation of China, addressing the challenges posed by the widespread application of large models [6] - The company is committed to continuous product iteration and technological upgrades to establish a comprehensive security protection system for large model applications [6]

Core Viewpoint - The Shandong Provincial Department of Industry and Information Technology has initiated the cultivation and recognition of manufacturing innovation centers, focusing on traditional, emerging, and future industries in the province [1] Group 1: Traditional Industries - The initiative emphasizes traditional industries such as metallurgy, chemicals, light industry, building materials, textiles and apparel, and machinery [1] - The goal is to encourage leading enterprises to take the lead in creating provincial manufacturing innovation centers [1] Group 2: Advantageous Industries - Key advantageous industries targeted include high-end chemicals, automotive, smart home appliances, industrial mother machines, rail transportation, marine engineering equipment, agricultural machinery, high-end aluminum materials, and modern food [1] Group 3: Emerging Industries - The focus also extends to emerging industries such as next-generation information technology, high-end equipment, new energy materials, modern medicine, green environmental protection, new energy vehicles, low-altitude economy, safety emergency equipment, and magnetic levitation [1] Group 4: Future Industries - Future industries highlighted in the initiative include the metaverse, artificial intelligence, life sciences, future networks, quantum technology, humanoid robots, and deep-sea and aerospace technologies [1]

市场监管总局最新统计数据显示：第一季度批准发布国家标准物质3 7 2项，同比增长约6 0%，其中国家一级标准物质2 5 项，国家二级标准物质3 4 7项。 环境监测领域标准物质数量最多，约占4 5%， 食品安全领域标准物质约占2 5%， 工业生产和医疗卫生领域标准物质各约占1 5%。 助力环境监测，守护绿水青山。 氮中二氧化碳气体标准物质、空气中甲烷气体标准物质等助力环境空气碳监测，服务 碳达峰碳中和，助力空气质量监测。土壤有效态成分分析标准物质、土壤pH、碳酸钙和六价铬成分分析标准物质等助 力检测土地污染物，分析土壤有机物成分含量，为土壤污染治理和修复提供科学依据和有效支撑。 助力食品安全，守护餐桌底线。 甲醇中毒死蜱溶液标准物质、呋虫胺纯度标准物质等保障农药残留精准快速检测，助 力快速筛查问题农产品。猪Ⅰ型胶原蛋白纯度标准物质、牛奶中黄曲霉毒素M1成分分析标准物质等用于检测肉类和乳 制品中营养物质和有害物质，守护"舌尖安全"。 助力工业生产，提升制造水平。 微合金钢光谱分析用系列标准物质、合金结构钢光谱分析用标准物质等确保钢材性能 符合标准，充分助力钢铁行业发展。柴油高润滑性标准物质、丙烯中氢气体标准物质 ...

Market Overview - Wild fluctuations on Wall Street present an ideal opportunity for investors to deploy capital [1] - Historical data indicates that the S&P 500 has experienced 40 corrections of at least 10% since 1950, averaging a decline every 1.9 years [2] - Recent market activity includes the largest single-session point gains and significant single-day losses for major indices, with the S&P 500 recording a 10.5% decline over two days [3] Investment Opportunities - **Block**: A fintech company with a strong foundation in its Square ecosystem, achieving gross payment volume (GPV) of over $227 billion in 2025, with consistent high single-digit growth [6] - Cash App's monthly active users increased from 24 million in 2019 to 57 million by the end of 2024, indicating strong growth potential [7] - Block shares are valued at just over 10 times forward-year earnings, presenting a compelling investment opportunity [8] - **Pinterest**: A social media platform with 553 million monthly active users, showing steady growth and improved ad-pricing power [10] - The platform's unique data-sharing model enhances its advertising capabilities, positioning it well for future e-commerce opportunities [11] - Pinterest ended the previous year with over $2.5 billion in cash and equivalents, allowing for future investments and share buybacks, with a forward P/E ratio of 12 [12] - **Okta**: A cloud-based cybersecurity provider that has become essential for businesses moving data online, with a focus on identity verification solutions [14][15] - Okta's remaining performance obligations reached $4.22 billion by the end of fiscal 2025, indicating strong demand and a growing backlog [16] - The company's subscription margin is expected to approach 80%, and its forward P/E ratio is below 29, reflecting its growth potential despite being pricier than the S&P 500 average [17]

就先请吴总给我们分享一下公司的一个和行业的一个相关的一个近况吧吴总好的各位老师辛苦了我把Deep的近况给大家汇报一下因为Deep最近的有大半年了大半年这个情况然后从9月份然后到现在这个情况整体上的运营因为我们说整个的IT行业的这种发展 应该来说是伴随着这种数字化的发展的所以在这里面受这个AI受我们说的一些下游的支出的这些影响从长期这么长期一段时间来说或者从24年的这么24年到现在这个情况应该是来说网络安全行业应该是处于一个频繁推进的一个阶段然后在这里面我觉得每家公司大家也能看到市场上也有商 也做了一些预告或者是快报的这些公告这里面看到很多的有收入和利润双双下滑的这种现象那提普科技在这里面从前面汇报的公告来看整个的经营我觉得还是保持了提普在业务上面的足够的韧性所以在这里面我觉得也取得了一些 那这里面呢我们说不排除人工智能这个对整个安全上面的影响实际我们来看它是一个全面的影响无论是对工方对手方可能都是有影响或者是对我们所有的这种用户包括供应商实际上都是有影响的那在这里面呢吉普呢我们是这个拥抱人工智能的发展那在前天三月九号三月九号的时候呢吉普也发布了这个 这种安全的构成一个比较严重的威胁一直持续在在在恶化这种威胁的 ...

4月14日晚，启明星辰（002439）(002439.SZ)发布了2025年一季度业绩预告及2024年度报告，2025年一 季度毛利率同比明显改善，毛利率提升8个百分点，一季度实现盈利突破，为全年稳健经营与高质量发 展奠定基础。 积极拥抱AI时代聚力打造AI安全大模型及智能体的场景化应用 2025年，作为国内全面接入DeepSeek的头部网安厂商，启明星辰在一个月内连续推出了大模型应用安 全产品"新三件套"、大模型应用安全服务组合，以及《大模型深度应用安全基座》系列白皮书。借力 DeepSeek，启明星辰掀起了一场效率革命：威胁检测从人工分析的小时级压缩至分钟级，漏洞修复周 期从30天缩至7天，90%高频攻击实现30秒自动闭环。 取得这样成绩的背后，是启明星辰以周为周期实现产品迭代闭环，是公司一季度精准锚定AI大模型驱 动的安全产业新赛道，在大模型安全业务构建中抢占战略先机。公司通过"赋能安全"与"护航安全"双轮 驱动，迅速形成行业标杆落地案例。报告显示，一季度启明星辰大模型安全产品已经在医疗、公安等高 敏感场景实现标杆项目落地，成功将技术先发优势转化为行业示范效应。 实际上，自2024年以来伴随着新质生产力 ...

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 硬科技赛道，红杉连续加注具身机器人。 上周，灵心巧手宣布完成超亿元种子轮融资。本轮融资由红杉种子基金、万凯新材领投，力合资本、力合金 融、华仓资本、鞍羽跟投。此外，穹彻智能成功完成数亿元Pre-A++轮融资。本轮融资由盛宇投资、嘉御资本、云启资本、上海科创集团等多家知名投 资机构联合投资，同时老股东Prosperity7、红杉中国、小苗朗程、璞跃中国等持续追投。 镁源动力完成数千万元融资 4月7日消息，固态镁基储氢材料量产企业镁源动力宣布完成数千万元股权融资，本轮融资由中财融商、合肥创新投共同投资。 云象机器人完成A轮融资 大健康赛道，iPSC成重点。 上周，中盛溯源宣布在 B 轮融资中再获数千万元资金支持。至此，中盛溯源 B 轮融资圆满收官，本轮累计融资金额达 2.35 亿元。本次追加融资由广药资本、科金控股、合肥产投、菡源资产知名投资机构联合参与。 4月11日，聚焦iPSC化学诱导平台的睿健医药新宣布 完成了近亿元B+ ...

Core Viewpoint - The recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the Central Committee of the Communist Party of China and the State Council provides a roadmap for advancing agricultural modernization and highlights the essential role of financial institutions in supporting this initiative [1] Financial Support for Food Security - Financial institutions are encouraged to increase credit support for new agricultural operators such as large grain producers, family farms, and agricultural cooperatives by offering specialized grain planting loans with lower thresholds and simplified approval processes [1] - Innovative financial products like "Grain Yield Guarantee Loans" are proposed to assist farmers in expanding production and improving efficiency based on historical yield and market price expectations [1] - Support for grain logistics companies through loans for storage facility construction and cold chain logistics is essential to reduce food loss and ensure timely market supply [1] Support for Agricultural Technology - Financial institutions should enhance support for agricultural technology research and application by providing long-term, low-interest loans to agricultural research institutions and enterprises in key areas such as biological breeding and smart farming [2] - Development of financial products like intellectual property pledge loans and technology transformation loans is necessary to help agricultural tech companies commercialize their research outcomes [2] Rural Industry Development - In the agricultural processing sector, financial institutions can offer loans for technological upgrades and equipment renewal to enhance processing capabilities and product value [2] - Specialized financial products should be developed for new industries such as rural e-commerce and rural tourism, including small business loans for e-commerce entrepreneurs and project financing for tourism initiatives [2] Infrastructure Development - Financial support for rural infrastructure projects, including loans for the construction and upgrading of rural roads, is crucial to improve logistics and reduce transportation costs for agricultural products [2] - Increased credit investment in irrigation projects and small-scale water conservancy facilities is necessary to ensure adequate water supply for agricultural production [2] - Support for clean energy projects in rural areas, such as solar and wind energy, is vital for promoting green development and modernizing rural infrastructure [2] Policy Recommendations - Government and regulatory bodies should provide policy guidance, such as fiscal subsidies and tax incentives for agricultural loans, to enhance the enthusiasm of financial institutions [3] - Strengthening the rural credit system and improving credit evaluation mechanisms for farmers and rural enterprises can help mitigate credit risks for financial institutions [3]