证 券 研 究 报 告 奇安信-U（688561）2025 年半年报点评 强推（维持） 提质增效效果显著， "AI+"持续赋能 目标价：47.12 元 事项： 公司发布 2025 年半年度报告：2025 年上半年，实现营业收入 17.42 亿元， 同比下滑 2.30%；归母净利润亏损 7.7 亿元，上年同期亏损 8.2 亿元；归母 扣非净利润亏损 7.7 亿元，上年同期亏损 8.54 亿元。 评论： | | | 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：胡昕安 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,349 | 4,612 | 4,940 | 5,299 | | 同比增速(%) | -32.5% | 6.0% | 7.1% | 7.3% | | 归母净利润(百万) | -1,379 | -320 | -57 | 142 | | 同比 ...

Core Insights - The company reported a steady improvement in operational quality with a revenue of 1.742 billion yuan for the first half of 2025, and a year-on-year net profit growth of 6.16% [1] - The total expenses (sales, R&D, and management) decreased significantly by 257 million yuan, leading to a 12.38 percentage point reduction in expense ratio [1] - The company established a specialized cash collection management organization to enhance cash flow, achieving a sales collection of 1.034 billion yuan in Q2, a year-on-year increase of 8% [1] Revenue Structure - The company focused on core clients, with enterprise clients contributing 78.74% to the main business revenue, followed by government and judicial clients at 14.54% and 6.72% respectively [2] - Key industries such as energy, finance, telecommunications, and special sectors accounted for over 50% of the company's main business revenue [2] - The company successfully secured major contracts in various sectors, including a significant project with a state-owned bank overseas valued at over 20 million yuan [2] Product Development and Innovation - The company saw a 6% year-on-year growth in new orders, with cloud and big data security growing over 24%, and industrial internet security increasing by over 61% [3] - New product launches included "Qianxin Cloud Mirror" and a next-generation network asset attack surface management system [3] - The integration of AI technology into product development has led to over 90% usage of AI code assistants among R&D personnel, with AI-generated code accounting for 5% of total code [3]

Core Viewpoint - Cybersecurity has become an essential element for the orderly operation of modern society, directly impacting public trust, social stability, and national security [1][3] Group 1: National Security and Major Events - Qihoo 360 has completed 87 national security tasks, including major events like the 100th anniversary of the founding of the Communist Party and the 2022 Beijing Winter Olympics, achieving a "zero incident" goal for the first time in Olympic history [4][5] - During the 2024 National Two Sessions, Qihoo 360 formed the "Qihoo 360 Red Cloud Team" to ensure zero network interruptions through real-time threat monitoring [5] Group 2: Digital Transformation and Technological Innovation - The company provides security protection, monitoring, and hosting services to over 4,000 industrial internet enterprises, facilitating their digital transformation [5] - Qihoo 360 has invested heavily in AI, with key products like AISOC and Tianyan already incorporating AI capabilities, enhancing its position in cybersecurity technology [6] Group 3: Social Responsibility and Talent Development - Qihoo 360 emphasizes social responsibility through various initiatives, including partnerships with over 70 universities to develop cybersecurity courses and training programs [7] - The company donated 8 million yuan to its foundation in 2024, supporting rural revitalization and healthcare initiatives [7] Group 4: Environmental Commitment - Qihoo 360 actively responds to national "dual carbon" goals, integrating green development into its corporate strategy and disclosing verified greenhouse gas emissions data [8] Group 5: Recognition and Awards - The company has received multiple accolades for its social responsibility practices, including a "three-star" rating for data security and personal information protection [9] - Qihoo 360 was the only cybersecurity company listed in the S&P Global "Sustainability Yearbook (China Edition) 2025," highlighting its leadership in sustainable development [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company faced a significant decline in revenue, with a 32.49% year-on-year decrease, resulting in a net loss of 1.379 billion yuan in 2024, primarily due to macroeconomic fluctuations and reduced IT budgets from clients [2][9] - Despite short-term revenue pressures, the company is focusing on cash flow optimization, achieving a cash collection ratio of 109.40% and improving operating cash flow by 436 million yuan year-on-year [2] - The company has implemented effective cost control measures, with total expenses decreasing by 12.66% in 2024, and anticipates profit recovery in 2025 as it continues to refine expense management [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.349 billion yuan, a decrease of 32.49% year-on-year, and a net profit loss of 1.379 billion yuan [9] - The fourth quarter of 2024 saw a revenue of 1.639 billion yuan, down 40.55% year-on-year, with a net profit loss of 203 million yuan [9] - For Q1 2025, the company achieved revenue of 686 million yuan, a slight decline of 2.65%, with a net profit loss of 418 million yuan, indicating a narrowing of losses [9] Strategic Initiatives - The company has introduced a "Four Focus" strategy aimed at steady revenue growth, which includes focusing on core products, key customers, enhancing distributor effectiveness, and expanding into overseas markets [4] - The company plans to leverage AI technologies to enhance its product offerings, particularly in threat detection and security operations [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 4.435 billion, 4.608 billion, and 4.849 billion yuan respectively, with a gradual recovery in net profit expected by 2027 [10] - The company is expected to benefit from improved operational quality and cash flow levels, providing a higher performance elasticity in the long term [10]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company has shown signs of stabilization in Q1 2025, with a 16% year-on-year increase in new orders, indicating a recovery in downstream customer demand. The focus on cash flow management and AI security has contributed to new business growth [1][7]. - Despite a significant decline in revenue and profits in 2024, the company is expected to see a recovery in performance due to improving customer demand and the development of AI technologies [7]. Financial Data and Valuation - Total revenue for 2023 is projected at 6,442 million, with a year-on-year growth of 4%. However, a sharp decline of 32% is expected in 2024, followed by a recovery with 8% growth in 2025 [2][13]. - The company reported a net profit of 72 million in 2023, but a loss of 1,379 million is anticipated for 2024, with further losses expected in 2025 [2][13]. - The company's current stock price is 30.75 yuan, with a total market capitalization of 21.1 billion [3]. Operational Performance - The company has improved its cash collection efficiency, achieving a cash collection ratio of 109.40% in 2024, a significant increase of 26.04 percentage points year-on-year [7]. - The introduction of AI technologies has enhanced product offerings, with a notable increase in the use of AI-assisted programming among R&D personnel, reaching nearly 80% by the end of Q1 2025 [7]. Future Outlook - The report anticipates a gradual recovery in the company's performance, driven by the resurgence of customer demand and the integration of AI into its product lines [7]. - The projected net profits for 2025, 2026, and 2027 are -307 million, 50 million, and 142 million respectively, indicating a path towards profitability [2][13].