证 券 研 究 报 告 启明星辰（002439）2025 年中报点评 强推（维持） 营收短期承压，推进"AI+" 事项： 公司发布 2025 年半年度报告：2025 年上半年，实现营业收入 11.33 亿元， 同比下滑 28.03%；归母净利润亏损 0.93 亿元，去年同期亏损 1.82 亿元；归 母扣非净利润亏损 1.64 亿元，去年同期亏损 1.00 亿元。 评论： 风险提示：行业竞争加剧；政策推动不及预期；产品应用不及预期。 | 目标价：21.38 | 元 | | --- | --- | | 当前价：17.48 | 元 | 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 邮箱：huxinan@hcyjs.com 执业编号：S0360525080009 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,315 | 3,237 | 3,6 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][10]. Core Views - The company's revenue performance for the year is impacted by weak downstream demand, while collaboration with China Mobile continues to deepen [1][5]. - In 2024, the company achieved a revenue of 3.315 billion yuan, a year-on-year decrease of 26.44%, and a net profit attributable to shareholders of -226 million yuan, a year-on-year decrease of 130.53% [4][10]. - The company is focusing on strategic collaboration with China Mobile, enhancing product offerings in AI security, cloud security, and data security, which are expected to drive future growth [6][10]. Financial Performance Summary - In 2024, the company's revenue from security products was 1.905 billion yuan, down 26.12% year-on-year, while revenue from security operations and services was 1.383 billion yuan, down 27.20% year-on-year [5]. - The gross margin for 2024 was 58.77%, an increase of 1.00 percentage points compared to the previous year [5]. - The company’s R&D expenses reached 852 million yuan in 2024, a year-on-year increase of 4.6% [5]. - The net profit margin for 2024 was -6.86%, a decrease of 23.27 percentage points year-on-year [5]. Future Earnings Estimates - The company is projected to have earnings per share (EPS) of 0.25, 0.32, and 0.40 for the years 2025, 2026, and 2027, respectively [10]. - Corresponding price-to-earnings (P/E) ratios for these years are estimated at 61.00, 47.19, and 37.94 [10].