启明星辰 (002439 CH) 加强研发投入，优化经营质量 2025 年 8 月 27 日│中国内地 计算机应用 证券研究报告 | 启明星辰发布半年报，公司发布 2025 年半年报，实现营业收入 11.33 亿元， | | --- | | 同比下降 28.03%，实现归母净利润-0.93 亿元，同比亏损收窄 48.78%。扣 | | 亿元，同比亏损扩大 非净利润-1.64 63.41%，非经常损益主要由于投资收 | | 益和公允价值收益增加约 1.85 亿元。其中，25Q2 营业收入 4.92 亿元，同 | | 比下降 24.47%，归母净利润-0.95 亿元，同比亏损扩大 37.44%。公司以数 | | 智化新需求牵引创新业务快速商业化，培育新业务增长点，同时强化精益管 | | 理，毛利率、应收账款持续改善，Q2 经营性净现金流转正。我们认为公司 | | 下半年有望加快恢复稳健发展，维持"买入"评级。 | 毛利率稳步提升，现金流显著改善 25H1 公司毛利率为 59.91%，同比增长 3.39pct，主要得益于公司提升运营 效率和经营质量，高毛利产品占比提升。同时，公司强化回款管理，期末应 收减少，25H ...

本报讯 （记者李乔宇）8月26日晚，启明星辰信息技术集团股份有限公司（以下简称"启明星辰"）发布 2025年半年度报告。2025年上半年，启明星辰实现营业收入11.33亿元，归属于上市公司股东的净利润 同比减亏，毛利率、应收账款等关键指标持续改善，尤其是第二季度经营性净现金流转正，为全年稳健 发展奠定基础。 2025年上半年，启明星辰持续提升核心技术竞争力、快速研发迭代新产品、探索新业务模式、突破新客 群，全面激发科技创新澎湃动能。 在AI赋能安全方面，启明星辰持续优化了泰合安全大模型，并构建了大小模型相互协同的安星智能 体。在中国移动通信集团有限公司（以下简称"中国移动"）的算力资源支持下，启明星辰以包括但不限 于中国移动九天大模型、开源DeepSeek大模型为基础，充分利用启明星辰的高质量安全数据集，持续 优化升级泰合安全大模型，并在此基础上构建了大小模型相互协同的安星智能体。 安星智能体已经应用于安全运营、威胁检测、威胁情报、数据安全等产品或服务中，显著提升了产品的 能力和服务的效率。在"AI+安全运营"方向，升级后的安星人工智能运营系统，全面提升了日志解析、 告警研判、关键分析、事件响应等安全运营工作 ...

（原标题：启明星辰（002439）：上半年营收11.33亿 与中国移动（600941）深度协同探索超十亿量级 客户市场空间） 8月26日晚，启明星辰(002439.SZ)发布了2025年半年报，实现营业收入11.33亿元，归母净利润较上年同 期增长48.78%，综合毛利率较上年同期提升3.4个百分点。第二季度，回款表现强劲，单季经营性现金 流实现净流入，改善了现金流的季节性波动问题。 启明星辰作为中国移动专责网信安全专业的子公司，全面贯彻"总体国家安全观"，发挥国资央企"科技 创新、产业控制、安全支撑"三大作用，肩负起中国移动"安全核心技术攻坚者、安全产品服务引领者、 安全运营体系支撑者"三大角色。公司坚定落实中国移动"BASIC6"科创计划，支撑中国移动构建"云网 数智安"深度融合的网信安全能力体系。 与中国移动协同创新AI、云智算 物联网低空经济等多领域突破 在中国移动强大的算力资源支持下，公司以包括但不限于中国移动九天大模型、开源DeepSeek大模型 为基础，充分利用公司的高质量安全数据集，持续优化升级泰合安全大模型，并在此基础上构建了大小 模型相互协同的安星智能体。 启明星辰携手移动云，共筑原生安全 ...

Group 1 - The core viewpoint of the articles highlights that Q1 2025 saw Qimingxingchen achieve a net profit of 1.597 million yuan, marking a turnaround from losses, with an 8 percentage point increase in gross margin [1] - The company optimized operational efficiency across the entire chain and managed non-recurring gains and losses, resulting in a 15% reduction in total expenses compared to the same period last year, creating room for profit release throughout the year [1] - In the context of a challenging recovery in the cybersecurity industry, Qimingxingchen achieved a breakthrough through management efficiency, technological upgrades, and strategic collaboration, signaling long-term investment value [1] Group 2 - The company's profitability improvement is attributed to its proactive grasp of AI security strategic opportunities, targeting the new track of the security industry driven by AI large models [2] - Qimingxingchen has launched the "Jiutian·Taihe Security Large Model" and the industry's first full-cycle AI security solution "Anxing Intelligent Body," leveraging the technological foundation of China Mobile's Jiutian large model [2] - The company has accelerated product iteration on a weekly basis since February 6, 2025, completing multiple technological upgrades and establishing a comprehensive security product matrix for large model applications [2][3] Group 3 - Large model application security has become a significant growth area for Qimingxingchen, with key products including large model application firewalls and security proxies, forming a "three-piece set" for large model security [3] - Qimingxingchen deepened collaboration with China Mobile, showcasing innovations in AI application security and data security at the 2025 China Mobile Cloud Intelligence Conference [4] - The company plays a crucial role as a technology innovator and security product service leader for China Mobile, with a sales figure of 1.083 billion yuan from related transactions in 2024, over 70% of which came from collaborative expansion in government and enterprise security business [4] Group 4 - In 2025, Qimingxingchen plans to strengthen business collaboration with China Mobile, expecting to sell approximately 1.95 billion yuan worth of goods to China Mobile and its controlled enterprises [5] - The company has made breakthroughs in commercial models for personal and family smart scenarios, integrating security capabilities into China Mobile's entry-level products like "Mobile Cloud Computer," ensuring user cloud service security [5] - Qimingxingchen emphasizes technological innovation as a core driving force, focusing on improving business quality and deepening strategic collaboration to achieve profitability breakthroughs and demonstrate high-quality development potential [5]

Core Insights - The company reported a revenue of 641 million yuan and a net profit of 1.597 million yuan for Q1 2025, marking a year-on-year profit increase of 101.41% and an 8% rise in gross margin [1] - The company has optimized operational efficiency across its entire chain and reduced total expenses by 15% compared to the same period last year, creating room for profit release [1] - Despite challenges in the cybersecurity industry, the company achieved breakthroughs through management efficiency, technological upgrades, and strategic collaboration, signaling long-term investment value [1] Financial Performance - The company achieved a turnaround in profitability, with a significant improvement in revenue quality [2] - The company’s collaboration with China Mobile has resulted in a projected sales amount of approximately 1.95 billion yuan for 2025 [5] - The company’s revenue from its trust and innovation security business and cloud security business grew by 15% and 20% year-on-year, respectively [4] Strategic Initiatives - The company is leveraging AI security strategies and has launched the "Jiutian. Taihe Security Model" and the first full-cycle AI security solution "Anxing Intelligent Body" [2] - The company has developed a complete product matrix for large model application security, including a large model application firewall and access security proxy [2][3] - The company is focusing on enhancing its collaboration with China Mobile, which is expected to be a new growth point [4][5] Market Positioning - The company is positioned as a leader in the cybersecurity industry, emphasizing technological innovation as a core driver for high-quality development [5] - The company has established itself as a key player in the AI-driven security sector, aiming to capture strategic opportunities in this emerging market [2][3]

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]

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 [5][7]. Core Views - The company experienced a revenue decline in 2024, with total revenue of 3.315 billion yuan, a year-on-year decrease of 26.44%. However, it is projected to return to profitability in the first quarter of 2025, with an expected net profit of 1.1 to 1.65 million yuan [2][5]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a year-on-year increase of 14.95%. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3][4]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.315 billion yuan, down 26.44% year-on-year, and a net loss of 226 million yuan. The first quarter of 2025 is expected to show a revenue of 600 to 680 million yuan, compared to 923 million yuan in the same period last year, with a projected net profit of 1.1 to 1.65 million yuan [2][8]. - The gross margin improved by 8 percentage points in the first quarter of 2025 compared to the previous year, laying a foundation for stable operations and high-quality development [2]. Growth Prospects - Revenue forecasts for 2025 to 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with net profits projected at 168 million, 271 million, and 397 million yuan [5][8]. - The company is expected to maintain a strong growth trajectory, driven by technological innovation and a focus on high-quality development [5]. Strategic Initiatives - The company is committed to enhancing its AI capabilities and has launched the "Nine Sky·Taihe Security Model" and "Anxing Intelligent Agent" in collaboration with China Mobile [3][4]. - The company’s security business, particularly in cloud security and trusted innovation, has seen revenue growth of 15% and 20% year-on-year, respectively [4].

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 [5][7]. Core Insights - The company experienced a revenue decline of 26.44% year-on-year in 2024, with total revenue of 3.315 billion yuan. However, it is projected to achieve profitability in the first quarter of 2025, with expected revenue between 600 million and 680 million yuan [2]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a 14.95% increase year-on-year. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4]. Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -226 million yuan, with a projected recovery to a net profit of 1.68 million yuan in 2025. The earnings per share (EPS) is expected to improve from -0.19 yuan in 2024 to 0.14 yuan in 2025 [5][8]. - Revenue forecasts for 2025, 2026, and 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with corresponding net profits of 168 million, 271 million, and 397 million yuan [5][8].

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].