深信服 摘要 深信服业务由网络安全（占比 60%-70%）和云计算构成，预计 2025- 2026 年两者占比将各占一半。网络安全业务专注产品化，毛利率高， 通过 AI 提升自动化运维，有望恢复增长。 深信服超融合一体机在中小企业市场份额领先，受益于国产替代需求， 2024 年以来保持十几二十个点的增长，上半年接近 20%。 AI 浪潮中，深信服凭借在云服务、数据治理和 To B Agent 平台建设方 面的优势，能为企业提供上云、数据治理和 AI 应用搭建的全面解决方案， 扩大市场份额。 深信服在 AI 企业端落地方面具有优势，能与底层云和上层大模型深度结 合，客户群体主要是腰部客户，与阿里等巨头不直接竞争。 深信服 2025 年二季度已现反转迹象，收入增长、利润扭正、现金流改 善，合同负债高增长，核心优势显著。 预计深信服 2025 年现金流为 13-15 亿，给予 30 倍市盈率，安全边际 约为 400-450 亿，加之账面 100 亿现金，具备较高安全边际。 深信服长期估值保守估计可达 1,000 亿，其中云计算业务贡献显著。若 2026 年收入增长达十几二十个百分点，估值有望进一步提升。 Q&A 深 ...

Group 1 - The company Tianrongxin (002212) has initiated the adaptation of its products to the newly released Galaxy Kirin operating system [1] - The products being adapted include situation awareness, big data analysis, data leakage prevention, EDR, adaptive security defense, and host monitoring and auditing [1]

Group 1 - The stock price of Tianrongxin closed at 8.22 yuan on August 7, 2025, down by 0.12 yuan, a decrease of 1.44% from the previous trading day [1] - The trading volume on that day was 310,225 hands, with a transaction amount of 255 million yuan [1] - Tianrongxin specializes in the field of cybersecurity, focusing on the research, sales, and services of cybersecurity products, including firewalls, situational awareness, and endpoint security [1] Group 2 - The company recently disclosed a collaboration with Huawei to launch the Tianrongxin Intelligent Computing Integrated Machine (Ascend version), which is powered by Huawei's Ascend AI chip [1] - The Tianrongxin Kunlun Xinchang product series, based on Huawei's Kunpeng architecture, includes 15 categories and 27 products such as firewalls, situational awareness, and hyper-convergence, all equipped with Huawei's Kunpeng processor chip [1] Group 3 - On August 7, the net outflow of main funds was 31.84 million yuan, accounting for 0.33% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 7.48 million yuan, representing 0.08% of the circulating market value [1]