网络安全事关国家安全和社会稳定，事关人民群众切身利益。近年来，我国扎实推进关键信息基础设施 安全保护、网络数据安全管理、人工智能安全治理等重点工作，全面加强网络安全保障体系和能力建 设，网络安全技术、产业融合发展成效显著。 实现市场稳定增长 当前，随着人工智能、量子通信、6G、卫星互联网等前沿技术加快演进，网络安全的底层逻辑和产业 边界正重新被定义。同时，治理体系不断向规模化、精细化、实效化发展，有效激发产业内生动力。 "制造业数字化、智能化转型提速，推动工业安全防护理念从被动防御向主动防御和智能防护体系转 变。"中国电子技术标准化研究院网络安全研究中心姚相振介绍，低空经济、商业航天等新业态兴起， 催生出高可靠无线通信加密、在轨资产安全防护等网络安全新需求。 根据国际咨询公司Gartner数据，2024年全球网络安全市场规模达到2168亿美元，同比增长12.3%。国际 数据公司IDC预测，我国网络安全市场规模将从2024年的112亿美元增长至2029年的178亿美元，5年年 均复合增长率为9.7%。 李雪莹建议，要积极参与国际标准制定，突破技术壁垒，提升我国网络安全产业的国际知名度；主导国 内优势技术方案成为 ...

Core Insights - The conference emphasized the integration of data and AI in enhancing the security industry, highlighting the importance of these elements for high-quality industrial development [1][3][12] Group 1: AI and Security - The company presented its DAS strategy, asserting that security is foundational for industrial development in the digital economy, with AI and data integration reshaping the security industry's technology and service boundaries [3][6] - The "Heng Brain" model, developed by the company, has evolved from version 1.0 to 3.0, showcasing capabilities in data governance, vulnerability analysis, and threat tracing, thus creating a comprehensive intelligent protection system [5][6] - AI technology has demonstrated significant effectiveness, achieving a 300% increase in operational efficiency and over 90% data noise reduction in API security monitoring, with a case study showing a reduction in risk alerts from 3,675 to 1,110 [5] Group 2: Data Utilization - The transition from "cherry freedom" to "data freedom" is seen as essential for the digital economy, with the company focusing on platforms that ensure data security while maximizing its circulation value [7][9] - The company has improved processing efficiency by 30 times in data classification and grading, addressing industry pain points related to static results and high manual review thresholds [7] - The company has participated in various pilot projects for trusted data spaces across multiple cities, utilizing privacy computing and blockchain technologies to ensure secure data circulation in sectors like healthcare and finance [9] Group 3: Service Innovation - The company is innovating its service model by establishing a cloud-based MSS service system that emphasizes proactive defense and dynamic operations, aiming for a threat response time of under 5 minutes [10] - The integration of AI into security services has led to a 70% increase in process efficiency for penetration testing and a 90% reduction in the complexity of security operation processes [10] - The company has played a crucial role in securing major events through technological innovation, reinforcing its commitment to building a secure digital world [10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated significant improvements in operational quality and efficiency, with a clear performance inflection point driven by AI product innovations [2][4] - The core product lines, particularly in data security and managed security services (MSS), have shown robust growth, with new AI-driven products contributing to this expansion [3][4] - The financial forecasts for 2025-2027 have been adjusted upwards, reflecting a recovery in demand within the cybersecurity sector [5] Financial Performance Summary - In 2024, the company achieved revenue of 2.043 billion, a year-on-year decrease of 5.87%, while the net profit attributable to shareholders was a loss of 198 million, significantly narrowing from a loss of 360 million in 2023 [1] - For Q1 2025, the company reported revenue of 311 million, marking a year-on-year increase of 10.8%, with a net loss of 111 million, also a significant improvement from the 200 million loss in Q1 2024 [1] - The company’s expense ratios for sales, management, and R&D have decreased significantly, indicating effective cost control measures [2] Product and Market Development - The company’s AI strategy has led to substantial growth in key product areas, with data security new product contracts increasing over 40%, and MSS revenue growing by more than 25% year-on-year [3] - The introduction of new AI-driven products and platforms is expected to create new growth opportunities, enhancing the company's competitive position in the cybersecurity market [4]