证 券 研 究 报 告 永信至诚（688244）2025 年半年报点评 强推（维持） 数字风洞推广加速，建设 AI"原生安全"体系 事项： 公司发布 2025 年半年度报告：2025 年上半年，实现营业收入 0.85 亿元，同 比下滑 14.86%；归母净利润亏损 0.42 亿元，上年同期亏损 0.18 亿元；归母 扣非净利润亏损 0.46 亿元，上年同期亏损 0. 24 亿元。 评论： 风险提示：行业竞争加剧；AI 发展不及预期；数字风洞市场拓展不及预期。 | 目标价：31.04 | 元 | | --- | --- | | 当前价：26.34 | 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) | 356 | ...

据证券之星公开数据整理，近期永信至诚（688244）发布2025年中报。截至本报告期末，公司营业总收 入8528.01万元，同比下降14.86%，归母净利润-4205.27万元，同比下降127.72%。按单季度数据看，第 二季度营业总收入5519.51万元，同比下降21.95%，第二季度归母净利润-1807.83万元，同比下降 1306.11%。本报告期永信至诚公司应收账款体量较大，当期应收账款占最新年报归母净利润比达 3891.19%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率51.51%，同比减6.51%，净利 率-49.94%，同比减162.64%，销售费用、管理费用、财务费用总计4670.27万元，三费占营收比 54.76%，同比增26.15%，每股净资产6.5元，同比减33.54%，每股经营性现金流-0.29元，同比增 56.81%，每股收益-0.28元，同比减133.33% 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为-157.74%） 建议关注财务费用状况（近3年经营活动产生的现金流净额均值为负） 建议关注公司应收账款状况（应收账款/利润已达3891.19%） 分析 ...

Core Viewpoint - The company reported a significant increase in R&D investment and continued to explore new applications in emerging fields, despite a net loss in profit for the first half of 2025 [1][2]. Financial Performance - The company achieved operating revenue of 85.28 million yuan and a net profit attributable to shareholders of -42.05 million yuan during the reporting period [1]. - R&D investment reached 47.44 million yuan, representing a year-on-year growth of 2.05%, with R&D expenses accounting for 55.64% of operating revenue, an increase of 9.22 percentage points year-on-year [1]. Business Development - The company accelerated its exploration and application of testing and evaluation services in AI, low-altitude economy, and satellite applications, with its "digital wind tunnel" product system gaining market recognition [1]. - The "digital wind tunnel" innovation track generated operating revenue of 42.67 million yuan, reflecting a year-on-year growth of 13.49% [1]. Product Innovation - The company launched the "Yuanfang" series of products and solutions, featuring a large model integrated machine with "native security" attributes, and introduced its first AI education product, the "Yuanfang-AI Teaching Training Platform" [2]. - The "Yuanfang" native security large model integrated machine has supported multiple industries in implementing AI engineering capabilities and has passed Huawei's Kunpeng development technology certification [2]. Strategic Partnerships - The company established a strategic partnership with Haiguang Information to jointly promote the safe and reliable implementation of AI applications based on Haiguang's CPU and DCU dual-chip technology [2]. Service Expansion - The company has built engineering facilities for AI large model digital health assessment, providing AI health and safety assessment services to numerous high-tech enterprises, state-owned enterprises, universities, and local governments [2]. - As of the end of the reporting period, the company has supported over 780 key event drills and real network testing evaluations, enhancing the overall defense capabilities across various industries [2].

2025年上半年，公司加快构建AI"原生安全"能力体系，先后发布多款AI产品，推动AI智能应用安全落 地；加快"数字风洞"产品体系在新兴领域业务布局，"数字风洞"创新赛道实现营业收入4266.52万元， 同比增长13.49%；网络靶场和人才建设行业领军地位稳固，市场份额稳居行业第一。 本报记者许林艳 8月29日，永信至诚科技集团股份有限公司（以下简称"永信至诚"）发布2025年半年度报告。报告期 内，公司实现营业收入8528.01万元，归母净利润为亏损4205.27万元。公司持续加大对新兴应用领域的 研发投入强度，研发投入4744.74万元，同比增长2.05%，研发投入占营业收入比例达55.64%，同比增加 9.22个百分点；销售回款持续向好，经营性现金流净流出同比收窄36.22%。 公司持续推进网络靶场相关技术突破和市场推广，网络靶场市场份额持续位列国内第一；网络靶场硬科 技属性突出，相关技术及应用先后荣获北京市科学技术奖一等奖、国家科学技术进步奖二等奖。 公司坚持人才培养方向科技创新，持续领军网络安全人才建设，已连续八年蝉联中国企业级培训服务市 场第一。公司与多家企业、机构签署国资国企安全运营生态合作协议 ...

8月29日，永信至诚(688244)发布2025年半年度报告。报告期内，公司实现营业收入8528.01万元，实现 归母净利润-4205.27万元；公司持续加大对新兴应用领域的研发投入强度，研发投入4744.74万元，同比 增长2.05%；研发投入占营业收入比例达55.64%，同比增加9.22个百分点；销售回款持续向好，经营性 现金流净流出同比收窄36.22%。公司加快测试评估业务在AI、低空经济、卫星应用等新兴领域的探索 研究和应用落地，"数字风洞"产品体系持续获得市场认可。 2025年上半年，公司加快构建AI"原生安全"能力体系，先后发布多款AI产品，推动AI智能应用安全落 地；加快"数字风洞"产品体系在新兴领域业务布局，"数字风洞"创新赛道实现营业收入4266.52万元， 同比增长13.49%；网络靶场和人才建设行业领军地位稳固，市场份额稳居行业第一。 聚焦AI领域技术创新 永信至诚近年来持续推进网络靶场相关技术突破和市场推广，网络靶场市场份额持续位列国内第一。公 司表示，网络靶场硬科技属性突出，相关技术及应用先后荣获北京市科学技术奖一等奖、国家科学技术 进步奖二等奖，中标某大型集团千万级网络靶场建设项目 ...

Group 1: Macro Trends and Innovations - The report discusses the potential transformation of the global monetary and financial systems due to the development of stablecoins and RWA (Real World Assets), suggesting that these innovations may create a parallel decentralized financial system alongside the existing centralized one [2][3] - It is anticipated that the changes brought by stablecoins and RWA could be as significant as the impact of AI on the global economy, indicating a major shift in how currencies and financial systems operate [2][3] Group 2: Steel Industry Insights - Recent data shows a slight decrease in steel demand, with total inventory shifting from a reduction to an increase, indicating a potential weakening in demand as the industry enters a traditional off-season [5][6] - The apparent consumption of five major steel products was 8.7985 million tons, down by 4.33 million tons week-on-week, while total inventory rose to 13.4003 million tons, marking a 1.14% increase [5][6] - The report forecasts that steel demand may stabilize gradually, with construction and manufacturing sectors expected to support demand, despite ongoing challenges in the real estate sector [6] Group 3: Cement and Building Materials - The cement industry is showing signs of stabilization after price adjustments, with competition and profitability continuing to improve [4] - The report notes that the national average cement price has seen a slight decline of 1.2%, with certain regions experiencing price increases due to demand fluctuations [8] - The building materials sector is expected to enter a low base period starting June 2024, which may improve demand metrics as previous high demand levels are compared against lower future figures [9] Group 4: Glass and Fiberglass Market - The domestic float glass market is experiencing a downturn, with average prices dropping to 1250.27 yuan per ton, reflecting a weak demand environment [8] - The fiberglass market is also facing challenges, with limited order growth and competitive pressures affecting pricing and profitability [8] Group 5: Investment Recommendations - The report recommends several steel companies that are expected to benefit from industry consolidation and high-quality development, including Baosteel and Hualing Steel [7] - In the cement sector, leading companies such as Anhui Conch Cement and Huaxin Cement are highlighted as strong investment opportunities due to their market positions [10] - For the glass industry, companies like Fuyao Glass and Xinyi Glass are recommended based on their competitive advantages and market resilience [10]

Core Insights - The report emphasizes the long-term positive trend in the military industry due to escalating great power competition and increased defense spending in response to regional tensions [7][17][20] - The report highlights the significant growth in the scale of credit bond ETFs, with a total scale of 1,066 billion yuan as of June 20, 2025, reflecting a substantial increase since March [2][34] - The report identifies potential investment opportunities in low-valued newly issued sci-tech bonds, suggesting that there is still room for exploration in the primary market [4][37] Group 1: Credit Bond ETF Insights - The expansion pace of index constituent bonds is significantly slower than the growth of credit bond ETF scale, with the scale increasing by 777 billion yuan since March [2][34] - The report notes that the duration of Shenzhen credit bond ETFs is 3.05 years, while Shanghai credit bond ETFs have a duration of 4.11 years, indicating a shift in demand towards mid to long-term credit bonds [3][35] - The report suggests that the low valuation transactions in constituent bonds are becoming more prominent, particularly for those with larger outstanding scales and stable valuations [2][34] Group 2: Military Industry Insights - The military sector experienced a decline recently, with the defense industry index dropping by 2.39% in the week of June 15-20, 2025, underperforming the broader market [8][19] - The report highlights the successful launch of the Zhongxing 9C satellite and the showcasing of advanced military equipment at the Paris Air Show, including the J-35A stealth fighter [8][19] - The report indicates that the ongoing international military dynamics underscore the importance of national defense construction, with a focus on advanced technology and informationization in modern warfare [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][8]. Core Insights - The company reported a revenue of 356.33 million yuan for 2024, a decrease of 9.99% year-on-year, and a net profit attributable to shareholders of 8.48 million yuan, down 72.73% year-on-year, which aligns with market expectations [2][8]. - In Q1 2025, the company achieved a revenue of 30 million yuan, reflecting a year-on-year increase of 2.17%, while the net profit attributable to shareholders was a loss of 24 million yuan, which is a 20.08% increase in loss year-on-year, also meeting market expectations [2][8]. - The company aims to expand its "Digital Wind Tunnel" product market and focus on emerging safety scenarios, integrating its products with new industries such as robotics and intelligent driving [8]. Financial Summary - The total revenue forecast for 2025 is 484.23 million yuan, with a projected year-on-year growth of 35.90% [1][9]. - The net profit attributable to shareholders is expected to rise significantly to 65.14 million yuan in 2025, reflecting a year-on-year increase of 667.95% [1][9]. - The earnings per share (EPS) is projected to be 0.64 yuan for 2025, increasing to 1.18 yuan by 2027 [1][9].

Core Insights - The company achieved an operating revenue of 356 million yuan and a net profit attributable to shareholders of 8.48 million yuan in the 2024 annual report, with a focus on increasing R&D investment in cutting-edge technology fields [1] - The "Digital Wind Tunnel" product system has gained market recognition, generating 175 million yuan in revenue in 2024, while the company continues to enhance its "hard technology" attributes [1][4] - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan, exploring various methods for market value management, including dividend distribution and share buybacks [1][5] Financial Performance - The company reported a 10.19% year-on-year increase in R&D investment, totaling 92.66 million yuan, which represents 26.01% of operating revenue, an increase of 4.77 percentage points from the previous year [1] - In Q1 of this year, the company achieved an operating revenue of 30.08 million yuan, continuing its growth trend [1] Product Development and Innovation - The company has developed the "Yuanfang" series of products and solutions, focusing on AI "native security" capabilities, which have been tailored for various industries, including government and manufacturing [2][3] - The "Digital Wind Tunnel" testing and evaluation capabilities have seen over 50% year-on-year revenue growth, with applications across multiple scenarios, including digital government and data security assessments [4] Market Strategy and Customer Engagement - The company has established a customer base of over 50 high-value strategic clients for its "Digital Wind Tunnel" product system and plans to expand its market outreach [4] - The company has supported over 120 security events and has accumulated experience in enhancing the overall defense level across various industries [4] Shareholder Returns and Value Management - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, with a cash dividend ratio of 59.84%, and will also increase capital stock by 4.8 shares for every 10 shares held [5] - The company completed a share buyback plan, repurchasing 718,900 shares, which is 0.70% of the total share capital, with a total expenditure exceeding 33 million yuan [5] Future Outlook - The company aims to leverage its advantages in the digital security testing and evaluation sector to promote the application of the "Digital Wind Tunnel" product system in broader business areas [6] - The company will also focus on capitalizing on the private deployment market for large models, accelerating the market promotion of the "Yuanfang" series products and solutions [6]

Group 1 - The core viewpoint of the articles highlights the increasing demand for secure AI large model integrated machines in response to the risks associated with deploying AI models, emphasizing the need for robust security measures in their development and operation [1][2][3] - The China Academy of Information and Communications Technology (CAICT) has initiated a security capability assessment for large model integrated machines, focusing on various security dimensions such as infrastructure, system, model, and application security [1] - The launch of the "Yuanfang" native security large model integrated machine by Yongxin Zhicheng aims to address security issues by embedding security features into the architecture, data processing, algorithm training, and workflow management from the outset [2][3] Group 2 - Yongxin Zhicheng's "Yuanfang" product line includes solutions tailored for both general AI needs and specific industries like finance and manufacturing, utilizing continuous pre-training and fine-tuning techniques [3] - The deployment options for the "Yuanfang" series include single-machine setups and elastic deployment on private clouds, compatible with domestic ecosystems and various domestic inference cards [3] - Yongxin Zhicheng emphasizes the high cost-effectiveness, controllability, and security of its AI privatization solutions, aiming to assist enterprises in their intelligent transformation journey [3]