奇安信在项目中创新性地打造了"平台化与中枢联动能力"，以数据安全管控平台为统一"安全大脑"，通过数据库审计、网络流量监测、API安 全检测等分散的安全能力有机整合，打破了传统安全产品各自为战的"孤岛"模式。 12月10日，中国信息通信研究院安全研究所在数据安全共同体计划成员大会上,正式发布2025年数据安全"星熠"案例评选结果，由中广核风电 与奇安信联合实施的"中广核风电有限公司数据安全项目"成功入选"企业数据安全体系建设实践优秀案例"。该案例标志着奇安信在数据安全体 系建设领域的专业能力获得权威机构高度认可，为能源行业数据安全实践树立了标杆。 中广核风电有限公司作为国内领先的清洁能源企业，随着数字化系统建设逐步完善，各业务线数据量迅速增加，大量业务数据、监测数据集中 汇聚，数据安全挑战日益凸显。面对这一挑战，奇安信与中广核风电深度合作，围绕数据中台构建了数据安全治理体系、数据安全防护体系和 数据安全运营体系三位一体的全生命周期数据安全保障体系。该体系通过平台化、系统化的数据安全解决方案，实现了从数据采集、治理到共 享全过程的安全防护，有效支撑了企业数据安全合规与业务发展。 项目实施后，取得了显著成效。在资产 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.87 CNY based on a 2.65x PS multiple for 2026 [3][6]. Core Insights - The company is experiencing improved profitability primarily due to effective cost control, with a significant reduction in expense ratios [9]. - AI security is identified as the strategic core of the company, with the upcoming launch of the "Heng Nao 3.0" platform, which is expected to enhance product competitiveness [9]. - New business segments, particularly data security and MSS services, are showing rapid growth, with data security contracts increasing by nearly 25% year-on-year [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 2.126 billion, 2.306 billion, and 2.538 billion CNY, respectively, reflecting a growth rate of 4.1%, 8.5%, and 10.1% [3][5]. - The company is expected to achieve a net profit of 111 million CNY by 2027, with a significant turnaround from a net loss of 360 million CNY in 2023 [5][9]. - Gross margin is projected to decline slightly from 61.8% in 2023 to 58.3% by 2026, while net margin is expected to improve from -16.6% in 2023 to 4.4% in 2027 [5][9].

Core Insights - Qianxin Technology Group Co., Ltd. reported a revenue of 1.742 billion yuan for the first half of 2025, with a reduction in net profit loss and a decrease in total operating expenses by 257 million yuan year-on-year [2][4]. Revenue Structure - The company focused on core customers, with enterprise clients contributing 78.74% to the main business revenue, followed by government and judicial clients at 14.54% and 6.72% respectively [3]. - Major industries such as energy, finance, telecommunications, and special sectors accounted for over 50% of the company's main business revenue, with clients generating over 1 million yuan contributing more than 60% to total revenue [3]. Operational Efficiency - Qianxin improved operational quality, achieving a revenue per employee of 244,400 yuan, a year-on-year increase of 14.93%, and a sales collection per employee of 232,300 yuan, up 6.03% [4]. - The company implemented strict cost control measures, resulting in a 12.38 percentage point decrease in expense ratio [4]. Cash Flow Management - A specialized cash collection management organization was established to address various collection issues, leading to a sales collection of 1.034 billion yuan in Q2, an 8% year-on-year increase [4]. AI Strategy and Product Development - Qianxin focused on enhancing core product competitiveness, with new orders for core products increasing by approximately 6% year-on-year [5]. - The company reported significant growth in new orders for cloud and big data security, up over 24%, and for industrial internet security, up over 61% [5][6]. - AI technology was integrated into product development, with over 90% of R&D personnel using AI code assistants and AI-generated code accounting for 5% of total code [6].