天融信（002212.SZ）2025 年中报点评 二季度扭亏为盈，智能网安+智算云筑牢增长基座 2025 年 08 月 26 日 ➢ 事件：近日，天融信发布 2025 年半年度报告。2025 年上半年，公司实现 营业收入 8.26 亿元，同比下降 5.38%，归母净利润-0.64 亿元。 ➢ 公司贯通研发、生产、销售全链条，形成了覆盖网络安全、数据安全、云安 全及智算云的全栈产品矩阵： ➢ AI+安全：安全方案精准契合多元业务场景。2025 年上半年，公司网络安 全业务实现收入 7.19 亿元，同比下降 6.41%。公司持续将 AI 技术融入安全实 践，已形成以 NGTOS 基础软件平台、CPU+GPU 异构硬件平台、天问大模型与 智算云平台为核心的 AI-Native 技术栈，实现威胁检测精度提升、告警误报率下 降及未知威胁对抗能力增强，带动产品附加值与市占率双升；同时以 AI 替代重 复性运营作业，显著提升人效与盈利水平。面向多种差异化场景，公司推出大模 型系统安全防护、车路云一体化安全、AI+工业网络安全等解决方案，实现安全 能力与业务场景深度耦合，驱动金融、运营商、能源等细分场景同比高速增长。 ➢ 智 ...

（3）2025 年上半年，公司持续推进提质增效战略，收入质量持续提升，毛利率同比提升4.1 个百分 点；持续优化内部管理，提升运营效率，销售费用、研发费用及管理费用均实现同比下降，三项费用总 额同比减少14.04%。 聚焦网安和智算云业务，积极拥抱AI 产业趋势一方面，公司将人工智能技术与产品深度融合，实现威 胁检测精度提升、告警误报率下降及未知威胁对抗能力增强，带动产品附加值与市占率双升；同时以 AI替代重复性运营作业，显著降低交付成本，提升人效与盈利水平。另一方面，面向人工智能大模型 规模化应用，公司推出大模型安全防护网关、智算云平台、智算一体机等创新产品，打造"算力+安 全"融合方案，抢占增量市场，形成第二增长曲线。 国内领先的网络安全、大数据与云服务提供商 考虑网络安全下游景气度波动，我们下调公司2025-2026 年归母净利润预测为1.87、2.57 亿元（前值为 3.51、4.62 亿元），新增2027 年预测为3.01 亿元，EPS为0.16、0.22、0.26 元/股，当前股价对应2025- 2027 年PE 为64.0、46.6、39.8倍，考虑公司在云安全、AI、数据安全等领域的前瞻布局， ...

证券之星消息，天融信8月22日涨停收盘，收盘价10.15元。该股于9点30分涨停，未打开涨停，截止收 盘封单资金为1.72亿元，占其流通市值1.45%。 | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净试 游资净占比 散户净点比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-22 | 10.15 | 9.97% | 1.61亿 | 15.95% | -1.00亿 | -9.92% | -6081.30万 | - -6.03% | | 2025-08-21 | | 9.23 10.01% | 1.17亿 | 42.77% | -6109.13万 | -22.26% | -5629.34万 | -20.51% | | 2025-08-20 | | 8.39 3.07% | 4879.67万 | 8.04% | 156.61万 | 0.26% | -5036.28万 | -8.30% | | 2025-08-19 | 8.14 | 0.12% | -1318.56万 | -5.02% | ...

Group 1 - The China Artificial Intelligence Industry Development Alliance is launching the development of performance standards for AI integrated machines to standardize performance indicators and technical capabilities [1] - The AI integrated machine includes high-performance computing hardware, pre-trained large AI models, and supporting software systems, designed for "plug-and-play" use, reducing the barriers to AI application [1] - The market for AI integrated machines is rapidly expanding, with over 100 manufacturers in China launching AI integrated machines, indicating a competitive landscape [1] Group 2 - Tianrongxin is advancing its intelligent computing cloud business by releasing a series of products including intelligent computing cloud platforms, integrated machines, and computing power servers, integrating multiple capabilities such as computing, storage, networking, security, and intelligence [2]

Core Viewpoint - Tianrongxin Technology Group Co., Ltd. (hereinafter referred to as "the company") expects significant growth in its financial performance for the first half of 2025, with projected revenue between 800 million to 850 million yuan and a net profit increase of 65.98% to 70.84% year-on-year [2] Financial Performance - The company anticipates a revenue increase of over 8% year-on-year for the second quarter [2] - The gross profit margin has improved by over 4 percentage points compared to the previous year [2] - Total expenses for sales, research and development, and management have decreased by over 13% year-on-year [2] Strategic Initiatives - The company is deepening its "AI + Security" strategy to capture the market for large model application security [2][3] - A significant upgrade to the Tianwen large model has been implemented, enhancing its intelligent defense capabilities [2] - The company has launched a comprehensive security protection framework for large models, covering the entire lifecycle of large model applications [3] Market Positioning - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China over the next decade [3] - A partnership with Huawei has been established to develop an intelligent computing integrated machine based on the Kunpeng architecture [3] - The company has signed and is expected to sign orders exceeding 20 million yuan for the intelligent computing integrated machine, with annual sales projected to exceed 100 million yuan [4]

Investment Rating - The investment rating for the company is upgraded to "Outperform" [2][4]. Core Insights - The company reported a revenue of 198 million yuan in Q1 2025, representing a year-on-year increase of 51.68%, and a net profit attributable to shareholders of 3.594 million yuan, up 43.77% year-on-year [4]. - The company's main business, computing power service revenue, continues to grow, demonstrating significant scale effects and improved profitability [4]. - The revenue forecast for 2025 is adjusted to 868 million yuan, with a net profit forecast of 25 million yuan, and for 2026, the net profit is expected to reach 54 million yuan [4]. - The company has deployed mainstream models such as DeepSeek-R1 and is actively promoting computing power services based on domestic computing chips [5]. Financial Summary - The total market capitalization of the company is 9.274 billion yuan, with a circulating market capitalization of 6.382 billion yuan [2]. - The company has a total share capital of 59 million shares, with a circulating share capital of 40 million shares [2]. - The revenue for 2024 is projected to be 655 million yuan, with a year-on-year growth of 32.07%, and a net profit of 12 million yuan, reflecting a significant increase of 114.98% [4][9]. - The gross profit margin is expected to improve from 25.6% in 2023 to 34.1% in 2027 [9]. Patent and Ranking Achievements - The company and its subsidiaries hold 30 patents and rank first in the international AI computing power list [6]. - The company has established a comprehensive computing power network service platform, integrating resources across various domains [6]. Business Model and Operations - The company collaborates with server suppliers to procure high-performance servers and provides integrated solutions to customers [5]. - The launch of the underwater computing center in Hainan marks a significant operational milestone for the company [5]. Future Projections - The company anticipates a continued increase in revenue and profitability, with net profits projected to reach 92 million yuan by 2027 [4][9]. - The expected earnings per share (EPS) are forecasted to grow from 0.20 yuan in 2024 to 1.57 yuan in 2027 [4][9].

Group 1: Company Overview and Strategy - The company has maintained a unique equity structure and management mechanism since October 2020, focusing on continuous innovation in various fields such as data security and AI+ security [3] - The company aims to become a leading provider of network security and intelligent computing solutions in China, embracing new technology directions [3] Group 2: Market Predictions and Growth - According to IDC, the Chinese cybersecurity market is projected to grow from $11 billion in 2023 to $17.1 billion by 2028, with a compound annual growth rate (CAGR) of 9.2% [4] - The overall ICT market in China is expected to reach approximately $751.76 billion by 2028, with a CAGR of 6.5% [4] Group 3: Product Development and Sales Performance - The company has actively developed new products in emerging security fields, including IoT and cloud security, and has launched several innovative products [5] - As of April 2025, the company reported sales of over 2 million yuan for its intelligent computing integrated machine, with a target to exceed 100 million yuan in sales for the year [5] Group 4: Financial Performance - The company reported a net profit of 83.01 million yuan for 2024, recovering from a loss of 371.40 million yuan in 2023 [7][8] - The company anticipates a pre-loss of 65 to 75 million yuan for the first quarter of 2025, attributing this to seasonal business cycles [8][10] Group 5: Challenges and Future Outlook - The cybersecurity industry faces short-term demand pressures due to macroeconomic factors, but long-term support from policies and technological innovations is expected [6] - The company is focused on improving operational efficiency, reducing costs, and enhancing product quality to drive profitability and sustainable growth [10][12]

Core Viewpoint - The company's 2024 performance meets expectations, with a turnaround in profitability and significant growth in energy and health sectors, indicating a positive long-term development outlook under the trend of deep integration of AI and industry [1] Investment Highlights - The investment recommendation is to maintain an "overweight" rating, with a target price adjustment to 9.66 yuan (-2.00). EPS estimates for 2025-2027 are projected at 0.12 (-0.13), 0.18 (-0.14), and 0.23 yuan, with a comparable company average PE of 60.83X for 2025. Given the company's forward-looking layout in AI and cloud computing, it is expected to achieve performance growth exceeding expectations, justifying a valuation premium with a 2025 target PE of 80 times, leading to the target price adjustment to 9.66 yuan [2] - In 2024, the company achieved operating revenue of 2.82 billion yuan, a year-on-year decline of 9.73%. However, the energy and health sectors showed remarkable growth, increasing by 22.86% and 17.90% respectively. The company reported a net profit attributable to shareholders of 83 million yuan, marking a return to profitability, primarily due to a 10.73% year-on-year decrease in total expenses during the quality improvement strategy [2] - In Q1 2025, the company reported total operating revenue of 336 million yuan, a year-on-year decrease of 20.45%. The focus on revenue quality improvement led to a gross margin increase of 10.15 percentage points, with a net profit attributable to shareholders of -68 million yuan, a year-on-year increase of 23.43%. The company secured over 300 million yuan in bids across four key industries in 2024, providing incremental support for future stable growth [2] AI and Cloud Computing Integration - The company leverages its strong network and data security technology capabilities to release innovative products such as the Tianwen large model system and various cloud computing solutions, enhancing clients' network security defenses. The cloud computing sector has seen the launch of products like the Intelligent Computing Cloud platform and integrated computing machines, establishing a comprehensive product and service solution system that covers all business scenarios and serves over 100,000 government and enterprise clients and more than 20,000 channel partners [3] - The urgency for AI and industry integration is highlighted by the national industrial and information technology conference at the end of 2024, which announced the implementation of the "AI + Manufacturing" initiative by the Ministry of Industry and Information Technology in 2025. The government work report further emphasizes the support for the widespread application of large models. The company is aligning with technological innovations and industry application processes, having completed significant initial investments in new directions such as AI + security and intelligent computing cloud, and is now entering the market promotion and output release phase [3]

Core Viewpoint - The company reported a decline in revenue for 2024 but achieved profitability, with a focus on improving operational efficiency and quality in response to external pressures [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.82 billion yuan, a year-on-year decrease of 9.73%, while net profit attributable to shareholders was 83 million yuan, marking a return to profitability [1]. - For Q1 2025, the company expects revenue between 320 million to 340 million yuan, a year-on-year decline of 19% to 24%, with net profit projected to be a loss of 75 to 65 million yuan, indicating a narrowing of losses compared to the previous year [1]. - The overall gross margin for 2024 was 61.04%, an increase of 0.85 percentage points year-on-year, with Q1 2025 gross margin expected to rise by over 10 percentage points [2]. Business Segments - The cybersecurity business generated 2.55 billion yuan in revenue for 2024, down 11.49% year-on-year, while the cloud computing segment saw revenue of 256 million yuan, up 10.09% year-on-year [2]. - The company is actively enhancing project quality and managing integrated projects to improve cash flow, which has contributed to the performance of the cloud computing segment [2]. Strategic Focus - The company is prioritizing the development of intelligent computing cloud services, which includes hyper-converged infrastructure, desktop cloud, and intelligent computing cloud platforms [3]. - Since 2015, the company has been focusing on cloud computing R&D, providing comprehensive product solutions to meet enterprise digital transformation needs [3]. - The launch of new products such as the intelligent computing cloud platform and computing power servers aims to support high-performance, secure, and reliable integrated computing center solutions [4]. Future Growth Potential - The intelligent computing cloud is expected to become a new growth driver for the company, facilitating its expansion from cybersecurity to IT infrastructure [4]. - The company has been recognized by Gartner as a key player in hyper-converged infrastructure, indicating its growing influence in the cloud computing market [3]. Investment Outlook - The company is positioned as a leading provider of comprehensive cybersecurity solutions, with growth potential in cloud computing, data security, and AI sectors [5]. - Revenue projections for 2025, 2026, and 2027 are estimated at 3.01 billion, 3.30 billion, and 3.64 billion yuan, respectively, with net profits expected to reach 168 million, 240 million, and 298 million yuan [5].

Core Points - The company reported a revenue of 336 million yuan in Q1 2025, with a year-on-year reduction in net profit loss and a gross margin increase of 10.15 percentage points [1] - The company aims to become a leading provider of cybersecurity and intelligent computing cloud solutions in China over the next decade [1] - The company is actively advancing its intelligent computing cloud business, achieving significant progress in infrastructure layout and launching new products [1][2] Financial Performance - Q1 revenue reached 336 million yuan, with a reduction in net profit loss compared to the previous year [1] - Gross margin improved by 10.15 percentage points year-on-year [1] - Three major expenses decreased by 6.83% year-on-year [1] Strategic Development - The company is implementing a quality and efficiency improvement strategy, optimizing market competition strategies, and enhancing project selection [1] - The intelligent computing cloud platform and integrated machine were launched, expanding the company's product and business coverage in the cloud computing sector [1] - The company has signed and is expected to sign orders exceeding 20 million yuan for the intelligent computing integrated machine, with annual sales expected to surpass 100 million yuan [1] Technological Advancements - The company has deepened its artificial intelligence technology layout, creating an "AI + Security" integrated innovation system [2] - Significant breakthroughs were achieved in technology research and development, including upgrades to the Tianwen large model technology [2] - A panoramic large model protection solution was introduced, enhancing the competitiveness of the company's cybersecurity products [2]