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 | ...

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 ...

Core Viewpoint - In the context of deep digital transformation, cybersecurity has become a strategic domain for national competition and corporate survival, necessitating a dual-driven defense system combining technology and strategy [1] Group 1: Product Positioning - The two products from Zhangba Cybersecurity target critical aspects of cybersecurity defense: the "Network Range" for frontline technical training and the "Wargame Simulation System" for strategic decision-making [2][4] - The Network Range serves as a practical training ground for technical personnel, allowing them to simulate real-world cyber attack scenarios and hone their skills in a controlled environment [2] - The Wargame Simulation System focuses on global risk assessment and strategy optimization, enabling decision-makers to simulate complex chain reactions and evaluate the implications of various strategies [4][6] Group 2: Technical Framework - Zhangba Cybersecurity employs a dual technical framework to support its products, ensuring both professional technical capabilities and user accessibility [6] - The Network Range utilizes hybrid system simulation technology to replicate real network environments with high precision, allowing technical personnel to practice in conditions closely resembling actual scenarios [6] - The Wargame Simulation System uses discrete event simulation technology to abstract core logic of network defense, enabling rapid simulation of global chain reactions while ignoring technical details [6] Group 3: Collaborative Evolution - The collaboration between the Network Range and the Wargame Simulation System creates a dynamic balance between tactical precision and technical effectiveness, forming a unique defense ecosystem [7][9] - Tactical insights from the Wargame Simulation System guide the technical training in the Network Range, ensuring that training is relevant to real-world high-risk scenarios [9] - Data from the Network Range informs the Wargame Simulation System, allowing for adjustments in strategy based on actual technical capabilities, thus enhancing the feasibility of tactical decisions [9][10] Group 4: Future Outlook - The integration of technology and strategy in cybersecurity defense is crucial for adapting to new types of attacks, providing companies with the agility to adjust tactics and upgrade technologies swiftly [10] - Zhangba Cybersecurity aims to continue promoting the synergy between its Network Range and Wargame Simulation System, empowering enterprises to maintain a proactive stance in the digital security landscape [10]

Investment Rating - Target price is RMB 29.84, maintaining 'Outperform' rating [12] Core Views - The company is implementing the "300×300" strategy for its digital wind tunnel products, with a focus on AI applications and educational training solutions [12] - Revenue for 2024 is projected at RMB 356 million, down 9.99% YoY, with a net profit attributable to shareholders of RMB 8 million, down 72.73% YoY [12] - The company launched the Yuanfang-AI teaching and training platform to support AI talent development [12] Financial Summary - 2023A revenue was RMB 396 million, with a net profit of RMB 31 million [3] - 2024A revenue is expected to be RMB 356 million, with a net profit of RMB 8 million [3] - EPS for 2025-2027 is forecasted at RMB 0.43, 0.61, and 0.80 respectively [12] Product and Market Insights - Digital wind tunnel testing revenue for 2024 is expected to be RMB 175 million, up 50.50% YoY, while network range and operations revenue is projected at RMB 157 million, down 33.84% YoY [12] - The company has signed over 150 clients for its digital wind tunnel products, with an average order value exceeding RMB 1 million [12] - The network range business has seen a decline due to reduced client budgets and project delays [12]

Summary of Conference Call on Cybersecurity Industry and Yongxin Zhicheng Industry Overview - The cybersecurity sector has experienced a rebound but remains at a valuation bottom, with significant potential in military, government, and other critical areas due to national emphasis on cybersecurity [2][4] - Digital transformation in key industries such as finance, energy, and healthcare is driving strong demand for cybersecurity solutions, especially in the face of risks posed by AI and data science [2][6] - The market for cybersecurity is expected to grow significantly, with projections indicating that the integration of AI could lead to the emergence of companies with five to ten times growth potential in the next three years [2][7] Key Points on Yongxin Zhicheng - Yongxin Zhicheng, established in 2014, operates as an independent third-party evaluation agency, focusing on cybersecurity assessments without selling products [2][16] - The company has developed a unique cybersecurity testing environment that simulates real-world scenarios, allowing for extensive data accumulation and professional security assessments [2][19] - Yongxin Zhicheng's 2024 stock incentive plan aims for revenues of 1.45 billion yuan and profits of 300 million yuan by 2026, leveraging a "300 by 300" strategy targeting top clients [4][24][26] Financial Performance and Market Position - The cybersecurity sector's overall valuation has dropped significantly, with a price-to-sales ratio (PS) falling to 1-2 times, indicating a market correction where valuations have decreased by 80% since 2021 [3][13] - Yongxin Zhicheng's unique positioning in the independent security evaluation market allows it to avoid direct competition with traditional cybersecurity product companies, focusing instead on a 30 billion yuan market for independent assessments [2][23] Technological Advancements and Product Development - The launch of the "Digital Risk Control" product in 2024 marks a significant advancement for Yongxin Zhicheng, utilizing accumulated data and industry expertise to enhance its service offerings [24][25] - The company has also introduced a large model native security all-in-one machine, which addresses critical customer needs for secure and efficient AI applications [32][33] Market Trends and Future Outlook - The cybersecurity market is expected to see increased demand due to the rapid advancement of AI technologies, with significant implications for security needs in autonomous driving, drones, and robotics [34][36] - Yongxin Zhicheng's strategy includes expanding its service offerings and partnerships, particularly in sectors like oil and gas, while maintaining a strong brand presence through government collaborations [43][44] Conclusion - Yongxin Zhicheng is well-positioned to capitalize on the growing cybersecurity market, with a focus on independent assessments and innovative product offerings. The company's ambitious growth targets and strategic initiatives suggest a promising outlook in the evolving landscape of cybersecurity [27][40]