当AI技术赋能攻防双方时，安全对抗变成了AI对抗AI的"猫鼠 游戏"——你用AI，我也用AI，你强我也强。网络安全厂商们 找到了未来的方向，但还需要试炼方法论。 作者：冯雨晨 封图：图虫创意 "网络安全厂商们基本是做的B端合规业务，产品同质化严重，大家用C端的思维去做B端，厂商们 靠低价抢占市场。"徐安称。 一家广东头部网络安全厂商的客户经理肖静向经济观察报举例："一个产品行业里给渠道最低报价 2000元，但有同行给终端客户就直接报价800元，哪怕利润为0元也要做这单。" "内卷的结果是，最后谁都没有利润"，从业8年的肖静感叹。 "网安一哥"奇安信（688561.SH）2024年巨亏超13亿元，映射网络安全行业面临的"红海"困境。 市场饱和、价格内卷、客户预算吃紧等难题已经冲击网安行业一线。项目变少了，是几家头部网络 安全厂商员工的共同感受。 过去约十年的时间，在网络安全合规相关要求密集出台的大背景下，政企主动或被动地重视网络安 全建设，网络安全行业在合规业务的春风中曾经有过"黄金时代"。 如今增长面临见顶，头部网络安全厂商都在寻找新机会攻占下一个十年。 几乎和2023年初人工智能正式大爆发同频，国内头部的网 ...

Core Insights - The core viewpoint of the articles highlights the significant challenges faced by the cybersecurity industry, particularly the financial struggles of leading companies like Qihoo 360, which reported a loss exceeding 1.3 billion yuan in 2024, reflecting a saturated market and intense competition [1][4]. Group 1: Industry Challenges - The cybersecurity industry is experiencing a "red ocean" dilemma characterized by market saturation, price competition, and tightening customer budgets, leading to a decrease in project availability [1][3]. - Major cybersecurity firms are reporting substantial losses, with Qihoo 360's loss of over 1.3 billion yuan and other firms like Green Alliance Technology and Starry Stone Network also facing losses ranging from 100 million to 400 million yuan [4]. - The shift in client behavior is evident as enterprises are increasingly developing their own cybersecurity solutions, reducing reliance on external vendors [3][8]. Group 2: AI Integration and Future Opportunities - Leading cybersecurity firms are investing in AI technologies, launching products like Qihoo 360's "Q-GPT" and Green Alliance Technology's "Fengyunwei," indicating a strategic pivot towards AI-enhanced security solutions [2][7]. - The emergence of generative AI is reshaping the threat landscape, with attackers leveraging AI to enhance the efficiency of phishing attacks and other cyber threats, thus necessitating a rethinking of defense strategies [5][6]. - Three potential growth markets for cybersecurity firms in the AI era include compliance-driven service upgrades, vertical industry-specific demands, and cloud-native security solutions, with the latter expected to grow at a compound annual growth rate exceeding 30% [6][5]. Group 3: Challenges of AI in Cybersecurity - The integration of AI into cybersecurity presents a dual challenge, as both attackers and defenders utilize AI, leading to a "cat-and-mouse" dynamic where the effectiveness of AI security products against zero-day attacks remains insufficient [7][8]. - Current AI security products have a low interception rate for zero-day attacks, and issues such as high false positive rates due to model "hallucinations" pose additional challenges for cybersecurity firms [7][8]. - The industry's ability to balance technological innovation with risk management will be crucial for firms to gain a competitive edge in the evolving cybersecurity landscape [7].

2、持续推进降本增效，Q1 三费均有所降低 1、Q1 营收保持稳定增长，利润同比亏损收窄 公司发布25Q1 季报，实现营业收入3.64 亿元，同比增长1.84%。实现归母净利润-1.02 亿元，同比去年 Q1 亏损收窄32.14%；实现扣非后净利润-1.08 亿元，同比亏损收窄30.41%；毛利率55.73%，同比降低 4.76pct。 考虑国内对于有效需求导致下游客户预算收紧等原因，我们下调此前盈利预测，预计公司25-27 年营收 25.83/27.92/31.48 亿元（原预测25 年36.04亿元），归母净利润0.07/0.64/1.16 亿元（原预测25 年3.82 亿 元），考虑网安行业需求逐步恢复以及受益Agent 加速落地，维持"买入"评级。 2024 年起，公司积极优化组织流程，提质增效，控制费用；着重加大回款考核力度和过程控制，加速 资金回笼。在控费措施下25Q1 三费均不同程度降低，三费总和为3.57 亿元，同比降低4.8%。其中，销 售费用1.73 亿元，同比降低4.27%；研发费用1.33 亿元，同比降低5.39%；管理费用0.51亿元，同比降低 5.95%。 风险提示：市场竞争加剧、 ...

营业收入同比高增，经营质量显著恢复。2024 年实现营收23.58 亿元，同比增长40.29%。分产品看， 2024 年，公司安全产品实现收入11.37亿元，同比增长45.16%；安全服务业务实现收入8.65 亿元，同比 增长18.40%；第三方产品实现收入3.55 亿元，同比增长112.82%。分客户所在行业看，2024 年政府及事 业单位客户实现收入6.39 亿元，同比增长46.61%；能源及企业客户实现收入7.35 亿元，同比增长 52.74%；金融和电信运行商客户收入分别同比增长24.23%、31.34%。公司重点聚焦电信运营商、能源 等需求稳定长期合作的价值客户，紧跟政策导向在央国企国产化领域快速落单，行业端收入增长明显。 2024 年公司毛利率为53.80%，同比增长7.65 个百分点，经营质量显著恢复。 费用控制良好，经营性现金流高增。2024 年，公司提质增效效果明显。 事件：绿盟科技发 布2024年年度报告，公司2024年实现营收23.58亿元，同比增长40.29%；实现归母净 利润-3.65 亿元，同比增长62.66%；实现扣非净利润-3.96 亿元，同比增长60.58%；单2024Q4 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company has shown significant recovery in operational quality, with a revenue of 2.358 billion yuan in 2024, representing a year-on-year growth of 40.29% [2]. - The company reported a net profit attributable to shareholders of -365 million yuan in 2024, which is a 62.66% improvement compared to the previous year [2]. - The company has focused on expanding its "AI + Security" product line, with notable growth in orders for security services [3]. Financial Performance - In 2024, the company achieved a revenue of 2.358 billion yuan, with a breakdown showing security products generating 1.137 billion yuan (up 45.16%), security services at 865 million yuan (up 18.40%), and third-party products at 355 million yuan (up 112.82%) [2]. - The gross margin for 2024 was 53.80%, an increase of 7.65 percentage points year-on-year, indicating a significant recovery in operational quality [2]. - The company managed to reduce total expenses by 6.85% year-on-year, with sales, management, and R&D expenses amounting to 1.578 billion yuan [2]. - Operating cash flow increased by 167.2% year-on-year, reaching 136 million yuan in 2024 [2]. Product and Technology Development - The company has made significant advancements in various technology fields, including APT detection and monitoring, and has launched several innovative products in data security [2][3]. - The introduction of the "Fengyunwei AI Security Capability Platform" and the "AI-Scan" model risk assessment product highlights the company's commitment to integrating AI into its security offerings [3]. - The company has successfully adapted its products to various domestic CPU and operating systems, enhancing its competitiveness in the domestic market [2]. Future Earnings Forecast - The company is expected to continue its growth trajectory, with projected EPS of 0.02, 0.09, and 0.14 yuan for 2025, 2026, and 2027 respectively, reflecting a recovery in profitability [5].