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].