证券研究报告 安恒信息 (688023 CH) MSS 与数据安全带动收入重回增长 2026 年 3 月 26 日│中国内地 计算机应用 公司发布 2025 年年度报告，实现营业收入 21.51 亿元，同比增长 5.32%， 实现归母净利润-0.57 亿元，同比下降 70.94%。其中，25Q4 营业收入 9.47 亿元，同比增长 5.42%，归母净利润 1.49 亿元，同比增长 7.63%。2025 年经营性现金流 3.53 亿元，同比增长 119.16%，提质增效成果显著。2025 年公司坚定践行 "DAS" 战略，以 AI 技术为核心驱动力，AI 相关直接 收入超 5800 万元，同比增长 230%，间接赋能产品收入近 1.2 亿元，增 速近 90%，实现业务规模与发展质量的双重提升。我们认为 2026 年公司 经营将持续恢复增长，维持买入评级。 AI 驱动公司经营质量显著改善 2025 年公司全年毛利率为 61.90%，同比提升 1.8pct，销售/管理/研发费率 分别为 32.80%/6.93%/20.41%，同比变动-4.66/-0.58/-3.7pct。公司人员数 量为 3516 人，同比下降 ...

Core Viewpoint - The 22nd China Cybersecurity Conference emphasizes the need for a comprehensive cybersecurity framework that integrates system security, data security, content security, and new technology security to modernize the national cybersecurity system and capabilities [1] Group 1: AI and Cybersecurity - AI technology is transforming the cybersecurity landscape, making attacks more intelligent, automated, and specialized, particularly against cloud infrastructure and supply chains [2] - Companies need to upgrade their security operations to handle the massive volume of attacks and alerts generated by AI, utilizing AI for data fusion and anomaly detection [2][3] Group 2: Integrated Defense Strategies - A three-step approach is proposed for building an edge-intelligent security system, including the establishment of a global edge security network to enhance website availability and threat interception [2] - The development of an AI-driven intelligent security operations center is crucial for automating threat detection and response, significantly reducing response times from hours to seconds [2][3] - Transitioning from passive to proactive security measures is essential, integrating various security frameworks like zero trust and SASE to create a comprehensive defense chain [3] Group 3: Industry Leadership and Innovation - The capabilities of the company have been validated through successful implementations, such as creating an integrated security system for a leading global smart manufacturing client facing frequent cyberattacks [4] - The company has served thousands of clients across various sectors, receiving recognition from authoritative institutions in areas like WAAP, SASE, and zero trust [4] - Future plans include enhancing technological innovation and promoting collaborative development in the cybersecurity industry to contribute to national cybersecurity governance [4]