山石网科(688030) - 山石网科投资者调研纪要20241106

Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 705 million yuan, a year-on-year increase of 0.70% [3] - Revenue from proprietary security products increased by approximately 14.94% year-on-year [3] - Gross margin improved to approximately 72.90%, maintaining a leading position in the industry [3] - The net profit attributable to shareholders was -76.58 million yuan, with losses narrowing by 55.74% year-on-year [3] - The company turned profitable in the third quarter with a single-quarter profit of approximately 3.43 million yuan [3] Cost Management - Sales expenses decreased by approximately 29.75% year-on-year in the third quarter [3] - Total expenses (sales, R&D, and administrative) decreased by approximately 16.01% year-on-year [3] - The company aims to achieve stable revenue growth and significantly reduce losses in the fourth quarter [4] Market Development - The company’s proprietary security revenue increased, contributing to improved profitability [3] - The company’s channel participation contributed approximately 180 million yuan in sales contracts, exceeding the total for 2023 [3] - The company’s trust in the domestic market is reflected in a 171.64% year-on-year increase in revenue from the Xinchuang product line, reaching approximately 130 million yuan [4] ASIC Chip Development - The company successfully completed the first trial production of ASIC chips in March 2024, with internal testing results meeting design requirements [4] - The company plans to enter mass production of ASIC chips by February 2025 [5] - ASIC chips are expected to enhance product performance and reduce reliance on CPU, improving overall cost-effectiveness [5] Client Engagement and Market Opportunities - The company has made significant breakthroughs in key industries, including new energy vehicles and education [6] - Strategic agreements with major clients like Inspur Cloud and Tencent have been established, laying a foundation for future performance [6] - The company’s business opportunities have reached over three times the operational target, indicating a positive outlook for revenue growth [6] Channel Development - The number of certified channel partners has exceeded 1,500, indicating increased brand influence [7] - The company has achieved project breakthroughs in collaboration with Shenzhou Digital in the financial sector [7] Cloud Security Growth - Cloud security revenue reached approximately 47.5 million yuan, a year-on-year increase of about 41.00% [9] - The company aims to develop cloud security products into a major product line alongside firewalls [9]