山石网科(688030) - 山石网科投资者调研纪要20241113

Group 1: Financial Performance - In the first three quarters of 2024, the revenue structure shows that boundary security revenue accounts for approximately 72.36% of total revenue, cloud security revenue accounts for about 6.79%, and other security revenue makes up around 20.85% [1] - The company achieved a significant improvement in gross margin year-on-year, maintaining a high position within the industry, primarily due to the increased proportion of proprietary security business revenue [2][3] Group 2: Market and Customer Insights - The company has seen a leading growth rate in demand from government clients, with emerging industries such as energy and rail transportation performing well, where energy sector revenue ranked sixth in the first three quarters [2] - The sales team has been focusing on key clients in finance, telecommunications, and energy sectors, successfully securing projects and entering procurement lists [3] Group 3: Strategic Measures and Future Outlook - The company is committed to a "technology + ecosystem" model, enhancing product capabilities through continuous hardware and software updates to strengthen market competitiveness [3] - The company is focused on improving cash flow management and reducing accounts receivable risk, with a trend of improving sales collection and operating cash flow [2]