“AI＋安全”深度融合，安全重点领域业务全面布局。2024 年，公司积极探索“AI+安全”的深度融合与创新，发布了天问大模型系统、产品小天、云上小天、天问智算云平台等系列产品，实现 AI 全面赋能。此外，公司在低空经济、车路云一体化、卫星互联网安全领域积极布局。在低空经济领域，提供网络安全、数据安全、云计算类产品及解决方案；在车路云一体化安全领域，形成云、管、端、边的一体化安全防护体系，推出智能网联汽车安全解决方案；在卫星互联网安全领域，推出了卫星应用服务平台、卫星遥感系统等网络安全解决方案，在国内和“一带一路”沿线多个国家落地实践。Incident: The company released its third quarter report. In the first three quarters of 2024, the company achieved revenue of 1.582 billion yuan, a year-on-year decrease of 3.98%; net profit to mother -0.169 billion yuan, narrowing the year-on-year loss margin.
Losses were reversed in single Q3, and revenue from new businesses remained high. In the third quarter of 2024, the company achieved operating income of 0.709 billion yuan, a year-on-year increase of 10.21%; net profit to mother was 36.49 million yuan, reversing the year-on-year loss, and a loss of 36.22 million yuan in the same period last year. By product, the company's revenue for basic security products in the first three quarters of 2024 was 0.994 billion yuan, accounting for 62.82%, down 4.91% year on year; revenue from big data and situation awareness products and services was 0.103 billion yuan, accounting for 6.54%, down 20.55% year on year; revenue from basic security services was 0.288 billion yuan, accounting for 18.21%, down 3.32% year on year; cloud computing and cloud security products and services revenue was 0.188 billion yuan, accounting for 11.91% year on year, year-on-year An increase of 11.58%. In terms of new business, in the first three quarters of 2024, cloud security revenue increased 126.40% year over year, Xinchuang security revenue increased 57.96% year over year, and cloud computing revenue increased 9.98% year over year. In terms of industry segments, the revenue of government and public institutions in the first three quarters of 2024 was 0.705 billion yuan, accounting for a year-on-year decrease of 16.46%, mainly due to the decline in local government revenue; the revenue of state-owned enterprises was 0.517 billion yuan, accounting for 32.87%, up 25.40% year on year, mainly from the health and energy industries; and 0.352 billion yuan, accounting for 22.36%, down 8.88% year on year, mainly due to a decrease in revenue from the education and finance industries.
The three-fee control is effective, and the profit quality continues to improve. The company actively responded to industry and market developments and continued to push forward strategies to improve quality and efficiency. The three fees in 2023 decreased by 2.57% compared to the same period, a decrease of 50.14 million yuan; in the first three quarters of 2024, the three fees decreased by 5.26% compared to the same period, a decrease of 75.94 million yuan. In the first three quarters of 2024, the company's R&D, sales, and management expenses were -8.05%, +3.56%, and -24.18% year-on-year respectively. Among them, the decline in R&D expenses was mainly due to the basic completion of the investment layout in the new direction, and the decline in management expenses was mainly due to a large year-on-year decline in share payment expenses.
“AI+security” is deeply integrated, and the business in key security areas is fully arranged. In 2024, the company actively explored the deep integration and innovation of “AI+ Security”, and released a series of products such as the Tianwen Big Model System, the product Xiaotian, and the Tianwen Intelligent Computing Cloud Platform to achieve full AI empowerment. Furthermore, the company is active in the fields of low-altitude economy, vehicle-road cloud integration, and satellite internet security. In the field of low-altitude economy, we provide network security, data security, and cloud computing products and solutions; in the field of integrated vehicle road cloud security, we have formed an integrated security protection system for clouds, tubes, terminals, and edges, and launched intelligent connected vehicle security solutions; in the field of satellite internet security, we have launched network security solutions such as satellite application service platforms and satellite remote sensing systems, which have been implemented in China and in many countries along the “Belt and Road”.
Profit forecast: Maintain the company's 2024-2026 revenue forecast of 3.56/4.161/4.723 billion yuan, and net profit forecast of 0.263/0.358/0.41 billion yuan. The 2024-2026 PE was 34x/25x/22x, maintaining the “Overweight” rating.
Risk warning: Market competition has intensified, and the development process of the cybersecurity industry has fallen short of expectations.
