Introduction to this report:

With AI leadership as the core strategy, the company plans to acquire 5.33% of Fanshuang Technology's shares to jointly develop anti-drone control platforms and other technologies. Future performance growth is expected to exceed expectations.

Key investment points:

Covered for the first time, an increase in holdings rating is given. Anheng Information is a leader in cybersecurity software in China. We expect the company's 2024-2026 EPS to be 0.02/0.83/1.74 yuan. Referring to comparable companies, combining PE and PS valuation methods, the company was finally given 94.5 times PE in 2025, with a reasonable valuation of RMB 8.021 billion, corresponding to a target price of 78.43 yuan.

AI is leading the core strategy and boosting third-curve growth. The company seized the opportunity of the AI big model, launched the successful application of An Heng Heng Brain at the Hangzhou Asian Games, and spawned “Everbrain+ Secure Operation” and “Everbrain+ Data Security” solutions. Use intelligent technology to efficiently handle security incidents and improve operational efficiency. The company also released the Tianqiu Artificial Intelligence Security Platform and the “Anheng Digital Shield” brand, built a comprehensive data security system, made progress in consulting, data center control, office network security and privacy computing, won many provincial, ministerial and industry projects, and established core competitiveness.

The company's core racetrack products have been significantly upgraded, and it has blossomed more and more to achieve steady growth. Xinchuang security products increased by more than 100% compared to the same period last year. In particular, platform-based Xinchuang products such as Xinchuang Cloud Security Resource Pool, Xinchuang Situation Awareness and Log Audit, and Bastion Engine showed outstanding growth rates. The company has made comprehensive breakthroughs in basic network security, cloud security, big data security, and commercial cryptographic products, providing comprehensive credit and innovation solutions covering high and low levels. Cyber security guarantees for many international events such as the Hangzhou Asian Games and the Chengdu Universiade have been successfully completed, and the MSS Tianqiu Next-Generation Active Defense Security Operation Center has built a “three sides and one chain” protection system. The cloud password security solution launched in 2023 has set a benchmark in many industries. The full-stack localized cloud security resource pool has enhanced the company's competitiveness in the Xinchuang cloud security market, and its market share has further increased.

Laying out the anti-drone sector to enter the low-altitude economic circuit, the company plans to acquire 5.33% of Fanshuang Technology's shares. The company plans to acquire 5.33% of Fanshuang Technology's shares for 40 million yuan to strengthen its position in the field of anti-drone and low-altitude economy. Combining the advantages of Anheng Information's big data situation awareness and cloud security with Fanshuang Technology's intelligent security technology, the two sides will jointly develop technologies such as anti-drone control platforms to promote the integration of cybersecurity and intelligent security. To this end, Hangzhou Anheng Low Altitude Safety Technology Co., Ltd. was established. Anheng Information holds 60% of the shares and Fanshuang Technology holds 40% of the shares, focusing on research and development of low-altitude safety supervision, global monitoring, and scenario-based safety operation platforms to provide integrated safety products and services.

Risk warning: increased market competition, risk of technology iteration and application falling short of expectations