Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests maintaining attention due to the company's leading market share in the cybersecurity sector [4]. Core Insights - The company reported a revenue of 6.442 billion yuan in 2023, a year-on-year increase of 3.53%, and a net profit attributable to shareholders of 72 million yuan, up 24.50% year-on-year [2]. - The first quarter of 2024 saw a revenue of 705 million yuan, a decline of 23.82% year-on-year, with a net loss of 480 million yuan, although the loss narrowed compared to the previous year [2]. - The gross profit margin improved to 65.38% in 2023, an increase of 1.04 percentage points year-on-year [2]. Revenue Structure and Client Demand - Enterprise clients continued to be the main growth driver in 2023, accounting for 73.14% of revenue, with government clients at 18.34% and judicial clients at 8.52% [3]. - Revenue from enterprise clients grew over 17%, with significant contributions from the energy, finance, and telecommunications sectors, which together accounted for over 30% of total revenue [3]. - The company signed a contract worth nearly 300 million yuan for cybersecurity command system construction in an overseas market [3]. Product Performance - Revenue from data security products reached 1.809 billion yuan, growing over 20% year-on-year, while terminal security revenue was 962 million yuan, with a growth rate close to 20% [3]. - The company launched the industrial-grade QAX-GPT security robot and the large model guardian in March 2024, indicating ongoing innovation in product offerings [3]. Profitability and Cost Management - The growth rates of sales, management, and R&D expenses decreased significantly, leading to a total expense growth rate decline of 6.91% [3]. - The company achieved a per capita revenue of over 680,000 yuan, an increase of over 10% compared to the previous year [3]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 7.062 billion yuan, 8.065 billion yuan, and 9.442 billion yuan, respectively, with year-on-year growth rates of 9.62%, 14.21%, and 17.07% [4]. - The net profit attributable to shareholders is expected to be 222 million yuan in 2024, 409 million yuan in 2025, and 645 million yuan in 2026, with significant growth rates of 209.63%, 83.98%, and 57.87% respectively [4].

证券代码：688561 证券简称：奇安信 公告编号：2024-017 奇安信科技集团股份有限公司 关于参加 2023 年度软件专场集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 线上文字互动平台 ： 上海证券 交易所上证路演中心（ 网址： http://roadshow.sseinfo.com/） 投资者可于 2024 年 5 月 10 日(星期五)16:00 前通过邮件、电话等形式将需 要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者普遍关注的 问题进行回答。 奇安信科技集团股份有限公司（以下简称"公司"）已于 2024 年 4 月 27 日披露 了公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营 成果、财务状况、发展理念，公司将参与由上海证券交易所主办的 2023 年度软件专 场集体业绩说明会，此次活动将采用线上文字互动的方式举行，投资者可登录上海 证券交易所上证路演中心（http://roadshow.sseinfo.com/）参 ...

Investment Rating - The investment rating for Qi An Xin-U (688561.SH) is "Buy" [1][4][12] Core Views - The company's revenue growth slowed in 2023, achieving a total revenue of 6.442 billion yuan (+3.53%) and a net profit attributable to shareholders of 72 million yuan (+24.50%). The first quarter of 2024 saw a revenue decline of 23.82% year-on-year, primarily due to high base effects from the previous year [1][5][11] - Key products showed strong performance, with security product revenue reaching 4.740 billion yuan (+4.67%) and data security growing over 20%. The company secured a significant overseas contract worth nearly 300 million yuan for building a cybersecurity command system [1][11] - The enterprise-level market remains a growth engine, with enterprise clients accounting for 73.14% of total revenue. The company has seen a nearly 10% growth in revenue from clients contributing over one million yuan [1][11] Financial Summary - The company reported a total revenue of 6.442 billion yuan in 2023, with a projected revenue of 7.035 billion yuan for 2024, reflecting a growth rate of 9.2% [2][12] - The net profit forecast for 2024 is 182 million yuan, with expected growth rates of 154.2% and 83.3% for 2025 and 2026, respectively [2][13] - The earnings per share (EPS) is projected to increase from 0.10 yuan in 2023 to 0.27 yuan in 2024, and further to 0.90 yuan by 2026 [2][13] Business Segmentation - The revenue from network security products is expected to grow from 4.740 billion yuan in 2023 to 5.214 billion yuan in 2024, maintaining a gross margin of approximately 78.50% [12][13] - Network security services are projected to generate 7.79 billion yuan in 2023, with a slight decline, but expected to recover with a growth rate of 8% in 2024 [12][13] - Hardware and other revenues are anticipated to grow from 8.96 billion yuan in 2023 to 9.50 billion yuan in 2024, with a lower gross margin of around 4.50% [12][13]

[Table_Title] 证券研究报告 企业级客户表现突出，持续加码 AI+安全、数 公司研究 据安全等新安全领域 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年5月6日 [T奇ab安le信_S(to6c8k8A5n6d1R.anSkH]) 投资评级： [Table事_S件um：m奇ar安y]信发布2023年度报告及2024年一季度业绩报告，2023年， 公司实现营收64.42亿元，同比增长3.53%；实现归母净利润0.72亿 上次评级： 元，同比增长24.50%；实现扣非净利润-0.97亿元，同比增长68.37%； 实现经营性现金流净额-7.78亿元，同比增加4.83亿元。截至2023年 [T庞ab倩le倩_Au计th算or机]行业首席分析师 底，公司合同负债3.32亿元，同比增长91.43%。单2023Q4来看， 执业编号：S1500522110006 公司实现营收 27.56 亿元，同比下降9.07%；实现归母净利润12.95 邮 箱：pangqianqian@cindasc.com 亿元，同比增长9.46%；实现扣非净利润12.09亿元。2024Q ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 奇 安信-U(688561.SH) 证券研究报告 核心产品保持优势，数据安全和 AI 驱动发展 专用计算机设备 投资评级 买入-A 事件概述 维持评级 公司近期发布 2023 年年报和 2024 年一季报，2023 年实现营业收入 6个月目标价 41.59元 64.42 亿元，同比增长3.53%，实现归母净利润 0.72亿元，同比增长 股价 (2024-04-30) 30.90元 24.50%。2024 年一季度，公司实现营业收入 7.05 亿元，同比下降 23.82%，实现归母净利润-4.80 亿元，同比增长 9.97%。公司在外部 交易数据 环境承压的情况下，2023 年实现收入和利润的正增长，体现出公司 总市值(百万元) 21,171.83 较强的业务韧性，以及核心产品的竞争力。 流通市值(百万元) 15,760.81 总股本(百万股) 685.17 2023 年收入利润实现增长，核心产品保持优势 流通股本(百万股) 510.06 收入端来看，根据年报披露，公司实现收入同比增长 3.53%，增速有 12个月 ...

公司快报 2024 年 05 月 05 日 奇 安信-U(688561.SH) 证券研究报告 核心产品保持优势，数据安全和 AI 驱动发展 专用计算机设备 投资评级 买入-A 事件概述 维持评级 公司近期发布 2023 年年报和 2024 年一季报，2023 年实现营业收入 6个月目标价 41.59元 64.42 亿元，同比增长3.53%，实现归母净利润 0.72亿元，同比增长 股价 (2024-04-30) 30.90元 24.50%。2024 年一季度，公司实现营业收入 7.05 亿元，同比下降 23.82%，实现归母净利润-4.80 亿元，同比增长 9.97%。公司在外部 交易数据 环境承压的情况下，2023 年实现收入和利润的正增长，体现出公司 总市值(百万元) 21,171.83 较强的业务韧性，以及核心产品的竞争力。 流通市值(百万元) 15,760.81 总股本(百万股) 685.17 2023 年收入利润实现增长，核心产品保持优势 流通股本(百万股) 510.06 收入端来看，根据年报披露，公司实现收入同比增长 3.53%，增速有 12个月价格区间 27.48/62.52元 所放缓，主要是受国 ...

Investment Rating - The investment rating for the company is "Buy" [6][14][15] Core Insights - The company's revenue growth slowed in 2023, achieving a total revenue of 6.442 billion yuan (+3.53%) and a net profit of 72 million yuan (+24.50%). The non-recurring net profit was -97 million yuan (+68.43%) [2][8] - In Q4 2023, the company reported revenue of 2.756 billion yuan (-9.07%) and a net profit of 1.295 billion yuan (+9.46%) [2][8] - The decline in revenue in Q1 2024 was primarily due to high base effects from the previous year, with revenue at 705 million yuan (-23.82%) and a net profit of -480 million yuan (+9.97%) [2][8] - The company has seen strong performance in key products, with security product revenue at 4.740 billion yuan (+4.67%) and data security growth exceeding 20% [2][3] - The enterprise-level customer segment is a significant growth driver, with enterprise customers accounting for 73.14% of total revenue [2][3] Financial Summary - The company forecasts revenue growth of approximately 9.2% in 2024, with projected revenues of 7.035 billion yuan and net profits of 182 million yuan [4][16] - The projected earnings per share for 2024 is 0.27 yuan, with a PE ratio of 116 [4][16] - The company aims to enhance operational efficiency and reduce costs, with expectations for AI security and innovative business developments [3][14][15] Business Segmentation - The company operates in three main business segments: network security products, network security services, and hardware and others. Revenue from network security products is expected to grow from 4.740 billion yuan in 2023 to 5.214 billion yuan in 2024 [15][16] - Network security services are projected to see revenue growth from 779 million yuan in 2023 to 841 million yuan in 2024, while hardware and other revenues are expected to increase from 896 million yuan to 950 million yuan [15][16]

证券代码：688561 证券简称：奇安信 奇安信科技集团股份有限公司 投资者关系活动记录表 编号：2024-001 £特定对象调研 £分析师会议 £媒体采访 £现场参观 投资者关系活动类 R业绩说明会 £路演活动 £一对一沟通 别 £新闻发布会 £其他 参与单位及人员 本次参会机构共80家，参会人员87人，具体名单详见文后附录 时间 2024年4月29日15点00分-16点00分 方式 线上会议 接待人员 董事、总裁吴云坤；董事会秘书徐文杰；财务经理郑静；证券事务代表张腾 投资者交流 本次主要包含两部分，第一部分由公司管理层介绍公司 2024 年一季度和 2023年度经营情况，第二部分由公司管理层与投资者互动问答。 主要内容介绍 第一部分由公司管理层介绍公司2024年一季度和2023年度经营情况： 1、2023全年 2023年比较特殊，因为是“十四五”中期调整之年，这一年中我们看到从 2020年“十四五”开始起，整个央企都提到数字化转型。在“十四五”中期调整这 一年，我们看到更多的投资预算从政府转向关基行业、制造业，以及特种行业。所 ...

计算机/软件开发 公 司 研 奇安信（688561.SH） 经营效率显著提升，坚定推进国际化战略 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn liuxiaoyao@kysec.cn 日期 2024/4/26 证 书编号：S0790520080001 证书编号：S0790520090001 当前股价(元) 31.10  高速发展的创新型网络安全龙头，维持“买入”评级 公 一年最高最低(元) 63.21/25.90 考虑宏观环境变化，我们下调公司 2024-2025 年归母净利润预测为 3.38、4.68、 司 信 总市值(亿元) 213.09 （原预测为5.48、7.98亿元），新增2026年预测为6.46亿元，对应EPS为0.49、 息 流通市值(亿元) 158.63 0.68、0.94元/股，当前股价对应PE为63.0、45.5、33.0倍，考虑公司是国内创 更 总股本(亿股) 6.85 新型网络安全龙头，维持“买入”评级。 新 报 流通股本(亿股) 5.10  2023年收入稳定增长，经营效率显 ...

【专题一】 中国网安，全球视野：奇安 信网络安全系列产品出海 15 【专题二】 安全先行，智启未来：奇安 信 QAX-GPT 引领工业级 AI 大模型 17 附录 91 | 1 | C | | C | | --- | --- | --- | --- | | 14.00 | | | | | 20 | 11 - | | | | 8 | | | | 公司治理 稳健高效护航优质发展 产品服务 安全创新铸牢数字护盾 | 公司治理体系 | 33 | 研发创新 | | --- | --- | --- | | 合规经营 | 35 | 守护网络安全 | | 反腐败与商业道德 | 41 | 安全与高效运营 | | 信息安全与隐私保护 | 43 | 客户服务 | | 党建引领 | 45 | 产业链管理 | | 人才培养 | | 行业发展 | | | --- | --- | --- | --- | | 多元包容助力员工成长 | | 全面赋能引领网安发展 | | | 51 | 员工权益保障 | 61 | 构建网安培训体系 | | 54 | 人才发展 | 69 | 深化行业交流发展 | | 58 | 员工关爱 | | | | 社会贡献 ...