➢ 风险提示：卫星互联网及低空经济等新兴业务发展不确定，行业竞争加剧。 ➢ 事件：2024 年 3 月 13 日，盛邦安全发布公告,公司拟将公司全称"远江盛 邦（北京）网络安全科技股份有限公司"变更为"远江盛邦安全科技集团股份有 限公司"。我们认为，公司近年在原有网安业务的基础上积极涉足新的业务领域 如网络空间地图、卫星互联网、低空经济等，改名能够更好地体现公司跨地域发 展的实际情况、公司产业布局及战略发展定位。 ➢ AI+安全成为公司重要转折点，AI 全线赋能以多源威胁情报融合分析系统 为首的产品矩阵。公司于 2 月 11 日在投资者交易平台公开表示，AI 技术已在公 司多源威胁情报融合分析系统等产品实现应用，通过 AI 引擎实现多源情报与公 司漏洞情报、网络空间资产测绘情报的融合。随着实战化攻防演练促进技术发展， 基于已有规则特征的被动静态应对失效，智能主动安全类产品的规模化应用成为 新趋势，公司部署了由多源威胁情报融合分析系统、网络资产安全治理系统、一 体化漏洞扫描评估系统、API 防护系统、自动化渗透和网络空间地图等构成的前 瞻主动防御产品矩阵。 ➢ 网络空间地图等产品面向特殊行业，助力国家网络安全防 ...

远江盛邦（北京）网络安全科技股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688651 证券简称：盛邦安全 远江盛邦（北京）网络安全科技股份有限公司 2025 年第一次临时股东大会会议资料 会议召开时间： 2025 年 3 月 31 日 | 2025 | 年第一次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 4 | | 2025 | 年第一次临时股东大会会议议案 5 | 远江盛邦（北京）网络安全科技股份有限公司 2025 年第一次临时股东大会会议资料 远江盛邦（北京）网络安全科技股份有限公司 2025 年第一次临时股东大会会议须知 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》（以下简称"《证券法》"）《上市公司股东大会规则》以及《远江盛 邦（北京）网络安全科技股份有限公司章程》（以下简称"《公司章程》"）《远 江盛邦（北京）网络安全科技股份有限公司股东大会议事规则》等相关规定，远 江盛邦（北京）网络安全科技股份有限公司（以下简称 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Viewpoints - The integration of AI and cybersecurity represents a paradigm shift, enabling a transition from traditional risk warning to proactive defense, with the company having established a forward-looking proactive defense product matrix [3][4] - The company's recent name change reflects its strategic development and cross-regional expansion, as it diversifies into new business areas such as cyberspace mapping, satellite internet, and low-altitude economy [1][2] - The development of the cyberspace map product aims to enhance national cybersecurity defense capabilities, providing services to special industry clients such as public safety departments [2] - The company is strategically investing in satellite internet security and low-altitude economy, which is expected to cultivate new business momentum and increase revenue in these sectors [2][3] Financial Projections - Revenue is projected to grow from 291 million in 2023 to 485 million by 2026, with a compound annual growth rate of approximately 25% [4][10] - The net profit is expected to recover from a decline in 2024, reaching 30 million by 2026, with a projected net profit margin of around 6.17% [4][10] - The price-to-earnings ratio is forecasted to decrease from 153 in 2024 to 102 in 2026, indicating a potential improvement in valuation as earnings grow [4][10]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company is undergoing a paradigm shift with the integration of AI in cybersecurity, transitioning from risk warning to proactive defense [3][4] - The company has expanded its business into new areas such as cyberspace mapping, satellite internet, and low-altitude economy, which is reflected in its name change to better represent its strategic development [1][2] - The development of a multi-source threat intelligence fusion analysis system is a key product that leverages AI technology to enhance cybersecurity capabilities [2][3] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 318 million, 388 million, and 485 million respectively, with growth rates of 9.3%, 22.0%, and 25.0% [4][10] - The net profit attributable to the parent company is projected to be 20 million, 24 million, and 30 million for the same years, with growth rates of -53.1%, 20.3%, and 24.7% [4][10] - The price-to-earnings (PE) ratios based on the closing price on March 13, 2025, are expected to be 153, 127, and 102 for the years 2024, 2025, and 2026 respectively [3][4] Strategic Developments - The company is focusing on cybersecurity solutions for special industries, enhancing national cybersecurity defense capabilities through products like cyberspace mapping [2][3] - Strategic investments in satellite internet security and low-altitude economy are being made to cultivate new business momentum, including the establishment of a dedicated product line for satellite internet security [2][3]

证券代码：688651 证券简称：盛邦安全 公告编号：2025-005 将公司全称"远江盛邦（北京）网络安全科技股份有限公司"变更为"远江盛邦安 全科技集团股份有限公司"，并同步变更公司英文名称。 二、公司章程修改情况 远江盛邦(北京)网络安全科技股份有限公司 关于变更公司名称及修改《公司章程》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。 远江盛邦(北京)网络安全科技股份有限公司（以下简称"公司"或"盛邦安 全"）于2025年3月13日召开第三届董事会第二十三次会议，审议通过了《关于变 更公司名称及修改<公司章程>的议案》，同意公司将名称由"远江盛邦(北京)网络 安全科技股份有限公司"变更为"远江盛邦安全科技集团股份有限公司"，同时对 《公司章程》进行修改。具体情况如下： 一、拟变更公司名称的说明 （一）公司名称变更情况 本次拟变更公司名称具体情况如下： | | 变更前 | 变更后 | | --- | --- | --- | | 公司中文名称 | 远江盛邦（北京）网络安 | 远江盛邦安全科技集团 | | | 全科 ...

证券代码：688651 证券简称：盛邦安全 公告编号：2025-006 召开日期时间：2025 年 3 月 31 日 14 点 00 分 召开地点：北京市海淀区上地九街 9 号数码科技广场北楼 2 层会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 31 日 远江盛邦（北京）网络安全科技股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025 年第一次临时股东大会 至 2025 年 3 月 31 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年3月31日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场 ...

Summary of Shengbang Security Conference Call Company Overview - Shengbang Security operates primarily in three core business areas: cyberspace mapping, satellite internet low-altitude economy, and website identity services [3][4]. Core Business Insights - **Cyberspace Mapping**: - This is Shengbang Security's flagship product, utilizing the Space Rui series for global cyberspace asset detection and governance, including monitoring sensitive internet information. - The market for cyberspace mapping is expected to grow at a compound annual growth rate (CAGR) of 48.3% from 2021 to 2024, reaching a market size of 5.46 billion yuan by 2026. - In 2023, the revenue from this business segment increased by 40% year-on-year, amounting to 50.68 million yuan, with AI technology expected to further drive growth [3][4]. - **Satellite Internet Low-altitude Economy**: - Shengbang Security is actively expanding in this area, having acquired Tianyun Website and fully deploying related services. - As of February this year, satellite internet orders exceeded 30 million yuan, surpassing last year's total revenue of over 20 million yuan. - The company launched China's first urban low-altitude operation safety assurance service product, focusing on infrastructure and aircraft safety in the 300 to 1,000 meters altitude range [3][4]. - **Website Identity Services**: - This business is a significant growth driver, benefiting from the national network identity authentication public service management measures released by the Ministry of Public Security and the Cyberspace Administration. - Over 150 enterprises have connected to this platform, which is expected to facilitate a shift towards trusted identity authentication for app developers, thereby expanding market opportunities [3][4]. Research and Development (R&D) Investments - Shengbang Security has shown strong performance in R&D investments, with R&D expenses reaching over 30 million yuan in the first half of last year, a 13% increase year-on-year. - The number of R&D personnel rose from 166 in 2021 to 213 in the first half of this year, ensuring the company maintains its technological advantages in military and public security sectors [5]. Opportunities in AI and Military Integration - The integration of AI and military sectors presents significant opportunities for Shengbang Security. - By 2025, the military market, cyberspace mapping, and hardware sectors are expected to fully release their potential, driving overall business growth. - The new low-altitude satellite internet business is also focused on data, large models, and various vertical fields, aligning with overseas market expectations and potentially enhancing order performance and market conditions [6]. Potential Investment Targets in AI Application Information - Several companies in the AI application information sector are identified as having high potential, including: - **GPU Sector**: DRV, Cambrian, and Haiguang Information - **Digital Earth Surveying**: Zhongke Jintu - **Satellite Internet**: Hanjun Garden and Creative Information - **Simulation and Modeling**: Wenke and Later Material - These companies are expected to see order performance improvements and increased market conditions, potentially leading to a "Davis Double" effect [7].

Financial Performance - Total revenue for 2024 reached RMB 318.04 million, an increase of 9.35% compared to RMB 290.83 million in the previous year[3] - Operating profit decreased by 47.37% to RMB 22.02 million from RMB 41.85 million year-on-year[3] - Net profit attributable to shareholders of the parent company fell by 52.64% to RMB 20.13 million, down from RMB 42.51 million in the previous year[3] - Basic earnings per share decreased by 53.03% to RMB 0.31 from RMB 0.66 year-on-year[3] - The company's return on equity (ROE) decreased by 5.16 percentage points to 2.27% from 7.43% year-on-year[3] Assets and Liabilities - Total assets increased by 4.14% to RMB 1,187.95 million from RMB 1,140.76 million at the beginning of the period[4] Expenses and Investments - Research and development expenses increased significantly due to higher investment in new product directions, impacting overall profitability[5] - Sales expenses rose as the company expanded its workforce in key business areas, contributing to the decline in profits[5] Client Relations and Financial Health - The company faced longer payment cycles from some clients, leading to an increase in bad debt provisions, which negatively affected profit levels[5] Reporting and Auditing - The financial data presented is preliminary and unaudited, with final figures to be disclosed in the annual report[7]

证券代码：688651 证券简称：盛邦安全 公告编号：2025-003 远江盛邦（北京）网络安全科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/7，由实际控制人、董事长权晓文先生提议 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过后 12 个月，实际回购股份起始 | | | 之日为自股东大会审议通过之日，终止之日与前 | | | 述日期相同。 | | 预计回购金额 | 万元 1,500 万元~3,000 | | 回购价格上限 | 50 元/股 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 万股 58.80 | | 实际回购股数占总股本比例 | 0.7799% | | 实际回购金额 | 1,786.79 万元 | | 实际回购价格区间 | 25.58 元/股 ...

Core Viewpoint - The company, Shengbang Security, anticipates a decline in net profit for 2024 despite a projected increase in revenue, indicating potential challenges in profitability and operational efficiency [1][2]. Financial Performance - The company expects 2024 revenue to be between 31 million and 33 million, representing a year-on-year increase of 6.59% to 13.47% [1]. - The projected net profit for 2024 is estimated to be between 20 million and 27.5 million, a decrease of 1.5 million to 2.25 million compared to the previous year, reflecting a decline of 35.31% to 52.95% [1]. - The net profit after excluding non-recurring gains and losses is expected to be between 10.7 million and 18.2 million, down by 1.635 million to 2.385 million, which translates to a decrease of 47.34% to 69.04% [1]. - In 2023, the company reported a revenue of 290.83 million, with a total profit of 40.84 million and a net profit of 42.51 million [1][6]. Strategic Focus - The company is committed to a long-term development strategy emphasizing healthy operations, focusing on key industries and strategic regions, and enhancing delivery capabilities [2]. - Increased investment in research and development for new products, such as cybersecurity for satellite internet and spatial mapping, has led to higher R&D expenses [2]. - The company has also expanded its workforce in response to market demands, resulting in increased sales expenses [2]. Market Conditions - The company has experienced longer settlement and payment cycles from some clients, leading to a significant increase in bad debt provisions, which has negatively impacted profit levels [4]. - The stock is currently in a state of decline since its IPO, which took place on July 26, 2023, with an issuance price of 39.90 per share [5].