Investment Rating - The report maintains a "Buy" rating for the company, considering its growth potential and industry dynamics [6][21]. Core Insights - The company has successfully turned a profit in the third quarter of 2024, achieving a revenue of 709 million yuan, a year-on-year increase of 10.21%, and a net profit of 36 million yuan [3]. - The company is focusing on quality improvement and efficiency enhancement strategies, with significant growth in new business areas such as cloud computing and cloud security [4][6]. - The company’s revenue for the first three quarters of 2024 was 1.582 billion yuan, a decrease of 3.98% year-on-year, while the net profit attributable to shareholders was -169 million yuan, an increase of 31.83% year-on-year [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 709 million yuan, with a net profit of 36 million yuan, marking a turnaround from previous losses [3]. - For the first three quarters of 2024, the company generated a revenue of 1.582 billion yuan, down 3.98% year-on-year, and a net profit of -169 million yuan, up 31.83% year-on-year [3]. Business Growth - The company has seen significant growth in key sectors, with the healthcare sector experiencing nearly 60% growth in orders, and the cloud security revenue increasing by 126.40% year-on-year [4]. - The company’s new business initiatives are yielding results, with cloud computing revenue growing by 9.98% and cloud security revenue growing by 126.40% in the first three quarters of 2024 [4]. Cost Management - The company has effectively controlled costs, with total expenses decreasing by 5.26% year-on-year, including an 8.05% reduction in R&D expenses [5]. - The revenue structure is improving, with cloud computing and cloud security products and services generating 188 million yuan, a year-on-year increase of 11.58% [5]. Earnings Forecast - The company is projected to achieve revenues of 3.375 billion yuan, 3.807 billion yuan, and 4.265 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 204 million yuan, 306 million yuan, and 377 million yuan [6][10].

Investment Rating - The report maintains a "Recommend" rating for Tianrongxin (002212) with a target price of 9.8 RMB [1][3] Core Views - Q3 2024 revenue growth turned positive YoY, with a 10.21% increase in Q3 revenue to 709 million RMB [1] - Net profit attributable to shareholders turned positive in Q3 2024, reaching 36.49 million RMB compared to a loss of 36.22 million RMB in the same period last year [1] - Cloud security revenue grew significantly by 126.40% YoY in the first three quarters of 2024 [1] - The company's cost reduction and efficiency improvement strategy led to a 5.26% YoY decrease in total expenses for the first three quarters of 2024 [1] Financial Performance - Total revenue for the first three quarters of 2024 was 1.582 billion RMB, a 3.98% YoY decrease [1] - Net loss attributable to shareholders narrowed to 169 million RMB in the first three quarters of 2024, compared to 248 million RMB in the same period last year [1] - Cloud computing and cloud security products/services revenue grew 11.58% YoY to 188 million RMB in the first three quarters of 2024 [1] Business Development - The company has been expanding into new security business areas, including smart rail transit network security, vehicle-road-cloud integrated security, and smart hospital cloud security [1] - Revenue from new businesses such as cloud security and Xinchuang (信创) grew significantly by 126.40% and 57.96% respectively in the first three quarters of 2024 [1] Financial Forecasts - Revenue is expected to grow to 3.408 billion RMB in 2024, 3.903 billion RMB in 2025, and 4.346 billion RMB in 2026 [2] - Net profit attributable to shareholders is forecasted to be 228 million RMB in 2024, 324 million RMB in 2025, and 408 million RMB in 2026 [2] - EPS is projected to be 0.19 RMB in 2024, 0.28 RMB in 2025, and 0.35 RMB in 2026 [2] Valuation - The report gives a 2025 PE multiple of 35x, corresponding to a target price of 9.8 RMB [1] - Current price is 7.11 RMB as of November 1, 2024 [3]

证券代码：002212 证券简称：天融信 公告编号：2024-118 天融信科技集团股份有限公司 关于拟变更 2024 年度审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、拟聘任会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙）（以下 简称"毕马威华振"）； 2、原聘任会计师事务所名称：普华永道中天会计师事务所（特殊普通合伙）（以 下简称"普华永道中天"）； 3、变更会计师事务所的原因：鉴于近期公开信息，基于审慎性原则，综合考虑天 融信科技集团股份有限公司（以下简称"公司"或"本公司"）现有业务状况及对未 来审计服务的需求，拟改聘毕马威华振担任公司 2024 年度审计机构； 4、本次变更会计师事务所符合财政部、国务院国资委、证监会印发的《国有企业、 上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 天融信科技集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 4 日召开第七届董事会第十五次会议，审议通过了《关于变更 2024 年度审计机构的 议案》，公司拟聘任毕马威华振为公司 2 ...

证券代码：002212 证券简称：天融信 公告编号：2024-120 天融信科技集团股份有限公司 关于召开 2024 年第七次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 天融信科技集团股份有限公司（以下简称"公司"或"本公司"）第七届董事会第十五次 会议于 2024 年 11 月 4 日以通讯表决方式召开，会议决定于 2024 年 11 月 20 日召开公司 2024 年第七次临时股东大会。 本次股东大会采用现场投票与网络投票相结合的方式进行。现将有关事项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2024年第七次临时股东大会 （二）股东大会的召集人：公司董事会 公司于2024年11月4日召开的第七届董事会第十五次会议审议通过了《关于召开2024年第 七次临时股东大会的议案》，决定召集本次股东大会。 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、部门 规章、规范性文件、深圳证券交易所业务规则和公司章程等的规定。 （四）会议召开的日期与时间： 现场会议时间：2024年11月20日13:00 网络投票时 ...

天融信科技集团股份有限公司 章 程 （第三十五次修订） 二〇二四年十一月四日 | 第一章 | | 总则 1 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 2 | | 第三章 | | 股份 3 | | | 第一节 | 股份发行 3 | | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 5 | | 第四章 | | 股东和股东大会 6 | | | 第一节 | 股东 6 | | | 第二节 | 股东大会的一般规定 9 | | | 第三节 | 股东大会的召集 11 | | | 第四节 | 股东大会的提案与通知 12 | | | 第五节 | 股东大会的召开 14 | | | 第六节 | 股东大会的表决和决议 17 | | 第五章 | | 董事会 22 | | | 第一节 | 董事 22 | | | 第二节 | 董事会 26 | | | 第三节 | 董事会专门委员会 35 | | 第六章 | | 高级管理人员与公司激励约束机制 36 | | | 第一节 | 高级管理人员 36 | | | 第二节 | 绩效与履职评价 38 | | | 第三节 | 薪酬与激励 38 | ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、拟聘任会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙）（以下 简称"毕马威华振"）； 2、原聘任会计师事务所名称：普华永道中天会计师事务所（特殊普通合伙）（以 下简称"普华永道中天"）； 证券代码：002212 证券简称：天融信 公告编号：2024-118 天融信科技集团股份有限公司 关于拟变更 2024 年度审计机构的公告 3、变更会计师事务所的原因：鉴于近期公开信息，基于审慎性原则，综合考虑天 融信科技集团股份有限公司（以下简称"公司"或"本公司"）现有业务状况及对未 来审计服务的需求，拟改聘毕马威华振担任公司 2024 年度审计机构； 4、本次变更会计师事务所符合财政部、国务院国资委、证监会印发的《国有企业、 上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 天融信科技集团股份有限公司（以下简称"公司"或"本公司"）于 2024年 11月 4 日召开第七届董事会第十五次会议，审议通过了《关于变更 2024 年度审计机构的议 案》，公司拟聘任毕马威华振为公司 202 ...

证券代码：002212 证券简称：天融信 公告编号：2024-117 天融信科技集团股份有限公司 第七届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、会议召开情况 上述事项的具体内容详见公司于2024年11月5日在巨潮资讯网（www.cninfo.com.cn）及《中 国证券报》《上海证券报》《证券时报》《证券日报》披露的《关于变更注册资本并修订公司章 程的公告》（公告编号：2024-119）。 天融信科技集团股份有限公司（以下简称"公司"）第七届董事会第十五次会议于 2024 年 11 月 4 日以通讯表决方式召开，会议通知于 2024 年 11 月 1 日以直接送达、电子邮件等方式 向全体董事发出，全体董事对会议通知发出时间无异议。公司应出席会议董事 9 名，实际出 席会议董事 9 名。会议由董事长李雪莹女士主持，公司监事及高级管理人员列席了本次会议。 本次会议的召集和召开符合《中华人民共和国公司法》和《天融信科技集团股份有限公司章 程》（以下简称"公司章程"）的有关规定。 二、会议审议情况 （一）以 9 票同意，0 票反 ...

证券代码：002212 证券简称：天融信 公告编号：2024-119 天融信科技集团股份有限公司 关于变更注册资本并修订公司章程的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 天融信科技集团股份有限公司（以下简称"公司"）于 2024 年 11 月 4 日召开第七 届董事会第十五次会议，审议通过了《关于变更注册资本并修订公司章程的议案》，公 司董事会同意变更公司注册资本和总股本，并对《天融信科技集团股份有限公司章程》 （以下简称"公司章程"）相应条款进行修订。现将有关事项说明如下： 一、公司注册资本变更情况 鉴于上述公司注册资本及公司总股本的变更情况，公司拟对公司章程相应条款进行 修订，修订条款及具体修订内容如下： | 序号 | 修订前 | | | 修订后 | | | --- | --- | --- | --- | --- | --- | | 1 | 第六条 | | 公 司 注 册 资 本 为 人 民 币 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | | 1,180,300,591 | 元。 | | 1,179,453,879 | 元 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.50 CNY [5][6]. Core Insights - The company achieved profitability in Q3 2024, with a revenue of 7.09 billion CNY, marking a year-on-year growth of 10.21%. The net profit attributable to shareholders was 36.49 million CNY, a turnaround from a loss of 36.22 million CNY in the same period last year [2][3]. - The company is focusing on the integration of "AI + Security" and has launched several innovative products in this area, including the Tianwen large model system and various cloud security solutions [4]. - Revenue from new business segments, particularly cloud security, has shown significant growth, with a year-on-year increase of 126.40% in the first three quarters of 2024 [3][4]. Summary by Sections Market Data - Total shares outstanding: 1.179 billion - Total market capitalization: 8.846 billion CNY - One-year price range: 3.98 CNY (low) to 10.57 CNY (high) - Recent turnover rate: 190.33% [1]. Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 15.82 billion CNY, a decrease of 3.98% year-on-year. The net profit attributable to shareholders was a loss of 1.69 billion CNY, although the loss margin has narrowed compared to previous periods [2]. - The breakdown of revenue by product shows that basic security products accounted for 62.82% of total revenue, while cloud computing and cloud security services grew by 11.58% [3]. Cost Management - The company effectively controlled its expenses, with a reduction of 5.26% in operating expenses for the first three quarters of 2024 compared to the same period last year [4]. Profitability Forecast - The revenue forecast for 2024-2026 is set at 35.60 billion CNY, 41.61 billion CNY, and 47.23 billion CNY respectively, with net profit predictions of 2.63 billion CNY, 3.58 billion CNY, and 4.10 billion CNY [5][6].

Investment Rating - The investment rating for Tianrongxin (002212) is "Buy" [1]. Core Views - The report indicates that the company's operations are recovering, with management expecting the business to approach a turning point. The overall performance improved year-on-year in Q3 2024, overcoming adverse external conditions. The company achieved a total revenue of 1.582 billion yuan, a decrease of 3.98%, while the net profit attributable to shareholders was -169 million yuan, an increase of 31.83%. In Q3 alone, revenue reached 709 million yuan, an increase of 10.21%, and net profit was 36 million yuan, a significant increase of 200.73% [1]. - The order situation remains stable year-to-date, with substantial progress in key sectors. Orders in the healthcare sector increased by nearly 60%, in corporate groups by 20%, and in the tobacco industry by over 30%. New business directions show promising growth, with cloud computing revenue up by 9.98%, cloud security revenue up by 126.40%, and Xinchuang security revenue up by 57.96% [1][4]. - The company is actively exploring the integration of AI and security, advancing domestic product adaptation, and building an enterprise-level AI security capability system. It is also focusing on new industrial applications, including low-altitude economy and satellite internet [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, Tianrongxin reported a revenue of 1.582 billion yuan, down 3.98% year-on-year, and a net profit of -169 million yuan, up 31.83%. In Q3, revenue was 709 million yuan, up 10.21%, and net profit was 36 million yuan, up 200.73% [1]. - Revenue projections for 2024-2026 are 3.444 billion yuan, 3.948 billion yuan, and 4.528 billion yuan, respectively. Net profits are expected to be 254 million yuan, 308 million yuan, and 362 million yuan, with corresponding PE ratios of 31X, 25X, and 21X [5]. Business Strategy - The company aims to increase channel revenue contribution to 40%-50%, currently at less than 20%. This will be achieved through expanding the number of channel partners and enhancing the order contribution rate from existing partners. The management anticipates a recovery in market demand and a 30% increase in orders in Q4 [1][4]. - Tianrongxin has been recognized for its innovative products in data security, winning awards at industry competitions and being included in key product recommendation directories [1][4].