天眼查资料显示，北京天融信网络安全技术有限公司，成立于1995年，位于北京市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本35000万人民币，实缴资本35000万人民币。通过天眼查大 数据分析，北京天融信网络安全技术有限公司共对外投资了44家企业，参与招投标项目5000次，财产线 索方面有商标信息222条，专利信息2739条，此外企业还拥有行政许可5个。 金融界2025年4月10日消息，国家知识产权局信息显示，北京天融信网络安全技术有限公司申请一项名 为"零信任系统的身份信息管理方法、设备、介质及程序产品"的专利，公开号 CN 119783129 A，申请 日期为2024年12月。 专利摘要显示，本申请实施例提供一种零信任系统的身份信息管理方法、设备、介质及程序产品，涉及 网络安全技术领域。所述方法包括：响应于身份信息管理请求，从数据库中查询并获取身份信息属性结 构表，并反馈身份信息查询页面；响应于用户发起的身份信息属性配置请求，并反馈属性配置页面；获 取用户基于属性配置页面输入的属性配置信息，基于属性配置信息对身份信息属性结构表进行更新并存 储，并基于更新后的身份信息属性结构表反馈更新后的身份 ...

天眼查资料显示，北京天融信网络安全技术有限公司，成立于1995年，位于北京市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本35000万人民币，实缴资本35000万人民币。通过天眼查大 数据分析，北京天融信网络安全技术有限公司共对外投资了43家企业，参与招投标项目5000次，财产线 索方面有商标信息222条，专利信息2709条，此外企业还拥有行政许可5个。 金融界2025年3月29日消息，国家知识产权局信息显示，北京天融信网络安全技术有限公司申请一项名 为"一种设备类型识别方法、电子设备、存储介质和程序产品"的专利，公开号CN 119696863 A，申请日 期为2024年12月。 专利摘要显示，本申请提供一种设备类型识别方法、电子设备、存储介质和程序产品，该方法包括：对 待处理网络流量进行设备信息提取处理，设备信息包括：目标设备的设备类型；若未能提取出目标设备 的设备信息，则获取待处理网络流量中的五元组对应的审计日志，并根据审计日志中的审计字段内容确 定目标设备的设备类型。在上述方案的实现过程中，通过在待处理网络流量中未能提取出目标设备的设 备信息的情况下，根据待处理网络流量中的五元组对应的审计 ...

3月28日，天融信（002212）与华为启动全面合作并举行奠基仪式。会上，双方联合发布两大战略级新 品——基于昇腾AI架构的天融信智算一体机(昇腾版)，及基于鲲鹏架构的昆仑.信创系列产品，这标志着 双方在智算与安全领域的深度融合迈入新阶段。 会议期间，天融信还联合华为发布了基于鲲鹏架构的昆仑.信创系列产品。天融信与华为鲲鹏的合作是 国产化技术替代进程加速的重要标志，其背后既有国家对核心领域自主可控的强力驱动，也受益于双方 技术互补和生态闭环的成熟。 天融信与华为已有多年合作历史。2018年天融信加入华为安全商业联盟，携手构建网络安全生态圈； 2020至2022年天融信连续三年在鲲鹏计算平台安全漏洞奖励计划中贡献排名第一；2023年双方联合发布 全新鲲鹏架构超融合一体机；2024年天融信与华为签署合作备忘录(MoU)，积极推进VPN、数据防泄 漏、EDR等一系列产品的鸿蒙化落地。(文穗) 近期人工智能领域掀起开源热潮，在金融、医疗、教育及政务等垂直领域的大模型本地化应用快速渗 透。根据Gartner预测，到2027年，中国80%的企业将使用多模型生成式人工智能，满足本地部署要求。 据悉，天融信智算一体机(昇腾版 ...

会议同期，天融信还联合华为发布了基于鲲鹏架构的昆仑.信创系列产品。据介绍，天融信与华为鲲鹏 的合作是国产化技术替代进程加速的重要标志，其背后既有国家对核心领域自主可控的强力驱动，也受 益于双方技术互补和生态闭环的成熟。通过加强技术与生态合作，天融信可为华为鲲鹏拓展在网络安全 领域的应用，加速国产芯片和操作系统在关键行业的落地；华为则为天融信提供了自主可控的底层平 台，摆脱对国外基础软硬件的依赖。这种"抱团突围"模式，正是当前国产化替代的主流路径——以市场 需求拉动技术成熟，以生态闭环降低替代成本。 3月28日，天融信（002212）(002212.SZ)与华为启动全面合作并举行奠基仪式。会上，双方联合发布两 大战略级新品——基于昇腾AI架构的天融信智算一体机(昇腾版)，及基于鲲鹏架构的昆仑.信创系列产 品，标志着双方在智算与安全领域的深度融合迈入新阶段。 近期人工智能领域掀起开源热潮，在金融、医疗、教育及政务等垂直领域的大模型本地化应用快速渗 透。根据Gartner预测，到2027年，中国80%的企业将使用多模型生成式人工智能，满足本地部署要求。 据悉，天融信智算一体机(昇腾版)以"国产AI算力硬件+天融信智 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][9]. Core Views - The company is projected to achieve revenue of 2.845 billion to 3.259 billion yuan in 2024, with a year-on-year growth rate of 15% in 2025 and 2026 [2][5]. - The net profit attributable to the parent company is expected to recover significantly, reaching approximately 86 million yuan in 2024, with a growth rate of 123% in 2025 and 127% in 2026 [2][5]. - The company has shown a strong improvement in operational efficiency through cost control and quality enhancement strategies, despite a projected revenue decline in 2024 [4][5]. Summary by Sections Financial Performance - The company forecasts a revenue of 2.845 billion yuan in 2024, down from 3.124 billion yuan in 2023, with a projected growth of 15% in the following years [2][5]. - The net profit is expected to turn positive in 2024, reaching 86 million yuan, compared to a loss of 371 million yuan in 2023 [2][5]. - The earnings per share (EPS) is projected to be 0.07 yuan in 2024, increasing to 0.17 yuan in 2025 and 0.21 yuan in 2026 [2][5]. Business Development - The company has secured multiple large-scale project orders, including significant contracts with Shenzhen Smart City and China Southern Power Grid, indicating strong business stability and growth potential [4]. - The company is actively expanding its product offerings in the "AI + Security" sector and has established strategic partnerships with major firms like Huawei [4][5]. Operational Efficiency - The company has achieved a reduction in R&D expenses by 8% year-on-year, while maintaining a high R&D expense ratio of 34.01% [4]. - The sales expense ratio is reported at 42.10%, management expense ratio at 10.25%, and financial expense ratio at -0.19%, reflecting effective cost management [4].

超融合赋能智算，一体机推进智能云升级 天融信(002212) ——天融信智算安全一体机引领 AI 原生安全新范式 | ——天融信智算安全一体机引领 [table_Authors] 李博伦(分析师) | AI 原生安全新范式 伍巍(研究助理) | 钟明翰(研究助理) | [Table_Invest] 评级： | 上次评级: | 增持 增持 | | --- | --- | --- | --- | --- | --- | | 0755-23976516 | 021-38031029 | 021-38031383 | [Table_Target] 目标价格： | | 11.66 | | 0755-23976516 | 021-38031029 | 021-38031383 | | 上次预测: | 8.23 | | --- | --- | --- | --- | --- | --- | | libolun@gtjas.com | wuwei028683@gtjas.com | zhongminghan029903@gtjas.com | | | | | 登记编号 S0880520020004 | S0880123070 ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" due to expected performance exceeding the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company recently launched the DeepSeek security computing integrated machine and its self-developed Tianwen intelligent computing cloud platform has passed capability verification [2]. - The company is expected to achieve a revenue of 2.821 billion in 2024, a decrease of 9.7% year-on-year, but is projected to return to profitability with a net profit of 0.83 billion [4][8]. - The DeepSeek integrated machine is designed to support various model training and inference tasks, enhancing the company's product offerings in the AI and security sectors [8]. - The Tianwen model has been evaluated for its capabilities and is integrated with the company's existing security products, improving operational efficiency [8]. - The company anticipates revenue growth of 10.2% and 10.3% in 2025 and 2026, respectively, with net profits expected to reach 1.76 billion and 2.75 billion [8]. Financial Summary - Total revenue is projected to be 3.124 billion in 2023, decreasing to 2.821 billion in 2024, and then increasing to 3.109 billion in 2025 and 3.430 billion in 2026 [4]. - The company reported a net loss of 371 million in 2023, but is expected to turn profitable with net profits of 83 million in 2024, 176 million in 2025, and 275 million in 2026 [4]. - The earnings per share (EPS) is forecasted to be -0.31 in 2023, improving to 0.07 in 2024, 0.15 in 2025, and 0.23 in 2026 [4]. - The target price for the company's stock is set at 11.80 yuan, with the current price at 8.72 yuan [4].

2025年03月10日 证券研究报告|公司研究|公司点评 天融信（002212） 投资评级 智算一体机喜获权威认证,云计算业务迎来市场增量 报告摘要 事件：近日，公司自主研发的天问智算云平台系统，首批通过中国软件评测中心（工业 和信息化部软件与集成电路促进中心）的大模型一体机能力验证。天融信安全智算一体 机搭载天间智算云平台软件,在可靠性、稳定性、安全性与有效性四大维度均达技术标 准。 天融信 DeepSeek 安全智算一体机首批通过中国软件评测中心能力验证 � 天融信 DeepSeek 安全智算一体机以"算力硬件平台+智算平台"为基座,集成 DeepSeek 大模型,融合"计算、存储、网络、安全、智能"五大能力,可以为客户提 供高性能、安全可靠的一体化智算中心建设方案。产品深度融合并完成与 DeepSeek 各 种版本及尺寸模型的整合测试，预装了 DeepSeek-R1 版本各种尺寸的模型。客户只需 根据业务需求选择对应的模型版本及大小即可实现开箱即用,操作简单快捷。此外,产 品还深度融合天问大模型,通过智能算法实时监测数据流向和模型运行状态,实现安全 "识别-保护-检测-响应-恢复"的可持续迭代,为 De ...

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [13]. Core Views - The company has successfully developed the Tianjian Intelligent Computing Cloud Platform, which has passed authoritative certification, indicating strong market potential for its cloud computing business [1][2]. - The DeepSeek security intelligent computing integrated machine integrates various capabilities and is designed to meet the growing demand for AI privatization deployment in the domestic market [3][7]. - The company is expected to benefit from a recovery in cybersecurity demand and the rapid growth of the AI privatization deployment market, with projected revenues of 2.805 billion, 3.091 billion, and 3.417 billion yuan for 2024 to 2026 respectively [8]. Summary by Sections Company Overview - Tianrongxin's DeepSeek security intelligent computing integrated machine combines computing hardware and intelligent computing platforms, providing a high-performance, secure, and reliable solution for clients [2]. - The company has seen steady growth in its cloud computing business since launching its products in 2019, with revenue growth rates of +12.17% for 2023 and +9.98% for the first three quarters of 2024 [2]. Market Potential - The overall scale of China's intelligent computing service market is projected to reach 5 billion USD in 2024 and 7.95 billion USD in 2025, with a compound annual growth rate of 57.3% from 2023 to 2028 [7]. - The demand for integrated machines has surged as enterprises shift towards private deployment of AI, ensuring data security and privacy [3][7]. Financial Projections - The company forecasts revenues of 2.804 billion yuan in 2024, 3.091 billion yuan in 2025, and 3.417 billion yuan in 2026, with corresponding net profits of 0.685 billion, 1.794 billion, and 2.419 billion yuan [10][8]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 157X, 60X, and 45X respectively [8].

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 公司发布智算一体机，AI 与云计算驱动公司成长 [公司云计算业务随着大模型应用的增多将获得显著增长。 Table_Summary] 天融信已发 布了一系列云计算产品，包括高性能的天问智算云平台、DeepSeek 安 全智算一体机，以及超融合和桌面云等解决方案。 | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,543 | 3,124 | 2,812 | 3,121 | 3,434 | | (+/-)% | 5.71% | -11.81% | -10.00% | 11.00% | 10.00% | | 归属母公司净利润 | 205 | -371 | 72 | 187 | 243 | | (+/-)% | -10.83% | -281.09% | — | 160.20% | 30.21% | | 每股收益（元） | 0.18 | -0.33 ...