公司近一年市场表现 市场数据：2024 年 9 月 4 日 收入端平稳增长，费用管理持续加强。面对外部环境挑战，公司进一步 加强与中国移动的战略融合，深入实施"BASIC6"计划，同时发力新兴安 全板块，推动公司上半年新增订单保持快速增长。分业务看，2024 上半年公 司安全产品实现收入 11.04 亿元，同比增长 14.13%，安全运营与服务实现收 入 4.58 亿元，同比减少 15.14%，其他业务实现收入 0.12 亿元，同比减少 20.52%。2024 上半年公司毛利率为 56.51%，同比降低 3.76%，但随着公司 持续推进主营业务提质增效，二季度公司毛利率环比提升 13.77%至 64.59%。 同时，得益于公司加强费用管理，上半年销售、管理、研发费用合计同比下 降 2.69%，销售、管理、研发费用率合计较去年同期下降 4.40 个百分点。2024 上半年公司净利率为-11.84%，同比下降 23.79%，主要是因为公司参股的上 市企业航天软件和永信至诚股价波动导致上半年投资收益和公允价值变动 收益较去年同期下降。 收盘价（元）： 12.82 年内最高/最低（元）： 28.76/12.51 流通 ...

Investment Rating - The investment rating for the company Qimingxingchen (002439.SZ) is not explicitly stated in the provided documents, but the report indicates a focus on potential growth and strategic partnerships, suggesting a positive outlook for future performance [1]. Core Viewpoints - The company reported a revenue of 1.574 billion yuan in the first half of 2024, a year-on-year increase of 3.42%, but experienced a net loss attributable to shareholders of 182 million yuan, a shift from profit to loss compared to the previous year [1]. - The gross profit margin improved by 13.77 percentage points to 64.59% in the second quarter, indicating a recovery in profitability despite the overall loss [1]. - The company is focusing on the emerging security sector, with significant growth in cloud security and identity trust products, which saw revenue growth exceeding 150% year-on-year [1]. - The company is enhancing its collaboration with China Mobile, which became the actual controlling shareholder in January 2024, and is implementing a strategic plan to develop AI and security integration [1]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 1.574 billion yuan, with a gross profit margin of 56.51%, down 3.76 percentage points year-on-year [1]. - The company’s total revenue is projected to grow from 4.785 billion yuan in 2024 to 6.148 billion yuan in 2026, with year-on-year growth rates of 6.2%, 11.2%, and 15.6% respectively [3]. - The net profit attributable to shareholders is expected to recover from a loss of 543 million yuan in 2024 to a profit of 977 million yuan by 2026, with a significant year-on-year growth of 43.5% in 2025 [3]. - The company’s EPS is projected to be 0.45 yuan in 2024, increasing to 0.80 yuan by 2026, with corresponding P/E ratios of 28.78, 20.05, and 15.99 [2][3]. Strategic Initiatives - The company is actively pursuing the development of AI-integrated security solutions, having launched the "Jiutian·Taihe Security Model" and related applications to enhance security operations and threat detection capabilities [1]. - The focus on new security sectors, particularly in collaboration with China Mobile, is expected to drive future growth and improve financial performance [2].

公司报告 | 半年报点评 经营质量进一步改善，与移动协同收入有望持续高增 启明星辰（002439） 证券研究报告 2024 年 09 月 04 日 投资评级 行业 计算机/软件开发 6 个月评级 买入（维持评级） 当前价格 12.89 元 目标价格 元 1、上半年收入稳健增长，净利润承压 24H1：24 年上半年公司实现营收 15.74 亿元，同比增长 3.42%；实现归母 净利润-1.82 亿元，同比降低 198.60%；扣非后归母净利润-1.00 亿元，同比 降低 24.36%。 24Q2：单 Q2 季度公司实现营收 6.51 亿元，同比降低 11.30%；实现归母净 利润-0.69 亿元，同比降低 127.57%；扣非后归母净利润-0.52 亿元，同比降 低 375.92%。 2、加强费用与回款管理，毛利率环比大幅提升 公司 Q2 实现毛利率 64.59%，环比提升 13.77 个 pct，与中国移动的协同收 入继续保持高速增长。公司进一步加强费用管理，上半年三费合计同比下 降 2.69%；进一步加强回款管理，上半年回款同比增长 13.69%，应收账款 余额较期初继续下降，且资金保有量充足，我们认为有利 ...

上 市 公 司 证 券 研 究 报 告 计算机 2024 年 09 月 03 日 启明星辰 (002439) ——短期业绩承压，蓄势健康发展 公 司 研 究/ 公 司 点 评 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 12.54 | | 一年内最高 / 最低（元） | 28.83/12.51 | | 市净率 息率（分红/股价） | 1.3 2.15 | | | 9,081 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,811.04/8,172.21 | | | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | | 9.43 | | 每股净资产（元） | | | 资产负债率 % ...

2024年08月30日 证券研究报告|公司研究|公司点评 启明星辰(002439) 2024 半年报点评:新兴安全业务增长强劲,实际盈 利能力保持稳健 事件:公司发布 2024年中报。实现营业收入 15.74亿元(+3.42%),归母净 利润-1.82 亿元(-198.60%)，扣非净利润-1.00 亿元(-24.36%)。经营活 动产生的现金流量净额-5.19 亿元（1.33%）。 收入规模阶段性承压,新增订单快速增长,新兴安全业务增长强劲 � 受网安行业短期客户投入受限、市场需求不振的经营环境影响,公司 2024 年 Q2 实现营业收入 6.51 亿元(-11.30%),单季营收出现负增长。面对困 难挑战,公司加强与大股东的战略融合,保持与中国移动的协同收入继续高 增。同时,深入实施"BASIC6"科创计划,致力于推动主营业务提质增效, 上半年实现新增订单快速增长。公司新兴安全业务板块表现出强劲增长, 其中,涉云安全板块收入较上年同期增长超200%。分产品来看,云安全、 身份信任类产品、5G+工业互联网安全检测类产品、物联网安全接入防护类 产品收入较上年同期增长超 150%。报告期,公司在安全运营中心、云 ...

Group 1: Financial Performance - The company's operating revenue for the reporting period was 1.574 billion RMB, a year-on-year increase of 3.42% [2] - The gross profit margin for Q2 was 64.59%, an increase of 13.77 percentage points compared to the previous quarter [2] - The net profit attributable to shareholders was -182 million RMB, a year-on-year decrease of 198.60%, primarily due to a reduction in investment income and fair value changes amounting to approximately 400 million RMB [2] - Cash receipts totaled 1.668 billion RMB, a year-on-year increase of 13.69% [2] - The company had a total cash and financial assets of 4.541 billion RMB, with a debt-to-asset ratio of 16.86% [2] Group 2: Strategic Initiatives - The company is focusing on enhancing its collaboration with China Mobile, implementing the "BASIC6" innovation plan [2] - R&D investment reached 536 million RMB, a year-on-year increase of 5.54%, with significant growth in the emerging security business segment, particularly in cloud security, which saw over 200% growth [3] - The company aims to become a leader in network security by integrating its services with China Mobile's offerings [5] Group 3: Market Position and Future Outlook - The company is positioned as a specialized subsidiary of China Mobile, focusing on network security and contributing to the national security framework [4] - The market for network security in China is expected to grow at a rate of over 10% in the coming years, with the company identifying key growth areas in collaboration with China Mobile [7] - The company anticipates that its collaboration with China Mobile will enhance its market presence and operational efficiency, particularly in the CHBN market [6] Group 4: Challenges and Risk Management - The company is actively managing expenses, with total operating expenses decreasing by 2.69% year-on-year to 1.102 billion RMB [2] - The company is addressing cash flow challenges and has implemented measures to improve the collection of accounts receivable [10] - The competitive landscape is intensifying, with the company focusing on maintaining its market share while exploring new growth opportunities [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company is expected to continue its robust growth in revenue while actively expanding into emerging security sectors. The long-term development outlook remains positive, supported by strategic collaborations, particularly with China Mobile [3][5]. Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 1.574 billion yuan, representing a year-on-year growth of 3.42%. However, the net profit attributable to shareholders was -182 million yuan, primarily due to fluctuations in the stock prices of associated listed companies, leading to a decline in investment income and fair value changes [4]. - The gross profit margin for the first half of 2024 was 56.51%, a decrease of 3.76 percentage points year-on-year, but the second quarter saw a quarter-on-quarter increase of 13.77 percentage points to 64.59% [4]. - The company has effectively managed expenses, with total operating expenses (selling, administrative, and R&D) decreasing by 2.69% year-on-year. Additionally, cash collection improved, with a year-on-year increase of 13.69% in cash receipts [4]. Strategic Initiatives - The company is enhancing its strategic integration with China Mobile, focusing on new security fields such as AI+security, cloud network security, data element security, identity trust and cryptography applications, and industrial internet security. Revenue from cloud security, identity trust products, and 5G+industrial internet security detection products grew by over 150% year-on-year [5]. Financial Forecasts - The revised net profit forecasts for 2024-2026 are 535 million yuan, 771 million yuan, and 1.038 billion yuan, respectively, with corresponding EPS of 0.44 yuan, 0.63 yuan, and 0.85 yuan per share. The current stock price corresponds to P/E ratios of 43.8, 30.4, and 22.6 times for the respective years [3][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 met market expectations, with revenue of 1.574 billion yuan, a year-on-year increase of 3.42%, but a net profit attributable to shareholders of -182 million yuan, indicating a loss compared to the previous year [2][3] - The second quarter of 2024 saw a revenue decline of 11.30% year-on-year, with a net profit of -69 million yuan, reflecting a shift from profit to loss [3] - The company is focusing on strategic innovation and increasing R&D investment, particularly in emerging security sectors, with a 5.54% year-on-year increase in R&D spending [3] Summary by Relevant Sections Financial Performance - Total revenue for 2022 was 4.437 billion yuan, with projections of 4.507 billion yuan for 2023, 5.204 billion yuan for 2024, and 6.221 billion yuan for 2025, reflecting a growth rate of 15.47% in 2024 [2][8] - The net profit attributable to shareholders was 626.11 million yuan in 2022, with projections of 741.14 million yuan for 2023 and 845.89 million yuan for 2024, indicating a year-on-year growth of 14.13% [2][8] Margin and Cost Management - The gross margin for the first half of 2024 was 56.51%, a decrease of 3.75 percentage points year-on-year, but the second quarter saw a recovery with a gross margin of 64.59%, an increase of 13.77 percentage points from the previous quarter [3] - The company has successfully reduced its operating expenses, with a 2.69% year-on-year decrease in total operating expenses for the first half of 2024 [3] Strategic Focus - The company is enhancing its collaboration with China Mobile and focusing on technological innovation, particularly in cloud security and IoT security, with revenues in these areas growing over 150% year-on-year [3] - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 0.69 yuan, 0.88 yuan, and 1.12 yuan respectively, down from previous estimates, but maintains a positive outlook for future order recovery [3]

启明星辰信息技术集团股份有限公司 2024 年半年度报告全文 启明星辰信息技术集团股份有限公司 2024 年半年度报告 2024 年 8 月 l 启明星辰信息技术集团股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王佳、主管会计工作负责人王志勇及会计机构负责人(会计主 管人员)石桂君声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。敬请广大投资者注意投资风险。 公司存在产品销售季节性风险、国家各项产业支持政策风险、运营管理 风险、财务管理风险、开展新业务不达预期的风险，敬请广大投资者注意投 资风险。详细内容见本报告"第三节 管理层讨论与分析 十、公司面临的风 险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转 ...

证券代码：002439 证券简称：启明星辰 公告编号：2024-044 启明星辰信息技术集团股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、 募集资金基本情况 （一）募集资金金额及到位时间 1.公开发行可转换公司债券 根据中国证券监督管理委员会于2018年12月24日签发的证监许可[2018] 2159号文 《关于核准启明星辰信息技术集团股份有限公司公开发行可转换公司债券的批复》，启明 星辰信息技术集团股份有限公司（以下简称"本公司"或"公司"）获准向社会公开发行 可转换公司债券10,450,000张，每张面值为人民币100.00元，债券款以人民币缴足，共计 人民币1,045,000,000.00元（债券款扣除应支付光大证券股份有限公司的承销保荐费后的 余额1,035,141,509.43元已于2019年4月2日存入公司在中国光大银行股份有限公司北京 德胜门支行35010188000148324银行账户中），扣除承销及保荐费用、发行登记费以及其他 交易费用共计人民币11,692,924.53 ...