Venustech has reported 1Q26 revenue of RMB667mn,up 4.15%YoY,with its core business remaining stable,demonstrating the anti-cyclical resilience of aleading cybersecurity company.Attributable NP was RMB48.71mn,surging 2,950%YoY.Recurring NP was RMB70.06mn,turning profitable YoY(vs aloss of RMB51.47mn in the same period of 2025),marking amilestone improvement on the profit side.High profit growth was mainly due to strict control of three major expenses(down RMB149mn YoY),stable growth in gross profit,and positive contributions from investment income.Gross margin was 58.20%,down 0.58ppYoY but up 6.80pp QoQ,with profit quality steadily improving.Overall,the company's operational inflection point has been established,with significant results from cost control and efficiency enhancement,and earnings upside continuing to be unleashed.We believe the company's profitability may improve significantly in 2026.Maintain BUY.
Cost control further strengthened;cash flow notably up
In 1Q26,the company refined its operations and implemented cost reduction and efficiency improvement.The selling,G&A,and R&D expense ratios were 25.03%,6.11%,and 21.26%,down 7.27pp,3.97pp,and 14.15pp YoY respectively,with control intensity leading the industry.R&D spending focused on AI security and core technologies,with the expense ratio remaining elevated,and technology moats continuing to be reinforced.Net cash from operating activities increased by RMB175mn YoY,with collection significantly enhanced and financial health improving.The debt-to-asset ratio at the end of the period was 15.45%,remaining at alow level,with pronounced risk resistance capacity.The positive cycle of expense optimization and cash flow improvement provides ample space for subsequent R&D investment and market expansion,supporting continued positive earnings.
Competitive edge sharpened
The company's AI Security Analysis and Response System(AIDR/V3.0)was among the first to pass the China Academy of Information and Communications Technology's OpenClaw agent-like security protection product capability evaluation in April 2026,manifesting the company's technical strength in the AI agent security field and further consolidating its industry-leading position.This evaluation rigorously tested multiple dimensions including sandbox isolation,permission control,data protection,plugin security,and prompt injection protection.The company's products met the standards in core indicators such as full-scenario coverage,protection success rate,and business impact control,possessing closed-loop security capabilities for pre-event assessment,in-event protection,and post-event tracing.Currently,OpenClaw agents are rapidly proliferating,but default configurations have high-risk vulnerabilities such as excessive permissions,prompt injection,and plugin poisoning,creating rigid security demand.With the AI Security Analysis and Response System as its core,the company integrates agent security experts,AI security gateways,and security operations centers to build afull lifecycle management platform.This platform can achieve unified governance of risks across systems,networks,data,models,and applications,with lightweight deployment suitable for large-scale government and enterprise implementation,helping products to rapidly scale and promote.
Earnings forecasts and valuation
We maintain our earnings forecasts,projecting revenue of RMB2,802/3,283/3,849mn and attributable NP of RMB9/118/233mn for 2026/2027/2028.Given the average of 7.0x 2026E PS for comparable companies on Wind consensus,and considering that cooperation with China Mobile may enter aharvest period in 2026,we apply 8.5x 2026E PS to our earnings forecasts,maintaining our target price of RMB19.66.
Risks:Progress in cooperation with China Mobile falls short of our expectations,and new business development underperforms our expectations.

　　事项：
　　近期，公司发布2025年年报及2026年一季度报告：2025年，实现营业收入23.38亿元，同比下滑29.49%；归母净利润亏损5.72亿元，上年同期亏损2.26亿元；扣非净利润亏损5.20亿元，上年同期亏损1.32亿元。2026年一季度实现营业收入6.67亿元，同比增长4.15%；归母净利润0.49亿元，同比增长2949.98%；扣非净利润0.70亿元，上年同期亏损0.51亿元。
　　评论：
　　业绩持续承压，单Q4同比降幅环比收窄。2025年，公司实现营业收入23.38亿元，同比下滑29.49%，持续承压，其中单四季度实现收入7.90亿元，同比下滑20.14%，同比降幅环比收窄；利润方面，2025年净利润受收入下滑影响扩大亏损；毛利率方面，2025年毛利率为58.27%，同比下降0.5pct，维持稳定。
　　深化“AI+安全”创新，构建竞争优势。“AI赋能安全”方面，公司打造“安星智能体矩阵”，推动态势感知等核心产品向智能体全面升级，显著提升主动防御与智能化水平；同步推进研发体系AICoding实践，有效提升了开发效率和产品能力；“AI应用安全防护”方向，公司推出大模型应用安全产品矩阵，并提供相关配套服务。
　　一季度收入转增，归母与扣非净利润首次一季度双盈利。2026年一季度，公司实现营业收入6.67亿元，同比增长4.15%，自2024Q2以来，首次单季度增速转正。利润方面，2026年一季度归母净利润与扣非净利润双盈利，是上市以来首次一季度实现双盈利。
　　投资建议：考虑2025年公司收入利润承压，结合2026年Q1业绩好转，我们调整盈利预测，预计公司2026-2028年营业收入为27.78亿元、32.31亿元、36.78亿元（2026-2027前值为36.39亿元、40.57亿元），对应增速+18.8%、+16.3%、+13.8%；归母净利润为0.15亿元、1.15亿元、2.17亿元（2026-2027前值为2.75亿元、4.00亿元），对应增速分别为扭亏、+685.9%、+88.5%；对应EPS（摊薄）分别为0.01元、0.10元、0.18元。估值方面，参考可比公司，我们给予公司2026年8.5xPS，对应目标价19.5元，维持“强推”评级。
　　风险提示：行业竞争加剧；政策推动不及预期；产品应用不及预期。

　　2026年一季度，公司实现营业收入6.67亿元，同比增长4.15%，主业保持稳健，展现网络安全龙头抗周期韧性；归母净利润4871万元，同比大增2950%；扣非净利润7006万元，同比扭亏（去年同期-5147万元），盈利端实现里程碑式改善。利润高增主因三费严控（同比减少1.49亿元）、毛利额稳增，叠加投资收益正向贡献。毛利率58.20%，同比微降0.58pct但环比回升6.80pct，盈利质量稳步优化。整体来看，公司经营拐点确立，控本增效成效显著，业绩弹性持续释放。我们认为公司2026年盈利能力有望显著改善，维持买入评级。
　　费用管控进一步强化，现金流显著改善
　　一季度公司加强精细化运营深化，降本增效全面落地。销售/管理/研发费率分别为25.03%/6.11%/21.26%，同比下降7.27/3.97/14.15pct，管控力度行业领先。研发投入聚焦AI安全与核心技术，费用率维持高位，技术壁垒持续加固。经营活动现金流净额同比增加1.75亿元，回款能力显著增强，财务健康度持续提升。期末资产负债率15.45%，处于低位，抗风险能力优异。费用优化与现金流改善形成正向循环，为后续研发投入、市场拓展提供充足弹药，支撑业绩持续向好。
　　AI安全有望成为公司新增长极
　　公司紧抓AI安全产业发展机遇，一季度技术迭代与产品化加速。针对AI智能体、大模型漏洞等新型威胁，率先推出专项安全解决方案，覆盖政企与个人终端场景，卡位AI安全制高点。核心产品体系持续升级，网络安全、数据安全、云安全产品线协同发力，适配政企客户数字化转型需求。研发侧持续高强度投入，聚焦AI安全检测、数据治理、零信任架构等前沿领域，专利与技术积累丰厚。依托龙头品牌与渠道优势，AI安全产品快速落地，成为新增长极。在AI驱动网络安全行业变革背景下，公司技术前瞻与产品落地能力构筑核心竞争力，打开长期成长空间。
　　首批通过智能体安全认证，竞争优势持续加强
　　公司AI安全分析与响应系统（AIDR/V3.0）于2026年4月首批通过中国信通院OpenClaw类智能体安全防护产品能力评测，标志公司在AI智能体安全领域技术实力获得权威认可，进一步巩固行业领先地位。本次评测从沙箱隔离、权限控制、数据保护、插件安全、提示注入防护等多维度严格检验，公司产品在全场景覆盖、防护成功率及业务影响控制等核心指标均达标，具备事前评估、事中防护、事后追溯的闭环安全能力。当前OpenClaw智能体快速普及，但默认配置存在权限过高、提示注入、插件投毒等高危隐患，催生刚性安全需求。公司以AI安全分析与响应系统为核心，整合智能体安全专家、AI安全网关、安全运营中心，构建全生命周期管控平台，可实现系统、网络、数据、模型、应用多维度风险统一治理，轻量化部署适配政企规模化落地，助力产品快速上量推广。
　　盈利预测与估值
　　维持盈利预测，我们预计2026-28年收入分别为28.02/32.83/38.49亿元，归母净利润分别为0.09/1.18/2.33亿元。参考可比公司Wind一致预测均值7.0倍26PS，考虑公司与中国移动合作2026年有望进入收获期，给予公司8.5倍26PS，维持目标价19.66元。
　　风险提示：与中国移动合作进展节奏不达预期，新业务发展不及预期。

Venustech has reported 2025 revenue of RMB2.34bn,down by 29.49%YoY,mainly because delivery of government and enterprise security projects slowed.The attributable net loss was RMB572mn,with the loss widening by 153%YoY.This mainly reflected losses from changes in the fair value of financial assets for trade,together with asset and credit impairment charges.The result was in line with the company’s earlier profit alert.For 4Q25,revenue was RMB790mn,down by 20.14%YoY,while the attributable net loss was RMB357mn,versus aloss of RMB16mn in 4Q24.For 2025,the company recorded RMB142mn of fair value losses on financial assets for trade,RMB125mn of credit impairment losses,and RMB88mn of asset impairment losses.These mainly came from bad debt provisions on accounts receivable,impairment of long-term equity investments,and inventory write-downs.The impairment cleanup may fully ease historical risks and clear the way for an earnings recovery.We think that the company’s profitability may improve significantly in 2026;maintain BUY.
Stable GPM in 2025,with continued workforce optimization
For 2025,the gross margin was 58.27%,down by 0.5pp YoY.The company proactively adjusted its low-margin integration business and expanded into new sectors,which helped keep the gross margin stable.The selling,G&A,and R&D expense ratios were 37.04%,11.17%,and 31.72%,up by 7.25pp,4.94pp,and 6.02pp YoY,respectively.The increase mainly reflected lower revenue and relatively rigid personnel costs.Headcount was 5,479,down by 14.08%YoY.Cost reduction focused on payroll optimization,while the company also streamlined its organizational structure,with operating efficiency continuing to improve.The company optimized the structure of its R&D spending and focused on high-growth areas such as AI security operations,data security posture management,and domestic firewalls.It continued to advance core technology development and reinforced its technology moat as aleading cybersecurity vendor.Expense optimization also laid asolid foundation for afuture earnings recovery.
Cash flow and efficiency improved;low-GPM projects were cut
In 2025,the company continued to strengthen its accounts receivable management,and cash collection efficiency improved significantly.Net cash generated from operating activities reached RMB287mn,versus negative RMB315mn in the same period of 2024,showing aclear improvement in earnings quality.The company held RMB4.63bn of cash,which provides support for business expansion and technology innovation.By product,revenue from security products was RMB1.27bn,down by 33.49%YoY,with agross margin of 62.81%,up by 1.96pp YoY.Revenue from security operations and services was RMB1.05bn,down by 24.08%YoY,with agross margin of 53.16%,down by 2.90pp YoY.The company maintained leadership in niche areas such as security gateways and big data security.Its high R&D spending provides core support for long-term market share gains and product iteration.
Earnings forecasts and valuation
We forecast revenue of RMB2.80bn,RMB3.28bn,and RMB3.85bn for 2026,2027,and 2028(previous forecasts for 2026 and 2027 were RMB2.89bn and RMB3.32bn,with cuts of 3.15%and 1.20%,to reflect the pace of customer demand recovery and slower growth in security product revenue).We forecast attributable NP of RMB9mn,RMB118mn,and RMB233mn for 2026,2027,2028(previous forecasts for 2026 and 2027 were RMB114mn and RMB413mn,with cuts of 92.38%and 71.43%,mainly because we lower our revenue growth and the gross margin assumptions for security services).Given the average of 7.1x 2026E PS for comparable companies on Wind consensus,and considering that cooperation with China Mobile may enter aharvest period in 2026,we apply 8.5x 2026E PS to our earnings estimates,for our target price of RMB19.66(previously RMB19.11,on 8.0x 2026E PS).
Risks:Progress in cooperation with China Mobile falls short of our expectations,and new business development underperforms our expectations.

　　公司发布2025年年度报告，实现营业收入23.38亿元，同比下降29.49%，主要由于政企安全项目交付节奏放缓，实现归母净利润-5.72亿元，同比亏损扩大153%，主要由交易性金融资产变动损失、资产及信用减值计提集中落地所致，符合公司此前业绩预告。其中，25Q4营业收入7.9亿元，同比下降20.14%，归母净利润-3.57亿元，24年同期-0.16亿元。2025年公司交易性金融资产公允价值变动损失1.42亿元，计提信用减值损失1.25亿元、资产减值损失0.88亿元，主要系应收账款坏账、长期股权投资减值及存货跌价计提，减值出清或将充分释放历史风险，为后续业绩轻装上阵扫清障碍。我们认为公司2026年盈利能力有望显著改善，维持买入评级。
　　25年毛利率稳定，人员结构持续优化
　　2025年公司全年毛利率为58.27%，同比下降0.5pct，公司主动调整低毛利集成业务，积极拓展新赛道，使得毛利率保持稳定。销售/管理/研发费率分别为37.04%/11.17%/31.72%，同比增加7.25/4.94/6.02pct，主要是收入下降而人员成本支出偏刚性。公司人员数量为5479人，同比下降14.08%。费用收缩以人员薪酬优化为核心，同步精简组织架构，运营效率持续提升。
　　研发投入结构优化，聚焦AI安全运营、数据安全态势管理、国产化防火墙等高景气赛道，核心技术研发持续推进，筑牢网安龙头技术壁垒。费用端优化为后续盈利修复奠定坚实基础。
　　现金流与运营效率改善，收缩低毛利集成项目
　　2025年公司持续加强应收账款管理，销售回款效率显著提升，经营活动产生的现金流量净额达2.87亿元，24年同期为-3.15亿元，收入质量显著提升。公司资金储备46.34亿元，为业务拓展与技术创新提供保障。从分产品结构来看，安全产品收入12.67亿元，同比-33.49%，毛利率62.81%，同比+1.96pct；安全运营与服务收入10.50亿元，同比-24.08%，毛利率53.16%，同比-2.90pct。公司在网闸、大数据安全等细分领域保持领先，高研发投入为长期市场份额提升与产品迭代提供核心支撑。
　　新兴业务领域不断突破，推动公司业务发展
　　公司在数据安全、工业互联网安全、物联网安全等二十余类细分领域，连续多年保持市场份额领先。2025年公司在新兴业务上有所突破，AI应用安全新产品矩阵实现订单突破；面向个人和家庭市场的安全云电脑方案，实现千万级收入、百万级月活用户；专线卫士累计服务7.2万政企客户，日均防御攻击超10.00万次；行业数据流通场景落成国家级数据流通安全监管标杆项目。公司与中国移动的业务协同已全面迈入结构优化、质效双升的深化发展阶段。双方关联交易总额同比有所回落，但高质量的中移自采业务收入实现稳步增长，标志着合作模式成功从规模扩张向质效升级转型，构建起优化营收结构、增强业务造血、加码科技创新的良性发展闭环。
　　盈利预测与估值
　　我们预计2026-28年收入分别为28.02/32.83/38.49亿元（前值26-27年为28.93/33.23亿元，分别下调3.15%/1.20%，考虑客户需求释放节奏，下调安全产品收入增速），归母净利润分别为0.09/1.18/2.33亿元（前值26-27年为1.14/4.13亿元，分别下调92.38%/71.43%，主要是由于下调收入增速、安全服务毛利率）。参考可比公司Wind一致预测均值7.1倍26PS，考虑公司与中国移动合作2026年有望进入收获期，给予公司8.5倍26PS，目标价19.66元（前值19.11元，对应8.0x26PS，可比均值6.5x）。
　　风险提示：与中国移动合作进展节奏不达预期，新业务发展不及预期。