Venustech has released its 1H26 results: revenue reached RMB1,235mn, up by 9.01% YoY. For 2Q26, revenue came in at RMB567mn, up by 15.34% YoY, indicating robust momentum. The attributable net profit for 1H26 was RMB31mn, vs a loss of RMB93mn in 1H25. The recurring net profit was RMB60mn, vs a loss of RMB164mn a year ago. The operating cash flow was RMB69.58mn, vs a net outflow of RMB162mn in 1H25, reflecting progress in receivables collection. Venustech continues to push leaner operations and optimize its personnel structure. Combined selling, G&A and R&D expenses fell by 28.38% YoY. We expect Venustech to leverage its synergy with China Mobile, alongside iterative upgrades in AI security and data security products. We look for innovative businesses to continue scaling, driving steady improvement in both revenue and profitability. Maintain BUY.
We maintain our earnings forecasts. We expect 2026/2027/2028 revenue of RMB2,802/3,283/3,849mn and attributable net profit of RMB9/118/233mn. Referencing the average of 6.1x 2026E PS for comparable companies on Wind consensus, and given that we think the China Mobile partnership is likely to enter a harvest phase of revenue growth in 2026, we assign a 7.5x 2026E PS multiple, yielding our target price of RMB17.35 (previous: RMB19.66, based on 8.5x 2026E PS; comparable average: 7.0x 2026E PS).

　　启明星辰发布半年报，2026年上半年营业收入12.35亿元，同比增长9.01%，其中二季度单季收入5.67亿元，同比增长15.34%，季度端增长动能持续释放；26H1实现归母净利润0.31亿元，去年同期为-0.93亿元，扣非归母净利润0.60亿元，去年同期为-1.64亿元，同比由亏转盈。经营活动现金流净额6958万元，去年同期为净流出1.62亿元，回款管控成效显著。公司持续推进精细化管理，三费合计同比下降28.38%，人员结构优化，费用端持续改善，实现增收降本的经营格局。我们看好公司未来依托中国移动协同优势，叠加AI安全、数据安全产品迭代，期待创新业务持续放量，带动收入与盈利水平稳步向上，维持买入评级。
　　收入结构变化导致短期毛利率波动，费用管控成效显著
　　2026H1公司毛利率为56.19%，同比下降3.72pct，主要是安全服务占比提升所致。销售/管理/研发费率分别为26.54%/6.76%/21.96%，同比变动-8.58/-4.19/-16.07pct。分业务维度看，2026上半年安全产品业务收入6.12亿元，同比-4.68%，毛利率61.95%，同比-2.24pct；安全运营与服务业务收入6.14亿元，同比+28.02%，毛利率50.62%，同比-4.05pct。
　　安全业务基本盘扎实，AI改造存量产品提升业务附加值
　　公司持续深耕党政、金融、运营商、能源等关键行业，围绕关键信息基础设施防护、算网融合安全开展存量挖潜与增量拓展，信创安全业务保持稳健增长，AgenticSOC新一代智能安全运营平台收入同比增长31.99%，安全运营服务向智能化、自动化模式转型。传统边界安全、终端安全产品完成AI能力迭代，安星数字员工、安全智能体矩阵落地，将威胁狩猎、漏洞研判、事件处置等重复性工作交由智能体承接，降低客户安全运营人力成本。基础安全产品在国内多个细分领域保持领先市场地位，同时工业互联网安全、视联网安全等新兴行业解决方案持续落地。
　　26H1新产品商业化加速落地
　　AI安全与数据安全创新业务高速成长，新产品商业化加速落地，打开公司第二增长曲线。AI安全赛道领域，公司构建“安全大模型+驾驭工程+多安全智能体”完整架构，联合中国移动九天共建安全垂类大模型，MAF大模型应用防火墙收入同比增238.15%，针对提示词注入、数据泄露等大模型风险形成完整防护能力，同时推出智能体安全防护三件套，卡位AIAgent新兴安全赛道。数据安全板块，“数据绿洲”系列产品收入同比增长125.49%，覆盖数据分类分级、流转监测、可信数据沙箱，适配政务、医疗、电力的数据要素流通需求，多个千万级标杆项目落地。安全效能评测、网络安全靶场等产品持续拓展市场，技术能力获得权威机构认可。
　　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6.1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7.5倍26PS，目标价17.35元（前值19.66元，对应8.5倍26PS，可比平均7.0倍26PS）。
　　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 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。