事件：公司发布26H1中报，上半年实现收入8.13亿（+1.51%），归母净利-1.29亿（同比减亏24.77%），扣非净利-1.69亿（同比减亏7.47%）；其中Q2单季度实现收入4.48亿（+2.55%），归母净利-0.31亿（同比减亏55.71%），扣非净利-0.41亿（同比减亏45.01%）。
　　费用控制良好，导致利润亏损收窄。上半年公司整体毛利率为54.76%，同比下降4.57pct；上半年期间费用率为77.08%，同比下降10.80pct。其中销售、管理和研发费用率分别为35.75%、8.91%和31.49%，同比分别下降5.96pct、2.32pct和3.34pct。公司费用控制成效明显，叠加Q2毛利率改善，推动利润端减亏幅度扩大。
　　AI安全订单加速落地，双产品矩阵持续完善。上半年公司AI安全相关订单额达1.17亿元，产品及解决方案已在政府、运营商、金融、能源等六大行业实现规模化落地，其中运营商行业AI安全签单额同比增长超300%。公司以风云卫赋能安全运营，以清风卫覆盖大模型和智能体安全评估、运行防护及监测响应，形成从“AI赋能安全”到“AI自身安全”的完整产品体系。我们认为，AI安全订单已经形成一定规模，随着项目交付和收入确认推进，有望逐步成为公司新的增长支撑。
　　数据安全签单保持高增，产品优势进一步巩固。上半年公司数据安全签单额同比增长超70%，数据泄露防护系统DLP在IDC相关市场报告中蝉联第一。公司围绕数据安全治理与可信数据空间两条主线，完成分类分级、监测预警、数据资产识别等智能体升级，并以可信连接器构建数据流转安全体系，相关方案已在医疗、政务、公共数据运营、教育及科研等场景落地。公司在数据安全产品及行业客户方面积累深厚，有望受益于数据要素流通和政企数据安全建设需求。
　　调整收入增速、毛利率和费用率水平，我们预测公司26-28年收入分别为26.74/29.92/32.30亿元（原预测26-27年收入为25.46/28.57亿元）。根据可比公司26年的PS水平，给予公司26年4倍PS，对应目标价为13.19元，维持买入评级。
　　风险提示
　　AI安全需求释放不及预期；网络安全市场竞争加剧。

For 2025,revenue climbed by 7.78%YoY to RMB2,541mn.Despite aphased demand slowdown across the sector,revenue remained resilient,supported by the company’s focus on‘3+3+X+Y’high-value sectors and customers,the effective organizational sales system,and avisible pull from security services and emerging businesses.The attributable net loss was RMB45mn(narrowing by 87.60%YoY),in line with its previous profit alert.For 4Q25,revenue was RMB1,261mn(+16.37%YoY),and the attributable net profit(NP)was RMB151mn(vs aloss of RMB39mn in 4Q24).Its expense optimization showed initial results,and the narrowing loss verified operational quality improvements.Contract liabilities climbed YoY,and orders on hand were sufficient,laying asolid foundation for subsequent revenue recognition and profit recovery.We think that the inflection point of the company’s fundamentals has appeared.Maintain OVERWEIGHT.
Expense control effective,and cash flows improved steadily
For 2025,the GPM was 53.88%,remaining largely flat YoY.Expense control showed significant results.For 2025,the sales/administrative/R&D expense ratios fell by 5.66/2.00/4.01pp YoY to 26.99/6.48/21.79%,as sales/administrative/R&D expenses dropped by 10.92/17.62/8.98%YoY.For 2025,the net operating cash flow rose by 58.61%YoY to RMB216mn,as the company notably enhanced its payment collection and cash generation capabilities.Cash/cash equivalents and wealth management product holdings were abundant,short-term borrowings dropped steadily,and financial risks were manageable.
Emerging products scaled at afaster pace
The company accelerated its business structure shift towards high-value offerings and services.For 2025,security service revenue rose by 15.34%YoY to RMB997mn,with its proportion expanding to 39.24%.Security product revenue grew by 1.60%YoY to RMB1,156mn on asolid base.Third-party product and service revenue was RMB383mn(+8.06%YoY).Emerging businesses fared well,with AI security-related order value reaching RMB145mn.Popular fields such as data security,cloud security,internet of vehicles security,and industrial internet security saw rapid breakthroughs.The regional structure was optimized steadily.Revenues in western/northern regions grew by 22.27/24.79%,and overseas revenue rose by 32.40%.The company focused on‘3+3+X+Y’high-value sectors and key accounts.Revenue from energy and enterprise segments rose by 39.21%,operator and financial segments remained stable,and the government segment gradually recovered,with balanced business development enhancing risk resilience.
Earnings forecasts and valuation
To factor in the pace of customer demand growth and the prolonged cycle of some projects,we lower our 2026/2027 revenue forecasts by 8.65/11.22%to RMB2,845/3,187mn and add our 2028 forecast of RMB3,572mn.We also lower our 2026/2027 attributable NP forecasts by 29.37/26.82%to RMB133/183mn and add our 2028 forecast of RMB242mn.We value the stock at 2.9x 2026E PS,at par with its peers’average on Wind consensus.Our target price is RMB10.18(previous:RMB11.18,based on 3.3x 2025E PS).
Risks:Mounting spending pressure for government customers;intensified competition.

　　公司发布2025年年度报告，实现营业收入25.41亿元，同比增长7.78%，在行业需求阶段性放缓背景下展现强劲韧性，实现归母净利润-0.45亿元，同比减亏87.60%，符合公司此前业绩预告。其中，25Q4营业收入12.61亿元，同比增长16.37%，归母净利润1.51亿元，24Q4为亏损0.39亿元。营收增长主要得益于公司聚焦“3+3+X+Y”价值行业与客户，组织型销售体系落地见效，安全服务与新兴业务拉动明显。费用端优化初见成效，亏损收窄验证经营质量提升，合同负债同比提升，订单储备充足，为后续收入确认与盈利修复奠定坚实基础。我们认为公司基本面拐点已现，维持增持评级。
　　费用管控成果显著，现金流持续改善
　　2025年公司全年毛利率为53.88%，同比基本持平。费用管控成效显著，2025年销售费用、管理费用、研发费用同比分别下降10.92%、17.62%、8.98%，销售/管理/研发费率分别为26.99%/6.48%/21.79%，同比下降5.66/2.00/4.01pct。2025年经营性现金流2.16亿元，同比大增58.61%，回款能力与造血功能显著增强。货币资金与理财储备充裕，短期借款稳步下降，财务风险可控。
　　业务结构持续优化，新兴产品加速放量
　　公司业务结构加速向高价值、服务化转型。25年安全服务收入9.97亿元，同比大增15.34%，占比提升至39.24%；安全产品收入11.56亿元，同比稳增1.60%，基础盘稳固；第三方产品与服务3.83亿元，同比增长8.06%。新兴赛道表现亮眼，AI安全相关订单额达1.45亿元，数据安全、云安全、车联网安全、工业互联网安全等高景气领域快速突破。区域结构持续优化，西部、北部区域收入分别增长22.27%、24.79%，海外收入增长32.40%，全球化布局提速。客户结构聚焦“3+3+X+Y”价值行业与大客户，能源及企业板块收入大增39.21%，运营商、金融板块保持稳定，政府板块逐步回暖，业务均衡发展抗风险能力增强。
　　AI安全与数据安全双轮驱动，产品与技术壁垒持续加固
　　公司坚定以AI安全、数据安全、实战攻防为核心战略，技术与产品迭代加速。AI安全方面，构建“AI赋能安全+AI自身安全”双轮格局，风云卫AI安全平台实现告警降噪超95%，自动化处置率超40%；风云卫大模型安全防护体系通过国家网信办算法备案，满足政务、金融、运营商等高合规场景要求，覆盖全生命周期防护，市场领先。数据安全领域，以可信连接器、可信数据空间为核心，打造数据要素安全底座，深度参与行业标准制定，信创全栈适配完成。实战攻防层面，AI渗透系统将0day挖掘时长压缩至小时级，应急响应效率提升数十倍。全年新增多项专利与软著，多款产品入选Gartner、IDC权威报告，技术代差优势巩固，长期成长动能充足。
　　盈利预测与估值
　　我们预计2026-28年收入分别为28.45/31.87/35.72亿元（前值26-27年为31.15/35.90亿元，分别下调8.65%/11.22%，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1.33/1.83/2.42亿元（前值26-27年为1.88/2.50亿元，分别下调29.37%/26.82%，主要是由于下调收入增速、考虑部分项目周期拉长，下调安全服务毛利率）。参考可比公司Wind一致预测均值2.9倍26PS，给予公司2.9倍26PS，目标价10.18元（前值11.18元，对应3.3x25PS，可比均值3.3x）。
　　风险提示：政府支出压力增大；市场竞争加剧。