启明星辰季报点评：收入质量显著提升，静待行业拐点

华泰证券2025-04-28

一、公司业绩表现与经营状况启明星辰发布2025年一季度财报，实现营业收入6.41亿元，同比下降30.54%，主要因下游客户需求承压。归母净利润为160万元，较去年同期亏损1.13亿元大幅减亏，得益于投资收益的贡献。扣除投资收益后，扣非净利润亏损0.51亿元，同比略有扩大。尽管收入规模下降，但毛利率显著提升至58.79%，同比增长7.97个百分点，表明公司在主动优化业务结构以应对行业低迷。二、提质...

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合作深化启明星辰与中国移动的合作持续深入，落地多个政企项目。例如，协同青海移动实现“一体化全程可信的数字身份服务”项目，助力海南移动建设跨境业务数据安全运营监控系统。这些合作不仅推动了地方业务发展，还凸显了中国移动在政企业务领域的资源优势，以及启明星辰在网络安全领域的技术优势。双方合作为公司长期业绩增长提供了重要动能。四、AI与安全技术融合创新启明星辰成为工信部人工智能标准化技术委员会首批工作组成员单位，彰显其在安全与AI技术融合领域的领导地位。公司依托中国移动的算力资源和自身积累的安全数据，成功研发泰合安全大模型与安星智能体，并将其应用于威胁检测、安全运营等多个产品中。新技术的应用显著提升了效率，如威胁检测从小时级压缩至分钟级，漏洞修复周期从30天缩短至7天。五、盈利预测与估值分析华泰研究维持对启明星辰的盈利预测，预计2025-2027年收入分别为37.14亿、41.64亿和46.70亿元，归母净利润分别为1.46亿、2.85亿和4.54亿元。基于可比公司估值水平及公司自身竞争力，给予目标价19.81元，对应6.5倍2025年PS，维持买入评级。同时提示风险包括与中国移动合作进展不及预期及新业务发展不达预期等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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