on August 31, 2023, chianxin (688561) announced that the company would accept institutional research on August 31, 2023, QIANYICAPITAL Xu Gaofei, Beijing Xicheng Jinrui Equity Investment Fund Management Co., Ltd. Liu Yafei Liu Lanfeng, Shanghai Guotai Junan Securities Asset Management Co., Ltd. Fan Ming, Shanghai Harmony Huiyi Asset Management Co., Ltd. Zhang Yiman, Shanghai Chaos Investment (Group) Co., Ltd. Qiu Shuxiao, Shanghai Jiasheng Investment Management Co., Ltd. Chen Ke, Shanghai Jianshun Investment Management Co., Ltd. Shao Wei, Shanghai Jinnian Investment Management Co., Shanghai Jinglingwei, Shanghai Jinggan Enterprise tang Wei of Management Co., Ltd., Shen Mengjie of Shanghai Moqi Investment Management Co., Ltd., Zhu Bingbing of Shanghai Puxin Investment Management Co., Ltd., Shang Zhiqiang of Shanghai Puyi Asset Management Co., Ltd., Ma Guangwang of Beijing Yi 'an Capital Management Co., Ltd., Chen Zhipeng of Shanghai Qianxin Investment Management Co., Ltd., Zheng Jie of Shanghai Qiuyang Yuliang Investment Management Co., Ltd., Jin Yong of Shanghai Rungui Investment Management Co., Ltd., Zhang Wenhua and Shanghai british Software Co., Ltd. Shen Caijuan, Shanghai Yude Investment Management Center Wang Liang, Shanghai Zhijun Asset Management Co., Ltd. Wang Mingfei, Shengang Securities Co., Ltd. Zhou Cheng, Shenzhen Fengling Capital Management Co., Ltd. Li Tao, Shenzhen Newfoss Investment Management Co., Ltd. Zhan Chu, Beijing Yuanlesheng Asset Management Co., Ltd. Dong Hao, Shenzhen Qianhai Luojia Fangyuan Asset Management Co., Ltd. Hou Haifeng Kong Fan, Shenzhen Diaoyuan Baixin Investment Management Co., Ltd. Chen Shengkun, Shenzhen Red Investment Co., Ltd. Wan Shilong, Shenzhen Eagle Investment Management Co., Ltd. Li Yan, Shenzhen Shangcheng Asset Management Co., Ltd. Huang Xiangqian, Shenzhen Xinghairong Investment Co., Ltd. Zhong Zexin, Shenzhen Yujin Investment Co., Ltd. Zhang Heng, Century Securities Co., Ltd. Zeng Jie, Capital Securities Co., Ltd. Fu Mengxin Li Xingjin, Ink Capital Xia Wei, S & P Global Company Cai Siyuan, Suzhou Yuanhe Zhongyuan Equity Investment Management Co., Ltd. Company Zheng Li Heng, Pacific Securities Co., Ltd. Cao Pei, Taiping Endowment Insurance Co., Ltd. Qian Li, Tengyue Fund Sun Boyao, Wanlian Securities Co., Ltd. Zhang Shiwei, Wuhan Zhengguo Private Equity Fund Management Co., Ltd. Chen Fudong, Tibet Zhongrui Heyin Investment Management Co., Ltd. Zheng Miao, Southwest Securities Ye Xiaotian, Xiniu Investment Management (Beijing) Co., Ltd. Wang Fa, Xincheng Capital Management (Beijing) Liu Lu, Bodao Fund Management Co., Ltd. Gao Xiaoxiao, Cinda Securities Co., Ltd. Jiang Dianfei, Xintai Life Insurance Co., Ltd. Liu Yue, Xingye Fund Management Co., Ltd. Gao Sheng, Xingye Bank Co., Ltd. Wu Jisen, Xingye Securities Co., Ltd. Gui Yang, Asia Pacific Property Insurance Co., Ltd. Bi Ke, Yingda Fund Management Co., Ltd. Huoda, Yongan Property Insurance Co., Liu Kang, Great Wall Fund Management Co., Ltd. Xu Liheng yu Gengzong of changjiang securities Co., Ltd., Wang Guanqiao of Boshi Fund Management Co., Ltd., Bao Shuxian and Qin Mian of China Merchants Securities Co., Ltd., Zhang Xiaodong, Chen Wen and Yang Yijie of Zhejiang Gecko Investment Management Co., Ltd., Wei Shenpeng of Zhejiang Guantian Private Equity Fund Management Co., Ltd., Xiang Jingkang of Zhejiang Zhengzhi Investment Management Co., Ltd. Liu Jing, Zhengzhou Yunshan Investment Management Co., Ltd., China International Finance Co., Ltd. Yuan Jiani Zhuo Delin, China Galaxy Securities Co., Ltd. Li Luxin, AVIC Securities Co., Ltd. Lu Zhengyu, Sino-Dutch Life Insurance Co., Ltd. She Lingfeng, Caixin Securities Co., Ltd. Huang Yijing, Sino-Thai Securities Co., Ltd. Su Yi, Zhongtian Guofu Securities Co., Ltd. Han Peiting, Zhongtian Securities Co., Ltd. Liu Dahai, CITIC Jiantou Securities Co., Ltd. Zhang Xuefeng, Zhongyuan Securities Zhu Zhanyu tang Yue of Co., Ltd., Li Yizhe of China Securities Capital Management (Shenzhen) Co., Ltd., Jiang Xiaoshan of Chen Yi Investment Co., Ltd., Fu Yuqing of Chengdu Mars Asset Management Center (Limited Partnership), Hu Shen of Chengluo (Shanghai) Investment Management Center (Limited Partnership), STILLPOINTSophia Zhang, Li Han of Chuangjin Hexin Fund Management Co., Ltd., Chi Chen of Dahe Rihua (Shanghai) Enterprise Consulting Co., Ltd. and Debang Securities Co., Ltd. Company Zhu Zhu, First Manhattan First Beijing Company Liang Zhuojun Wu Youcao, Oriental International (Group) Co., Ltd. Zhang Bin, Oriental Securities Co., Ltd. Chen Chao, Dongguan Securities Co., Ltd. Luo Weibin, Dongwu Securities Co., Ltd. Dai Chen Jinnan, Dongxing Fund Management Co., Ltd. Zhou Hao, Founder Securities Co., Ltd. Chen Luyao Zhang Chuchen, Anxin Securities Co., Ltd. Qian Yucuan Ma Shiwen, Fengjing Capital Management (Beijing) Co. Ltd. Chen Hualiang, Fidelity International Investment Co. Ltd. Frank Wan, Fidelity Fund Management (China) Co. Ltd. Qian Junhong, Furui Financial Group Hong Kong Ltd. Ma Muye Charlie Bai Zhao Xinxin, Goldman Sachs (Asia) Limited Liability Company Song Ting, Everbright Securities Co., Ltd. Wang Zhihan liuyong Zhang Xiguang Bai Yue, Guangdong Hengsheng Fund Management Co., Ltd. Luo Xujuan, Guangfa Securities Co., Ltd. Li Wanyun, Guangfa Securities Asset Management Co., Ltd. Zhang Xiaoya, Guangzhou Gongchuanghui Ji Private Equity Fund Management Co., Ltd. Zhou Yanfei, Beijing Chengzhi Technology Co., Ltd. Liu Xi, Guohai Securities Co., Guojin Securities Co., Ltd. Li Zhongyu Qiu Wenjie, guolian Securities Co., Ltd. Jiang Qingshan, Guosheng Securities Co., Ltd. Xu Shaodan, Guotai Junan Securities Co., Ltd. Wu Wei Li Muhua, Guotai Life Insurance Co., Ltd. Liu Tingyou, Guoxin Investment Co., Ltd. Huang Han Xing, Guoxin Securities Co., Ltd. Kuhong Yao, Guoyuan Securities Co., Ltd. Wang Lang Geng Junjun, Hainan Boiling Point Private Equity Fund Management Co., Ltd. Chen Yuanhao, Beijing Fuzhong Gao Guangxin, Ltd. Quadrant Fund Management Co., Ltd. Yang Chen, Hainan Zexing Private Equity Fund Management Co., Ltd. Li Siyuan, Haitong Securities Co., Ltd. Yu Chenglong Wei Shugen Tang Xudong, Hangzhou Kaisheng Investment Management Co., Ltd. Qian Junkang, Hangzhou Shangyan Keling Private Equity Fund Management Co., Ltd. Wang Weibo, Hangzhou Zhidao Investment Co., Ltd. Liu Fujie, Hangzhou Zhongda Junyue Investment Co., Ltd. Qu Fang Song Junyao, Aerospace Science and Aerospace Investment Fund Management Co., Ltd. Chen Peng, Hongshan Capital Equity investment Management Co., Ltd. Yan Huichen, Hongta Securities Co., Ltd. Li Yufeng, Beijing Hongdao Investment Management Co., Ltd. Fang Yunlong, Hongyun Private Equity Fund Management (Hainan) Co., Ltd. Zhang Yongbo, Hunan Post -80 Asset Management Co., Ltd. He Yong, Hunan Xiangtou Private Equity Fund Management Co., Ltd. Tang Yong, Hua 'an Caibao Asset Management Co., Ltd. Li Yang, Hua 'an Securities Co., Ltd. Lai Zuhao, Hu Xin Sun yuan, Chinese Business Fund Shi Kai, Hua Tai Securities Co., Ltd. Wan Yilin Fan Xirui, Huaxin Securities Co., Ltd. Xu Siqi, Huaxing Securities (Hong Kong) Co., Ltd. Liu Rui, Beijing Financial Street Capital Operation Group Co., Ltd. Li Dong, HSBC Jinxin Fund Management Co., Ltd. Chen Ping, HSBC Qianhai Securities Co., Ltd. Liu Yiran Zhang Heng, Huihua Fund Management Co., Ltd. Yang Huitian, Huili Fund Management Co., Ltd. Ltd. Yang Chen, Jianxin Fund Management Co., Ltd. Lai Peng, Jiangsu Shagang Group Investment Holding Co., Ltd. Mao Feifei, Gold Stock Securities Investment Consulting Guangdong Co., Ltd. Cao Zhiping, Kaiyuan Securities Co., Ltd. Liu Xiaoyao, Beijing Automotive Group Industrial Investment Co., Ltd. Zhou Ruijia Qiu Zhenyang, Bank of America Securities Li Huiqun Zhuang Yalin, Mingshi Partnership Fund Management (Zhuhai) Co., Ltd. Fu Mengchen, JPMorgan Securities (China) Li Fei, Morgan Stanley Asia Co., Ltd. Pamela Huang, Monita Jichao, Nantong Hongzheng Capital Investment Management Co., Ltd. Ge Lulu, Pan Hou Momentum (Shanghai) Capital Management Co., Ltd. Yu Yuntian, Ping An Securities Co., Ltd. Gong Dunying, Qingdao Taoguan Investment Management Co., Ltd. Li Peike, Qingdao Xingyuan Investment Management Co., Ltd. Jiang Guoping, Beijing Weicun Zhike Private Equity Fund Management Co., Ltd. Zhao Peien, Ltd. Company Wang Hui, UBS Securities Co., Ltd. Zhang Weixuan, Xiamen Wealth Management Consulting Co., Ltd. Dai Junqing, Xiamen Linguan Private Equity Fund Management Co., Ltd. Qiao Ying, Xiamen Baike Yeji Private Equity Fund Management Partnership Luo Yantang, Xiamen Rongkai Asset Management Co., Ltd. Hao Yijie, Shanghai Fangwu Private Equity Fund Management Co., Ltd. Wang Zibing, Shanghai Fengyang Asset Management Co., Ltd. Zhao Gaosheng Wang Zhiqiang, Shanghai Fengyelin Private Equity Fund wei Haiqin of Management Co., Ltd. and Ma Yuqing of Shanghai Guoli Investment Co., Ltd. participated.

The details are as follows:

q: gross profit grew 39% at a high speed, and scale advantage continued to expand

A: In the first half of 2023, the company achieved new results in high-quality development, and its overall performance continued to grow steadily. During the reporting period, the company's business grew strongly, with operating income of 2.483 billion billion yuan, up 26.15 percent from the same period last year, and gross profit of 1.514 billion billion yuan, up 34.39 percent from the same period last year. The company's gross profit margin was 60.97 percent, higher than that of the same period last year and the first quarter of this year.

q: the three major expenses decreased by 18 percentage points, and the operating efficiency continued to rise

A: in terms of expenses, the proportion of the three major expenses in revenue has also declined steadily. The proportion of sales expenses, management expenses and research and development expenses in operating income decreased by 2.73 percentage points, 4.31 percentage points and 7.13 percentage points respectively compared with the same period last year, with a total decrease of 14.18 percentage points. The total proportion of the three major expenses in revenue was 99.53. The growth rate of the company's three major expenses all declined to varying degrees. The growth rate of sales expenses decreased by 1.56 percentage points, the growth rate of management expenses decreased by 8.94 percentage points, the growth rate of R & D expenses decreased by 11.76 percentage points, and the total growth rate of the three expenses decreased by 10.42, down 6.50 percentage points from the same period last year.

q: human efficiency increased by 98%, brand and platform strategic effects showed

a: in terms of human efficiency, the company's per capita income exceeded 250000 yuan, up nearly 28% from the same period last year.

q: the absolute advantage of the market accounts for more than 50% of the revenue, and the leading position is further consolidated

A: The company has built a four-tier product ladder consisting of absolute advantage products, market first products, market leading products, and high growth potential products. It has strong market competitiveness and market potential, which constitutes the main growth of the company's performance. driving force. First, introduce the 4-tier product ladder we define based on market share

absolute advantage product terminal security, threat discovery and situational awareness, code security, etc.

The first product in the market: data security, cloud security, threat intelligence, etc.

Zero trust, border security, industrial security, etc.

high potential products I + security, network security insurance, car networking security, managed services and SSE, etc.

introduce our product ladder definition one by one. first of all, the "absolute advantage products" considered by chianxin should not only rank first in market share, but also open a significant gap with the three 2. in the market. In the customer's cognition, "absolute advantage product" is not only the iconic product of this category, but can even become a "synonym" in a field ". With excellent product performance and high recognition from customers, and relative bargaining power in the market, this type of product is worthy of being called an "absolute advantage product" in our opinion ". The real investment value of a technology company also depends to a large extent on whether the company has its own "absolute advantage products". In the first half of the year, our absolute advantage products accounted for more than 50% of revenue, and our leading position was further consolidated. "Market first product" and "high potential products" can be defined from the name, not much explanation. And the market leading products, our definition standard is the top three of the market.

Chianxin has a very clear product development strategy, that is, the company's absolute advantage products in the future, which will be generated, cultivated and upgraded from the "market first product. And the current "market leading products", will also strive to jump into the "market firstProducts "ranks, the current" high potential products ", is the future" market leading products "reserves. The company has thus formed a product system with clear steps and a product development strategy based on it. We will continue to focus on core strategic resources, cultivate and incubate more heavy-duty excellent products, and better meet the increasingly complex and demanding network security construction needs of customers.

q: the growth rate of data security category and terminal security category both exceeded 40%, and product competitiveness led the company's rapid growth

a: during the reporting period, the company further cultivated technology research and development and product polishing, and the core product line grew rapidly. the revenue of terminal security category increased by more than 41% compared with the same period last year, and the revenue of data security category increased by more than 40% compared with the same period last year.

Q: Release of the first industrial-grade large model application Q-GPT safety robot

A: The company just released Q-GPT Safety Robot and Big Model Guard last week. Q-GPT safety robot is a "virtual safety expert" based on Chianxin's large model. The working efficiency per unit time of the robot is 16 times that of safety experts. At the same time, the robot can work 7 × 24 hours × 365 days. Therefore, the operating efficiency of a robot is about 70 safety experts. Based on the average annual salary of safety experts of 300000, each Q-GPT safety robot can generate about 20 million yuan of operating benefits on the customer side every year, it has greatly improved productivity, and as the computing power continues to grow, the future operational efficiency will continue to improve. At the same time, the big model guard products released control the security risks in the use of various big models in the industry, helping enterprises to demand productivity from big models more safely. At the press conference, the company has signed contracts with customers such as BOE Group and Geely Group, and they will become the first batch of domestic users of Q-GPT safety robots and large safety models.

Q: Strong customer growth in the key industry

A: During the reporting period, the company deepened the structural adjustment of the sales side and formally formed three marketing systems: the legion CBG for industry customers, the government-enterprise CBG for regional government and enterprise markets, and the channel CBG for the long tail market. From the industry structure of revenue, enterprise-level customers are still the main engine of the company's business growth, enterprise-level customers, government customers, public security and law department accounted for 68.71, 22.14, 9.15, respectively, the main business revenue ratio, enterprise-level customer revenue growth rate of more than 36%. The revenue growth of customers in key related industries is particularly significant. The three major industries of energy, finance and operators accounted for more than 30% of the company's main business revenue, an increase of more than 45% over the same period last year, fully demonstrating the strong demand for network security products and services from customers in related industries.

q: the proportion of revenue from millions of major customers has further increased

a: in terms of the volume distribution of revenue, the revenue generated by customers above the level of one million has increased by more than 40%, and the proportion of operating income has increased from 63.95 to 71.79, which fully reflects the company's remarkable achievements in the expansion of the large customer market and its advantages are becoming more and more obvious. In the first half of the year, the company's single-customer revenue increased by nearly 25% compared with the same period last year, and the customer repurchase rate was nearly 50%. This fully reflects the customer's recognition of the company's products and services. This recognition and in-depth cooperation relationship have further transformed into new business opportunities. In terms of expanding new customers, the company has also achieved good results. In the first half of the year, the company's single customer output of new customers increased by 63% compared with the same period last year.

Chianxin (688561) main business: to the government, enterprise customers to provide a new generation of enterprise-level network security products and services.

qianxin 2023 reported that the company's main revenue was 2.483 billion yuan, up 26.15 percent from the same period last year. Net profit attributable to the parent -0.88 billion yuan, up 3.26 percent from the same period last year; Deduct non-net profit -0.979 billion yuan, up 7.09 percent from the same period last year; In the second quarter of 2023, the company's single-quarter main revenue was 1.557 billion billion yuan, up 19.01 percent from the same period last year. Single quarter Net profit -0.347 billion yuan, up 19.19 year-on-year; Single-quarter net profit -0.346 billion yuan, up 22.96 year-on-year; Debt ratio 33.01, investment income -21.9162 million yuan, financial expenses 15.4531 million yuan, gross profit margin 60.97.

The stock has been rated by four agencies and bought by four in the last 90 days; the average institutional target price for the past 90 days is 77.8.

The following is detailed earnings forecast information:

Margin trading data show that the net outflow of financing of the stock in the past three months is 0.14 billion, and the financing balance is reduced; the net outflow of securities is 4.0739 million, and the balance of securities is reduced.

The above content is compiled by Securities Star based on publicly available information, generated by an algorithm, and has nothing to do with the position of this site. Securities Star strives for but does not guarantee the accuracy, completeness, validity, timeliness, etc. of all or part of the information (including but not limited to text, video, audio, data and charts). If there is any problem, please contact us. This article is data collation, does not constitute any investment advice to you, investment is risky, please be cautious in your decision-making.