securities star news, on October 26, 2023, chi anxin (688561) announced that the company would hold a performance briefing on October 26, 2023, anxin Securities Co., Ltd. Ma Shiwen Huang Jing, Beijing Qingtian Puriming Investment Management Co., Ltd. Yang Wenjing, Shanghai Guoli Investment Co., Ltd. Ma Yuqing, Shanghai Harmony Huiyi Asset Management Co., Ltd. Morning, Shanghai Jiasheng Investment Management Co., Ltd. Chen Ke, Shanghai Jiashi Private Equity Fund Management Co., Ltd. Li Qidong, Shanghai Miyuan Investment Management Co., Ltd. Xu Pengfei, Shanghai Moqi Investment Management Co., Ltd. Shen Mengjie, Shanghai Pu Shi Investment Management Partnership enterprise (Limited Partnership) Feng Dongdong, Shanghai Ruijun Asset Management Co., Ltd. Lu Shijie, Shanghai Rungui Investment Management Co., Ltd. Jin Yong, Shanghai Songhai Investment Management Co., Ltd. Zhang Wenhua, Beijing Xicheng Jinrui Equity Investment Fund Management Co., Ltd. Liu Yafei, Shanghai Xueshi Asset Management Co., Ltd. Gao Yunzhi, Shanghai Yude Investment Management Center (Limited Partnership) Wang Liang, Shanghai Hongyuan Investment Management Co., Ltd. Fund Management Co., Ltd. Shao Wanqi, Shanghai Securities Co., Ltd. Teng Wenfei Li Xiang Zhang Feng, Shanghai Zhijun Asset Management Co., Ltd. Wang Mingfei, Shanghai Variety Holdings Co., Ltd. Li Cai Jin, Shen Wan Hongyuan Securities Co., Ltd. Chen Deng Xiangwei, Shenzhen Chengyi Investment Co., Ltd. Hu Yanan, Shenzhen Newfus Investment Management Co., Ltd. Zhan Chu, Beijing Yuanlesheng Asset Management Co., Ltd. Dong Hao, Shenzhen Qianhai Julong Investment Co., Ltd. Bin, Shenzhen Qianhai Luojia Fangyuan Asset Management Co., Ltd. Hou Haifeng Kong Fan, Shenzhen Qingshui Investment Management Co., Ltd. Feng Wenguang, Shenzhen Hongfang Asset Management Co., Ltd. Xie Dengke, Shenzhen Mingda Asset Management Co., Ltd. Li Tao, Shenzhen Qianhai Changhe Huizhong Fund Management Co., Ltd. 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Zhu Zhanyu Zhang Xuefeng, China Post Securities Co., Ltd. Chen Zhaoxu, China Post Securities Co., Ltd. Tang Yue, Chen Yi Investment Co., Ltd. Jiang Xiaoshan, Chengdu Mars Asset Management Center (Limited Partnership) Fu Yuqing, Chuangjin Hexin Fund Management Co., Ltd. Li Han, Baling Asset Management (Asia) Co., Ltd. Yin Jufeng, Daiwa Rihua (Shanghai) Enterprise Consulting Co., Ltd. Chi Chen, Temasek Investment Consulting (Beijing) Co., Ltd. Song Chenting, Debang Securities Co., Ltd. Zhu Zhu, First Manhattan First Beijing Company Liang Zhuojun, Oriental Alpha Fund Management Co., Ltd. Pan Deng, Soochow Securities Co., Ltd. Jin Nan Dai Chen, Dongxing Fund Management Co., Ltd. Zhou Hao, Dunhe Asset Management Co., Ltd. Ding Yuxuan, Founder Securities Co., Zhang Yaorong, Fujian, Fujian jinniu Investment Management Co., Ltd. Liang Minzhong, Bai Cheng Capital Management(Hong Kong) Co., Ltd. Yao Xinqi, Fujian Xinnuojiayu Investment Co., Ltd. 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Siwen, Geng Junjun of Guoyuan Securities Co., Ltd., Zhou Xiaoling of Beijing City Tianjiu Investment Co., Ltd., Chen Yuanhao of Hainan Boiling Point Private Equity Fund Management Co., Ltd., Qi Bin of Hainan Evolution Private Equity Fund Management Co., Ltd., Zheng Hongda of Haitong Securities Co., Ltd., Liu Fujie of Hangzhou Zhidao Investment Co., Ltd., Qu Fang of Hangzhou Zhongda Grand Hyatt Investment Co., Ltd., Zhu Zhizhi of Harmony Health Insurance Co., Yan Huichen of Hongshan Capital Management, Hua An Fund ltd. Lei Zhang Jian, Hua 'an Securities Co., Ltd. Laizuohao, Huachuang Securities Co., Ltd. Hu Xin 'an Sun Yuan, Beijing Gaoxin Bainuo Investment Management Co., Ltd. Li Guangshuai, Huafu Securities Co., Ltd. Wang Si, Huatai Securities Co., Ltd. Wan Yilin Fan Yan Rui, Huatai Asset Management Co., Ltd. Jiang Ling, Huaxi Securities Co., Ltd. Meng Ling Ru Qi Liu Jueting, Huaxing Securities Co., Lin Lang Cheng qianhai Securities Co., Ltd. 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Lin Ye, Monita Jichao, Pan Hou Momentum (Shanghai) Capital Management Co., Ltd. Yu Yuntian, Penghua Fund Management Co., Ltd. Wang Lei, Ping An Securities Co., Ltd. Fu Qiang, QIANYI CAPITAL Xu Gaofei, Qingdao Jinguang Zijin Equity Investment Fund Enterprise Lei Jing, Qingdao Taoguan Investment Management Co., Ltd. Li Keke, Beijing Automotive Group Industrial Investment Co., Qiu Zhenyang Zhou Jiaquan guo Fund Management Co., Ltd. Wang Suxin Wang Hui, Credit Suisse Securities Wang Xiaoqiong Song Yebo, UBS Securities Zhang Weixuan, StillpointSophia Zhang, Cybertron Investment Group Co., Ltd. Cheng Kai, Shanghai Chengan Asset Management Co., Ltd. Tang Haiying, Shanghai Chongshan Investment Co., Ltd. Liao Siying, Shanghai Dunyi Asset Management Co., Ltd. Bao Xinci, Shanghai Yang Feng Asset Management Co., Ltd.

The details are as follows:

q: the company's revenue is indeed under pressure in the third quarter. as Mr. Wu just said, there is indeed a strong growth in the related industries. therefore, I would like to ask if there are any industries with obvious demand repair inflection points in the downstream since the fourth quarter, besides some industries that are still strong? Or can the government see some marginal changes? Is there any differentiation on the product side of the industry? For example, there may be faster growth in data security and platform-level projects? The main thing is to ask about the distribution of the product end.

a: the first question can be directly presented from the data. our proportion in the government and enterprise, especially in the enterprise, has reached 70%. Everyone asks what kind of enterprise is the enterprise end? Is the government all bad? Let's take this issue apart. On the enterprise side, first of all, we look at the central enterprises, many of which are related industries. As we just said, energy includes electricity, oil and gas, and electricity is divided into power grids and power generation. There are actually many central enterprises from the group headquarters to secondary units, tertiary units, and tertiary units. Moreover, it also involves a lot of manufacturing industries, especially some electronic and electrical fields, aerospace and other fields, which are actually manufacturing industries in a broad sense. So the growth rate of these industries is still very high, because the core logic behind them is no longer compliance, but the digital transformation in the process. Therefore, in the first year of the "14th Five-Year Plan", the work requirements of the SASAC's "14th Five-Year Plan" transformation include requiring central enterprises to carry out digital transformation. This process has brought us a lot of opportunities, and as we said in the previous two years, we helped them formulate the "14th Five-Year Plan", and the "14th Five-Year Plan" has reached the mid-term, that is, this year. There will be adjustments again. For some previously planned projects, we found that the budget was not enough, or when it did not match the overall schedule, we had to increase some budgets and make adjustments. This piece actually brought us a very big opportunity.

To give another example, the central enterprise of a chip has exceeded 0.1 billion of its total orders this year. The demand on behalf of them is very strong, because for him, if he does not do a good job in network security and data security, his entire digital transformation lacks a backplane. If there is a security problem, the responsibility is heavy, so it must be strengthened. The investment budget for network security. This is what we say about business change. In addition, there are many private enterprises, especially BYD, Ningde era and Sany Heavy Industry, which we know are actually very good private enterprises. They not only occupy a strong strength in the whole country, but also occupy a strong competitive advantage in the global expansion. In this process, many of the network security problems they encounter are not only to deal with compliance, but also for their own security needs. In this process, they encounter the protection of data privacy, including the protection of commercial interests. Even in this process, when expanding overseas, they are very worried about the overseas compliance in this process, especially the impact of cross-border data on them. So they are in these leading private enterprises, their investment in network security is not reserved. They know that network security is a zero-and-one problem. Once their production process, including core data loss, or data compliance related risks overseas, the impact on them is very large. Therefore, in this process, their input, including some orders brought to us in this field, can be seen and is very clear. Ask to see the data bureau has also been listed, our previous cooperation in the provinces and cities of the data bureau application products and landing. I would like to ask, how much is the business development of data-related brand building and related data revenue? In the future, we will be interested in data element products.What is the outlook? Let me talk about things related to data security, including the release of a series of data security protection systems for the "Chian Shield" earlier this year. Yesterday we saw the official establishment of the National Data Bureau. In fact, before that, we had already had deep cooperation in various political and data bureaus, including the provincial level, the municipal level, and some even sunk to the district level. In the entire political and data bureau, including the internal trading platform for the entire data element, including data storage and big data government affairs center. In this series of related construction, from the overall planning of the entire data security system to the implementation of some plans, we have done many cases, including many mature plans. The other line is that the country has made a lot of enhancements in law enforcement and management details for the entire data security, whether in terms of personal information protection and digital security laws. In this regard, in fact, we have also done a lot of things, including a lot of support with regulatory authorities in cross-border data and cross-border supervision. This is actually to help the regulatory authorities better in the field of data security law enforcement. Under the overall planning system of data security, we are also in accordance with the overall layout of the National Data Bureau, including the Digital Security Law. On the one hand, we have formed a complete product system in the regulatory authorities. On the other hand, we have also provided complete products and solutions in the entire regulated departments, including private enterprises and the Political Bureau. There is also a corresponding overall layout for the data exchange, including data exchange, big data center, data lake and lake warehouse. In the whole product planning, we make the overall planning from these three big blocks.

Q: If you look at the product level, in the first three quarters, for example, the growth rate of track products in some key related industries, as well as the demand for some traditional network security products, please share and want to know about the growth of the current sub-sectors.

a: in terms of the growth rate of sub-sectors, we just mentioned that energy has increased by 37%, finance has also increased by about 37%, and the whole operator has increased by 30.98. in these fields, we can see that the growth rate is particularly high. What kind of products are playing a positive role in these areas? The first is enterprise terminal security, for us, sub-product line, terminal product line growth of more than 30%, including the replacement of the letter to the terminal, including a lot of terminal security from the original group level to the second and third level companies, second and third level enterprise promotion has a great relationship. The growth of traditional product boundary security is still ballast, with an increase of more than 20%. This has a lot to do with the improvement of competitiveness. We are in many important industries, the competition is not inferior, our firewall border security products, in many key core technologies we have made breakthroughs. With the entire intensive construction, new categories such as network security and regional warfare have emerged, which have a lot to do with the current cloud and closing control, and have improved the growth of the entire border security.

Data security Our growth in these industries is actually very good, exceeding 30%. Because these industries have a characteristic, digital transformation is the vanguard, are the benchmark. They have shifted from the so-called infrastructure construction of the cloud network in the past to the application and data as the core. Everyone is raising a question, that is, how to do digital security? Hardware is hard security, in fact, tied to digital security, plus cloud security, these three topics are all combined, in fact, are the segments of these industries where the growth is particularly significant. We expect higher growth in both security services and situational awareness by the end of the year. Because general situational awareness has large projects in the fourth quarter, including some large-scale projects as the core, the overall situational awareness will also grow better in the fourth quarter. In addition, security services will also increase very good sales in the fourth quarter, because the entire national exercise this year is in the second half of the year, so many contracts including revenue recognition will be completed in the fourth quarter.

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

chi anxin's third quarter report in 2023 showed that the company's main revenue was 3.686 billion yuan, up 15.5 year on year. Net profit attributable to parent -1.223 billion yuan, down 8.69 year on year; Deduct non-net profit -1.306 billion yuan, up 4.3 year on year; In the third quarter of 2023, the company's main revenue in a single quarter was 1.204 billion yuan, down 1.63 from the same period last year. Net profit attributable to mother in a single quarter -0.343 billion yuan, year-on-year decrease of 59.17; Single-quarter non-net profit -0.327 billion yuan, down 5.13 year-on-year; Debt ratio 37.08, investment income -36.5643 million yuan, financial expenses 28.551 million yuan, gross profit margin 60.75.

The stock has been rated by 15 institutions and bought by 15 in the last 90 days; the average institutional target price in the past 90 days is 76.7.

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 has 0.149 billion, and the financing balance has decreased; the net inflow of securities has 15.7422 million, and the balance of securities has increased.

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