启明星辰（002439）2026年Q2指引收入符合预期，净亏损收窄

VenusTech Group (002439.SZ) 2Q26 Guidance Revenue Inline, Net Loss Narrowed CITI'S TAKE VenusTech guided 1H26 revenue of Rmb1.21-1.26bn (up 6.8-11.3% YoY),implied 2Q26 revenue to reach Rmb543-593mn (up 10.3%-20.5% YoY),mid-point is 3% above VAe of Rmb551mn. The company noted the growthwas driven by synergy with China Mobile, new AI-driven productmonetization and stabilizing foundation business. 1H26 net profit isguided to reach Rmb26-38mn (vs 1H25 of Rmb93.4bn net loss) thanks torevenue growth and cost reduction, implied 2Q26 net loss reachedRmb10.7-22.7mn (vs. 2Q25 of Rmb94.9mn) with mid-point of net loss 8%ahead of VAe of Rmb20.3mn. 1H26 recurring net profit reached Rmb55-67mn (vs. Rmb164mn loss in 1H25), implied 2Q26 recurring net loss toreach Rmb3-15mn. Operating cash flow reversed dramatically, with netinflows up ~140% YoY in 1H26. We believe share price could performpositively on improving business performance, yet valuation is still hard tojustify on thin profit. Kyna WongAC+852-2868-7820kyna.wong@citi.comYiming Li, CFA See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and QualifiedForeign Institutional Investors. VenusTech Group Valuation Our target price of Rmb11.5 for VenusTech is based on 1.3x FY26 BPS, 1SD below the 5-year historical mean, to account for theclouded business visiblity of cyberseucrity industry demand. 2026 and 2027 is likely loss making, operating burden to remain. Risks Key upside risks include: (1) reduced competition among cybersecurity players: (2) higher-than-expected IT spending oncybersecurity by customers or the local governments; and (3) better-than-expected development of emerging businesses. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, andprincipal trading revenues. One factor in equity research analyst compensation is arranging corporate access events betweeninstitutional clients and the management teams of covered companies. Typically, company management is more likely toparticipate when the analyst has a positive view of the company. For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity providerin such financial instruments (and any underlying instruments) and may act as principal in connection with transactions insuch instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have beenrecommended in the Product. The Firm regularly trades in the securities of the issuer(s) discussed in the Product. The Firm mayengage in securities transactions in a manner inconsistent with the Product and, with respect to securities covered by theProduct, will buy or sell from customers on a principal basis.Unless stated otherwise neither the Research Analyst nor any member of their team has viewed the material operations of the Companies for which an investment view has been provided within the past 12 months.For important disc