Guangda Securities: Maintains a "Buy" rating on 360, with Nano AI search performance outstanding.

Guangda Securities research report points out that 360 achieved a net loss of -1.094 billion yuan in 2024, with a larger year-on-year loss. In the first quarter of 2025, it achieved a net loss of -0.273 billion yuan, with an expanded year-on-year loss. The "AI Product Ranking Website Ranking April 2025 Ranking" was released, and Nanomi AI search performed well, optimistic about the AI upgrade of the company's internet commercial business. In terms of large model technology iteration, the company further improved the underlying capabilities of its self-developed trillion-parameter general large model "360 Brain" and performed well in third-party benchmark evaluations; in terms of B/G-end services, the company released an enterprise-level AI large model solution, building enterprise-level vertical large models to help industrial intelligence transformation and digital upgrading. In 2024, 360 Security's large model has completed testing applications and delivery work in real environments of over 50 top customers in multiple industries and over 500 small and medium-sized enterprises' public cloud environments. Optimistic about the AI search's reshaping of the company's internet advertising and commercial business and the core position of the company's large model in the development of the AI industry, it maintains a "hold" rating.