$FTNT · Chip Stock Investor · 2026-10-26
FTNT 的差异化而非更优越：其自研安全处理单元和硬件基础设施层使其成为一项实物资产业务，超过 60% 的收入来自服务，而这些服务之所以能落地，是因为基础设施先被安装到位，加上硬件驱动的销售周期，使其估值方式不同于软件同行。说话者将其与 Palo Alto 和 CrowdStrike 放在同一组合中持有，认为目前没有强大的上市竞争对手，并看好这种差异化带来的分散化价值。
逐段跳播
DTAB，你怎么看 Forinet 的定制处理器？有没有潜在的竞争者会尝试 Forinet 的模式？啊，是的，安全处理单元。我很喜欢这个。我很喜欢。几年前 YouTube 上那对奇怪的小组合开始谈论 SPU 之前，你在网上除了 Forinet 的年度文件之外是找不到相关信息的。
DTAB, what are your thoughts on Forinet custom processors? Is there a potential competitor that would try the Fordinet model? Ah, yes, the secure processing unit. I love that. I love that.
That was something that you could not find on the internet outside of Forinet's annual filings until a few years ago when this weird little duo on YouTube started talking about the SPU.
会有人尝试模仿这个模式吗？我不……是的。我认为这还处在早期阶段。我认为有一些初创公司又开始从基础设施层来解决网络安全问题。
Uh will anybody try to emulate the model? I don't um Yes. I think I think that is in the beginning early stages. I think there are some startups that are starting to address cyber security again from the infrastructure layer.
Forinet 其实没有真正有实力的上市竞争对手，我是说，我们今天会认真考虑投资的那种。
Forinet doesn't really have a formidable publicly traded competitor I would say uh that we would be seriously interested in investing in today.
Dub 有一个追问。你觉得哪家更优越？Forinet、PaloAlto、Crowd，我有偏见，但看起来 Forinet 似乎是更优越的那一个，因为那一层基础设施。
And Dub has a followup. Which would you consider more superior? Forinet, PaloAlto, Crowd, I'm biased, but it seems forinet seems like the superior one because of that infrastructure layer.
我是说，我们把这些全都作为一个组合持有。我不确定你真的能把它们拿来比较。它们现在差别太大了，商业模式也足够不同，各自针对网络安全行业的不同部分。
I mean, we own we own all of the above as a basket. And I I don't know that you can compare them really. They're so different uh at this point. the business models are are are different enough that that they they address different parts of the cyber security industry.
Forinet 很大程度上是一项基于实物资产的业务，尽管 60% 以上、超过 60% 的收入来自服务，但这些服务能落地是因为基础设施首先被安装好了，大部分情况是这样。
Fordinet very much uh um a physical assetbased business even though 60% of the revenue plus 60% plus is tied to services those services land for the business because the infrastructure gets installed in the first place for the most part.
所以我会说它是一种有差异化的资产。我不会说它必然更优越，只是有差异化。这也是它估值略有不同的原因之一，因为它是一项基于硬件的业务。它的销售周期与软件驱动的公司、与它的软件驱动同行不同。
So I would say it's a differentiated asset. I wouldn't say it necessarily superior, just a differentiated asset. It's also one of the reasons why it gets valued a bit differently because it's a hardwarebased business.
There is uh a different sales cycle involved than the softwaredriven companies. It's software driven peers.
这就是我们的看法。我们会说它不一定更优越，但非常有差异化，我们很喜欢这一点。我们喜欢有差异化的资产，因为如果你想让投资组合分散，你就不希望所有东西同时涨跌。那才是分散。否则你只是有一个混乱的投资组合，带着过度集中于太少股票的所有问题。所以我们因为这个原因喜欢 Forinet。
So that's our take. We would say not necessarily superior but very much differentiated which we like a lot. We love differentiated assets because if you want diversification in your portfolio, you don't want everything going up and down at the same time together.
That's diversification. You just have a messy portfolio with all of the problems of being fullported into, you know, too few stocks. So, we we like forinet for that reason.