\u3000\u3000 Venustech Group Inc(002439) (002439)
Event: on January 27, Venustech Group Inc(002439) released the annual performance forecast for 2021. During the reporting period, the company is expected to achieve an operating revenue of 4377 million yuan to 450 million yuan, an increase of 20.02% to 23.40% over the same period of the previous year, and achieve stable and healthy growth of revenue. The annual gross profit margin is expected to increase by 2.0% – 2.5%. The net profit attributable to the shareholders of the listed company is expected to achieve a profit of 855 million yuan to 915 million yuan, an increase of 6.34% to 13.80% over the same period of the previous year; The net profit after deducting non recurring profit and loss was 759 million yuan to 819 million yuan, an increase of 8.00% to 16.54% over the same period of the previous year.
The data security landing is imminent, and the city level operation center helps promote the long-term strategy. In 2021, the company started the new first year of Data Security 3.0, and vigorously invested in and strengthened the business construction of cloud security and industrial control security; Promote the combination of the “mayor’s plan” and the strategy of independent security operation center in the regional market, and the intensive cultivation of the regional market has greatly improved the customer value; Combined with the situational needs of industry users, it improves customer stickiness and further strengthens the market competitive advantage of customers in government, finance, operators, energy, enterprises and other industries. By the end of 2021, the company has built 119 urban and industrial safety operation centers, and the business income of the safety operation center has achieved rapid growth. At the same time, the company’s income in localization and industrial control safety has also increased rapidly. In the “end-to-side safety”, “honeypot”, “full flow detection” and other new “track” products, the revenue has increased by more than 300%. As more new products continue to mature and enter the market, the company will consolidate its leading position in more tracks.
Application scenarios continue to evolve, and traditional and innovative needs go hand in hand. Each round of regulatory direction changes, and the scene needs mapped to network security are constantly replaced. Throughout the development history of network security, it can be roughly divided into compliance era, attack and defense actual combat era and the upcoming data security era. The switching of the times not only helps the rapid landing of innovative tracks, but also drives a new round of replacement of traditional tracks. The company has laid out the new era in advance and creatively positioned its customers in the dual identity of “operation + supervision”, which is expected to realize the vision of rapid growth in the whole quadrant of products.
Investment suggestion: as a long-standing network security manufacturer in China, it has maintained deep binding with large and medium-sized customers such as government and enterprises through nearly 30 years of efforts; Under the background that data is the core element in the next era, taking urban customers as the starting point in advance is expected to realize the safe operation of all links in data circulation. According to the performance forecast of the company in 2021, we adjusted the early forecast value. It is estimated that the company’s revenue in 2021-2023 will be RMB 4.501/5.950/7.848 billion respectively, the net profit attributable to the parent company will be RMB 882/9.80/1.177 billion respectively, and the corresponding PE in 22 / 23 will be 23x and 19x, maintaining the “recommended” rating.
Risk warning: data security landing is not as expected; The establishment of urban operation center was less than expected.
