\u3000\u3000 360 Security Technology Inc(601360) (601360)
Event: as a member of the consortium, Beijing Hongteng intelligent, a wholly-owned subsidiary of the company, participated in the public bidding of Zhoukou Chengtou Jiancheng real estate “Zhoukou Digital Economy Security Industrial Park” with Zhengyan construction group and Guangzhou boxa architectural design and Research Institute (a member of the consortium) and won the bid successfully. The total investment of the project is about 1.6 billion yuan, of which the project investment planned to be undertaken by 360 Security Technology Inc(601360) is about 400 million yuan.
The main construction contents of the project undertaken by 360 Security Technology Inc(601360) : mainly build four types of infrastructure: attack defense infrastructure, data operation infrastructure, resource management and control infrastructure and expert operation infrastructure; Ten categories of application scenarios: network security industry talent application platform, anti fraud and case attack application platform, big data security research and application platform, Internet of things security application platform, Xinchuang security application platform, industrial Internet security application platform, intelligent public opinion application platform, blockchain security application platform, vulnerability public testing and application platform and popular science education application platform, Build a safe brain for Zhoukou digital city.
Zhoukou City Safety brain will further enhance the company’s influence and competitiveness in the government enterprise safety market. The implementation of urban security brain will comprehensively improve the comprehensive protection ability of Zhoukou’s network security, promote the industrialization of network security, and solve the network security risks faced by Zhoukou in the process of building a new smart city, such as urban Cyberspace Security Governance, network attack and defense confrontation, anti fraud case attack, big data security research, network public opinion control and so on, Improve the overall network security level of Zhoukou City, standardize the network order, purify the network environment, crack down on network violations and crimes, and promote the development of digital economy in Zhoukou City. At the same time, the completion of the project will also help to further improve the competitiveness and influence of 360 Security Technology Inc(601360) in the government enterprise security market, further improve the regional node layout of the security brain, continuously improve the practical effect of regional empowerment, and realize the integrated development of security and industry.
The rapid growth of government and enterprise business is expected to continue. According to the company’s performance forecast, as of December 31, 2021, the company has completed the signing of contracts with 15 core customers (including 2 urban industries and 13 non urban industries); In terms of urban business development, the company will open up 3 new cities and deeply contact 10 cities in 2021. At present, the company has a large number of intended customers. The winning of Zhoukou project will kick off the company’s safety brain orders this year, and the subsequent intended orders are expected to continue to land. Superimposed with deferred order recognition Revenue of nearly hundreds of millions of yuan, the growth of government and enterprise business is expected to accelerate this year.
Investment suggestion: it is estimated that the company’s revenue from 2021 to 2023 will be 10.997 billion yuan, 14.690 billion yuan and 17.480 billion yuan respectively, with a year-on-year growth rate of – 5.3%, 33.6% and 19.0% respectively; The net profit attributable to the parent company was 958 million yuan, 2159 million yuan and 2646 million yuan respectively, with a year-on-year growth rate of – 67.12%, 125.40% and 22.56% respectively. The EPS from 2021 to 2023 were 0.13, 0.30 and 0.37 respectively, and the corresponding PE were 80, 35 and 29 respectively, maintaining the “buy” rating.
Risk warning: market competition intensifies; The R & D of new products is less than expected; The strategic advance is less than expected; Economic downside risk.
