\u3000\u3000 Dbappsecurity Co.Ltd(688023) (688023)
Events
Dbappsecurity Co.Ltd(688023) issued the 2022 equity incentive plan, which plans to grant 3.0615 million restricted shares to 313 incentive objects, accounting for 3.9% of the total share capital, and the grant price is 178 yuan.
Comments:
Overall, we believe that the incentive strength of the company’s equity incentive plan is significantly stronger than that of the previous two equity incentives, which shows the company’s confidence and determination for the sustainable development of the network security industry under the background of “enhancing the ability of network security protection and improving the level of data security” in the 14th five year plan for digital economy development. Specifically:
1. Release the incentive time in advance
From the perspective of the release time of equity incentive, the release time of 2022 equity incentive plan in that year is earlier than the historical release node. The company released the equity incentive plan of the current year in August 2020 and October 2021 respectively, and this time the incentive plan was released in February, which we believe reflects the management’s attention to the core team members and the expectation of their work achievements in 22 years.
2. The number of incentive stocks is the largest in history, and the scope of incentive personnel is further expanded
In terms of the number of shares of equity incentive, the proportion of shares involved in this equity incentive is 3.90%, which is the largest of the three equity incentive plans from 2020 to 2022.
From the perspective of the personnel scope of equity incentive, the number of objects to be encouraged in this equity incentive plan is 313, accounting for 11.51% of the number of employees at the end of 2020, accounting for the largest proportion of the three equity incentive plans from 2020 to 2022.
We believe that the expansion of the number and scope of equity incentive is conducive to further stabilize the existing core team and lay a solid talent foundation for the long-term development of the company.
3. Performance evaluation indicators were further enhanced
From the perspective of performance assessment indicators, this equity incentive plan follows the assessment indicators of income growth, which is required to take the operating income in 2021 as the base, and the growth of operating income from 2022 to 2025 shall not be less than 30% / 60% / 90% / 120% respectively; Previously, the growth rates of income growth assessment indicators in 2020 and 2021 corresponding to the attribution period relative to the base period were 25% / 50% / 75% / 100% respectively. Considering that the company is expected to achieve a revenue growth rate of 37% – 39% in 2021, which will increase the revenue assessment base in 2021, we believe that this reflects that the company takes maintaining high-speed growth as its long-term goal and is full of confidence in its future development.
Investment suggestion: we maintain the original profit forecast. It is estimated that the revenue in 2021, 2022 and 2023 will be RMB 1.817/2.541/3.546 billion respectively, and the net profit attributable to the parent company will be RMB 11/1.18/463 million respectively, maintaining the “buy” rating.
Risk warning: brain drain of core technology, decline of downstream procurement demand due to macroeconomic impact, and intensification of industry competition
