\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
On the 25th, the company said on the interactive platform that the new solution involves data security computing; Earlier, the performance forecast showed that in 2021, the revenue was 4.38 ~ 4.5 billion (+ 20 ~ 23%), and the net profit was 860 ~ 920 million yuan (+ 6.3 ~ 13.8%). Maintain buy rating.
Key points supporting rating
The performance grew steadily and showed resilience. The company expects to achieve an operating revenue of 4.38 ~ 4.5 billion yuan, an increase of 20.0 ~ 23.4% over the same period of last year, and a net profit of 860 ~ 920 million yuan, a year-on-year increase of 6.3 ~ 13.8%. Under the circumstances of rising supply chain costs and fierce external competitive environment, we achieved stable and healthy growth of revenue, and showed growth stability in the fourth quarter.
Strategic investment increased by 3.0 yuan. 2021 is a year of strong strategic investment for the company, increasing R & D investment in new businesses such as data security, cloud security and industrial control security; Promote the combination of the “Mayor plan” and the strategy of independent security operation center in the regional market. The annual R & D and marketing investment increased by about 35% year-on-year, and the personnel growth was higher than that in previous years. With the implementation of new businesses and new products, the company’s advantageous position in the field will be further consolidated. On the interactive platform, the company released a data oasis solution for data circulation security on December 1, 2021, in which data security computing is an important part of the solution. At present, the privacy computing platform involved includes the use of different technologies.
Sustainable growth capacity and business volume are in a prominent position in the industry. The net profit attributable to the parent company CAGR of the company in recent five years is 18.3%, which is in a leading position in the industry. Compared with other leading network security companies, its revenue and net profit volume are also in the lead; While the industry is under pressure, α Good properties. With the increasing attention of regulators and policies to network and data security, the company’s valuation will return reasonably.
Valuation
It is estimated that the net profit from 2021 to 2023 is predicted to be 910 million, 1.1 billion and 1.39 billion, EPS is 0.98 yuan, 1.18 yuan and 1.49 yuan (revised down by 19 ~ 20% due to the growth rate of network security products and gross profit factors), and the corresponding PE is 24x, 20x and 16x. Compared with the company’s industry status, sustainable growth ability and performance growth, the current valuation is significantly low, and the buy rating is maintained.
Main risks of rating
The R & D progress is less than expected; Industry competition intensifies; The channel construction was not as expected.
