\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
In 2022, the stock incentive plan was released to boost team confidence and business growth
On March 2, 2022, the company disclosed the 2022 restricted stock incentive plan (Draft):
(1) number of granted shares: the number of restricted shares to be granted is 28 million shares, accounting for about 3.00% of the total share capital of the company. Among them, the shares granted for the first time account for about 2.46% of the total share capital of the company, and the reserved shares account for about 0.54% of the total share capital of the company.
(2) granting personnel: the total number of incentive objects to be granted for the first time is 1110, including directors, senior managers, middle and senior managers and core backbone personnel of the company.
(3) grant price: the first grant price of restricted shares is 12.24 yuan / share (the company’s stock price is 24.21 yuan / share on the announcement date of the draft incentive plan)
(4) assessment objective: Based on the performance of 2021, the growth rate of revenue in 2022, 2023 and 2024 shall not be less than 20%, 45% and 70% respectively, or the growth rate of net profit in 2022, 2023 and 2024 shall not be less than 25%, 55% and 85% respectively.
We believe that the release of this stock incentive plan shows the company’s confidence in future development. At the same time, it also helps the company deeply bind the interests of employees, stimulate employee morale, improve team combat effectiveness, and achieve higher quality growth in the high growth and development stage of network security industry.
Emerging businesses continue to grow rapidly, and the growth of data security and safe operation can be expected
In 2021, the company’s emerging business achieved rapid growth. (1) Safety operation center: 119 urban and industrial safety operation centers have been built, and the income has increased rapidly. (2) The income from localization and industrial control safety also increased rapidly. (3) The revenue of new track products such as end-to-side safety, honeypot and full flow detection increased by more than 300%. (4) Data security: on December 1, 2021, the company established a data security headquarters in Hangzhou and released the data oasis technical framework, opening the new first year of Data Security 3.0. The revenue growth in the direction of data security is expected to reach more than 50%.
R & D and marketing investment increased year-on-year, further consolidating technical and market advantages
2021 is a year of strong strategic investment for the company, with personnel growth exceeding previous years, and R & D and marketing investment increasing by about 35% year-on-year. (1) R & D focus: focus on new business directions (data security, cloud security, security operation center, localization adaptation, industrial control security, Internet of vehicles security, etc.), new track products (EDR, honeypot / secret network, soar, ueba, network security shooting range, space mapping, full flow detection, etc.) Actual combat capability (in 2021, active defense laboratories in 9 regions and industries were added to export vulnerability mining capability and emergency response capability to regions and industries). (2) Marketing highlights: promote the combination of “mayor’s plan” and independent security operation center strategy 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.
Profit forecast and valuation
The promotion of emerging businesses was accelerated and achieved remarkable results. The stock incentive plan was released in 2022 to help business growth. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 912 (- 1.08), 1317 and 1689 million yuan respectively; The corresponding EPS is 0.98 (- 0.11), 1.41 and 1.81 yuan, maintaining the “buy” rating.
Risk tips
Risks such as policy implementation falling short of expectations, emerging business development falling short of expectations, intensified market competition and so on.
