\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
Event: on March 2, 2022, the company issued the 2022 restricted stock incentive plan (Draft). The number of restricted shares to be granted in this incentive plan is 28 million shares, accounting for about 3.00% of the total share capital of the company. The stock grant price of the incentive plan is 12.24 yuan / share, and the total number of incentive objects granted is 1110.
The assessment year for lifting the restriction on sales of this incentive plan is three years from 2022 to 2024, and the assessment conditions of the three years are based on the income and profit of 2021:
Based on the operating revenue in 2021, the growth rate of operating revenue in 2022 shall not be less than 20%, or based on the net profit in 2021, the growth rate of net profit in 2022 shall not be less than 25%;
Based on the operating revenue in 2021, the growth rate of operating revenue in 2023 shall not be less than 45%, or based on the net profit in 2021, the growth rate of net profit in 2023 shall not be less than 55%;
Based on the operating revenue in 2021, the growth rate of operating revenue in 2024 shall not be less than 70%, or based on the net profit in 2021, the growth rate of net profit in 2024 shall not be less than 85%.
High standard incentives highlight the company’s confidence in long-term development. The assessment requirements for the growth of revenue or profit in this incentive plan are about 23%, 18% and 20% – 23% respectively compared with the three-year revenue growth of the company from 2019 to 2021 (performance forecast in 21 years), which shows that the conditions for selling are high, which is expected to strengthen the cohesion of the company and bring double improvement of personnel + execution for the strategic layout of data security in the future, On the other hand, it also highlights the long-term development of confidence.
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.
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 history of the era of attack and defense, the era of actual combat and security is about to come. 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, under the background of data as the core element, taking urban customers as the starting point in advance, it is expected to realize the safe operation of all links in data circulation. It is estimated that the company’s revenue from 2021 to 2023 will be RMB 4.501/56.98/7.066 billion respectively, and the net profit attributable to the parent company will be RMB 882/11.5/1.413 billion respectively. The corresponding PE in 22 / 23 will be 20x and 16x, maintaining the “recommended” rating.
Risk tip: avoid talking in general, the construction of urban operation center is less than expected, and the government IT investment budget is less than expected.
