\u3000\u3 Guocheng Mining Co.Ltd(000688) 023 Dbappsecurity Co.Ltd(688023) )
Event: the company issued the 2022 restricted equity incentive plan (Draft), which plans to grant 3.0615 million restricted shares to 313 employees, including the company’s core technical personnel and other personnel deemed by the board of directors to need incentive, accounting for 3.90% of the total share capital of the company on the announcement date of the draft incentive plan. The grant price of some restricted shares granted by the incentive plan for the first time is 178.00 yuan / share. The assessment condition of the restricted shares granted for the first time is that the operating income in 2021 is taken as the base, and the income growth rate from 2022 to 2025 is not less than 30% / 60% / 90% / 120%. Several equity incentives retain core talents and demonstrate the company’s growth confidence. The company implemented the equity incentive plan in 2020 and 2021. The number of employees in the incentive plan in 20 / 21 accounted for 9.32% / 4.93% at the time of announcement, and the number of restricted shares to be granted accounted for 1.89% / 1.97% of the total share capital on the date of announcement of the incentive draft. Compared with the previous two equity incentives, the scope of this incentive plan is wider and stronger. The proportion of this incentive plan in the total number of employees on the announcement date is 11.51%, and the number of restricted shares to be granted accounts for 3.90% of the total share capital on the announcement date of the incentive draft, demonstrating the company’s determination to retain talents.
In the era of digital economy, leading manufacturers of data security will continue to benefit. On January 13, 2022, the State Council issued the “14th five year plan” for digital economy development, which will vigorously promote industrial digital transformation and quantify various indicators of digital economy development. The “digital economy security plan” points out that the development of digital economy is inseparable from strengthening the ability of network security; Improve the level of data security; Effectively prevent all kinds of risks. As the explorer and leader of data security, the company will benefit from the development of digital economy and the implementation of laws and policies related to the data security law.
The company is deeply engaged in the vertical field of data security, and its products and services are at the leading level in the industry. The company has six major data security products and solutions, including “Cape” data life cycle protection system, data security consulting service system, ailand data safety island, aitrust zero trust solution, aidcs data security control platform, EDR and data blackmail protection. Among them, ailand data safety island platform can realize the separation of ownership and use right of shared data and ensure the reliability and traceability of data sharing process. It mainly includes two parts of business: privacy computing and Data Trading Center. It is the key business of the company to help digital transformation.
Investment suggestion: the company is a leading new network security manufacturer in China. We expect the EPS of the company from 2021 to 2022 to be 2.41 and 3.37 yuan respectively, and give a buy rating
Risk warning: the progress of data security business is not as expected; Industry competition intensifies
