Event: Recently Venustech Group Inc(002439) , Dbappsecurity Co.Ltd(688023) and other network security companies launched equity incentive plan (Draft).
Venustech Group Inc(002439) motivate a large number of people, which helps to bind talents. On March 2, Venustech Group Inc(002439) launched equity incentive (Draft). The incentive plan plans to grant 28 million restricted shares to 1110 incentive objects, including 229845 million shares for the first time and 5.0155 million shares reserved. The grant price of restricted shares granted for the first time in the incentive plan is 12.24 yuan / share. The performance assessment objective of this equity incentive is to take the revenue of 2021 as the base, the growth rate of revenue from 2022 to 2024 shall not be less than 20%, 45% and 70%, or the growth rate of net profit from 2022 to 2024 shall not be less than 25%, 55% and 85%. According to the performance forecast of the company in 2021, the company expects to achieve a revenue of RMB 4.377-4.5 billion and a net profit of RMB 855915 million in 2021. The calculated performance evaluation objectives are: the revenue in 20222024 is RMB 5.252-54 billion, 63.47-65.25, 7.441-7.650 billion respectively, or the net profit in 20222024 is RMB 1.069-11.44, 13.25-14.18 and 1.582-1.693 billion respectively.
Dbappsecurity Co.Ltd(688023) launch equity incentive plan. On February 24, Dbappsecurity Co.Ltd(688023) launched equity incentive (Draft). The incentive plan plans to grant 313 incentive objects with 3061500 restricted shares, of which 2603400 shares are granted for the first time and 458100 shares are reserved. The grant price of restricted shares granted for the first time in the incentive plan is 178.00 yuan / share. The performance assessment objective of this equity incentive is to take the revenue of 2021 as the base, and the revenue growth rate of 20222025 shall not be less than 30%, 60%, 90% and 120% respectively. According to the company’s 2021 performance express and the revenue of 2021, the revenue of 20222025 is calculated to be RMB 2.367 billion, 2.914 billion, 3.460 billion and 4.006 billion respectively.
The government is expected to increase investment in network security, underestimate the value and high growth, and be optimistic about investment opportunities in the sector. According to the performance of Wangan leading company that has published the performance express / forecast, the overall revenue has maintained a high growth rate, which is enough to dispel the government budget’s concern about the growth of the industry. The government usually formulates the next year’s budget in the second half of the year and approves the budget in the first half of the year. This year, the government is expected to be relatively loose in finance, focusing on new and old infrastructure. As an industry dominated by government expenditure, network security is expected to take the lead in benefiting. At the same time, laws and regulations such as the data security law, the personal information protection law and the regulations on the security protection of key information infrastructure in 2021 have been issued one after another. At the same time, the catalysis of the conflict between Russia and Ukraine is also expected to increase investment in the network security industry. This year, the overall growth rate of the network security industry is expected to exceed expectations. At present, the overall valuation of the sector is at a historical low, and we are still optimistic about the overall investment opportunities of the network security industry this year.
Investment suggestion: it is suggested to pay attention to 360 Security Technology Inc(601360) with poor expectation and the leader of network security Sangfor Technologies Inc(300454) , Qi An Xin Technology Group Inc(688561) , Dbappsecurity Co.Ltd(688023) , Nsfocus Technologies Group Co.Ltd(300369) , Venustech Group Inc(002439) , Topsec Technologies Group Inc(002212) , Zhongfu Information Inc(300659) , etc.
Risk warning: policy promotion is not as expected; The government budget fell short of expectations.
