Core view
Shanghai released the three-year action plan for the network security industry, doubling the industrial scale. Shanghai released the action plan for building a new high in the network security industry in Shanghai (2021-2023). The plan points out that by 2023, the scale of the network security industry in Shanghai will double to 25 billion yuan (doubling), with an annual compound growth rate of more than 25%, the national industrial scale accounts for 10%, driving the growth of relevant industries by more than 250 billion yuan, cultivating 10 industry leading enterprises, significantly improving the speed of network security service transformation, and promoting the construction of two national network security industrial parks. At the same time, accelerate R & D and innovation in key technology fields and application scenarios.
The central network information office is speeding up the formulation of supporting laws and regulations for data security law and personal security law. On December 17, 2021, Fang Xinping, deputy director of the Network Data Management Bureau of the central network information office, said in his speech at the “2021 woodpecker Data Governance Forum” that at present, the central network information office is stepping up the formulation of supporting laws and regulations of data security law and personal information protection law, For example, the regulations on network data security management, measures for data exit security assessment, provisions on personal information exit standard contract, Interim Provisions on the security management of face recognition technology application, etc. are being drafted.
Ministry of industry and information technology: improve the safety system of Internet of vehicles. On December 20, 2021, the national industry and information technology work conference was held. The conference stressed that one of the key tasks of the Ministry of industry and information technology in 2022 is to deeply promote the special rectification of app and improve the safety guarantee system such as Internet of vehicles and intelligent networked vehicles.
Plate underestimated value, high growth, safety cushion. In the context of weak overall economic growth, investors are still worried about the certainty of the growth of the computer sector next year. Once the growth is less than expected, there is still a risk of killing the valuation of the computer industry with high valuation. However, the overall valuation of the network security sector in the computer sub sector is low. Especially in the past 21 years, the sector has experienced a round of downward valuation. At present, the PS in 22 years such as Sangfor Technologies Inc(300454) , Qi An Xin Technology Group Inc(688561) , Dbappsecurity Co.Ltd(688023) has been reduced to less than 10 times, and the PE in 22 years such as Topsec Technologies Group Inc(002212) , Venustech Group Inc(002439) , Nsfocus Technologies Group Co.Ltd(300369) has been reduced to 25 times left and right. The overall security is high. Since this year, the network security industry policy has been intensively released. With the multi-point drive of digital economic transformation, attack and defense, compliance and service, we continue to be optimistic about the prosperity of the network security industry. After 22 years of growth recovery, the network security company is expected to obtain the benefits of performance growth and valuation recovery at the same time.
Investment suggestions: it is recommended to pay attention to 360 Security Technology Inc(601360) with poor expectations and network security leaders 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) , Koal Software Co.Ltd(603232) , Zhongfu Information Inc(300659) .
Risk warning: policy promotion is not as expected; The government budget fell short of expectations.
