With the increase of national attention to the industry, the increase of the number of listed companies and the fierce competition for talents in the industry, we can see that since 2020, equity incentive has become an incentive tool used more and more frequently by Listed Companies in the network security industry, and the number of companies participating in equity incentive has increased from 3 in 2019 to 9 in 2020.
In 2022, both Venustech Group Inc(002439) and Dbappsecurity Co.Ltd(688023) companies raised the assessment objectives of equity incentive. Considering that they are increasing their business investment in 2021, we believe that their raising the assessment threshold of equity incentive also shows that the company has a higher expectation for the development of the next few years.
Judging from the completion of the assessment objectives of equity incentive in recent years, most of the equity incentive in the early stage have completed the assessment objectives. In 2021, Zhongfu Information Inc(300659) , Feitian Technologies Co.Ltd(300386) , Xiamen Meiya Pico Information Co.Ltd(300188) , Quantumctek Co.Ltd(688027) , there is a risk that they will not be able to complete the assessment objectives of equity incentive in that year. However, as the annual report of Listed Companies in 2021 has not been fully disclosed, the completion of some companies cannot be judged.
In 2022, the integrated network security companies that still have great pressure on the accrual of equity incentive expenses include: Sangfor Technologies Inc(300454) 326 million yuan, Qi An Xin Technology Group Inc(688561) 152 million yuan, Topsec Technologies Group Inc(002212) 70 million yuan, Venustech Group Inc(002439) 154 million yuan, Dbappsecurity Co.Ltd(688023) 67 million yuan (the above is the predicted value).
According to the annual report of 2021, the revenue growth rate of network security manufacturers is generally more than 20%, but due to the rise of chips, personnel investment, epidemic, equity incentive and other factors, there are generally signs of decline in profitability. However, at present, the pressure on the accrual of equity incentive expenses of the head company in 2022 is expected to be improved as a whole.
Risk warning: the continuous pressure of shortage of raw material supply; The competitive pressure of the industry continues to increase; The epidemic development exceeded expectations; The government’s financial pressure has affected the network security investment budget.
