Qi An Xin Technology Group Inc(688561) company information update report: revenue and orders from January to March exceeded expectations, and the R & D efficiency of the whole year is expected to be significantly improved

\u3000\u3 Guocheng Mining Co.Ltd(000688) 561 Qi An Xin Technology Group Inc(688561) )

The innovative network security leader with rapid development maintains the “buy” rating

We expect that the company’s R & D and marketing efficiency is expected to improve year by year. The net profit attributable to the parent company from 2021 to 2023 is predicted to be -552 million, 108 million and 360 million yuan, corresponding to EPS of -0.81, 0.16 and 0.53 yuan / share respectively. The current share price corresponds to PE of -70.6, 361.4 and 108.4 times from 2021 to 2023. Considering the continuous consolidation of the company’s market leading position, we maintain the “buy” rating.

From January to March 2022, the growth rate of newly signed orders exceeded 65%, and the growth rate of revenue reached 43% – 47%

Thanks to the strong demand of key information infrastructure customers of operators, energy, finance and other companies, up to now, the company’s orders on hand have exceeded 2.3 billion yuan, and the new orders since the beginning of 2022 have exceeded 900 million yuan, a year-on-year increase of more than 65%. According to the preliminary financial calculation of the company, the company expects the operating revenue to increase by 43% – 47% year-on-year from January to March 2022, and continues to win the market of network security industry.

Implement the ideas of “LEGO” and “Legion”, and it is expected that the R & D efficiency will be greatly improved throughout the year

On the one hand, using the “LEGO” thinking, the company has upgraded the R & D platforms of Kunpeng, Noah, Leier and Zion Normal University, and built four R & D platforms of Chuantuo, Dayu, Xuanji and qianxingxin. The company continues to promote the R & D platform strategy, and comprehensively improves the standardization, modularization, modularization and performance of products. On the other hand, in 2022, the company established a corps organization in key fields. According to the company’s announcement, the goal of the Corps organization in 2022 will achieve more than twice the gross profit and contribute about one-third of the company’s total financial gross profit. With the mass production of R & D platform and the organizational adjustment of legionnaization, the R & D efficiency of the company has been greatly improved. It is expected that the proportion of R & D expenses in revenue will be greatly reduced in the whole year, which is expected to promote the rapid improvement of profitability.

The large-scale repurchase is used to motivate employees and demonstrate confidence in long-term development

On March 8, the company announced that the company plans to buy back the company’s shares in the form of centralized bidding transaction within 6 months from the date when the board of directors deliberates and approves the repurchase plan. The total repurchase fund is 150300 million yuan (included), and the repurchase price is no more than 80 yuan / share (included). The large-scale repurchase fully demonstrates the management’s confidence in long-term development.

Risk warning: market competition intensifies the risk; Continuous loss risk; Brain drain risk.

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