\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
Event: on April 8, the company released its annual report for 2021, achieving a revenue of 4.386 billion yuan, a year-on-year increase of 20.27%; The net profit attributable to the parent company was 862 million yuan, a year-on-year increase of 7.15%; Net profit deducted from non parent company was 764 million yuan, with a year-on-year increase of 8.74%.
Emerging tracks highlight the pulling effect, and the layout of data Oasis Technology framework is implemented. The company divides data security into three levels and proposes the evolution path from 1.0 data object security to 2.0 data aggregation security and then to 3.0 data circulation security. Data security business achieved an operating revenue of 912 million yuan, with a year-on-year increase of 52%, of which data security 2.0 and 3.0 achieved an operating revenue of 312 million yuan. The company achieved an operating revenue of RMB 1.554 billion in data security 2.0 and 3.0, security operation center, industrial Internet Security and yun’an new business segments, with a year-on-year increase of 48%. The company continues to innovate, and the operating revenue of new track products such as EDR (terminal detection and response), full flow detection, deception defense, Xinchuang products and attack surface management has increased by more than 300%.
Under the background of new business driving the pressure on the profit side, the financial indicators maintained steady growth. The company fully deployed new business in 2021, with 6587 employees in 2021, a year-on-year increase of 22.41%; R & D and marketing expenses totaled 1.061 billion yuan, a year-on-year increase of 35.38%; The share based payment generated by the ESOP is about 76.8 million yuan. While bearing great pressure on the profit side, the company has realized the steady growth of financial indicators such as operating revenue, profit and gross profit margin by strengthening the management of accounts receivable and sales channels and the planning of high growth business and innovative business invested in R & D.
The application scenario continues to evolve, and the city level operation center helps promote the long-term strategy. In 2021, the company started the new first year of Data Security 3.0, and vigorously invested in and strengthened the business construction of cloud security and industrial control security; Promote the combination of the “mayor’s plan” and the strategy of independent security operation center in the regional market, and the intensive cultivation of the regional market has greatly improved the customer value; Combined with the situational needs of industry users, it improves customer stickiness and further strengthens the market competitive advantage of customers in government, finance, operators, energy, enterprises and other industries. Each round of regulatory direction changes, and the scene needs mapped to network security are constantly replaced. Throughout the development history of network security, it can be roughly divided into compliance era, attack and defense actual combat era and the upcoming data security era. The switching of the times not only helps the rapid landing of innovative tracks, but also drives a new round of replacement of traditional tracks. The company has laid out the new era in advance and creatively positioned its customers in the dual identity of “operation + supervision”, which is expected to realize the vision of rapid growth in the whole quadrant of products.
Investment suggestion: as a long-standing network security manufacturer in China, under the background of data as the core element, taking urban customers as the starting point in advance, it is expected to realize the safe operation of all links in data circulation. It is estimated that the company’s revenue from 2022 to 2024 will be 5.413/68.53/8.499 billion yuan respectively, and the net profit attributable to the parent company will be 1.160/14.63/1.850 billion yuan respectively. The corresponding PE in 22 / 23 years will be 17x and 13X, maintaining the “recommended” rating.
Risk tip: the construction of urban operation center is less than expected, the government IT investment budget is less than expected, and the industry competition is intensified.
