\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
The company's performance maintained stable growth. In 2021, the company realized revenue of 4.386 billion yuan (+ 20.27%), net profit attributable to the parent company of 862 million yuan (+ 7.15%), net profit not attributable to the parent company of 764 million yuan (+ 8.74%). In Q4 alone, the company achieved revenue of 2.289 billion yuan (+ 3.86%), net profit attributable to parent company of 877 million yuan (+ 19.24%), and net profit not attributable to parent company of 815 million yuan (+ 20.80%). Due to the base effect caused by the epidemic in 2020, the overall income growth showed a gradual downward trend in 2021. At the same time, the share payment generated by the company's employee stock ownership plan in 2021 and the social security relief due to the epidemic in 2020 totaled about 147 million yuan. After excluding this factor, the net profit attributable to the parent company increased by about 14%.
The gross profit margin has increased, and the strategic investment will be increased in 2021. In 2021, the company's gross profit margin reached 65.99%, an increase of 2.12pct compared with last year. In 2021, the company increased personnel recruitment, and the number of employees reached 6587 (+ 22.41%); In terms of expenses, the sales expense rate was 25.13% (+ 3.31pct), the management expense rate was 4.90% (+ 0.47pct), the R & D expense rate was 19.28% (+ 1.64pct), and the R & D capitalization rate decreased by 3.22pct. R & D focuses on new track products in high growth business, innovative business and mature business. Marketing investment focuses on the strategy of safety operation center. With increased investment, the company's net interest rate fell by 2.94 PCT, but it still remained at a high level of 19.67%.
New security services maintained rapid growth. The company innovatively proposes the product architecture of data security, from 1.0 data object security to 2.0 data aggregation security, and then to 3.0 data circulation security. In 2021, the company will achieve data security of 912 million yuan (+ 52%), of which data security of 2.0 and 3.0 will achieve operating revenue of 312 million yuan. The company achieved an operating revenue of 1.554 billion yuan in new business segments such as data security 2.0 and 3.0, security operation center, industrial Internet Security and cloud security, an increase of 48% over the same period of last year. The company's operating revenue of new track products such as EDR, full flow detection, deception defense, Xinchuang products and attack surface management all increased by more than 300%. From the perspective of the company's split, the revenue from safety products is 2.927 billion yuan (+ 15.47%), and the revenue from safety operation and service is 1.432 billion yuan (+ 30.95%). The company has built 119 urban safety operation centers in total.
Equity incentive verifies the confidence of the company. In March 22, the company issued the equity incentive plan. The incentive assessment target is based on the revenue in 2021, and the revenue growth rate in 22-24 years is no less than 20% / 45% / 70%; Or based on the net profit in 2021, the net profit growth rate in 22-24 years shall not be less than 25% / 55% / 85%. The company has maintained stable growth and is expected to achieve 25% revenue growth in the whole year.
Risk tip: the epidemic situation repeatedly affects the normal operation rhythm of the company, and the industry competition intensifies
Investment advice: maintain the "buy" rating. It is estimated that the operating revenue from 2022 to 2024 will be RMB 5.574/69.54/8.494 billion, with growth rates of 27% / 25% / 22% respectively, and the net profit attributable to the parent company will be RMB 1.083/13.73/1.687 billion, corresponding to the current PE of 18 / 14 / 11 times, maintaining the "buy" rating.
