\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
Continue to overweight strategic new business, be optimistic about the long-term development of the company and maintain the "buy" rating
Considering the impact of the company's equity incentive expenses, we lowered the company's forecast of net profit attributable to the parent company from 2022 to 2023 to 1.042 billion and 1.316 billion yuan (the original forecast was 1.154 billion and 1.455 billion yuan), and increased the forecast of 2024 to 1.619 billion yuan, with EPS of 112, 1.41 and 1.73 yuan / share respectively. The current share price corresponds to PE of 18.4, 14.6 and 11.8 times from 2022 to 2024. Considering the continuous and steady growth of the company, we maintain the "buy" rating.
Income increased rapidly and investment continued to increase
In 2021, the company realized an operating 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%; The net profit deducted from non parent company was 764 million yuan, with a year-on-year increase of 8.74%. The gross profit margin of the company's sales was 65.99%, an increase of 2.12 percentage points year-on-year, mainly due to the increase in the proportion of sales revenue of its own products and services with high gross profit margin. During the period of the company, the expense rate increased. The company increased investment in new directions, and the R & D and marketing expenses increased by 35.38% year-on-year. At the same time, the share payment generated by the company's employee stock ownership plan was about 76.8 million yuan.
Strategic new track products maintain rapid growth
In data security 2.0 and 3.0, security operation center, industrial Internet Security and new business segments of yun'an, the company achieved a total operating revenue of 1.554 billion yuan, a year-on-year increase of 48%. Among them, the 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 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%. In addition, cloud resource pool, situation awareness, threat analysis all-in-one machine, network security shooting range and other products also achieved high growth.
Grasp the industry opportunities and open the new first year of Data Security 3.0
The implementation of data security law and personal information protection law in 2021 gave birth to a broad market for government affairs, industry and personal data security. The company established a data security headquarters in Hangzhou and released the data oasis technical framework, proposing the evolution path of data security from 1.0 data object security to 2.0 data aggregation security, and then to 3.0 data circulation security.
Risk warning: macroeconomic downside risk; Intensified market competition; Urban safety operation business did not meet expectations.
