\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
Event: the company released its 2021 annual report. In 2021, it 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 attributable to the non parent company increased by 84.7% year-on-year after deducting RMB 6.4 billion.
The performance is in line with expectations. In 2021, the company’s gross profit margin was 65.99%, an increase of 2.12 percentage points compared with the same period last year; The net profit margin on sales was 19.67%, down 2.58 percentage points from the same period last year; The sales expense ratio was 25.13%, an increase of 3.311 percentage points compared with the same period last year; The management expense ratio was 4.90%, an increase of 0.47 percentage points compared with the same period last year; The R & D expense rate was 19.28%, an increase of 1.64 percentage points compared with the same period last year.
Outstanding performance in data security business. The company’s data security business achieved an operating revenue of 912 million yuan, an increase of 52% over the same period last year, and data security 2.0 and 3.0 achieved an operating revenue of 312 million yuan. The company’s safety products achieved an operating revenue of 2.927 billion yuan, a year-on-year increase of 15.47%; Safe operations and services achieved an operating revenue of 1.432 billion yuan, a year-on-year increase of 30.95%.
A number of products are among the best in the market. Data security, database security audit and protection, operation and maintenance security audit, industrial firewall, hardware web application firewall, security management platform, security gateway and other products rank first in China’s market share, and are distributed in multiple product lines such as data security, industrial control security, application security and so on.
Investment suggestion: the company’s revenue maintains a high-speed growth trend, and its fist products maintain a leading edge. We expect the company’s EPS from 2022 to 2024 to be 1.13 yuan, 1.35 yuan and 1.70 yuan respectively, maintaining the “buy” rating.
Risk warning: industry competition intensifies; The equity incentive assessment cannot be achieved; The promotion progress of large enterprises is less than expected.
