\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
Event:
The company issued the 2021 annual report after the closing on April 7, 2022.
Comments:
In 2021, the company’s operating revenue maintained stable and healthy growth, and new businesses played a driving role
In 2021, the company achieved an operating revenue of 4.386 billion yuan, a year-on-year increase of 20.27%. Among them, the income from safety products is 2.927 billion yuan, the income from safety operation and service is 1.432 billion yuan, and the income from other businesses is 27 million yuan. The company actively deployed strategic emerging businesses, established a data security headquarters in Hangzhou, released the data oasis technical framework, and proposed the evolution path of data security from 1.0 to 3.0. The revenue of data security business was 912 million yuan, with a year-on-year increase of 52%, of which the revenue of data security 2.0 and 3.0 was 312 million yuan. In data security 2.0 and 3.0, security operation center, industrial Internet Security and cloud security, the company achieved a revenue of 1.554 billion yuan, a year-on-year increase of 48%. The company continues to innovate. 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%, and the cloud resource pool, situation awareness, threat analysis all-in-one machine, network security target and other products have also achieved high growth.
Maintain the leading profitability and focus on high growth business, innovative business and new track products
In 2021, the company realized a net profit attributable to the parent company of 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%. At the same time, the company strengthened the management of accounts receivable and achieved a sales collection of 4.469 billion yuan, a year-on-year increase of 33.09%. The company is in the stage of new business layout, with R & D and marketing expenses increasing by 35.38% year-on-year. At the end of the year, the number of employees reached 6587, of which technical personnel accounted for 60%. In terms of R & D, the company focuses on new track products in high growth business, innovative business and mature business. In terms of marketing, the company has strengthened the sales management of the industry and regions, deployed the “Mayor plan” in more than 60 prefectures and cities, and actively developed the sinking channel system. By the end of 2021, the company has built 119 urban safety operation centers in total.
The 2022 equity incentive plan was released, and the assessment objectives showed the company’s confidence in future growth
On March 2, the company issued the Venustech Group Inc(002439) 2022 restricted stock incentive plan (Draft). The incentive plan plans to grant 28 million restricted shares to 1110 incentive objects, accounting for about 3.00% of the total share capital of the company at the time of announcement of the draft incentive plan, and the grant price is 12.24 yuan / share. The annual performance assessment objectives of the restricted shares granted for the first time are: Based on the operating income in 2021, the growth rate of operating income in 2022, 2023 and 2024 shall not be less than 20%, 45% and 70% respectively, or based on the net profit in 2021, the growth rate of net profit in 2022, 2023 and 2024 shall not be less than 25%, 55% and 85% respectively. The assessment indicators set in this incentive plan are challenging to a certain extent, which will help to improve the competitiveness of the company and mobilize the enthusiasm of employees.
Profit forecast and investment suggestions
The company is a leader in the network security industry. With the development of digital economy, the growth space is broad. It is predicted that the operating revenue of the company from 2022 to 2024 will be RMB 5.449, 6.700 and 8.133 billion, the net profit attributable to the parent company will be RMB 1.085, 1.350 and 1.667 billion, the EPS will be RMB 1.16, 1.45 and 1.79/share, and the corresponding PE will be 17.66, 14.19 and 11.50 times. Over the past three years, the company’s PE has mainly operated between 25-65 times, giving the company 30 times the target PE in 2022, and the target price is 34.80 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; Risks of changes in industrial support policies; The scale of accounts receivable may continue to expand; Management risks caused by high-quality talent competition; The development of new business did not meet expectations.
