\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 69 Nsfocus Technologies Group Co.Ltd(300369) )
Security technology vanguard, maintain the “buy” rating
Considering the impact of the company’s increased R & D investment and equity incentive expenses, we lowered the company’s forecast of net profit attributable to the parent company from 2022 to 2023 to 450 million and 565 million yuan (the original forecast was 462 million and 581 million yuan), increased the forecast for 2024 to 706 million yuan, and EPS to 0.56, 0.71 and 0.88 yuan / share. The current stock price corresponds to 19.3, 15.4 and 12.3 times of PE from 2022 to 2024. The company’s channel strategy is accelerating the implementation and maintaining the “buy” rating.
In 2021, the revenue increased rapidly and the investment continued to increase
In 2021, the company realized an operating revenue of 2.609 billion yuan, a year-on-year increase of 29.80%; Among them, telecom operators, energy and enterprises, government and other industries increased by 38.46%, 35.86% and 37.7% respectively, and the financial industry increased by 0.75%. The net profit attributable to the parent company was RMB 1.442 billion, with a year-on-year increase of RMB 4.42 billion and a net profit attributable to the non parent company of RMB 4.42 billion. The company’s comprehensive gross profit margin was 61.39%, down 9.04 percentage points year-on-year, mainly due to the increase in the proportion of third-party products and services. The sales expense ratio and management expense ratio were 27.3% and 6.35% respectively, down 3.09 percentage points and 0.49 percentage points respectively; The R & D expense rate was 19.29%, an increase of 1.52 percentage points year-on-year.
2022q1 revenue is expected to grow rapidly year-on-year, exceeding market expectations
In 2022q1, the company is expected to realize an operating revenue of 318332 million yuan, with a year-on-year increase of 31.11% – 36.89%; The net profit attributable to the parent company is expected to lose 110130 million yuan, mainly due to the company’s increased personnel investment in 2021, and the rapid growth of personnel salary and related operating expenses; At the same time, the share based payment fee generated by the employee stock ownership plan and restricted stock incentive plan is about 24 million yuan.
Layout emerging security fields and constantly launch security products and solutions that adapt to new scenarios
In the field of cloud security, the company has released several innovative solutions and services such as SASE (secure access service edge), container security, multi cloud security management and so on. In the field of data security, the company’s solutions cover the security protection of the whole life cycle, including data collection, storage, transmission, processing, destruction and so on. In addition, the company has a forward-looking layout in the fields of industrial Internet security, Internet of vehicles security and terminal security.
Risk warning: market competition intensifies; Government IT budget tightening; The promotion of channel strategy was less than expected.
