\u3000\u3 China Vanke Co.Ltd(000002) 439 Venustech Group Inc(002439) )
Key investment points
Event: the company released the performance report for 2021. In 2021, the company achieved an operating revenue of 4.39 billion yuan, a year-on-year increase of 20.3%; The net profit attributable to the parent company was 860 million yuan, a year-on-year increase of 7.1%; The net profit deducted from non parent company was 760 million yuan, with a year-on-year increase of 8.7%.
Revenue continued to grow healthily, and new businesses played a driving role. The company achieved a revenue of 480 million yuan in 2021, with a year-on-year increase of 32.2%. The significant performance growth is mainly due to the continuous consolidation and implementation of the company's network security operation and other strategies in 2021, and the rapid growth in the revenue of security operation center, localization and industrial control security business. The company actively deployed strategic emerging businesses, released the data oasis technical framework, and proposed 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. Data security business achieved an operating revenue of 912 million yuan, an increase of 52% over the same period last year, of which data security 2.0 and 3.0 achieved an operating revenue of 312 million yuan. The company achieved an operating revenue of 1.554 billion yuan in data security 2.0 and 3.0, security operation center, industrial Internet Security and yun'an new business segments, an increase of 48% over the same period last year.
Sustained high R & D investment, focusing on new business, new track and practical ability. In 2021, the company invested 850 million yuan in R & D, a year-on-year increase of 29.4%, and the receivable proportion of R & D investment stations was 19.4%. The company's R & D investment focuses on the following directions: 1) new business directions: including data security, cloud security, security operation center, localization adaptation, industrial control security, Internet of vehicles security, etc; 2) New track products: EDR, honeypot / dense network, soar, ueba, network security shooting range, space mapping, full flow detection, etc; 3) Actual combat capability: in 2021, 9 active defense laboratories in regions and industries were added to export vulnerability mining capability and emergency response capability to regions and industries.
The system of laws and regulations on network security was basically completed, and security investment continued to increase. The intensive introduction of laws, regulations and policy opinions related to network security has improved the status and role of network security in information construction. In 2021, the state successively promulgated the data security law of the people's Republic of China, the regulations on the security protection of key information infrastructure, the personal information protection law of the people's Republic of China, the measures for network security review and other laws and regulations, gradually improved the relevant supporting systems and standards, built the capacity of Cyberspace Security and national security in an all-round way, and strengthened network security, data security and personal information protection. With the gradual expansion of the scope of supervision, the demand of network platform operators and small and medium-sized customers is expected to accelerate the release.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 1.18 yuan, 1.45 yuan and 1.68 yuan respectively, and the net profit attributable to the parent company will reach a compound growth rate of 22.1% in the next three years. As a leading enterprise in the information security industry, the company has excellent product technical strength and high-quality customer resources. It is expected that the company's order volume will usher in a significant growth. The company is valued at 25 times in 2022, corresponding to the target price of 29.5 yuan, and is given a "buy" rating for the first time.
Risk warning: risks such as lower downstream demand than expected and order risk of key customers.
