\u3000\u3 Guocheng Mining Co.Ltd(000688) 023 Dbappsecurity Co.Ltd(688023) )
Performance under pressure under high investment. In 2021, the company realized revenue of 1.82 billion yuan (+ 37.59%), net profit attributable to the parent company of 14 million yuan (- 89.71%), net profit not attributable to the parent company of – 80 million yuan (- 165.91%). The revenue of 21q4 was 955 million yuan (+ 44.05%), and the net profit attributable to the parent company was 282 million yuan (+ 68.12%). The company’s profit declined significantly in the past 21 years. In addition to increasing investment in emerging fields, the amount of share based payment of the company was 959546 million yuan. In 2022q1, the company realized a revenue of 233 million yuan (+ 26.90%), a net profit attributable to the parent company of – 190 million yuan (- 50.76%), and a net profit not attributable to the parent company of – 196 million yuan (- 50.38%); The company’s revenue maintained steady growth, but with the growth of personnel, the expenses increased significantly year-on-year, resulting in the expansion of losses.
Gross profit margin gradually recovered in the fourth quarter, and security services grew rapidly. In 2021, the revenue of the company’s basic security products was 528 million yuan (+ 14.51%), the revenue of information security platform was 588 million yuan (+ 31.99%), the revenue of security services was 589 million yuan (+ 59.83%), and the revenue of third-party products was 93 million yuan (+ 222.64%). The gross profit margin of security platform and service platform decreased by about 3.86% and 3.50% respectively; The revenue of third-party products with low gross profit margin increased greatly. The overall gross profit margin of the company was 63.96%, down 5.01pct, but it was significantly higher than that in the first three quarters.
Continue to release innovative products, and the data security, information innovation and platform businesses are expected to develop. In 2021, the company increased investment in emerging fields, and the annual R & D expenses increased by nearly 72%. It successively released new solutions such as aitrust zero trust, aiguard data security, ailand data safety island platform, ailpha asset vulnerability management and so on. After the introduction of a number of policies and regulations, the current construction focus of data security growth. The company continues to promote the Cape technical framework. Combined with the release of more than 10 new data security products in 21 years, it is expected to become an important growth power of the company. In the field of Xinchuang, the company’s products have been implemented in many provinces, cities and industries, and the market share has expanded rapidly with leading product performance; At the same time, the field of confidential evaluation welcomes good opportunities for development. The company’s main situation awareness platform business slowed down in 2021 and is expected to stabilize and recover after the adjustment of the public security industry.
Equity incentive verifies the confidence of accelerating development. In February, the company again issued the draft of equity incentive, which plans to grant 3061500 restricted shares, accounting for 3.9% of the current total share capital of the company. The incentive grant object is 313 people, and the grant price is 178.00 yuan / share. The incentive performance assessment goal is to take the operating income in 2021 as the base, and the revenue growth rate in 22-25 years shall not be less than 30% / 60% / 90% / 120%. According to the incentive in 2021, the company’s performance assessment goal is to take the revenue in 2020 as the base, and the revenue growth rate from 21 to 24 years shall not be less than 25% / 50% / 75% / 100%. Therefore, compared with the two incentives, the company has increased the incentive coverage and improved the income guidance target.
Risk tip: the epidemic situation repeatedly affects the normal operation rhythm of the company, and the industry competition intensifies. Investment advice: maintain the “buy” rating. It is estimated that the operating revenue from 2022 to 2024 will be RMB 2.472/3.277/4.221 billion, with a growth rate of 36% / 33% / 29% respectively, and the net profit attributable to the parent company will be RMB 128 / 2.98/450 million, corresponding to 79 / 34 / 23 times of the current PE, maintaining the “buy” rating.
