\u3000\u3 Guocheng Mining Co.Ltd(000688) 023 Dbappsecurity Co.Ltd(688023) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 1.82 billion yuan, a year-on-year increase of 37.59%; The net profit attributable to the parent company was 14 million yuan, a year-on-year decrease of 89.71%; The net profit attributable to the parent company after deduction was -80 million yuan, a year-on-year decrease of 165.91%.
The company released the first quarterly report of 2022, realizing an operating revenue of 233 million yuan, a year-on-year increase of 26.90%; The net profit attributable to the parent company was – 190 million yuan, a year-on-year decrease of 50.76%; The net profit attributable to the parent company after deducting non-profit was -196 million yuan, a year-on-year decrease of 50.38%.
R & D investment increased. The R & D expense rate of 2021 company was 29.42%, an increase of 5.86 percentage points compared with the same period last year. In 2021, the company’s share based payment was 96 million yuan. In 2021, the company released a variety of products and solutions. Including the new version of apt attack warning platform, aitrust zero trust solution, cloth aiguard data security solution, ailand data safety island platform, ailpha asset vulnerability management solution and many other products.
The performance of the whole year recovered, and the revenue still maintained a rapid growth rate. In the third quarter of 2021, the revenue growth rate of the company was 18.72%, and in the fourth quarter of 2021, the revenue growth rate of the company was 44.05%, and the revenue growth rate of the company maintained a high-speed growth trend. In terms of products, the revenue of network security services was 589 million yuan, a year-on-year increase of 59.83%; The revenue of network security platform was 588 million yuan, with a year-on-year increase of 31.99%, driving the rapid development of the company’s revenue.
Increase the company’s development funds. In December 2020, the company issued an additional issuance plan, which plans to issue shares to specific objects for no more than 35 investors, raising a total amount of no more than 1333321700 yuan for six projects, including the R & D and industrialization of data safety island platform, the R & D and industrialization of information innovation products, and the R & D and industrialization of new generation intelligent gateway products. On October 20, 2021, the company announced that the issue price was 324.23 yuan, and five investors including China Securities Co.Ltd(601066) , J.P. Morgan Securities PLC, janchorpartners Limited (Jianyi industrial investment), Ge Weidong and China Telecom Corporation Limited(601728) Group Investment Co., Ltd. were allocated.
Investment suggestion: the company is a leading new network security manufacturer in China. We expect the EPS of the company from 2022 to 2024 to be 2.15, 3.15 and 3.94 yuan respectively, maintaining the buy rating.
Risk warning: the progress of data security business is not as expected; Industry competition intensifies.
