\u3000\u3 Guocheng Mining Co.Ltd(000688) 023 Dbappsecurity Co.Ltd(688023) )
Event: the company released the 21st Annual Report, realizing revenue of 1.82 billion (+ 37.6%), net profit attributable to parent company of 14 million (- 89.7%), net profit deducted of – 80 million (- 166%), of which Q4 realized revenue of 955 million (+ 44.1%), net profit attributable to parent company of 282 million (+ 68.1%), net profit deducted of 272 million (+ 60.6%). In addition, the quarterly net profit of non parent company (- 2.39 billion), net profit of non parent company (- 2.64 billion), and net profit of non parent company (- 2.69 billion) were released (- 2.64 billion).
During the reporting period, the business of security platform and security services grew rapidly. In terms of products, the revenue of the company’s network information security basic products, network information security platform and network information security services reached 530 million, 590 million and 590 million respectively in 21 years, with a year-on-year growth rate of 14.5%, 32.0% and 59.8% respectively. The security platform and security service business achieved rapid growth. In terms of industry customers, in addition to traditional advantageous industries, the company’s market share in finance, operators, medical treatment, education, enterprises and other customers shows a further upward trend.
The performance pressure is due to the decline of gross profit margin and the increase of expense rate during the period. In 2021, the company’s comprehensive gross profit margin was 64.0% (- 5.0pct), which was mainly due to the increase in the proportion of service business with low gross profit, the intensification of overall competition in the industry and the company’s increase in market development. In addition, the total expense rate during the period was 73.2%, an increase of 10.4pct year-on-year. Among them, the rates of sales, management and R & D expenses were 34.9%, 9.1% and 29.4% respectively, with a year-on-year increase of 1.7pct, 1.4pct and 5.8pct respectively.
Emerging security continues to make efforts, waiting for the release of profit elasticity. The company continues to layout around new scenarios such as “cloud, big, material, industry and intelligence”. In terms of cloud security, Anheng cloud has completed the adaptation and docking of more than 10 mainstream public clouds, added more than 1300 cloud protection customers and nearly 200 private clouds, laying the foundation for fine subscription security operation services in the future. In terms of big data security, the capabilities of security data middle office and security capability middle office have been continuously improved, and solutions suitable for customers of different sizes and industries have been launched. As the company’s investment peak passes, the profit margin is expected to improve.
Profit forecast and investment suggestions
Adjusting the revenue growth rate, gross profit margin and expense rate, we predict that the company’s revenue in 22-24 years will be 2.446 billion yuan, 3.257 billion yuan and 4.268 billion yuan respectively (the original forecast in 22-23 years is 2.789 billion yuan and 3.849 billion yuan respectively). According to the 22 year PS Level of comparable companies, the company is given 5 times of PS in 22 years, with a corresponding reasonable share price of 155.80 yuan, maintaining the overweight rating.
Risk tips
The risk that the policy implementation is less than expected; Risks of intensified industry competition
