\u3000\u3000 Westone Information Industry Inc(002268) (002268)
Around the fields of technology, application and market, Westone Information Industry Inc(002268) and Dbappsecurity Co.Ltd(688023) jointly layout the 100 billion data security market. On January 13, Westone Information Industry Inc(002268) and Dbappsecurity Co.Ltd(688023) officially signed a strategic cooperation agreement. In the future, the two sides will focus on in-depth cooperation in many fields such as data security, information creation, business secret, Internet of vehicles and market brand, further clarify objectives through strategic cooperation, and jointly explore 100 billion data security blue ocean market opportunities.
Westone Information Industry Inc(002268) as the only state-owned holding enterprise in data security, it participates in the top-level planning of national data security and the formulation of a number of national data security standards, and has leading solutions in line with national compliance ideas. 1) CETC's strategy focuses on the network security sector. Considering that data is a new production factor, its security strategic position is improving day by day, Westone Information Industry Inc(002268) has natural advantages in the data security market; 2) The company itself is a leader in the encryption industry. At present, it is making every effort to create a data security management scheme; The overall scheme has the service capability of underlying technology and privacy computing platform. Considering the product credibility and regulatory effectiveness, it is difficult for Internet manufacturers or private third parties to build it. In the follow-up, data security products will be released continuously in the direction of important data and personal information protection and data security circulation; 3) Westone Information Industry Inc(002268) join hands with lighttree technology to promote the construction of data security sharing and circulation service ecosystem. Lighttree has a self-developed trusted data collaboration framework and experience in the financial industry of privacy computing, which better supports the overall layout of Westone Information Industry Inc(002268) in the data security compliance sharing service system; 4) Encryption technology is the basis of data security. It is very important to realize the separation of ownership and use right of shared data, ensure the "availability, invisibility and desirability" of original data, and ensure the reliability, controllability and traceability of data sharing and exchange process.
Dbappsecurity Co.Ltd(688023) as a professional provider of data security products, services and solutions, it also has the first mover advantage in the field of secaas. 1) The company's ailand safety island data sharing access control system DAS - smpcv 3.0 is the first batch of "blockchain assisted privacy computing products" evaluated by the Institute of information and communications, which helps customers activate data value, realize that the original data is not local, and exchange calculation results, so as to make the flowing data become a new driving force for the development of digital economy. "Data safety island" provides technologies such as secure computing sandbox, secure multi-party computing, blockchain and federated learning to solve the problems of security, trust and privacy protection in the process of data sharing; 2) Anheng has the first mover advantage in the field of secaas. Referring to Internet application software, overseas experience and order charging characteristics, it is expected that the data security charging mode in Internet, enterprise and other fields is SaaS mode of charging by number of people and traffic. Dbappsecurity Co.Ltd(688023) has a leading industrial position in the cloud security market. On the one hand, Dbappsecurity Co.Ltd(688023) cooperates with cloud service providers such as AWS, Huawei cloud and Alibaba cloud to jointly expand technology and solution innovation in the field of cloud security; On the other hand, Dbappsecurity Co.Ltd(688023) through the cloud protection platform with Tianchi cloud and Xuanwu shield as the core, based on the ability of cloud computing and threat situation, it has built a cloud security resource pool with unified management, flexible capacity expansion, on-demand distribution and perfect ability for users, and has undertaken the security construction of many government clouds and industry clouds.
The characteristics of product layout, customer group structure and shareholder background are expected to empower each other. There are major cooperation opportunities between the two in many fields such as data security, information innovation, business secret, Internet of vehicles, market brand and so on. 1) Westone Information Industry Inc(002268) as the only state-owned holding enterprise in data security, it has advantages in channel capacity and meeting regulatory needs, Dbappsecurity Co.Ltd(688023) has a solid customer base in some governments and important industries, and their data security products are expected to complement each other; 2) CETC attaches great importance to the network security business territory. As the core beneficiary of Xinchuang, Westone Information Industry Inc(002268) won the bid of more than 2 billion in 2020, ranking in the forefront of the market. Focusing on the needs of Xinchuang, it has built a full product system covering chips, modules, complete machines and systems. The fixed increase projects completed in Dbappsecurity Co.Ltd(688023) 2021 are also aimed at the Xinchuang market, Supplement the domestic adaptive product line to enhance competitiveness; 3) In September 2021, the Ministry of industry and information technology issued the notice on the list of pilot projects of identity authentication and security trust of the Internet of vehicles. Two demonstration projects of commercial password application of the Internet of vehicles participated by Westone Information Industry Inc(002268) were selected into the list of pilot projects of the Ministry of industry and information technology. Dbappsecurity Co.Ltd(688023) also established a professional team in the field of Internet of vehicles security, which is expected to cooperate to explore emerging fields of the Internet of vehicles; 4) Considering their differences in shareholder background, customer group structure and product layout, it is expected to form mutual empowerment in many fields and jointly tap potential market opportunities.
Maintain the "buy" rating. We expect the company's operating revenue to be RMB 3.010/38.03/4.805 billion in 2021 / 2022 / 2023, and the net profit attributable to the parent company to be RMB 352 / 511 / 765 million. Considering the data security market demand, the safety margin market value in 2021 will be RMB 60 billion, and the potential total market value in 2023 and 2025 may reach RMB 157.089 billion and 319.593 billion, maintaining the "buy" rating.
Risk warning: competition intensifies risk; The policy strength is less than the expected risk; Slow layout of new fields and risks; Key assumptions error risk
