\u3000\u3000 Dbappsecurity Co.Ltd(688023) (688023)
Emerging safety track is a leading manufacturer, maintaining the “buy” rating
Due to the increased investment of the company and according to the performance forecast of the company in 2021, we lowered the net profit attributable to the parent company from 2021 to 2023 to 13, 159 and 221 million yuan (originally predicted to be 169, 236 and 320 million yuan), EPS to 16, 203 and 2.82 yuan / share, and the current stock price corresponds to 1377.5, 112.0 and 80.6 times of PE from 2021 to 2023. Considering the company’s position in the emerging safety track and its long-term growth potential, Maintain the “buy” rating.
Q4 revenue and profit growth increased significantly compared with the first three quarters, and the gross profit margin increased steadily
The company released the annual performance forecast for 2021, and it is expected to achieve an operating revenue of RMB 1.812-1.839 billion, with a year-on-year increase of 37% – 39%; The net profit attributable to the parent company was 10-15 million yuan, a year-on-year decrease of 88.82% – 92.54%; The net profit deducted from non parent company was -79 million to -74 million yuan, a year-on-year decrease of 161.28% – 165.42%. The impact of non recurring profits and losses on the company’s net profit is about 89 million yuan, mainly due to the company’s business merger under different control, Franco, which has become the company’s holding subsidiary. It is preliminarily estimated that the investment income generated by equity transfer is 70.4119 million yuan. In Q4, the company expects to achieve an operating revenue of 947-973 million yuan, a year-on-year increase of 42.87% – 46.86%, and a net profit attributable to the parent company of 278-283 million yuan, a year-on-year increase of 65.85% – 68.83%. Compared with the first three quarters, Q4’s revenue and profit growth accelerated, and the gross profit margin increased steadily.
The increase of investment and personnel incentive affect the annual profit performance of the company
The company’s non net profit decreased sharply year-on-year, mainly due to several aspects: (1) it is expected that the proportion of safety service revenue will increase, resulting in a decrease in the annual gross profit margin. (2) The company’s new strategic direction is still in the investment period, and the total R & D expenses and sales expenses are about 1.168-1.198 billion yuan, with a year-on-year increase of about 55.52% – 59.51%. (3) In 2021, the share based payment fee is about 91 million yuan, a significant increase from 14.2783 million yuan in 2020.
Adhere to the strategic direction of emerging security, and achieve rapid growth in data security and Xinchuang cloud security
(1) in terms of products, the revenue scale of the company’s cloud security platform and big data security platform continued to grow; Although the proportion of revenue from new products such as data security and Xinchuang cloud security is not high, it shows a high-speed growth trend. (2) In terms of services, the revenue of security services increased rapidly, and the scale of SaaS increased steadily.
Risk tip: the company’s business development is not as expected; The risk of increased competition in the market.
