\u3000\u3000 Nsfocus Technologies Group Co.Ltd(300369) (300369)
Security technology vanguard, maintain the “buy” rating
Considering the impact of the company’s increased R & D investment and equity incentive expenses, we lowered the company’s net profit attributable to the parent company from 2021 to 2023 to 354, 462 and 581 million yuan (originally predicted to be 388, 525 and 717 million yuan), and EPS to 44, 58 and 73 yuan / share. The current share price corresponds to 34.0, 26.1 and 20.8 times of PE from 2021 to 2023. The company’s channel strategy is accelerating, Maintain the “buy” rating.
Revenue maintained rapid growth and increased investment affected the performance of net profit
(1) the company released the forecast of 2021 annual report, and it is expected to realize an operating revenue of 2.575-2.630 billion yuan, with a year-on-year increase of 28.11% – 30.84%; The net profit attributable to the parent company is expected to be RMB 330-360 million, with a year-on-year increase of 9.59% – 19.55%; It is expected to realize a net profit of 213-243 million yuan, a year-on-year decrease of 5.87% – 17.49%, and the performance is basically in line with expectations. The main reason for the decline in net profit after deduction is that the company has increased personnel investment and launched employee stock ownership plan and restricted stock incentive plan. The share payment fee confirmed in 2021 is about 53 million yuan. (2) It is estimated that Q4 will achieve an operating revenue of 1.343-1.398 billion yuan in a single quarter, with a year-on-year increase of 25.84% – 31.00%, and a net profit of 263-293 million yuan, with a year-on-year change of – 9.86% to 0.41%. (3) The impact of non recurring profit and loss on the net profit attributable to the parent company in 2021 is about 117 million yuan, mainly including changes in the fair value of equity investment enterprises, financial investment income and government subsidies.
The organizational structure has been continuously optimized, and the channel strategy has gradually entered the harvest period
Since 2019, the company has continuously optimized the organizational structure, assessment system and system process, and accelerated the implementation of channel transformation. In 2020, the amount of channel orders was close to 1.5 billion yuan. In 2021, the company further strengthened the organization construction close to customers and the construction of ecological partner system, increased the types of business partners, industry partners, ecological partners and cloud partners, and further deepened the channel construction.
SASE service was officially launched to achieve a breakthrough in technology and service mode
In 2021, the company officially launched SASE service. Pop nodes are distributed all over the world. Sd-wan network services and a variety of security services are integrated on the cloud to provide customers with network and security integrated SaaS services. The company mainly focuses on the cooperation with Telecom Research Institute in SASE business prototype design and product development.
Risk warning: market competition intensifies; Government IT budget tightening; The promotion of channel strategy is less than expected
