The steady growth of revenue and the expansion of losses are mainly due to the increase of investment.
In the first half of 2021, the company realized income of 295 million yuan (+ 32.32%), net profit of-98 million yuan (+ 63.90%), and non-return net profit of-100 million yuan (- 56.85%). In terms of Q2 alone, the company achieved an income of 200 million yuan (+ 21.38%), a net profit of-14 million yuan (- 233.15%), and a non-return net profit of-16 million yuan (- 347.72%). The company's revenue maintained steady growth, and the expansion of losses was mainly due to further strengthening investment. Sales expenses increased by 51.55% compared with the same period last year, management expenses increased by 30.48%, and R & D expenses increased by 31.45% over the same period last year.
Border security growth resumes, new products are worth looking forward to
From a business point of view, the company's border security business income is 207 million yuan (+ 16.27%), cloud security income is 16 million yuan (+ 85.75%), and other security income is 70 million yuan (+ 107.09%).
Other security products are gradually enriched. Revenue from situation awareness product lines increased by 123.72% compared with the same period last year, and revenue from data security and audit products increased by 100% compared with the same period last year. The company's gross profit margin was 67.71%, slightly higher than the same period last year, of which the security integration income was 22 million yuan. Excluding the integration, the gross profit margin was 72.79%, which remained at a high level.
The product layout has been improved, and the mechanism and personnel input effect will gradually show that in the first half of the year, the company released A series desktop-level hardware platform A200 and middle and high-end hardware platforms A5500 and A5800, which is expected to improve the product performance-to-price ratio; release cloud armour, layout container security. The company has formed a number of complete product lines and services, such as boundary, cloud, intranet, data, business and so on.
The company constructs a new organizational system, forms an interlocking mechanism with three dimensions of "region + industry + business group", and determines the development goals of key industries represented by finance, operators, Internet, health care and education. it is expected to accelerate the replication of the lighthouse project. By the middle of 21 years, the number of channels signed by the company has reached more than 1400, among which the number of channels activated has doubled compared with the same period last year.
With the launch of new products and the gradual maturity of the new mechanism, growth is expected to accelerate in the second half of the year.
Risk hints: policies such as waiting for insurance 2.0 are not as expected; competition in the industry is intensified; and the impact of the epidemic is intensified.
Investment advice: maintain a "buy" rating.
It is estimated that the income from 2021 to 2023 will be RMB 9.73 billion, with an annual growth rate of 34%, 29% and 26%, respectively, and the net profit of return to the mother will be RMB 0.92 million, with a corresponding PE of 1.26 billion yuan, which is times higher than that of 54-39-29. Maintain a "buy" rating.
