This report is read as follows:
Overall competitiveness has improved, and overseas business is worth looking forward to.
Main points of investment:
Maintain the overweight rating and maintain the target price of 37.50 yuan. From 2022 to 2023 (new 2024), the EPS is predicted to be 0.75, 1.04, 1.34 yuan and the target price is 37.50 yuan.
Revenue growth in the first quarter far exceeded market expectations. The company achieved revenue of 1.018 billion yuan in 2021, an increase of 41.54% over the same period last year, in line with expectations. Revenue in the first quarter of 2022 reached 145 million yuan, an increase of 52.97% over the same period last year, far exceeding market expectations. The company has been reflected in the optimization of organizational structure, technological innovation, the expansion of sales force, the improvement of marketing ability and the continuous expansion of products and business lines. the highest revenue growth rate in the industry in the first quarter is the result of the overall improvement of the company's overall competitiveness.
The performance of overseas business is outstanding. The company promoted the development of overseas regions to a very high level in 2021. Overseas regions accounted for 5% of the annual revenue in 2021, a year-on-year growth rate of 106%. It is expected that overseas income will continue to grow at a high rate in 2022. Firewall is the basic security hardware in the world, and the company has technological advantages, so it has the basis for global expansion.
The effect of three-dimensional interlock management system is obvious. Three-dimensional goal interlock, that is, the formation of "industry development + region and channel + product business" three dimensions of interlocking mechanism. Various departments of the company have completed the structural adjustment based on the three-dimensional interlock system, and determined the development goals of key industries represented by finance, operators, Internet, medical care and education, combined with the planning of the company's product business and sales area, formulate the corresponding market development plan. The three-dimensional interlock system can improve the company's ability to expand comprehensive projects and is conducive to the promotion and replication of benchmark and typical lighthouse projects across the country.
Risk hint: the development of the industry is not as expected, and the government's IT budget is reduced.
