Safety technology vanguard, maintain "buy" rating
Considering the impact of increased R & D investment and equity incentive fees, we reduce the company's net profit forecast for 2022-2024 to 3.23,4.25 and 567 million yuan (the original forecast is 4.50,5.65,706 million yuan), EPS is 0.40,0.53,0.71 yuan per share, the current stock price corresponds to the 2022-2024 PE is 24.5,18.6,13.9 times, the company's channel strategy is accelerating the landing. Maintain a "buy" rating.
Steady growth in income and continuous increase in investment
In the first half of 2022, the company realized operating income of 834 million yuan, an increase of 8.11% over the same period last year, and a net profit of-216 million yuan. The company's sales gross profit margin was 59.98%, down 7.17% from the same period last year, mainly due to the rise in raw material prices due to the influence of the supply chain, and increased investment in delivery personnel in order to improve the quality of project delivery.
The company's investment continued to increase, and the rate of sales expenses, management expenses and R & D expenses increased by 4.83%, 1.04% and 10.5% respectively. Affected by the increase in investment and the slowdown in the progress of repayment by some customers, the net cash flow of the company's operating activities was-12.9021 million yuan, down 107.95% from the same period last year.
In the field of cloud security, the company has released a number of innovative solutions and services, such as SASE (secure access service edge), container security, multi-cloud security management and so on. In the field of data security, the company's solutions cover the whole life cycle of security protection, including data collection, storage, transmission, processing, destruction and so on. In addition, the company has a forward-looking layout in the areas of industrial Internet security, vehicle networking security and terminal security.
Launch stock options and employee stock ownership plans, bind the core backbone to stimulate growth and vitality, the company launched the 2022 employee stock ownership plan and stock option plan. (1) the size of the shares held by the employees of the company shall not exceed 7.7135 million shares, accounting for 0.97% of the total share capital of the company, the transfer price is 1 yuan per share, and the actual number of participants is 132. the transfer of ownership has been completed by means of non-transaction transfer on July 22. (2) the company granted 1576.70 million stock options to 312 incentive targets, and the exercise price was 9.763 yuan per share, and the first grant registration was completed on August 15. This employee stock ownership plan and stock option plan cover a wide range of areas and have strong incentives, which is conducive to binding the core backbone and driving the long-term healthy development of the company.
Risk hints: macroeconomic situation fluctuation risk, technology upgrading risk, internal governance risk.
