Event: the company issued a performance forecast that the net profit in the first three quarters is expected to be 60.42 million yuan to 67.13 million yuan, an increase of 80% 100% over the same period last year.
The performance is higher than expected, and the safety can be controlled to drive the high performance growth. In the first three quarters, the company achieved a net profit of 60.42 million yuan to 67.13 million yuan, an increase of 80%, 100%, Q3, and a year-on-year increase of more than 260%, 332%. The impact of non-recurring profit and loss on the company's net profit is about 830-8.8 million yuan, compared with 18.1155 million yuan in the same period last year. The localization of the company and the high demeanor of the independent controllable product market drive the rapid growth of the company's operating income, while the profitability is improved and the performance increases correspondingly. The net profit belonging to the shareholders of the listed company has increased significantly compared with the same period last year.
Change the raised funds for the security management platform of trusted terminals and open the space for security requirements in the field of localization. The company plans to invest 234 million yuan to develop and build a trusted terminal security management platform driven by big data, in order to systematically solve the security management problem of domestic platform terminals. The project cycle is 15 months and will be completed by the end of 2020. It includes: (1) Research and development of trusted terminal security management platform driven by big data, which is oriented to trusted terminals of different localization platforms. Research and development of trusted terminal security management system, trusted server security reinforcement and audit system, network security management system based on big data, security situation awareness system based on big data, application performance analysis system based on big data, security operation and maintenance management system based on big data, etc. 6 products (2) Marketing of the platform. We believe that with the landing of domestic terminals, the company's construction of an integrated network security management system of "security baseline + security services" driven by big data is in line with the trend of Anke industry. at the same time, give full play to the company's products and channel advantages of growth opportunities.
Application software has become the key to the industrialization of Anke, and Xinyuan Doudou has joined hands with Huawei to accelerate its promotion. Under the catalysis of policy, technology and market, the progress of Anke is very obvious, and the market space of Anke-related software and hardware products and services is expected to reach the trillion level. At the same time, domestic application software has become the key to the ecological construction of domestic operating system. The company signed a strategic cooperation agreement with Dingqiao Communication to accelerate the channel promotion of domestic security products represented by Xinyuan Doudou, which is expected to be promoted on a large scale in the party, government and military, large-scale enterprises and overseas areas.
Investment suggestion: under the catalysis of policy, technology and market, Anke ushered in the policy landing, and a number of products of the company were shortlisted in the "Purchasing list". At the same time, the company's source Doudou was applied in the government, finance and other fields. It is estimated that the company's revenue from 2019 to 2021 will be 739, 920, 1.87 million, respectively, and its net profit will be 2.08, 315, and 486 million, respectively, maintaining its "buy" rating.
Risk tips: increased competition in the industry; government investment in security information products is not as expected; Xinyuan Doudou promotion is not as expected; key assumptions may have the risk of errors.
