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迪普科技(300768):逆势加大投入 网络可视化和应用交付有望加速发展

Dipu Technology (300768): Bucking the trend and increasing investment in network visualization and application delivery is expected to accelerate development

國信證券 ·  May 2, 2023 16:00  · Researches

Revenue declined in '22, and growth gradually resumed in 23q1z. The company released its 2022 annual report, which achieved annual revenue of 883 million yuan (-13.31%), net profit of 150 million yuan (-51.57%), and net profit of non-return mother of 136 million yuan (-54.04%). Looking at Q4 alone, the company's revenue was 287 million yuan (-0.54%), net profit of 82 million yuan (-22.03%), and net profit of non-return mother was 79 million yuan (-22.03%).

The macro environment in 2022 affected project delivery and acceptance, causing revenue growth to fall short of expectations. The company's 23Q1 revenue was 231 million yuan (+8.14%), net profit of the mother was 33 million yuan (-28.12%), and net profit of the non-return mother was 31 million yuan (-31.05%) after deducting the net profit of the non-return mother.

Buck the trend and increase investment, and the cost rate has risen somewhat. The company adhered to a contrarian expansion strategy in '22, with sales, management and R&D expenses reaching 33.96% (+6.31 pct), 3.73% (+0.89 pct), and 26.94% (+4.64pct) respectively. By industry, corporate operator revenue was 210 million yuan (-15.16%), government revenue was 342 million yuan (-22.01%), and utility revenue was 175 million yuan (-7.83%). Revenue from cybersecurity products was $549 million (-19.19%), and revenue from application delivery and network products was $279 million (-7.69%). Even after the decline in '22, the company continued to strengthen its expansion efforts in the operator, finance, government and other markets, and increased investment in research and development of data security, cloud security, industrial control security, and Xinchuang products. Affected by historical procurement costs of raw materials, etc., the company's gross margin for 22 years was 67.79%, a decrease of 3.66 percentage points.

Carrier security construction is expected to accelerate, and network visualization and application delivery will enter a period of rapid development. As operators step up their efforts into the digital economy, it is expected that the various security requirements brought about will continue to rise. In addition to operators winning bids from the three major operators in a series of products such as firewalls, WAF, and anti-DDoS, the company also actively participated in the security construction of businesses such as China Mobile's “Edge Cloud Pool”, China Telecom's “One City, One Pool”, and China Unicom's “Backbone Cloud Pool”. In particular, the operator Xinchuang will also bring a lot of demand for safety construction. On the other hand, as traffic continued to grow rapidly in recent years, and the construction of related projects entered the right track after economic recovery, the network visualization industry ushered in a reversal. The company has maintained leading technology in the field of traffic visualization, and it is expected that revenue will gradually be realized in '23. At the same time, the company's application delivery platform products are widely used in Bank of Communications, Industrial and Commercial Bank of China, Bank of China, Agricultural Bank, etc. With the promotion of innovation in the key industry, the company's products will become a strong replacement for US F5. The company bucked the trend and increased investment in '22, and is expected to improve its performance quarterly in '23.

Risk warning: Macroeconomics affects IT spending; industry competition intensifies; innovation and the like fall short of expectations.

Investment advice: Maintain a “buy” rating. The estimated revenue for 2023-2025 is 1,131/1471/1,830 million, with a growth rate of 27%/30%/24% respectively, and the net profit of the mother is 306/392/479 million yuan, corresponding to the current PE of 36/28/23 times, maintaining the “buy” rating.

The translation is provided by third-party software.


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