Events:
On the evening of August 16, the company released its semi-annual report of 2023. During the reporting period, the company realized revenue of 442 million yuan, an increase of 20.15% over the same period last year, net profit of 39.41 million yuan, down 3.98%, non-net profit of 34.95 million yuan, an increase of 14.29% over the same period last year, and basic earnings per share of 0.06 yuan. Of this total, revenue reached 211 million yuan in the second quarter, an increase of 36.78 percent over the same period last year.
Network security products are growing rapidly, and the operator industry is strong.
During the reporting period, the company's revenue from network security products reached 325 million yuan, an increase of 39.42 percent over the same period last year, with a gross profit margin of 71.74 percent, an increase of 3.48 yuan in revenue from pct; application delivery and network products, a decrease of 15.29 percent over the same period last year, a decrease of 50.17 percent, and a decrease of 9.57 pct. The company's comprehensive gross sales margin was 67.48%, up 1.58 pct from the same period last year, and the net sales margin was 8.91%, down 2.24 pct from the same period last year.
Of this total, the revenue of the operator industry reached 150 million yuan, an increase of 27.84 percent over the same period last year; the revenue of the government industry reached 142 million yuan, an increase of 16.42 percent over the same period last year; and the revenue of public utilities reached 78 million yuan, an increase of 3.44 percent over the same period last year.
Continue to increase investment in research and development and deepen the moat
During the reporting period, the company invested 122 million yuan in R & D, an increase of 5.92% over the same period last year, accounting for 27.56% of revenue. Since its establishment, the company has persisted in R & D investment and carried out iterative innovation in high-performance hardware platform, FPGA system design, information security attack and defense, security incident response, application delivery and other aspects, forming a series of core technologies with independent intellectual property rights. As of 2023H1, the company has been granted more than 1300 patents and 76 software copyrights, including 1198 invention patents, leading the industry in terms of overall technical level.
Earnings forecast, valuation and rating
We estimate that the company's 2023-25 revenue will be 1.331 billion yuan, the corresponding growth rate will be 225%, 23.60%, 20.60%, 2.28, 308, 393 million, respectively, and the corresponding growth rate will be 52.02%, 35.35%, 27.31%, and 37.88%, respectively, and the 3-year CAGR will be about 37.88%. In view of the company's outstanding products and marketing capabilities, with reference to the comparable company valuation, we give the company 48 times PE in 24 years, with a target price of 23.04 yuan, maintaining a "buy" rating.
Risk hint: systemic risk; downstream customer expenditure is not up to expectations; competition intensifies.
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