Judging from the results of network security manufacturers in the first half of the year, the company's revenue growth rate is not high, but combined with two years of revenue growth, the company ranks third in the industry. In 2021, 190 million yuan of the company was reduced to 2022 in the annual report audit, and the two-year income growth rate has more reference significance.
The total growth rate of the three major expenses of 2023H1 is 0.64%, which is further lower than the growth rate of 5.16% for the whole of 2022. The company has reduced 310 employees and is in the process of improving quality and efficiency.
Highlights of performance drivers include:
(1) the adjusted target of the equity incentive plan in 2022 is to achieve 29.83% and 49.59% income growth and 140.64% and 182.35% profit growth in 2023 and 2024 respectively compared with 2022.
(2) Innovation business: 2022H1 achieved a high growth rate of 120%, while 2023H1 continued to achieve a growth rate of 74%. The business accounts for about 20% of the company's overall revenue in 2022, which is expected to increase further in 2023, which will also play a positive role in promoting the development of the company.
(3) 2023H1's subscription business revenue of 126 million yuan, an increase of 121.05% over the same period last year, has greatly increased from 8.84% in 2022 to 12.59%. The overall continuity of revenue is strong.
(4) recent changes in equity and board of directors have occurred in many enterprises with high business coincidence, which may bring new changes to the industry pattern.
Maintain the "buy" investment rating of the company. After a large R & D investment in the past few years, the company has advantages in some major new product races, especially in Xinchuang, which is expected to bring sustained high growth to the company. It is estimated that the EPS of the company in 23-25 is 0.41,0.59,0.73 yuan respectively, according to the closing price of 9.40yuan on September 13, the corresponding PE is 22.74,16.06,12.92 times.
Risk tips: intensified competition in the industry; the economic situation affects the government budget; shares of the Oriental equity problem to solve the interference on the stock price.