公司多个产品多年入围三大运营商的集中采购名单，并多次在多个标段中位列第一。2023 年，公司在核心网业务持续突破，参与了多地核心网工程建设；在运营商云安全、安全服务、数据安全、流量分析等多场景落地，抗DDoS 平台建设持续引领市场份额，公司产品已经规模应用于三大运营商包括城域网、互联网出口、云安全资源池、数据中心等核心节点在内的全国网络中，已经成为业内网络安全产品核心供应商。2023 年，公司运营商行业营收为2.73 亿元，同比增长29.84%，毛利率同比提升4.77pct。Incidents:
Dipu Technology released the 2023 annual report and the first quarter report of 2024. In 2023, the company achieved revenue of 1,034 billion yuan, an increase of 15.77%; net profit to mother of 127 million yuan, a year-on-year decrease of 15.44%; net profit after deducting non-return to mother of 119 million yuan, a year-on-year decrease of 12.32%; and gross margin was 68.83%, up 1.04pct year on year. In the first quarter of 2024, the company achieved revenue of 255 million yuan, up 10.16% year on year; net profit to mother was 0.37 million yuan, up 12.37% year on year; net profit after deducted from mother was 0.3 million yuan, up 5.07% year on year; and gross margin was 69.41%, down 0.29 pct year on year.
The operator industry saw a high increase in revenue and a marked increase in gross margin
Many of the company's products have been on the centralized procurement lists of the three major operators for many years, and have ranked first in multiple bids many times. In 2023, the company continued to break through in the core network business and participated in the construction of core network projects in many places; it has been implemented in multiple scenarios such as operator cloud security, security services, data security, and traffic analysis, and anti-DDoS platform construction continues to lead the market share. The company's products have been used on a large scale in the national networks of the three major operators, including core nodes such as metropolitan area networks, Internet exports, cloud security resource pools, data centers, etc., and has become the core supplier of network security products in the industry. In 2023, the company's operator industry revenue was 273 million yuan, up 29.84% year on year, and gross margin increased 4.77 pct year on year.
Employee stock ownership plans were announced, and the number of employees bucked the trend and expanded
On March 20, 2024, the company announced the 2024 employee stock ownership plan (draft). The total number of participants was 147, and the maximum amount of capital raised was 0.27 million yuan. The number of underlying shares involved was 3.785 million shares, accounting for 0.59% of the total share capital at the time of announcement. There were no short-term company-level performance assessment indicators.
By the end of 2023, the total number of employees in the company was 1,690, up 13.35% year on year. Among them, sales staff increased by 28.96% year on year and sales expenses increased by 32.93% year on year, strengthening market expansion against the trend.
Profit Forecasts, Valuations, and Ratings
Considering the pressure on downstream capital expenditure and the company's contrarian expansion, we expect the company's revenue for 2024-2026 to be 12.59/15.63/19.28 billion yuan, with year-on-year growth rates of 21.76%/24.18%/23.35% respectively, net profit to mother of 170.36%/29.39%/27.81%, EPS 0.26/0.34/0.44 yuan/share, respectively, and 3-year CAGR of 30.49%. Since the company is a leading provider of full-scenario cybersecurity products and operational solutions, based on comparable company estimates, we gave the company 50 times PE in 2024, with a target price of 13.21 yuan, maintaining a “buy” rating.
Risk warning: downstream customer spending falls short of expectations; industry competition intensifies, etc.
