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迪普科技(300768):全年业绩稳健增长 运营商业务形成支撑

Dipu Technology (300768): Steady annual performance growth supports operator business

國投證券 ·  Apr 27, 2024 16:00

Incident Overview

The company recently released its 2023 annual report and 2024 quarterly report. In 2023, it achieved operating income of 1,034 million yuan, an increase of 15.77% over the previous year, and realized net profit of 127 million yuan to mother, a year-on-year decrease of 15.44%. 2024Q1 achieved operating income of 255 million yuan, an increase of 10.16% year on year, net profit to mother of 37 million yuan in 24Q1, an increase of 12.37% year on year, and the company's overall performance achieved steady growth.

Steady growth in performance and good cash flow

On the revenue side, the company achieved revenue growth of 15.77% in 2023. Looking at the breakdown, the operator business achieved revenue of 273 million yuan, an increase of 29.84% over the previous year, which became the main support for revenue growth. Government business achieved revenue of 358 million yuan, an increase of 4.52% over the previous year. The company's government business has achieved positive growth against the backdrop of an overall difficult external environment, reflecting the effectiveness of the company's contrarian expansion strategy. The utility business achieved revenue of 206 million yuan, an increase of 17.98% over the previous year, and also achieved good growth.

On the profit side, the company's comprehensive gross margin in 2023 was 68.83%, an increase of 1.04pct over the previous year, reflecting the company's strong product competitiveness. The company's sales/management/R&D expenses rate in 2023 was 38.99%/3.50%/24.30%, respectively, with a year-on-year change of +5.03/-0.23/-2.64pct. The sharp increase in the company's sales expenses ratio is mainly due to the company's active expansion strategy and expansion of sales channels. The number of sales staff in the company increased from 397 in 2022 to 512, an increase of 29% over the previous year. We believe that short-term investment can bring long-term competitive advantage and lay the foundation for the company's future development.

In terms of cash flow, the company's net operating cash flow of 126 million yuan in 2023 is basically consistent with the company's net profit, reflecting the company's good project repayment management capabilities and strong operating quality. Continued positive cash inflows supported the company's contrarian expansion and technology investment.

Carrier business is growing well, and AI continues to be empowered

The carrier business forms the main support for the company's business. According to the company's annual report, among operator users, the company's products such as firewalls, intrusion prevention, abnormal traffic cleaning, web application firewalls, vulnerability scanning, and application delivery platforms have been on the centralized procurement lists of the three major operators for many years, and have ranked first in multiple categories many times. In 2023, the company continued to break through in operators' core network business and participated in the construction of core network projects in many places; it has been implemented in multiple scenarios such as operators' 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, and data centers, and has become the core supplier of network security products in the industry.

AI technology continues to empower the company's business development. According to the annual report, the company continues to improve its technical capabilities in unknown threat detection, malware outreach blocking, API asset identification, and automated operation, injecting new vitality into products such as situation awareness systems, security operation platforms, and API risk monitoring systems. At the same time, the company actively invested in large-scale model research and thoroughly explored its application in actual scenarios, and successfully developed a major anti-telecom fraud model, contributing wisdom and strength to the safe and steady development of the industry.

Investment advice:

Dipu Technology focuses on the field of cybersecurity and application delivery. It is a leading manufacturer in the domestic cybersecurity industry. Currently, the company focuses on high-value customers such as operators, finance, electricity and energy, and is gradually expanding to other customers such as government enterprises. We expect that in 2024/25/26, the company will achieve operating income of 1,232/1,473 billion yuan and net profit of 1.66/2.10/266 million yuan. Maintain an investment rating of +-A, and give a 6-month target price of 15.47 yuan, corresponding to a dynamic price-earnings ratio of 60 times in 2024.

Risk warning: downstream customer demand falls short of expectations; technology development falls short of expectations.

The translation is provided by third-party software.


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