2023 年营业收入持续增长，新业务板块是主要驱动力2023 年，公司实现营业收入45.07 亿元，同比增长1.58%；实现归母净利润7.41 亿元，同比增长18.37%；实现扣非归母净利润4.71 亿元，同比下降9.61%。按产品来分，安全产品实现收入25.78 亿元，同比下降12.81%；安全运营与服务实现收入18.99 亿元，同比增长30.63%。新业务板块（涉云安全、数据安全2.0&3.0、工业互联网安全、安全运营）实现营业收入21.42亿元，同比增长13.82%，收入占比进一步提升至47.54%，其中，涉云安全业务实现收入5.72 亿元，同比增长34.50%，安全运营中心业务实现收入10.61 亿元，同比增长13.01%。2024 年第一季度，公司实现营业收入9.23 亿元，同比增长17.13%；实现归母净利润-1.14 亿元；实现扣非归母净利润-0.48 亿元。occurrences
The company released the “2023 Annual Report” after closing on April 12, 2024, and the “First Quarter Report 2024” after closing on April 26.
Comment:
Revenue continued to grow in 2023. The new business segment was the main driving force. In 2023, the company achieved operating income of 4.507 billion yuan, an increase of 1.58% over the previous year; realized net profit of 741 million yuan, an increase of 18.37% over the previous year; and realized net profit without return to mother of 471 million yuan, a year-on-year decrease of 9.61%. By product, safety products achieved revenue of 2,578 billion yuan, a year-on-year decrease of 12.81%; safety operations and services achieved revenue of 1,899 billion yuan, an increase of 30.63% over the previous year. The new business segment (cloud-related security, data security 2.0&3.0, industrial internet security, secure operation) achieved revenue of 2.142 billion yuan, an increase of 13.82% over the previous year, and the revenue share further increased to 47.54%. Among them, the cloud-related security business achieved revenue of 572 million yuan, an increase of 34.50% year on year, and the security operation center business achieved revenue of 1,061 million yuan, an increase of 13.01% year on year. In the first quarter of 2024, the company achieved operating income of 923 million yuan, an increase of 17.13% over the previous year; realized net profit attributable to mother - 114 million yuan; and realized net profit deducted from non-mother - 48 million yuan.
China Mobile Group officially became the actual controller of the company. The collaboration between the two parties was remarkable. On January 5, 2024, China Mobile Group officially became the actual controller of the company. In the future, the company and China Mobile will achieve strategic upgrading and expansion of the security business, drive the construction of a new large-scale Internet communication security sector, and lead the upgrading of the Internet communication security industry. In 2023, the company actively promoted high-quality business collaboration and implementation with China Mobile, achieved comprehensive integration between headquarters, provinces and cities, and signed 62 strategic cooperation agreements with China Mobile Group and its subsidiaries. In the direction of jointly building integrated security operation centers, secure clouds, dedicated line guards, and AI security models, the business synergy effect was obvious, providing diverse security protection capabilities and subscription services for government and enterprise customers, small and medium-sized enterprise organizations, and individual/home users.
New technology and new products are being implemented at an accelerated pace, and new customer groups are being vigorously expanded. In 2023, the company strengthened the rapid commercialization of core technology and expanded supply-side technical capabilities. Revenue growth of new products was achieved rapidly: identity trust products and 5G+ industrial Internet security inspection products all grew by more than 200%; data security management platforms, network security shooting ranges, full traffic detection, Xinchuang firewalls, and EDR (terminal threat detection and response) all achieved a growth rate of more than 50%. Based on long-established customers in the government and enterprise industry, the company is actively developing new individual/family customer groups. Among them, the number of mobile cloud computer users is 3 million, Qingsong Guan has 50,000 users, and the number of users is beginning to take shape.
Profit forecasting and investment advice
As a leading enterprise in the cybersecurity industry, the company always insists on scientific and technological innovation as the core driving force, escorts high-quality development with a high level of security, and has broad room for continuous growth in the future. The company's 2024-2026 operating income is estimated to be 53.38, 62.84, and 7.340 billion yuan, net profit to mother of 9.12, 11.16, and 1,359 million yuan, EPS of 0.74, 0.91, and 1.11 yuan/share, and the corresponding PE is 25.57, 20.90, and 17.16 times. Maintaining a “buy” rating considering the industry's room for growth and the continued growth of the company's business.
Risk warning
Seasonal product sales risk; national industrial support policy risk; operation management risk; financial management risk; risk of starting a new business that falls short of expectations.