营业收入实现稳健增长，毛利率水平不断提升2024 年上半年，公司持续保持有质量的业务增长，实现营业收入50245.51万元，同比增长13.63%；实现归母净利润5205.83 万元，同比增长32.09%；实现扣非归母净利润4625.99 万元，同比增长32.34%；经营活动产生的现金流量净额为5782.19 万元，同比增长190.93%。分产品来看，网络安全产品实现收入3.66 亿元，同比增长12.55%，毛利率为71.04%，同比下降0.70pct；应用交付及网络产品实现收入0.93 亿元，同比增长6.84%，毛利率为60.66%，同比提升10.49pct，主要系毛利率较高的应用交付产品比例提升。Incidents:
The company released the “2024 Semi-Annual Report” after closing on August 5, 2024.
Comment:
Operating income achieved steady growth, and gross margin levels continued to rise. In the first half of 2024, the company continued to maintain qualitative business growth, achieving operating income of 502.4551 million yuan, up 13.63% year on year; achieving net profit of 52.0583 million yuan, up 32.09% year on year; realized net profit without deduction of 46.2599 million yuan, up 32.34% year on year; net cash flow from operating activities was 57.8219 million yuan, up year on year 190.93% By product, cybersecurity products achieved revenue of 0.366 billion yuan, up 12.55% year on year, gross margin was 71.04%, down 0.70 pct year on year; application delivery and network products achieved revenue of 0.093 billion yuan, up 6.84% year on year, and gross margin was 60.66%, up 10.49 pct year on year, mainly due to the increase in the proportion of application delivery products with high gross margin.
Deeply involved in the business of the three major operators, the government industry has achieved rapid growth. The company's end users cover central ministries and departments, provincial and municipal government units, various operators, power and energy, education, medical care, financial institutions, and many large enterprises in the transportation, water conservancy, steel, automobiles, pharmaceuticals, and food sectors. Among them, the government sector achieved revenue of 0.161 billion yuan, a year-on-year increase of 13.54%, gross margin of 78.94%; the operator industry achieved revenue of 0.135 billion yuan, a year-on-year decrease of 10.37%, and gross margin of 58.95%; and the public utility industry achieved revenue of 0.084 billion yuan, an increase of 7.94% year-on-year, and gross margin of 64.40%. The company's products such as firewalls, intrusion prevention, abnormal traffic cleaning, web application firewalls, 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. Among government users, the company is a strategic partner of the National Information Center in the field of e-government security. It is also the drafting unit for the national e-government extranet and the e-government extranet standards in various provinces, providing a strong guarantee for the network security of party and government organs at all levels. The company's products have fully served many national ministries and “gold” projects such as financial tax and customs, and have been widely used in e-government projects in various provinces and cities.
Continued investment in technological innovation, AI technology empowers cyber security services
As AI technology continues to inject strong momentum into product innovation, it effectively promotes the upgrading of capabilities in many core fields. 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, after successfully developing a major anti-telecom fraud model, the company continued to increase research on the model and thoroughly explore its application in security operation scenarios. It can achieve automated investigation and judgment of security incidents. The accuracy rate is as high as 90%, greatly improving the efficiency of investigation and judgment.
Profit forecasting and investment advice
The company is a leading provider of full-scenario cybersecurity products and operational solutions. With the healthy development of the industry, the company has broad room for long-term growth. The company's revenue for 2024-2026 is estimated to be 1.208, 1.384, and 1.55 billion yuan, net profit to mother of 0.157, 0.2, 0.246 billion yuan, EPS 0.24, 0.31, 0.38 yuan per share, and the corresponding PE is 47.52, 37.27, and 30.32 times. Maintaining a “buy” rating considering the prosperity of the industry and the company's continued future growth.
Risk warning
Technological innovation risk; risk of loss of technology and loss of core technical personnel; risk of increased market competition; management risk due to company expansion; macroenvironmental impact.