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三未信安(688489):专注密码底层技术研发 赋能多领域密码应用

Three Weixinan (688489): Focus on the development of underlying cryptographic technology to empower cryptographic applications in various fields

天風證券 ·  Jan 13, 2023 11:16  · Researches

1, the company is located in the upper reaches of the password industry, the continuous thickening capacity barrier company was founded in 2008, is a commercial password infrastructure provider, the products mainly include password board cards, password machines and password systems.

The company is located in the upper reaches of the commercial password industry, and the technical team has profound experience in password research and development. Since the release of password board and server password machine products in 2009, on the one hand, the company has continuously enriched the product matrix and broadened the product boundary; on the other hand, it has continued to upgrade the hardware technology architecture to achieve self-research and development of cipher chips. continue to thicken their own technology research and development barriers.

The company's outstanding product ability is mainly reflected in three aspects: the continuous improvement of gross profit margin, the continuous realization of R & D input and output, and the continuous improvement of human efficiency of the company.

2. The pattern of commercial password industry is clear, and the prosperity is up.

From the point of view of the company's industrial ecology, the upstream suppliers of the company are mainly suppliers of password chips, board accessories and assembly accessories, while the middle reaches products are password chips, password boards, password machines and password systems produced and sold by the company. downstream customers include both cooperative manufacturers and end users Among them, the end-user industries are distributed in the fields of government, research institutes, finance, communications, health care, education, energy, transportation and so on.

From the strategic point of view of the company's self-research chip, we believe that self-research chip is a masterstroke of the company's strategic development, which is expected to help the company enhance the competitiveness of its products in the market in the short term. in the long run, it is expected to consolidate the company's backbone position in the commercial password industry and build the foundation for the company to develop its own password ecology.

From the perspective of the prosperity of the commercial password industry, we believe that China's password industry is in an upward cycle, and the continuous release of password-related policies is expected to accelerate the penetration of commercial password applications. We discuss the industry policy in the three directions of national secret transformation, secret review and Xinchuang.

We are optimistic about the future development of the company from three aspects: 1) the password industry has a strong β attribute in the era of digital economy; 2) the company's product research and development capability is highly competitive; 3) the company's human efficiency has the potential to continue to improve.

3. Profit forecast and valuation

We estimate that the company's operating income from 2022 to 2024 will be RMB 352 million and net profit from parent will be RMB 1.05 million.

We use the PE valuation method to value the company. With reference to the PE of the comparable company, the company is given a net profit of 61 times PE in 2023, with a corresponding valuation of 9.33 billion yuan, a corresponding target price of 121.9 yuan, and a corresponding PE of 2022-2024 times that of 89-61-44. Coverage for the first time, giving a "overweight" rating.

Risk tips: 1) the landing process of the self-developed password chip is not as expected; 2) the industry competition is intensified; 3) the policy of the password industry is not as expected; 4) the technical brain drain and so on.

The translation is provided by third-party software.


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