Science and Technology Board Investment Value Research Report: Anheng Information-Leading Enterprise in Network Information Security

Science and Technology Board Investment Value Research Report: Anheng Information-Leading Enterprise in Network Information Security
Report highlights: Investment highlights: Anheng Information is a technology company focused on the field of network information security.As one of the leaders in the field of domestic network information security, from 2015 to 2018, the company became the top 500 global network security innovation for four consecutive years.At the same time, the company participated in the formulation of many national and industry standards. According to the list of “National and Local Joint 淡水桑拿网 Engineering Research Centers of 2018″ formally released by the National Development and Reform Commission, the company has become a supporting unit of “National and Local Joint Engineering Research Centers for Big Data Network Security Situation Awareness and Prevention and Control Technology.Highlight 1: Benefiting from the “policy + IT technology” drive, the network security market has further expanded.Highlight 2: R & D promotes industry leadership, and the company’s market share further increases.Highlight 3: Product structure is continuously optimized, and the proportion of revenue in emerging security fields is increasing year by year. From passive installation to active defense, the network security market has ushered in a period of accelerated development.With the dual-wheel drive of policy and technology, the industrial 北京夜生活网 application of network information security has accelerated.With economic growth, data security, private protection and other issues being increasingly valued, the network security market continues to grow, with the market scale reaching 100 billion.From the perspective of industrial development, through the penetration of virtualization and cloud service concepts, the network security profit model will change from software and hardware products to services, and the network security service market share has increased year by year. The traditional + emerging security field is fully developing.The market share of basic security is at the forefront.In 2017, the company’s WAF product market share was 16.7, second in the market.The market share of log audit products in 2018 was 10.9%, ranking first.In 2017, the company’s database security audit and protection market share increased.2%, second only to the stars.At the same time, the company follows the new technological progress, actively deploys emerging security areas, and occupies a first-mover advantage in the “cloud big thing” security area. The company has grown rapidly and has outstanding profitability.In the past three years, the company’s business has grown rapidly, with an average annual compound growth far exceeding the average level of the industry, and its gross profit margin ranks at the forefront of the industry.With the expansion of this fundraising project in the fields of cloud security, big data security, and industrial control security, the company will continue to improve its core competitiveness in the emerging security field and continue to perform well on financial indicators. Profit forecast and estimation: We expect the company to achieve operating income of 8 in 2019/20/21 respectively.77, 11.62 and 14.8.8 billion, an increase of 36.91%, 32.50% and 28.04%.Realized net profit is 0.96, 1.08 and 1.25 trillion, an increase of 10.90%, 9.23% and 8.29%.We give the company an estimated interval of 33.46?38.550,000 yuan, corresponding to 35?40 times 2019P / E. Risk factors: the risk of technological renewal, the risk of intensified market competition, the risk of poor channel management, the increased risk of accounts receivable, the risk of policy support being difficult to land, and the downstream demand less than expected.