Anheng Information (688023) 2019 Annual Results Express Review: High Prosperity in the Security Industry

A new star in the network security industry, with high performance and bright growth.

4.5 billion (+50.

85%), net profit attributable to mother 0.

9.4 billion (+21.

74%), deducting non-attribution net profit 0.

810,000 yuan (+40.

38%), revenue maintained rapid growth.

In addition to the overall prosperity of the network security industry, the company has obvious advantages in the emerging security field. Sales of new-generation network information security products such as cloud security, big data, and the Internet of Things have increased rapidly. At the same time, the company has also rapidly promoted its security service business.

The company’s profit growth rate is lower than the revenue growth rate, mainly because the company continues to increase new product research and development, as well as market and channel spending.

  The company has a high-quality track, and high-speed growth is approaching the first echelon company to start with application security, website security, database audit, log audit and other 重庆耍耍网 products to replace the top three positions in the market.

The company’s sweaters have expanded into the “new scene” and “new service” fields. Platform products represented by situational awareness have become the number one brand in the market, and revenue from security services has also accelerated.

Cloud, big data, the Internet of Things, etc. have become IT-defined trends. The company is actively deploying in emerging areas, and rapid growth brings sustainability.

Such as the company’s superior product situation awareness, the current strong demand for construction, and promote the company’s continued high growth performance.

At present, there is still a gap between the company and the head manufacturers. The company is expected to approach the first echelon under rapid growth.

  The prosperity of the security industry continues to rise, waiting for security 2.

0 Helps high growth continue in 2019. With the promotion of safety nets, the security industry as a whole has recovered significantly.

The strength coefficient, a wider range of equal guarantees2.

0 only officially started in December 2019, and will once again accelerate the upward acceleration of the industry.

Equal insurance must be done every year for the three-level information system, so the policy continuity and intensity have been the strongest in the past two years.

The current ratio of overall security to IT spending is still more than double the global average. The Ministry of Industry and Information Technology also plans to reach 200 billion in the security industry in the medium term, with a broad market space.

Now is the golden age for the development of the security industry, and the manufacturers on the right have fully benefited.

  Risk warning: waiting for insurance 2.

0 and other policies were less than expected; industry competition intensified.

  Investment suggestion: Cover for the first time and give a “Buy” rating.

  Revenue is forecast to be 9 in 2019-2020.



9.3 billion, net profit attributable to mother is 0.



900,000 yuan, the annual profit growth rate is 22% / 44% / 40%, diluted EPS = 1.



56 yuan.

Covered for the first time and given a “Buy” rating.