Anheng Information (688023) In-depth Research Report: Emerging Cyber Security Potential Players
The rising star of basic security, the pioneer of emerging cyber security.
Since its establishment in 2007, Anheng Information has successfully entered the network information security market with application security and data security as the starting point.
The company’s core basic security products have maintained market share for many years in the forefront of the industry. At the same time, the company has formed a “new scenario, new service” direction around the new generation of information technology represented by cloud computing, big data, the Internet of Things, and the industrial Internet.Professional security product and service system.
Benefiting from the rapid growth of the network information security platform and security service business, the company’s compound annual growth in revenue and profit for 2016-2018 was 42.
2% and 941.
As cyber security enters the “golden age”, the market space of 100 billion yuan is expected to open.
2.Network security regulations, etc. 2.
Relevant laws and regulations, such as 0, have gradually come into effect, and the efforts to protect the network have been intensified to promote the rapid growth of the security market. In the long run, social attention to security has increased, and emerging technologies have continued to emerge, which is expected to push the development of network security into a new era.
At the current point in time, the prosperity of cyber security is gradually increasing, business models and channel systems are undergoing positive changes, and the market structure is also expected to gradually optimize. We believe that cyber security has entered a golden age of development.
According to IDC’s forecast, the total spending of China’s cyber security market in 2019 will reach 73.
500 million US dollars, China’s cyber security market will form a 100 billion-level market by 2021. In the next five years, the overall growth rate of China’s cyber security market is expected to be 25.
1%, much higher than 9.
44% global level.
“New scenarios” and “new services” are driving the company forward on the emerging safety track.
1) The company is at the forefront of the market in the direction of “new scenarios” such as big data, cloud computing, and IoT security.
In the field of cloud security, the company is an important partner of Alibaba Cloud and Huawei Cloud. Cloud security products have been launched including Alibaba Cloud, Tencent Cloud, Huawei Cloud, AWS Amazon, China Telecom Tianyi Cloud, China Unicom Woyun and other internal and external sources.Mainstream public cloud platform; in the field of big data security, the company’s regulatory situation awareness system in China ranked first in 2018; in the field of IoT security, the company reached strategic cooperation with the Zhejiang Provincial Public Security Department, Hikvision, and Dahua.And master the front-line research data and experimental results.
2) The company ‘s Storm Center launched the SaaS cloud security service model to achieve cloud monitoring, cloud WAF, cloud DDoS cleaning, and cloud threat intelligence service capabilities, and covered the city ‘s security brain, 24/7 “Trinity” situational awareness, and a national-level network security teamIt forms the core capability of the company’s smart 成都桑拿网 city security operation center services.
Since 2018, the company has successively established subsidiaries in Hubei, Luzhou and Jinhua to vigorously develop the nationwide smart city safety operation business.
Investment suggestion: Based on the core assumptions, we predict that the company’s net profit attributable to its parent in 2019-2021 will be zero.
8.3 billion, 1.
19 billion, 1.
61 trillion, corresponding to 81 times, 57 times and 42 times the PE.
As a leading company in the emerging security field, the business is in a period of rapid development. With reference to overseas evaluation methods for emerging security vendors such as Palo Alto and Zscaler, we believe that PS and PSG methods will be used for evaluation. 1) PS estimationValue: Based on average estimates of comparable companies, taking into account the company’s business layout and outlook, innovation capabilities and brand building are leading the market, and will maintain rapid growth in the next 3-5 years, given a certain estimated premium, and giving the company 10 times PS in 2020, corresponding goalsThe city size is 130 million.
2) PSG estimation: Refer to the average valuation of comparable companies and give the company 0 in 2020.
27 times PSG, corresponding to the target city ranking 144.
300 million yuan.
In summary, we give the company a target market value range of 130-144.
3 trillion, corresponding to the target price range of 175.
7-195 yuan, the first coverage is given a “strong push” rating.
Risk reminders: change of actual controller, technological transformation, intensified market competition, and poor management of channel vendors.