Qi Xingchen (002439): Proper strategy and so on2.

0Look forward to the launch of An’an leading network

Qi Xingchen (002439): Proper strategy and so on2.

0Look forward to the launch of An’an leading network

The semi-annual report results are stable and the trend is 合肥夜网 good.

2019H1 company realized operating income8.

82 ppm, an increase of 19 years.

13%.

In terms of products, the company’s product average has reached double-digit growth, among which hardware and other products have grown rapidly, with an annual increase of 58.

3%, the company’s integrated business grew faster.

The gross profit margin for 2019H1 is 63.

47%, which is basically the same as last year, and expenses during the period were 70.

10%, a significant decrease of 9 over the same period last year.

98 units, of which 29 are sales expenses.

86%, down 4.

51 total, 39 subsidies for management and R & D expenses.

49%, down 6.

54 units, the cost control effect is remarkable.

The net profit attributable to shareholders of the listed company was 13.75 million yuan, a decrease of 40 per year.

97%, initially confirmed that the investment income of the joint-stock company Hengan Jiaxin was 8,723 million.

The net profit of non-recurring gains and losses attributable to shareholders of listed companies-2.1 million yuan, an annual increase of 96.

92%.

Basic income is 0.

015 yuan.

Coordinated upgrade of safe operation and safe mid-stage.

Four operating business support centers in Beijing, Chengdu, Guangzhou, and Hangzhou and more than twenty city-level operation centers have been formed nationwide, and they have expanded to second- and third-tier cities.

In order to better support data and business applications, the company took the lead in launching the concept of “safe mid-stage”, which will coordinate with the company’s security operation center business to continuously upgrade the company’s security capabilities.

In the first half of the year, the safety business increased its business orders by more than US $ 100 million, which is close to the last year. It is expected that the city’s expansion and the collaborative improvement of the safety operation capabilities of the safety platform will achieve high growth in the company’s safety operations.

Industrial Internet security and cloud security strategy are advancing steadily.

The company owns the dual-brand industrial firewall (IFW) of Qixingchen & Wangyu Nebula in China.

With a market share of 8%, FROST & SULLIVAN awarded the company the 2018 China Industrial Firewall (IFW) Product Market Leader Award, and the company became a “Know-How” security expert in the industrial field.

Company reference etc. 2.

0 Standards and specifications for basic requirements and requirements for cloud computing expansion, focusing on achieving and evaluating cloud security level protection capabilities.

At the same time, according to the preset of user needs, cloud security resource pools and related security management platforms and operation services are being promoted.

The company’s Yunzi Trust for SMEs has been on the second anniversary of its launch. It has gradually served more than 10,000+ SMEs, and has a monthly terminal production capacity of more than 20%. It has deeply cultivated the SME SecaaS market.

Waiting for insurance 2.

0 landing with sound.

On May 13, the network security level protection system2.

0Related standards include “Basic Requirements for Information Security Technology Network Security Level Protection”, “Information Security Technology Network Security Level Protection Evaluation Requirements”, “Information Security Technology Network Security Level Protection Security Design Technical Requirements” were officially released, only in December 2019Implementation will begin on the 1st.

Waiting for insurance 2.0 in 1.

On the basis of 0, it aims at comprehensive active defense, security and credibility, dynamic perception and comprehensive auditing to achieve full coverage of the protection objects such as “cloud, large, physical, mobile, and industrial”.

Waiting for insurance 2.

0 has set a standard for the network security construction of the country and society in the new era, which will definitely have a long-term positive impact on the entire network security industry.

The company is the only one who is fully involved in waiting for insurance2.

The network security vendors of the three standard drafting units. As the leader of the network security industry, the company will gradually fully enjoy the policy dividend in the future.

[Investment suggestion]The company’s three major strategies are 杭州夜网论坛 advancing steadily, benefiting from equal guarantees2.

Landing of 0, we are optimistic about the company’s future development prospects.

It is estimated that the company’s operating income for 19/20/21 will be 29.

29/34.

48/40.

4.8 billion, net profit attributable to mothers was 6.

86/8.

23/9.

57 trillion, EPS is 0.

77/0.

92/1.

07 yuan, the corresponding P / E ratio is 36/30/26 times.

Covered for the first time, giving an overweight rating.

[Risk reminder]The risk of goodwill impairment; the strategy does not meet the expected risk; the performance is less than the expected risk.

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