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奇安信(688561):網安龍頭增速亮眼 規模效應拐點已現
格隆匯 08-18 00:00
網安龍頭增長韌性十足,經營效率快速提升。2022H1 實現營業收入19.68 億元,同比增長35.21%,實現歸母淨利潤-9.10 億元,同比減虧1.33%,經營效率快速提升,研發平台量產及行業軍團初顯成效,在持續加大研發投入的同時,研發費用率、銷售費用率、管理費用率同比分別下降6.54、5.97、5.27 個百分點,三費合計營收佔比較去年同期下降17.78 個百分點,三費合計增速較去年同期下降20.67%,淨利率改善明顯。新賽道產品的市場佔有率和競爭力持續領跑行業。截至2022 中報數據,新賽道產品收入佔安全產品及服務的收入比例超過70%:1)實戰化態勢感知產品競爭力持續領跑國內市場,實現收入近4 億元(不包含數據安全態勢感知,數據安全態勢感知品類收入統計在數據安全品類收入中),同比增長超40%;2)數據安全產品收入規模快速增長,相關產品整體收入超4 億元,較去年同期增長超52%。目前已發佈數據安全創新產品五件套,包含特權衞士、權限衞士、API 衞士、隱私衞士和數據安全態勢運營中心;3)邊界安全產品收入保持穩定增長。以下一代防火牆為主的核心產品連續2 年中標國內主要運營商的防火牆集採項目,同時邊界安全棧等新一代網絡邊界安全產品也逐步獲得客户認可。調整組織架構成立關基行業軍團,營收結構更加均衡,企業級客户增長尤顯突出。公司22H1 營業總收入19.68 億元,其中企業級客户營收高速增長,在主營業務收入中佔比達到63.28%,較2021 年的營收佔比54.54%提升近9 個百分點,企業級客户營收金額較去年同期增長56.68%。從行業上看,重點關基行業客户營收增長尤為顯著,能源行業、金融行業和運營商客户收入在公司企業級客户收入佔比超40%,其中能源行業客户增長率超97%,金融行業客户增長率超50%,運營商客户增長率超46%。此外,政府客户營收金額佔公司主營業務收入比例25.82%,公檢法司客户營收金額佔公司主營業務收入比例10.90%。整體收入來源更加均衡,疫情之下凸顯網安龍頭韌性。持續踐行“高質量發展戰略”,人效、核心產品增速及費用率等指標改善。2021 年公司實現營業總收入超過58 億元,位列全球網安公司營收排名第9、中國第1,全球總排名較2020 年上升5 位。2022H1 公司多項新賽道核心產品的市場佔有率持續保持國內第一,終端安全、邊界安全、數據安全、實戰型態勢感知四大核心產品均延續遠高於行業平均增速的趨勢。營收規模效應逐步顯現,以研發場景為例,公司二季度末研發人員數量為3729 人,較上年同期2938 人增長26.92%低於營收增速,通過打造“研發平台”級能力來提升中長期的研發效率降低研發成本,滿足新市場新產品的快速更新迭代及低成本投入的企業發展需求,中報三費合計營收佔比較去年同期下降17.78 個百分點,經營效率進一步提升。投資建議:考慮公司產業龍頭地位及疫情反覆影響,預計2022-2024 年營業收入分別為78.28 億、101.90 億和130.26 億,歸母淨利潤分別為3.27、7.61 億及13.01 億元,維持“買入”評級。風險提示:競爭加劇風險;政策力度不及預期風險;新領域佈局緩慢風險。
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