Qi Xingchen (002439) In-depth Study: High Wall Construction Strategy Takes the East Wind as King

Qi Xingchen (002439) In-depth Study: High Wall Construction Strategy Takes the East Wind as King

[Key points of investment]Endogenous extension will eventually become the industry leader, which is expected to maintain high development.

Endogenous: The company enhances its research and development strength through the creation of key research and development teams such as ADLab, Taihe Beidou, and Jinjing Team, as well as continuous high R & D investment.

Extension: Since the company’s listing, the company has successively acquired leading companies in the field of cyber security such as Wangyu Nebula, Hezhong Data, Shunsheng Electronics, Cyber Xing’an, etc., broadening the company’s product line, deepening technology accumulation, and stabilizing the industry field, which brings great benefits to the companydevelopment of.

We believe that the company achieves the establishment and stability of the company’s leading level through endogenous extension, and the company’s industry leader is essentially difficult to shake.

Waiting for insurance 2.

0 policy overweight is expected to continue to achieve high growth.

Waiting for insurance 2.

0 will be officially implemented on December 1, 2019. “Cloud computing, the Internet of Things, mobile Internet, big data and industrial control systems” will all become important areas of network security level protection standards. At the same time, network security such as intrusion prevention and centralized management and controlNew requirements are put forward in subdivided fields, opening up industry growth space.

We think that the star of the stars is the equal guarantee2.

0 Standard drafting important security vendors and industry leaders will fully enjoy the policy 南京桑拿网 dividend.

The three major strategies are advancing steadily and are expected to bring new points of growth.

The company operates with smart city security, industrial Internet security, and cloud security as its three strategic new businesses. In 2018, the company has achieved sales of approximately $ 400 million, confirmed revenue of more than $ 200 million, and achieved initial results.

公司自2017年布局智慧城市安全运营,目前形成了北京,成都,广州,杭州四个运营业务中心以及二十余个城市级运营中心,安全运营2019H1增加业务订单过亿元,已接近2018年 每年We expect that the company’s smart city safety operation business will bring rapid growth to the company’s performance.

China’s industrial Internet security market is expected to maintain a growth rate of not less than 30% in the next three years. The company has begun research on industrial control security since 2010. It has deep technology accumulation and has realized applications in advanced manufacturing, power and other industries, ranking first in the industry.We believe that in the future, we will achieve a growth rate no less than that of the market.

China’s cloud security market is expected to grow no less than 40% in the next three years, and the company is based on equal guarantees2.

0 Standard specifications and cloud computing expansion requirements, establish a cloud protection overall plan, and achieve security protection capabilities including Huawei Cloud and Tencent Cloud. Customers cover government, finance, and other fields. At the same time, they have played a huge role in ensuring the country’s key infrastructure.It is believed that the company will achieve a growth rate no less than the market development in the future.

[Investment suggestion]It is estimated that the company’s operating income in 19/20/21 will be 30.



1.3 billion yuan, net profit attributable to mothers was 6.



2.2 billion yuan, EPS is 0.



14 yuan, the corresponding price-earnings ratio is 43/35/29 times.

The company is the leader of domestic network information security companies.

With the official implementation of 0, we are optimistic about the company’s future development prospects, covering it for the first time, and giving it an “overweight” rating.

[Risk warning]The risk of goodwill impairment caused by mergers and acquisitions; the prosperity of the network security industry is less than expected; the company’s three major strategies fail to meet expected risks.