卡卡文 卡文 Analysis: Sanwei Xinan (2022-165)
Today's Science and Technology Innovation Board One target subscription, the analysis is as follows:
Sanwei Xinan (sponsor: Guotai Junan Securities ) 688489
Sanwei Xinan focuses on the innovation of cryptographic technology and the research and development, sales and services of cryptographic products, and provides comprehensive commercial cryptographic products and solutions for the field of network information security. As the main domestic commercial cryptographic infrastructure provider, the company is committed to using cryptographic technology to protect the digital world.
Logical analysis :
①Look at the valuation:
The number of shares issued in this public offering is 19.14 million shares, with a total share capital of 76.556268 million shares after issuance. The issuance price of this is 78.89 yuan per share, corresponding to the total market value of the target company listed is 6.039 billion, and the corresponding issuer's diluted price-to-earnings ratio is 83.82 times after deducting non-recurring gains and losses in 2021. The price-to-earnings ratio of comparable listed companies whose main business is similar to that of issuers is as follows:
is higher than static price-to-earnings ratio in the industry released by CSI Index Co., Ltd. in the last month, which is lower than the average static price-to-earnings ratio of comparable companies in the same industry.
expects the operating income for the whole year of 2022 to be RMB 351.6428 million to RMB 381.165 million, and increased by by 30.08% to 41.00% year-on-year; the net profit attributable to the parent company owners is RMB 102.6399 million to RMB 120.0613 million, a year-on-year increase of 37.41% to 60.74%; the net profit attributable to the parent company owners after deducting non-recurring gains and losses is RMB 92.4399 million to RMB 109.8613 million, a year-on-year increase of 28.30% to 52.48%. The valuation level has improved significantly.
② Fundamentals :
Sanweixinan focuses on the innovation of cryptographic technology and the research and development, sales and services of cryptographic products, and provides comprehensive commercial cryptographic products and solutions for the field of network information security. As the main domestic commercial cryptographic infrastructure provider, the company is committed to using cryptographic technology to protect the digital world.
In December 2020, the company's first self-developed cryptographic chip XS100 was successfully cracked and packaged. In October 2021, it passed the Commercial Password Inspection Center of the State Cryptography Administration and obtained the product certification certificate. The company completed the mass production of the first batch of cryptographic chips XS100 in September 2022 and is being fully launched on the market. Password chip XS100 will first meet the company's own needs, complete the domestic replacement and performance improvement of chips for the company's existing password boards, password whole machines and other products, ensure the company's core technology's independent and controllable and supply chain security, and improve the company's products' competitiveness. With continuous R&D investment and technological innovation,
has launched the first security level three-level password board in China and the first FIPS 140-2 Level 3 (US Federal Information Processing Standard Level 3) certified password machine. The company's products have won 19 Beijing New Technology and New Products (Services) Certificates, 5 Cryptotechnology Progress Awards, and 2 won the China Network Security and Information Industry Golden Intelligence Awards. The company has participated in 6 national and provincial and ministerial scientific research projects, including the research and development projects of key technologies for high-performance domestic cryptography, the domestic cryptography algorithm technology and product achievement transformation projects that support cloud computing. In addition, the company has participated in the formulation of 25 national or industry standards, including IPSec VPN technical specifications and basic requirements for information system password application.
Company's products are widely used in key industries such as finance, securities , electricity, telecommunications , petroleum, railways, transportation, e-commerce, as well as government departments such as customs, public security, taxation, water conservancy, quality supervision, and medical insurance. The company has successively participated in the national tax system password transformation, the construction of government cloud in provinces and cities such as Shanghai and Shandong, the construction of public security system password resource pool, the construction of national medical security information platform password construction, the construction of state power grid password platform, and the encryption of epidemic big data. According to data from the National Commercial Password Certification Center, the company ranks first in the industry in terms of the number of password board qualifications. According to Market Research Intellect's 2021 statistics, the company ranks ninth in the global cryptographic hardware security market (Global Hardware Security Module Market).
In July 2021, the company was rated as "national specialized and new 'little giant' enterprise". The company has also been rated as "Top 100 Cyber Security Enterprises in China", "Top 100 High Growth Enterprises in Zhongguancun ", and "Top 10 Outstanding Enterprises in Commercial Secret Industry", and is an important participant in the national network information security industry.
③View fundraising and investment:
The issuer's fundraising project is expected to use the amount of funds raised to 403.4321 million yuan. Based on the issuance price of RMB 78.89 per share and the number of new shares issued by 19.14 million shares, if the issuance is successful, the total amount of funds raised by the issuer is expected to be RMB 150,995.46 million. After deducting the issuance fee of approximately RMB 139.0905 million (excluding tax), the net amount of funds raised is RMB 137,086.41 million. The investment projects raised are as follows: the construction of the R&D and Upgrade Project of
password product research and development and upgrading project, continue to use the company's existing technical achievements, continue to explore and innovate, and continuously optimize password board, password whole machine, password system and other products, further improve the compatibility of password board interfaces, realize the value positioning of high, medium and low-end products of password whole machine, optimize password algorithms, and improve password systems such as password resource pool modular management capabilities, data security protection capabilities, etc. After the project is completed, it will help promote the company's technical R&D capabilities, greatly improve the company's product performance, greatly meet the needs of downstream customers, and improve the company's overall profitability.
password security chip R&D and upgrade project plans to develop a high-performance security chip with independent intellectual property rights by increasing R&D investment, optimizing and upgrading technology, improving chip process level, enhancing the R&D team, and expanding the office space, to improve the process level of chip , and fundamentally solve the core needs of high-performance cryptographic computing.
In summary, the company's industry is in a relatively high prosperity, its valuation tends to be reasonable driven by performance, its growth space is acceptable, and the probability of breaking the issue is relatively low.
Conclusion: Today's radical investors can participate in , Sanweixinan . The little novice monk gave up the subscription to today. We are here along the way on the road of investment, welcome to continue to pay attention.
