"Investor Network" Xie Yingjie
Editor Wu Yue
"Cybersecurity + Technology" halo, Hangzhou Dipu Technology Co., Ltd. (300768.SZ, hereinafter referred to as " Dipu Technology ") has stood out in the fierce competition in recent years.
But in 2022, the company looks like it is bidding farewell to the highlights. In the first three quarters of this year, Dipp Technology's revenue fell 18.27% year-on-year to 606 million yuan, and its net profit attributable to shareholders fell 66.7% year-on-year to 68.166 million yuan.
news, as the actual controller of Dipu Technology, Zheng Shusheng recently received a decision from the Securities Regulatory Bureau to correct the measures. Because it touched the relevant regulations, the Zhejiang Securities Regulatory Bureau decided to record it in the Securities futures market integrity file. In the secondary market, after Dipu Technology 's stock price reached a temporary high of 31.78 yuan per share at the end of 2021, it "falls continuously". At the end of October this year, the stock price bottomed out at 11 yuan per share, setting a new low since its listing. Against this background, the company has still been reduced by several important shareholders.
net profit excluding non-recurring declines for four consecutive quarters
Public information shows that in April 2019, Zheng Shusheng led Dipu Technology to list on the GEM. Dipp Technology focuses on the fields of network security and application delivery, providing users with full-scenario and comprehensive network security solutions, and its customers cover mobile operators, finance, power and energy industries.
Dip Technology has maintained a high market position in recent years. Huaan Securities quoted IDCh data and said that in the third quarter of 2015, the company's load balancing market share reached 7.4%, and it still maintains the top five levels in China.
's company's performance was also very popular for a time. From 2019 to 2021, revenue was RMB 804 million, RMB 891 million and RMB 1.03 billion, respectively, and net profit attributable to shareholders was RMB 252 million, RMB 276 million and RMB 309 million, respectively.
(data source: Wind)
Among them, government subsidies also contribute slightly. Wind data statistics show that in the past three years, government subsidies have been 20.108 million yuan, 19.79 million yuan and 15.13 million yuan respectively, reaching 11.275 million yuan in the first half of this year.
However, since the fourth quarter of 2021, Dipp Technology has shown a turning point in performance. The net profit of non-recurring items for a quarter has declined year-on-year for four consecutive quarters. In the second and third quarters of this year, the indicator fell by 130.6% and 74% year-on-year. The company explained that "the recurrence of the epidemic in many places has had a short-term adverse impact on the company's business expansion. From the perspective of the industry, the government industry has the greatest impact."
Government-related businesses have made outstanding contributions to the company's revenue and profits, and the decline in this sector's business has had a great impact on the company's performance. From 2019 to 2021, government-related businesses accounted for 35.57%, 35.35% and 42.62% of revenue.
In the past three years, the revenue share of the company's top five customers has increased year by year, reaching 69.12%, 78.42%, and 90.09%, respectively. The industry averages during the same period were 27.68%, 30.24%, and 33.46%. In the secondary market of
, Dipu Technology's stock price has fallen by about 50% this year to 13.82 yuan per share (as of December 12), with a market value of 8.9 billion yuan and a rolling price-to-earnings ratio of 51 times. In terms of institutional holdings in , from the beginning of this year to the end of the third quarter, the total holdings of in the company of fund dropped from 18.465 million shares to 3.2825 million shares.
capital market was still "coldly treated", recently Zheng Shusheng, the actual controller of Dip Technology, was "beat" by the regulatory authorities. On November 23, the Zhejiang Securities Regulatory Bureau issued the "Decision to Order Corrective Measures", which showed that Zheng Shusheng promised to transfer the shares of Hangzhou Hongshan Technology Co., Ltd. it held by the end of 2021. As of the end of October 2022, Zheng Shusheng still held shares of Hongshan Technology , and failed to transfer it to unrelated third parties as scheduled.
The above behavior touched the relevant regulations. The Zhejiang Securities Regulatory Bureau decided to take supervision and management measures against Zheng Shusheng to order to correct and record it in the securities and futures market integrity file.
profit forecast has been lowered
Since the beginning of this year, Dipu Technology has been repeatedly reduced by shareholders. The three major shareholders of Gewu Zhihui, Jingluo Jiyuan and Wentaolingchao have reduced their holdings by 4.1525 million shares through centralized bidding transactions this year, with a total cash out of 165 million yuan. Executive Zhou Shunlin has reduced its holdings by 1.785 million shares, equivalent to a market value of 28.1 million yuan.
At the same time, Dipu Technology repurchases for many times this year.The latest announcement shows that as of the end of November this year, the company has repurchased 6.744 million shares, accounting for 1.05% of the total share capital, and the total transaction amount is 96.859 million yuan (excluding transaction fees ).
However, judging from the stock price performance, the market seems to have not yet recognized it. Some investors said bluntly on the interactive platform: "On November 9, Zhengwei International gave a 3,000-word reply to investors' questions about the company's controlling shareholder and actual controller. On the other hand, Dip has long covered up the actual controller's violations, and has not responded many times or delayed investors' questions for a long time. Although it has been supervised by the Shenzhen Stock Exchange, it has turned a deaf ear to this day and the violation is still in progress."
"Zheng Shusheng has submitted documents to relevant institutions as required by the document. If there is any information that needs to be disclosed, the company will disclose it in accordance with the requirements of relevant laws and regulations." The company explained.
Qichacha data shows that from July 1993 to November 2003, Zheng Shusheng worked for Huawei Technology Co., Ltd. . He has served as R&D project manager, pilot department director, production department director, technical support department director, exchange business department president, domestic marketing management office director, and company executive vice president.
Currently, Zheng Shusheng directly holds 45.4% of Hongshan Technology's shares and serves as chairman. Both companies are located in Hangzhou, less than 10 minutes away from each other. There are three common general agents of the two companies.
Due to overlapping suppliers and customers situations between the two companies, during the IPO of Dipu Technology, the Issuance and Audit Committee asked it to explain: "Where are there any interest transfer, transfer fees or other situations that harm the interests of the issuer with Hongshan Technology? Whether there is competition with Hongshan Technology and whether there is practical measures to prevent competition or conflict of interest from harming the legitimate rights and interests of investors."
Zheng Shusheng therefore promised to transfer Hongshan Technology equity within the agreed period. However, three and a half years have passed, and the company has not yet announced the relevant announcement.
Despite this, when accepting institutional surveys, the company expressed its still optimistic about its future prospects. "From the industry perspective, the company has a large number of high-quality customers in operators, electricity, finance and other industries, which constitute the market basis for the company's future growth; with the advancement of domestic substitution, security business in finance and other industries will also grow rapidly; although there is certain uncertainty in the government market affected by the government budget, the demand for security construction in the government market continues to grow. The company's increase in investment in the government market will also promote the business expansion of the government industry."
But some institutions hold different views. Guosen Securities pointed out that due to the continued negative impact of the epidemic on the operating conditions throughout the year, the profit forecast for Dipu Technology was lowered. It is estimated that the operating income from 2022 to 2024 will be reduced from 1.288 billion/1.621 billion/1.988 billion to 1.042 billion/1.406 billion/1.864 billion, with a growth rate of 1%/35%/33%, and the net profit attributable to shareholders will be 245 million/371 million/490 million.
market competition is becoming increasingly fierce
In June this year, the China Cyber Security Industry Alliance released the report "2022 China Cyber Security Market and Enterprise Competitiveness Analysis" which showed that the scale of China's cybersecurity market in 2021 was 61.4 billion yuan, and from 2018 to 2021, maintained a year-on-year growth of more than 10%. The report predicts that the cybersecurity market will maintain a growth rate of more than 15% in the next three years, and the market size will exceed 100 billion by 2024.
company prompted risks in its financial report that there are many manufacturers in the domestic security industry and the market competition is fierce. As the information security market space further expands, the competition between the company and manufacturers with technology, brand, talent and financial advantages in the industry may further intensify.
CICC believes that Dipu Technology network security product contains a full range of high, medium and low end, covering various application scenarios. The company continues to lay out new fields, which is expected to drive the company's further development in the future. It also reminds the risks that there are many participants in the cybersecurity industry, and some products have serious homogeneity of , so the competition is fierce, which may affect gross profit margin, especially low-end products.
Judging from the financial data, the company's bargaining power has fluctuated to a certain extent. According to Wind data statistics, in the first three quarters of 2021, the company's inventory turnover rate reached 9.83 times, and fell to 6.99 times in the first three quarters of this year.
In the first three quarters of this year, the company's gross profit margin was 67.34% and the net profit margin was 11.24%. From 2019 to 2021, the company's gross profit margin exceeded 70%, and the net profit margin was above 30%.
Guosen Securities analyzed that the company has been affected by certain chip shortages since the fourth quarter of 2021, especially in the high-end security market areas such as the company's main operators, which have affected the company's product delivery. In 2022, the company gradually increased its inventory, which affected gross profit margin to a certain extent.
It turns out that in order to cope with fierce industry competition, Dipp Technology's sales expenses have been maintained at a high level. From 2019 to 2021, it was RMB 219 million, RMB 243 million and RMB 285 million respectively. In the first three quarters of this year, it reached 223 million yuan, ranking 17th among the 41 listed companies in the cybersecurity sector; the sales expense rate was 36.7%, ranking 12th in the industry, ranking at the forefront.
financial report explains that the company is in an upward stage of development, with a relatively small business scale, but the sales area is vast and the customers are relatively scattered. The salary of sales personnel and office rental expenses are high, resulting in an increase in sales expenses.
corresponds to its R&D expenses. In the first three quarters of this year, half of the 41 listed companies in the network security sector had R&D expenses of more than 200 million yuan, and the company ranked in the middle and lower reaches with 183 million yuan.
From a series of financial indicators, Dipp Technology seems to no longer have significant advantages in the increasingly fierce market competition, but in the short term, the company will still maintain its market position.
Zheshang Securities believes that China Mobile announced the results of anti-DDoS equipment procurement from 2022 to 2024. The company was shortlisted for the first place in the total share and total amount of winning bids. The company has been deeply involved in the network security industry for many years, and has a user group mainly composed of high-end and high-quality users in major industries. It has established a large number of high-end model points, laying a good foundation for the company's business expansion. The recent winning bid orders support subsequent annual performance. (Produced by Siwei Finance) ■
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