Recently, HengAn Jiaxin, anbotong, shanshi.com and Anheng information have disclosed the prospectus in the science and technology innovation version. We sorted out the key contents of each prospectus for you, and invited experts from a well-known securities firm to make professional comments on four companies.

Li Muhua, Ph.D. in engineering, Tsinghua University, joined a well-known domestic securities firm in 2017, mainly engaged in the research of information security, cloud computing and other industry segments.

An Bo Tong

Amborton has a clear positioning and is a rare upstream supplier in the security industry. From the company's prospectus, the company's positioning for its business is to do "research, development, sales and related technical services for core software products of network security". For our secondary market, the common security enterprises are qimingxingchen, Lvmeng technology or Nanyang Tianrongxin, which are product or solution providers facing the end users. A considerable part of these head enterprises' technology and products are self-developed, but sometimes because of the customer's demand or market development, they will purchase before they can self-study or self-study is uneconomical Some manufacturers' technologies or products (such as antivirus engine, network security operating system, etc.) are integrated into their own products or solutions. Sometimes they even adopt OEM mode to sell other products directly under their own brand. Ambortone positions itself as an upstream security software system supplier in the security industry.

The company's products can effectively improve the performance of equipment manufacturers' products, and have good adaptability. The company's basic product is SPOS base. From its product introduction, its function is to comprehensively analyze encrypted traffic at one time. After equipment manufacturers integrate this suite into their own products, they can improve their product's ability to guarantee application layer security. Moreover, the adaptability of the company's products is very good, which can run on all kinds of general or special physical devices, and can also run in the virtualized and cloud environment. The midstream manufacturers will not say that they bought their products, but they can't deliver them to the users at that time, which is also a major advantage of amborton's products.

Security gateway is divided into two kinds of products in the face of different demanders. In the prospectus, the company's security gateway is divided into embedded security gateway and virtualization security gateway. We believe that the main reason for this split is the difference between the purchasers. The embedded security gateway is sold to the network or security equipment manufacturers. They buy it to integrate into their own products. The customer base of the company basically covers the mainstream network or security equipment manufacturers on the market at present. However, different manufacturers should buy different things (they may buy the whole platform, some may buy engines, algorithms or feature libraries). The company The two typical customers are the network equipment manufacturer, STARNet sharp and the password focused guard stone. They have mature channels, but there is a significant gap between the security gateway products and Qiming star, green alliance and Tianrongxin. If their customers have needs for the security gateway, they can buy the company's products and integrate them into their own devices, and then sell them to customers without losing performance Other manufacturers' devices; another kind of security gateway product is the virtualization gateway, which is mainly aimed at IDC, deployed on the general server, and solves the elasticity problem of security resources after IDC virtualization and cloudization.

The company also has a SoC product, which focuses on the needs of regulatory authorities for situational awareness. On the one hand, the company has formed the upstream and downstream relationship with Qiming star and Lvmeng technology in the security gateway. On the other hand, the company has put forward one of its own products to compete with them in the SOC market. However, the company still does not face its customers directly, and the implementation is left to Taiji Computer and electronic information integration company. The customers are also the old customers of Taiji in all parts and state-owned enterprises of central enterprises Household, which means that Tuoke still relies on Taiji. The company is to provide a product. But now, due to the catalysis of the policy end and the good sales of SOC with situation awareness function in the government and enterprise end, the revenue share of the company's safety management products directly jumped from 3.58% in 2016 to 17.46% in 2017, and the revenue share of the safety management products in 2018 is also 12.90%. In the situation awareness matrix of safe cattle, the description of amborton is the medium and high level of influence and medium scale.

The biggest problem of the company's business in a comfortable profit area is the dependence of key customers. Generally speaking, it's hard for the product and solution providers who are directly facing customers to solve various problems of customers, but the upstream antivirus engine and operating system are more focused on technology, the key is to keep their leading technology, so the degree of hard work is better than that of midstream manufacturers, and the net profit rate of upstream manufacturers is also high. 2018 The annual net profit margin of the company is 30.76%, and the net profit margin of parent company of Qiming star in the same period is 22.22%. In 2018, the sales revenue of the company's top five customers accounted for 65.05%. The sales revenue of the top two customers, xinhuansan and Chinanet Zhiteng, accounted for more than 20%. The dependence of big customers was relatively serious.

Heng An Jia Xin

The company's business is mainly for public network security. The former security manufacturers mainly focus on the internal network security of enterprises, and HengAn Jiaxin is also a security enterprise with network background, focusing on the communication network, that is, public network security. Our previous public network was basically in the state of "streaking". The company's product is to deploy data collectors at the core nodes of the network to collect security data, and then analyze it at the back end, so as to achieve our monitoring and early warning, threat research and judgment, tracking and traceability, situation awareness and emergency disposal of cyberspace.

In comparison with the CNCI plan of the United States, the promotion of trusted Internet connection in China will give the company room for performance growth. The United States is at the forefront of the world in Cyberspace Security. Basically, it is the strategic update of the United States, and other countries will follow up the update. In 2009, the United States launched the comprehensive national cyberspace security program (CNCI), one of the major tasks is to establish an all-weather infrastructure monitoring system. In our country, "419" speech mentioned to realize all-weather and all-round awareness of network security situation. The main business of the company can be understood as to solve the security monitoring problem of the key information infrastructure of the public Internet and operators. The goal is to directly detect and kill malicious code in the public network and build a reliable internet connection.

Key customers rely on, but shareholders have a good background. The company's products are mainly applied to government and enterprise customers such as telecommunication operators and security management departments. In 2016, 2017 and 2018, the sales of the company's top five customers accounted for 80.29%, 74.24% and 83.17% of the operating revenue respectively. However, the company's shareholders include three major operators, with 7.42% of China Mobile's innovative shares and 3.74% of China Mobile, China Unicom and China Telecom's shares. From the perspective of shareholder background, the company and operators have a relationship beyond business scope, which provides a guarantee for the continuity of business.

High accounts receivable is a problem, and there is little room for improvement. At the end of 2018, the company's accounts receivable accounted for 71.65% of its revenue, and the proportion has been increasing in the past three years. From the perspective of receivables structure, Unicom has always been a "large amount of money dragging" of the company. We believe that one of the reasons driving the company's receivables / revenue indicators to rise is that after the "419" speech, the operators' desire to purchase the company's products has been strengthened, and the proportion of the company's operators' business has been increased; the other is that the company continues to develop the business of China Telecom, which is obviously caused by the receivables of China Telecom In 2018, it suddenly rose rapidly. Considering that the company's business strategy is to serve the national cyberspace security strategy, the proportion of operators in the company's revenue will only continue to rise in the future, and the purchase of operators has obvious seasonality, resulting in the normal debt, so the problem of high accounts receivable is expected to have little room for improvement.

Fund raising projects show that the company is ambitious. The company's fund-raising investment project is to upgrade its existing products to 5g network, industrial Internet and Internet of things, which are the future development direction of operators, and closely combined with the current call of the state for situational awareness. We believe that the company's intention is to make itself a leading enterprise of public network security of service operators by virtue of the development window period brought by the policy.

Rockery family

The company was established in 2006 to do border security. In a word, the company should use the old school concept to make new school products. The company was also the first to do the security operating system (stoneos), but it did not do as an upstream supplier, but developed its own products (SA / Sr two security gateway series products), and later launched high-performance data center firewall, high-performance security audit platform and intelligent next-generation firewall. The main force of the company is to make products around the old-fashioned concept of boundary protection, but it constantly introduces new technologies such as high-performance concurrent computing and machine learning into the products to make new products.

Technology oriented safety product enterprises have good product competitiveness. Some of the products of shanshiwangke have been recognized by Gartner, the most authoritative security consulting agency. For five consecutive years, the company has been selected into UTM Magic Quadrant and enterprise firewall Magic Quadrant. For two consecutive years, the company has been selected into IDPs Magic Quadrant. It is the only enterprise in China that has been selected into three quadrants at the same time. This shows that the company's products are leading other domestic manufacturers in terms of technology and product concept . According to IDC statistics, in 2017, the company ranked fourth in the domestic UTM market in terms of scale. When the company was founded, the early domestic security gateway manufacturers had been established for ten years, and they were in the forefront of a relatively stable market, indicating that the company's products have excellent market competitiveness.

The channel develops customers and carries out differentiated competition in sales. At the same time, the security information and 360 enterprise security established in the same period are all in dislocation competition with the traditional security manufacturers in the product line, focusing on situation awareness / big data security platform. The company competes in the fields that the traditional big factories are good at, but it carries out the differentiated competitive strategy with them in the sales mode. Qiming Xingchen, Lvmeng technology and Tianrongxin are all the major marketing strategies for big customers, and the sales mode is mainly direct sales. The company mainly focuses on channel construction. In 2018, the company's channel sales revenue accounted for 89.58% of the total revenue. At present, the company has 4 general agents, 20 strategic industry ISVs and 303 gold / silver agents. Although the company's top five customers account for a high proportion of sales, they are basically general agents. The actual customer structure is decentralized. The source of risk is not customer dependence, but channel management.

The fund-raising project is to consolidate and promote the existing advantages. There are three fund-raising projects of the company: 1) network security product line expansion and upgrading project; 2) high performance cloud computing security product research and development project; 3) marketing network and service system construction project. To summarize briefly is to upgrade and expand the current products, continue to spend money on channel construction, and seize the air outlet of cloud computing security. Although the concept of border security is old-fashioned, it will not be eliminated now. With the introduction of ISO 2.0, those "non key customers" who can only be reached by channels and have compliance needs will hopefully bring excellent performance growth flexibility to the company.

An Heng information

For three consecutive years, Anheng information has been selected as one of the top 500 global network security companies, ranking first in China's information security industry in terms of revenue. Hangzhou Anheng Information Technology Co., Ltd. (hereinafter referred to as "Anheng information" or "company") was founded in 2007 by Mr. Fan yuan, an expert of the national thousand talents plan. It is a leading information security product and service solution provider in China. The company has been selected into the global top 500 network security companies for three consecutive years, and has successively provided network information security guarantee for major events such as the Olympic Games, the World Expo, the world Internet Conference, the G20 summit, and the Shanghai International Expo.

Alibaba venture capital is the second largest shareholder of the company, bringing Alibaba resources. On October 28, 2015, the shareholders' meeting of Anheng Co., Ltd. decided to agree that fan yuan and other shareholders would transfer their capital contribution to Hangzhou Ali Venture Capital Co., Ltd. and that Ali venture capital would invest 46.4 million yuan in currency. After multiple rounds of financing and equity transfer, in January 2018, Alibaba venture capital held 14.4150% of the equity, becoming the second largest shareholder of the company. Anheng information is the largest partner of Alibaba cloud. The company has cooperated with Alibaba cloud since 2015, becoming the first batch of security suppliers in Alibaba cloud security market.

The company's main product line is different from the traditional information security leading company Qiming Xingchen, Lvmeng technology, Tianrongxin and so on, focusing on emerging markets. Security information is not based on traditional information security products such as firewall, IDS and IPS, but on application security products such as web application firewall, database firewall, log audit, situation awareness platform and cloud protection platform. On the one hand, at the beginning of the company's establishment, the traditional product pattern has been relatively stable; on the other hand, the company's founders have seen the trend of cloud computing and big data rising in a forward-looking way. They have arranged ahead of time. At the stage when the penetration rate of traditional information security products is close to the ceiling and the penetration rate of new products is rising rapidly, the company has gained the opportunity of rapid growth. Since its establishment, the company's product line has evolved from application security and data security to platform products, which conforms to the general trend of information security industry development.

The focus of Anheng is the growth of big data analysis platform and cloud business. The company has two major big data analysis platform products, one is ailpha big data intelligent security platform, the other is network security situation awareness early warning platform. With these two products, the company is now the most influential enterprise in the field of situation awareness, and the scale is only less than 360 enterprise security. The early safety management platforms were built by large enterprises, but they were often not used after construction. In 2013, RSA conference introduced big data technology, which improved the usability of platform products, coupled with the impact of policy end, and the market penetration of platform products is expected to rise rapidly. At the same time, the company relies on Alibaba, the largest cloud computing company in China. Cloud security has the advantages of technology and application scenarios. From the perspective of direction, at present, large enterprises in China mainly focus on private cloud construction, so we are optimistic about the market performance of cloud security products with Tianchi cloud security management platform as the core in private cloud construction.

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