Nanyang Co. (002212) Company In-depth Report: Great Safety and Bright Sword Set Off for New Nanyang
At the end of 19th, the company dated CLP as an important investment, and at the same time, it planned to replace wire and cable related assets to focus on network security business development.
As a wholly-owned subsidiary acquired by the company in 16 years, Tianrongxin is a leader in the domestic network security market. It has a leading market share in multiple market segments such as firewalls, and has earlier launched big data and secure cloud services.In the next few years, it is expected to benefit from the country’s strengthening of network security management and the emergence of new application security requirements such as the Cloud University of Things and achieve rapid business development.
The company’s wholly-owned subsidiary, Tianrongxin, is a leader in the network security industry in developing countries and has strong business development momentum.
As a highly competitive network security leader in China, Tianrongxin has taken the lead in introducing domestic blank intellectual property firewall products in 1996, and has maintained the number one position in the domestic firewall market.
In addition to firewalls, Tianrongxin’s intrusion detection and defense, VPN and other products are also at the forefront of the industry, and the network big data and secure cloud service areas that have migrated to the market growth rate have been deployed earlier.
Tianrongxin’s R & D investment and gross profit margin have always been ahead of the industry. Under the environment of high demand for network security, the company’s technological strength and value as a leader will become increasingly prominent.
Dating important battle investments, plan to divest non-core business and focus on the development of network security business.
At the end of 2019, China Electronics Technology Corporation’s Electronic Technology Network letter transfer company5.
01% equity, becoming the company’s third largest shareholder.
CLP is an important conventional large-scale enterprise group in developing countries, and the construction of major military and civilian large-scale electronic information systems for the military.
We believe that CLP becomes a shareholder of the company and can help the company’s development by connecting project resources and cutting-edge technology research and development.
At the end of 2019, the company announced plans to divest cable assets. We believe that Nanyang’s move shows its determination to lead the development of Tianrongxin, promote the company’s focus on business development, and improve the company’s long-term profitability.
In the new era of the development of network security, multiple factors have driven the high growth of the leader.
As a leading company in regional network security, Tianrongxin has grasped the market demand trend and ushered in important business 无锡桑拿网 growth: the country’s increasing attention and management of network security; cloud security, industrial Internet, Internet of Things and other new security service demand markets are fastdevelopment of.
Tianrongxin has repeatedly escorted cyber security in major national events, has a good brand and quality reputation in the government, and has accumulated years of in-depth accumulation and achievements in the field of big data and cloud security, and is committed to achieving rapid development.
Covered for the first time, giving “Strongly Recommended-A” investment rating.
The company’s wire and cable business will be divested soon, and the network security business will be gathered. In the future, it will continue to benefit from the high prosperity of the industry driven by “policy-driven + technology transformation + demand upgrade”.
66 trillion, corresponding to 59.
0 times, the first coverage, given a “strong recommendation-A” rating.
Risk reminders: the risk of brain drain cannot keep up with the latest technology development risks; the risk of major shareholders reducing their holdings; the risk of goodwill impairment.