深信服(300454) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue maintained growth, but net profit declined due to lower-than-expected growth in cybersecurity revenue, an increase in the proportion of lower-margin cloud computing business, and rapid growth in R&D and other expenses [2]. - The company reported a total revenue of RMB 1.5 billion for the year 2021, representing a year-on-year growth of 25% [10]. - Net profit attributable to shareholders for 2021 was ¥272,857,861.09, a decrease of 66.29% compared to ¥809,375,598.76 in 2020 [15]. - The company's operating revenue for 2021 was ¥6,804,903,467.09, representing a 24.67% increase from ¥5,458,395,234.15 in 2020 [15]. - The gross margin for the year was reported at 45%, a slight increase from 43% in the previous year [10]. - The company aims to achieve a net profit margin of 10% for the fiscal year 2022, up from 8% in 2021 [10]. - The company reported a net cash flow from operating activities of ¥991,440,755.51, which is a 24.77% decrease from ¥1,317,874,109.62 in 2020 [15]. - The company experienced a net loss in the first quarter of 2021 amounting to ¥96,075,719.14, while the fourth quarter showed a profit of ¥405,363,717.88 [18]. R&D and Innovation - The increase in R&D expenses and other period costs has led to a higher risk of not achieving expected revenue and profit growth [3]. - The company has allocated RMB 200 million for research and development in next-generation firewall technology [10]. - Investment in R&D increased by 15% in 2021, focusing on cybersecurity technologies and cloud computing solutions, which are expected to enhance competitive advantage [48]. - The company has maintained a research and development expense ratio exceeding 20% of revenue for six consecutive years [73]. - The company launched several key R&D projects, including SASE for secure access and Cloud Brain for advanced threat protection, with expected completion in 2022 [110]. - The company has established R&D centers in Shenzhen, Beijing, Changsha, and Nanjing to drive technological innovation and key technology breakthroughs [62]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a revenue increase of 15% in this region for 2022 [10]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market share, with a budget of RMB 500 million set aside for this purpose [10]. - The company is committed to enhancing its cybersecurity capabilities in response to the increasing regulatory requirements and market demands [44]. - The company aims to enhance the competitiveness of its security solutions and promote cloud-based transformation of its security business [148]. - The company plans to strengthen the integration of its cloud business, improving the competitiveness and richness of its overall cloud solutions [149]. Regulatory Environment and Compliance - The company is subject to various regulatory frameworks, including the Cybersecurity Law and Data Security Law, which impose obligations on data protection and cybersecurity measures [44]. - The implementation of the Personal Information Protection Law introduces strict requirements for personal data handling, promoting the development of data protection technologies and services [45]. - The company anticipates that the regulatory environment will drive demand for data classification, management, and security products [45]. - The establishment of a regulatory framework for critical information infrastructure is expected to enhance the company's operational compliance and security posture [44]. - The company is focusing on aligning its operations with the evolving regulatory landscape to ensure compliance and mitigate risks associated with data security [45]. Risks and Challenges - The company faces risks including a decline in operating performance, intensified competition in the cybersecurity and cloud computing markets, and potential delays in market expansion due to the pandemic and global chip shortages [3]. - The report highlights the need for investors to recognize the risks associated with forward-looking statements regarding future plans and performance forecasts [2]. - High R&D and sales expenses, along with stock incentive plan costs, pose risks if they do not lead to expected revenue and profit growth [156]. - The company is monitoring the impact of recurring COVID-19 outbreaks on procurement and market expansion, adjusting strategies as necessary to mitigate negative effects [154]. - Global chip shortages have led to increased hardware procurement costs, with risks of delivery delays or inability to deliver products [155]. Corporate Governance - The board of directors has confirmed that all members attended the meeting to review the annual report, ensuring collective responsibility for its content [2]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance, with no non-operational fund transfers occurring during the reporting period [166]. - The company has a complete corporate governance structure with independent decision-making and operational processes [170]. - The company has established specialized committees within the board to provide scientific and professional opinions for decision-making [163]. - The company held two shareholder meetings during the reporting period, ensuring equal rights for all shareholders and actively responding to their inquiries [162]. Product Development and Market Position - The company launched multiple innovative products, including the multi-cloud security platform MCSP and the cloud host security protection platform CWPP, to enhance user data security governance [56]. - The company's cloud computing products have achieved significant market presence, with its desktop cloud terminal product ranking first in the Chinese cloud terminal market in 2021 [58]. - The company’s hyper-converged infrastructure (HCI) products have consistently ranked among the top three in the Chinese market from 2017 to 2021 [58]. - The company aims to simplify and secure digital transformation for various sectors, including government, healthcare, education, and finance [55]. - The company is actively promoting business cloudification, online services, and service-oriented models to meet the evolving demands of users [43]. Financial Management - The company approved the use of up to RMB 70 million of idle raised funds for cash management, with a subsequent approval for an additional RMB 60 million [130]. - The company has maintained a focus on high-security, high-liquidity low-risk financial products for managing idle funds [130]. - The total amount of funds raised by the company in 2020 was RMB 888,389,898.48, with a net amount of RMB 881,242,223.75 after deducting issuance costs [129]. - The company reported a fair value loss of ¥4,730,658.63 on financial assets, primarily due to the settlement of euro-denominated borrowings and changes in the fair value of investments [122]. - The company has not changed the use of raised funds and has not sold any significant assets during the reporting period [135][136].