【公司研究】深信服-公司深度报告：“安全+云”快速迭代持续成长-2020200630[39页].pdf

1、 / + IT 23-4 + 820103 594123 1 2 SMB 3 1 2 3 SMB + 2020-202258.22/80.03/103.89 9.00/12.30/15.81 226.50927 IT2.0 2018A 2019A 2020E 2021E 2022E 3,224 4,590 5,822 8,003 10,389 (+/-)% 30.41% 42.35% 26.85% 37.46% 29.81% 603 759 900 1,230 1,581 (+/-)% 5.19% 25.80% 18.62% 36.62% 28.54% 1.47 1.86 2.20 3.01

2、3.86 60.76 61.66 87.65 64.16 49.91 10.66 10.83 15.16 12.26 9.84 (%) 17.55% 17.56% 17.29% 19.11% 19.72% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 403 409 409 409 409 2020/6/29 6 226.50 192.88 12 88.66223.10 78,874 409 A 409 B/H 0/0 2 -10% 18% 46% 74% 102% 130% 2019/72019/102020/12020/4 % 1M 3M 12M 3% 20%

3、121% -4% 9% 113% 3004543Q -20191025 0771 -20200310 S0550519100001 13810884820 S0550119110002 15652991086 S0550119110012 18811346899 300454 2020-06-30 2 / 39 1. . 5 2. +IT . 6 2.1. IT . 6 2.2. . 8 3. + . 11 3.1. 2.0+ . 11 3.2. . 13 3.3. 200-300 . 15 3.4. . 17 3.4.1. . 18 3.4.2. SMB . 19 3.4.3. . 20 4

4、. . 22 4.1. . 22 4.2. . 24 4.2.1. . 24 4.2.2. . 26 4.3. . 28 5. +. 32 6. . 33 7. . 36 3 / 39 1 . 6 2 . 7 3 . 7 4 . 8 5 6Gartner . 8 6 5CAGR37% . 8 7 5CAGR27%. 8 8 . 9 9 201926%. 9 10 . 9 11 % . 9 12 .10 13 2019 .10 14 20193.96 .10 15 .10 16 ROE . 11 17 . 11 18 2.0 . 11 19 2.0 .12 20 2.0 .12 21 .13 2

5、2 .14 23 .14 24 .14 25 .16 26 +820 .16 27 .17 28 .18 29 Gartner .19 30 201914.2% .19 31 2017 .19 32 .19 33 2018.20 34 2018 .20 35 2018.20 36 2018 .20 37 .21 38 .21 39 .22 40 .23 41 .23 42 5IT .23 43 202325 .24 4 / 39 44 2018 .24 45 .25 46 .25 47 .25 48 .26 49 .27 50 14.9% .27 51 .27 52 .28 53 aSEC.2

6、8 54 .29 55 .29 56 .29 57 .30 58 ARM .30 59 - .31 60 % .32 61 % .32 62 .32 63 .32 64 % .33 65 .33 5 / 39 1. IT 23-42008 VPN12201924.8% 2009112019 22.4%52016201914.2% 2013 +2.0 IPSA V2.0 820103 594123 1 2 SMB3 1 23 201940% 202324.9 1 23 SMB SMB 2020 2.0 6 / 39 2.0 20%201924.9%21.3% 2019 11.4 2.17 202