$Qualys (QLYS.US)$It is a USA company listed in 2012 at $12,...

The gross margin has fluctuated around 78% over the past 5 years, with the return on net assets increasing from 13.4% to 23% before declining to 16.9%.

In the past 5 years, revenue has grown at a moderate pace, with operating profit and net income reaching a peak in 2020 before decreasing by 9.3% and 22.5% respectively in 2021.

The profit statement shows a significant increase in expenses by 0.047 billion in 2021, especially with a 0.03 billion increase in management expenses.

Interest expenses for the company have been in a net income position for the past 5 years, with no interest burden.

In the first half of 2022, revenue increased by 18.8%, operating profit doubled, net income increased by 1.4 times compared to the same period in 2021. The management expenses saw a significant decrease of 0.027 billion, accounting for 40% of the first half operating profit. If the expense surge in 2021 was one-time and adjusted back, the operating profit for the first half of 2021 would be 53.95 million. Therefore, the adjusted growth rate for the first half of 2022 is 23.3%, not as high as previously perceived.

Conversely, if expenses increase in the second half of 2022 and reach or exceed the level of 2021 for the whole year, the annual growth will be severely dragged down. Significant changes in expenses will make it difficult to predict stocks, and the discount requirements for such stocks should be higher.

The asset-liability ratio has increased from 36.1% to 46.4% over the past 5 years, further rising to 49.7% in 2022Q2. The balance sheet shows a major increase in company debt is deferred liabilities, which are benign liabilities and not a cause for concern.

Over the past 5 years, operating net cash flow has been higher than investment net cash flow, resulting in some shareholder surplus.

Currently the pe is 63, pe TTM is 44. Net income in the first half of 2022 was 0.052 billion. If the full year profit is 0.12 billion, the corresponding 5-year average growth rate is 24, with a corresponding pe of 35. The valuation discount is not large enough, lacking attractiveness.