$Qualys (QLYS.US)$It is an American company that was listed ...

Over the past 5 years, gross margin has basically fluctuated around 78%, and the return on net assets rose from 13.4% to 23% and then declined to 16.9%.

Revenue has grown moderately in the past 5 years. After reaching high points in 2020, operating profit and net profit declined by 9.3% and 22.5% respectively in 2021.

The income statement shows a sharp increase of $47 million in expenses in 2021, particularly an increase of $0.3 billion in management expenses.

Over the past 5 years, the company's interest expense accounts have all been net income, and there is no interest burden.

In the first half of 2022, revenue increased 18.8%, operating profit increased 1.5 times, and net profit increased 1.4 times. Compared with the same period in 2021, management expenses fell sharply by 27 million, accounting for 40% of operating profit in the first half of the year. If the sharp increase in expenses in 2021 was one-off, the operating profit for the first half of 2021 was 53.95 million, then the increase in operating profit for the first half of 2022 was adjusted to 23.3%, far from what it seemed before.

Conversely, if expenses increase in the second half of 2022 and meet or exceed 2021 levels throughout the year, then full-year growth will be severely reduced. Drastic changes in fees will make stocks difficult to predict, and the discount requirements for such stocks should be greater.

The balance ratio has risen from 36.1% to 46.4% in the past 5 years, and further rose to 49.7% in Q2 2022. The balance sheet shows that one major increase in corporate debt is deferred debt. This kind of debt is healthy, so there is no need to worry.

Over the past five years, the net operating amount was higher than the net investment amount, and there was a certain shareholder surplus.

The current price-earnings ratio is 63, and the price-earnings ratio is TTM 44. Net profit for the first half of 2022 is 52 million. If the annual profit is 120 million, the corresponding 5-year average growth rate is 24, and the corresponding price-earnings ratio is 35. The valuation discount is not large enough, and the appeal is insufficient.