资源描述
1 / 23 2021 03 12 - -2021.3.7 - 2021 -2021.2.28 - -2021.2.21 Palo Alto S0790520080001 S0790520090001 Palo Alto 2005 2007 PA-4000 2011-2020 9 Gartner 2021 71000 8000 Palo Alto Palo Alto 2007-2013 2013-2017 2017 Strata Prisma Cortex Next-Generation Security Palo Alto Prisma Cortex 1 Prisma 2021 Fortune 100 Prisma Cloud 70% Global 2000 Prisma Cloud 20% 2 Cortex 2021 Cortex 400 65% Fortune 100 34% Global 2000 Cortex 1 2012 2020 38.3% 2 2020 69% 3 13% 2021 24% IT -31% -15% 0% 15% 31% 46% 62% 2020-03 2020-07 2020-11 3002 / 23 1 NGFW “ ” . 4 1.1 . 4 1.1.1 2007-2013 . 4 1.1.2 2013-2017 . 4 1.1.3 2017 . 5 1.2 . 6 1.2.1 Gartner . 6 1.2.2 NextWave . 7 1.2.3 . 8 2 . 8 2.1 Strata . 8 2.1.1 . 9 2.1.2 . 12 2.2 Prisma . 13 2.3 Cortex . 14 3 . 15 3.1 . 15 3.2 . 16 3.2.1 . 16 3.2.2 . 16 3.3 . 18 4 5G . 19 4.1 . 19 4.2 5G . 20 5 . 20 6 . 21 1 . 4 2 . 5 3 . 5 4 9 Gartner . 6 5 2020 6 . 6 6 2011 2020 . 7 7 . 8 8 2022 726 . 8 9 . 8 10 . 10 11 . 10 12 . 11 13 . 11 14 . 113 / 23 15 . 12 16 PA . 12 17 Prisma Cloud . 13 18 Prisma Access . 14 19 Cortex . 15 20 FY2017 . 15 21 FY2017 . 15 22 FY2019Q3-FY2021Q1 . 16 23 FY2009 . 16 24 FY2019Q3 “ ” . 17 25 FY2019Q3 “ ” . 17 26 FY2020Q1 . 17 27 FY2020Q1 “ ” . 17 28 “ ”+ =“ ” . 18 29 “ ”- =“ ” . 18 30 . 18 31 2016 . 19 32 . 19 33 . 20 34 5G . 20 1 2017 . 6 2 2020Q2 . 7 3 Strata . 9 4 Prisma . 13 5 Cortex . 14 6 “ ” 2021.3.12 . 214 / 23 1 NGFW Palo Alto 2005 1.1 2007-2013 2013-2017 2017 1.1.1 2007-2013 2007 PA-4000 4 UTM 2010 6 GlobalProtect VPN 2011 11 Wildfire 1 Palo Alto Networks Docs 1.1.2 2013-2017 2013 VMware 2014 VM 2014 2 Cyvera Traps5 / 23 Traps 2 Palo Alto Networks 1.1.3 2017 2018 Application Framework SaaS 2019 2 Cortex 3 Palo Alto Networks Blog Prisma Cloud Evident.io Redlock Twistlock PureSec Aporeto Prima Saas Aperture Cortex XSOAR Demisto6 / 23 2021 15% 2019 1 2017 2017 2 28 Light Cyber Ltd 105 2018 3 14 Evident.io Inc 300 2018 4 10 Secdo Ltd 100 2018 10 3 Redlock Inc 173 2019 2 19 Demisto Inc 560 2019 5 29 Puresec Ltd 47 2019 5 29 Twistlock Ltd 410 2019 9 4 Zingbox Ltd 75 2019 11 25 Aporeto Inc 150 2020 3 31 CloudGenix Inc 420 2020 8 24 Crypsis Group Holdings LLC 265 2020 11 11 Expanse Inc 800 2020 11 19 Sinefa Group Inc 44 Palo Alto Networks Press Release 1.2 1.2.1 Gartner 2020 Gartner 2011-2020 9 Gartner 2015-2020 6 TSIA 6 JD Power 4 9 Gartner 5 2020 6 Gartner Palo Alto Networks Statista7 / 23 6 2011 2020 Statista 2020 IDC 2020 Cisco 2020 18.1% 2 2020Q2 2020Q2 2020Q2 2019Q2 2019Q2 1. Palo Alto Networks 759.4 18.1% 633.7 16.3% 2. Cisco 711.4 17.0% 660.8 16.9% 3. Fortinet 534.4 12.7% 452.9 11.6% 4. Check Point 420.0 10.0% 405.2 10.4% 5. SonicWALL 164.1 3.9% 158.8 4.1% 1604.1 38.3% 1587.8 40.7% 4193.4 100% 3899.3 100% IDC 1.2.2 NextWave NextWave NextWave Innovator Platinum Diamond 2020 5,600 4 23.45 68.8% 77,000 170 85% Fortune 5008 / 23 7 Palo Alto Networks FY2020Q3 1.2.3 Gartner 2022 726 2018 2022 9.2% 21.2% 8 2022 726 Palo Alto Networks FY2020Q3 2 Strata Prisma Cortex 9 Palo Alto Networks 2.1 Strata9 / 23 Strata Panorama 1 PA VM CN 2 8 2007 2011 Threat Prevention URL Filtering Global Protect WildFire 2019 2020 DNS Security SD-W AN DLP IoT Panorama 3 Strata (PA- Series) (VM-Series) (CN-Series) (Threat Prevention) 2007 Threat Prevention WildFire URL (URL Filtering) 2007 URL Web PAN-DB Web HTTP WildFire GlobalProtect 2010 GlobalProtect WildFire 2011 WildFire WildFire DNS Security 2019 DNS Security DNS SD-WAN 2019 SD-WAN SD-WAN (DLP) 2020 Enterprise DLP PII (IoT Security) 2020 App-ID Panorama Panorama Palo Alto Networks 2.1.1 UTM 2007 App-ID User-ID Content-ID 2020 710 / 23 PAN-OS 10.0 IoT Device-ID 10 Palo Alto Networks App-ID User-ID Content-ID App-ID SSL User-ID Microsoft AD IP Content-ID App-ID 11 Palo Alto Networks Docs App-ID 识别应用- 提升端口识别 User-ID 识别用户- 提升基于IP 控制 Content-ID 扫描内容威胁 综合防护 IPS 、病毒 、 现代威胁11 / 23 12 Palo Alto Networks Docs UTM 13 14 Palo Alto Networks Docs Palo Alto Networks Docs Data Plane Control Plane CPU RAM12 / 23 15 Palo Alto Networks Docs 2.1.2 PA VM CN 1 PA PA-200 PA-7080 2 VM VMware Microsoft Amazon Google KVM Openstack NFV 3 CN 2020 PAN 10.0 DevOps Kubernetes 16 PA Palo Alto Networks 2021 71,000 8,000 VM CN 10,000 2,50013 / 23 2.2 Prisma Prisma Prisma Cloud Prisma Access SaaS Prisma SaaS Prisma Access CloudGenix SD-W AN SASE Secure Access Service Edge 4 Prisma Prisma Cloud Prisma Access (SASE) Prisma Access 76 / 100 Prisma SaaS CloudGenix SD- WAN SD-WAN 7 Palo Alto Networks Prisma Cloud Prisma Cloud Prisma Cloud 18 2021 Fortune 100 Prisma Cloud 70% 2020 43% Global 2000 Prisma Cloud 20% 2020 14% 17 Prisma Cloud Palo Alto Networks Prisma Access Prisma Access SASE GlobalProtect Prisma Access Prisma Access SaaS Prisma Access14 / 23 2020 10 13 Prisma Access 2.0 CloudGenix SD- WAN Prisma SASE SASE Prisma SASE Prisma Access 2021 1000 Prisma SASE 100% 18 Prisma Access Palo Alto Networks 2.3 Cortex Cortex Cortex Cortex Data Lake Cortex Cortex XDR Cortex XSOAR Cortex Data Lake AutoFocus 5 Cortex Cortex XDR Cortex XSOAR (SOAR) Cortex Data Lake AutoFocus IT Palo Alto Networks Cortex Cortex 1 95% 2021 Cortex 400 100% 6515 / 23 Fortune 100 34% Global 2000 Cortex 19 Cortex Palo Alto Networks Blog 3 3.1 2012 2020 38.3% 2020 34.08 2017 2019 2020 2020 2.5 15 20 FY2017 21 FY2017 Wind Wind total billings total revenue change in total deferred revenue net of acquired deferred revenue SaaS 2020 2021 265% 143% 115% 55% 51% 55% 49% 28% 29% 28% 18% 0% 50% 100% 150% 200% 250% 300% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 ( ) （ ） 106% -4053% -674% 27% -37% 4% 32% 45% -226% -4500% -4000% -3500% -3000% -2500% -2000% -1500% -1000% -500% 0% 500% -600 -500 -400 -300 -200 -100 0 100 （16 / 23 13.9 10.83 32% 21% 22 FY2019Q3-FY2021Q1 Palo Alto Networks 2020 2021 Earning Call 3.2 3.2.1 2009 2020 2016 2020 69% 23 FY2009 Wind 3.2.2 2019 Firewall-as-a- Platform FwaaP Next-Generation Security NGS 1 Prisma Access CloudGenix 2 Prisma 18% 17% 24% 32% 21% 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0 200 400 600 800 1000 1200 1400 1600 （ ） 76% 75% 72% 68% 62% 57% 53% 49% 40% 38% 38% 31% 24% 25% 28% 32% 38% 43% 47% 51% 60% 62% 62% 69% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 10017 / 23 Cortex 2019 2021 13% 2021 24% 24 FY2019Q3 25 FY2019Q3 Palo Alto Networks 2021 Earning Call Palo Alto Networks 2021 Earning Call SaaS 2020 2021 -1.8% Prisma Access CloudGenix SD-WAN SaaS ARR 2020 5.68 2021 7.19 Prisma Cortex 26 FY2020Q1 27 FY2020Q1 Palo Alto Networks 2021 Earning Call Palo Alto Networks 2021 Earning Call 2021 Network Security Cloud&AI 2020 714 865 724 805 811 1033 818 108 192 173 194 204 357 265 0 200 400 600 800 1,000 1,200 （ ） 13% 18% 19% 19% 20% 26% 24% 87% 82% 81% 81% 80% 74% 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% -4% -8% 1% 0% 2% 14% 6% 13% 19% 14% 11% -3% 13% 19% 14% -10% -5% 0% 5% 10% 15% 20% 25% 568 651 719 217% 101% 88% 86% 53% -100% -50% 0% 50% 100% 150% 200% 250% 0 100 200 300 400 500 600 700 800 (ARR) （18 / 23 30.9 90.7% Gartner 2020 2021 14% 35.1 2020 3.18 9.3% ARR 3.88 2021 ARR 90% 89% 18% Expanse 6.05 7.35 28 + = 29 - = Palo Alto Networks 2021 Earning Call Palo Alto Networks 2021 Earning Call 3.3 2018 2020 2020 7.68 23% 30 Wind 2016 45% 2016 39 62 105 186 284 347 401 540 768 15% 16% 18% 20% 21% 20% 18% 19% 23% 0% 5% 10% 15% 20% 25% 0 100 200 300 400 500 600 700 800 900 （19 / 23 31 2016 Wind 2012 10% 2018 2020 32 Wind 4 5G 4.1 2020 6 17 PAN-OS 10.0 95% Web 116 200 335 523 776 919 1,098 1,344 1,520 45% 50% 56% 56% 56% 52% 48% 46% 45% 0% 10% 20% 30% 40% 50% 60% 0 200 400 600 800 1,000 1,200 1,400 1,600 （ ） 26 43 73 102 138 198 258 262 300 10% 11% 12% 11% 10% 11% 11% 9% 9% 0% 2% 4% 6% 8% 10% 12% 14% 0 50 100 150 200 250 300 350 （20 / 23 33 SecurityBoulevard 4.2 5G 5G 2020 11 19 5G 5G 5G PA VM CN 5G 5G 5G 5G 34 5G IT 5 Palo Alto Palo Alto21 / 23 6 2021.3.12 PE PS 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 300454.SZ 912.20 8.03 10.84 14.6 113.6 84.2 62.5 16.7 11.8 8.8 688023.SH 175.19 1.37 1.91 2.56 127.9 91.7 68.4 13.3 9.4 6.9 688561.SH 719.31 -3.29 1.66 6.72 -218.6 433.3 107.0 17.3 12.8 9.7 300369.SZ 119.16 3.07 4.19 5.58 38.8 28.4 21.4 5.9 4.6 3.6 002439.SZ 294.08 8.54 11.09 14.02 34.4 26.5 21.0 8.0 6.2 5.0 300188.SZ 141.89 3.76 4.86 6.23 37.7 29.2 22.8 5.9 4.5 3.5 Wind 6 IT22 / 23 2017 7 1 R4 C4 C5 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50023 / 23 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065
展开阅读全文