The new infrastructure resonates with the new town. It is expected that Davis will double click and cover it for the first time, giving it an “increase in holdings” rating. Black Peony (Group) Co., Ltd. is a comprehensive national top 100 enterprise focusing on new infrastructure business, new urbanization construction business, and fine textile and garment business. The company's new infrastructure business (Aite Energy Business) is expected to grow rapidly and become one of the main driving forces for performance growth. The new infrastructure business can solve construction problems such as power supplies, networks, and data centers in the new urbanization construction business, and ecologically resonates with the main business, which is expected to bring a new round of Davis double blow to the company. We predict that the net profit that the company can achieve in 2021/2022/2023 will be 10.73/15.63/2,023 billion yuan, an increase of 34.5%/45.7%/29.5% over the previous year, and the EPS is 1.02/1.49/1.93 yuan. The current stock price corresponding to PE is 8.5/5.8/4.5 times respectively. Compared with comparable companies, it has a certain valuation advantage. It is covered for the first time, giving it an “increase in holdings” rating.

Aite Energy is expected to rise to prominence in the IDC industry and is expected to rise to prominence in the IDC industry. The main carrier of the company's new infrastructure business is Aite Energy, which spent 1.05 billion yuan in cash to acquire 75% of its shares in 2019. The company's core cadres and key technical experts all come from top industry giants Emerson and Huawei Electric, and are scarce in the industry. In 2019, the company ranked third in the industry in the three major industry segments of computer room air conditioning, modular data centers, and modular UPS, and is expected to advance by leaps and bounds with the company's support in the future.

Thanks to the real estate path of differentiation, specialization and boutique development, the company's real estate business bucked the trend and rose. The company's real estate (new urbanization) business is mainly real estate business such as infrastructure construction, real estate development, and development and operation of special industrial science and technology parks. The main real estate business is affordable housing, boutique commercial housing, urban piping systems, road construction and green area construction concentrated in the Yangtze River Delta region. In the face of a downturn in the real estate market, the real estate business still achieved 47.05% year-on-year growth during the 2021 mid-year report. In the future, ATEnet is expected to make up for the original team's ability to build data centers and power supply facilities, and achieve further improvements in performance.

Risk warning: competition for temperature control/UPS/cabinet products intensifies; business expansion falls short of expectations; changes in relevant national policies.