Huasheng Tiancheng's four clouds and the frontier layout of the Internet of things and chips continue to enhance the company's core competitiveness and lay a solid foundation for the company's continued growth.
Coverage for the first time, giving a "overweight" rating. We predict that the EPS from 2019 to 2021 is 0.20,0.24,0.29 yuan. According to the principle that the average valuation level of companies in the same industry is lower than the APV valuation method, the target price of the company is 13.05 yuan, corresponding to 65 times PE in 2019. Coverage for the first time, giving a "overweight" rating.
Relying on "Yuncheng Yunsheng", vigorously develop cloud computing strategy 3.0 to strengthen the company's profitability.
With the advent of the 3.0 era of the company, the company's strategy has gradually upgraded from "one core + four clouds" to "Yuncheng Yunsheng" development strategy with the company's own characteristics, that is, "one core" has been upgraded to "Yuncheng series", and "four clouds" has been upgraded to "Yunsheng series". With the advance of the cloud strategy, the proportion of cloud computing revenue has increased steadily, and the profitability of the company continues to improve due to the fact that the profit margin of the cloud business is significantly higher than that of the traditional business.
Extension and endogenesis at the same time, vigorously develop new business, layout of the Internet of things, big data, secure and trusted servers, continue to increase the company's core competitiveness. Based on the concept and model of "connection + platform + Intelligence", the company has invested and acquired a number of international / domestic unicorn enterprises, such as Tailing Microelectronics, a key investment enterprise in Internet of things connection chip enterprise, GridDynamic with leading technology in e-commerce big data and machine learning. In the field of domestic "self-controllable, secure and reliable" high-performance servers and storage products, the new domestic independent TOPServer servers and Guowei Tiancheng servers, the first artificial intelligence server based on the domestic high-performance computing processor Shenwei 26010 processor, all demonstrate the strength of the company.
Catalyst. The security and controllable national policy has been implemented on the ground.
Risk hint. The risk of business transformation is less than expected, and the risk of intensified market competition.
