Amethyst storage is the leading provider of data center storage solutions in the field of Blu-ray storage in China. The product has the advantages of high storage density, low energy consumption, strong security of storage media and strong security and controllability. It is the only optical storage upstream material, production equipment manufacturing and optical storage manufacturing enterprise selected by the Ministry of Industry and Information Technology as "2018 Industrial strong Foundation Engineering memory". It is also the only mainland optical storage enterprise whose BD-R underlying coding strategy has been certified by the International Blu-ray Alliance.
Main points:
China's IT storage demand is expected to grow by 40-60% in the next three years.
The global data explosion drives the compound growth rate of China's IT storage resources to be higher than 30%. From 2019 to 2021, it is expected to record an annualized growth rate of 40-60%. This expectation is based on IDC's rational judgment on the compound growth rate of China's data circle from 2018 to 2025-the current market is in a period of rapid growth after the successful introduction of the market, and it is reasonable to infer that the growth rate from 2019 to 2021 is expected to be significantly higher than the compound growth rate for a long time in the future, with a high probability of falling between 30 and 50 per cent.
The main driver, enterprise-level business gross margin, is expected to grow by 29.48%.
Enterprise business is the main driving force of business. On the one hand, self-owned business based on core technology significantly benefits from the massive storage demand of big data era, on the other hand, external integration business is expected to be steadily released with the demand of Blu-ray storage. It is estimated that revenue from enterprise-level businesses from 2019 to 2021 will be 514,78,882 million yuan respectively, an increase of 35.80%, 31.87% and 30.04% over the same period last year. The corresponding gross profit is 2.40 pound 3.22 billion yuan respectively, and the gross profit compound growth rate is 29.48%.
It is estimated that the compound growth rate of return net profit in the next three years will be 32.49%, increasing its holdings.
Profit forecast and valuation: the net profit of amethyst storage from 2019 to 2021 is estimated to be 14408.20, 18011.80 and 24.404 million yuan respectively, corresponding to a compound growth rate of 32.49%. Give the company 80 times the valuation of EPS in 2020, with a target price of 75.65 yuan, covering and increasing the rating for the first time.
Risk hint
The risk of bad debts of accounts receivable, the risk of intensified market competition, the risk of technological progress, the risk that the launch of new products is lower than expected, systemic risk and so on.
