Events: 1) on October 12, 2020, Intel and Yi Hualu signed a strategic cooperation agreement in Beijing to establish a joint data Lake Laboratory. In the future, the two sides will focus on optical and magnetic fusion storage of data Lake, big data platform and cloud computing solutions to start a series of cooperation in technology, marketing and sales. 2) the General Office of the CPC Central Committee and the General Office of the State Council issued the pilot Plan for the Comprehensive Reform of the Shenzhen pilot demonstration Zone for the Construction of Socialism with Chinese characteristics (2020-2025). It clearly puts forward the contents related to the data factor market, such as "speeding up the cultivation of data factor market", "pilot promotion of government data opening and sharing", "research and demonstration of the establishment of data trading market or relying on existing trading venues to carry out data trading" and so on.
Core viewpoints
Blu-ray storage has been recognized by global computing giants with great strategic and tactical value. As the world's largest supplier of general-purpose computing chips, Intel continues to increase its emphasis on data center business in recent years. We believe that this cooperation agreement has high strategic and tactical value. Strategically, Blu-ray technology can be seen as recognized by international mainstream technology, which is expected to expand the entire Blu-ray market space; tactically, direct cooperation with chip giants such as Intel is also an important means for Aliyun and Tencent Cloud to build their own computing infrastructure. The cooperation between the two sides in technology and market is conducive to the further enrichment and strengthening of Blu-ray ecology and technical norms, but also directly enhance the giant's brand endorsement effect.
The ecological construction of the data lake has been further improved, and the company has realized the omni-directional layout of Blu-ray storage + magnetic storage + chip computing + software platform + data resources. The company has successfully integrated Blu-ray products into the product solutions of Huawei, Xinhua and other mainstream magnetic storage companies, and has also made a corresponding layout in the construction of urban brain software platform and data lake drainage. With the addition of Intel as a general computing giant, the company's data lake ecological construction is expected to enter a comprehensive coverage stage.
The application of data scenarios is constantly landing, looking forward to the inflection point of qualitative change in performance. The company has cumulatively completed the construction of lake storage space 2200PB, lake data 80PB, involving text, pictures, video and government service data.
The data resource management platform, machine learning modeling platform, algorithm reasoning platform and multi-scene algorithm model platform in the data lake have also been applied. We believe that with the continuous improvement of the market construction of data elements, the company's future business model is expected to upgrade from quantitative change to qualitative change.
Financial forecasts and investment suggestions
We predict that the company will have a net profit of 5.38 EPS for 20-22 years and a net profit of 7.36 million yuan for 20-22 years. We are optimistic about the long-term development of the company in the future and give it the target price for 2021. According to the valuation level of the comparable company, we believe that the reasonable valuation level of the company is 47 times PE in 2021, with a target price of 53.11 yuan, maintaining the buy rating.
Risk hint
The progress of the data lake landing is not as expected; the data operation business is not as expected.