（1）云计算方面，以党政、关键行业央企国企等用户群体对自主安全计算、自主安全存储的需求进一步提升，专属云、混合云逐步成为主流部署模式，基于国产CPU、操作系统的自主安全云平台受到高度重视，专属云服务迎来快速发展期。（2）随着“数据二十条”等顶层政策的发布及国家数据局组建，数据要素市场发展环境逐渐完善，有望迎来加速发展。The national team in the field of digital information services was given a "buy" rating for the first time.
The company is the national team of the Internet information industry, shouldering the strategic mission of China Electronics "Cloud number", focusing on four main businesses: cloud computing and storage, data innovation, digital government and industry digital services, and high-tech industrial engineering services. it has constructed two major business sectors: digital and information services and industrial services. We estimate that the return net profit from 2023 to 2025 is 2.61,4.94 and 715 million yuan, and the EPS is 0.23,0.43,0.63 yuan per share, respectively. The current stock price corresponds to 131.0, 69.1,47.7 times of PE respectively. The valuation of the company is higher than the average of comparable companies in the industry. Considering the company's leading position in the field of state-owned assets cloud and data elements, the company is given a "buy" rating for the first time.
The scale of the government cloud market continues to grow, and the data factor market enters a period of accelerated development.
(1) in terms of cloud computing, the demand of user groups such as the party and government, central and state-owned enterprises in key industries for autonomous secure computing and independent secure storage has further increased, private cloud and hybrid cloud have gradually become mainstream deployment models, independent secure cloud platforms based on domestic CPU and operating systems have been highly valued, and proprietary cloud services have ushered in a period of rapid development. (2) with the release of top-level policies such as "20 articles of data" and the establishment of the National data Bureau, the development environment of data factor market is gradually improved and is expected to accelerate development.
Rely on China Electronics to create full-stack trust and create state-owned assets cloud
As the only cloud platform under China Electronics, China E-Cloud's product system already covers three levels: computing infrastructure platform, data management platform and distributed cloud full-stack global solution. It is committed to providing highly secure digital infrastructure for government, financial institutions, public service institutions and large group enterprise customers. At present, China's e-cloud platform and big data platform have been successfully implemented in a central ministry project, ensuring the safe operation of key information infrastructure.
The "vanguard" in the field of data innovation is expected to fully benefit from the development of the data factor market.
As the "pioneer" of China Electronics in data innovation business, the company takes the lead in the research and development of products and technologies in the fields of data tools, data security and data elements, and has achieved results in theoretical research, key technologies and pilot practice. Data security and data factorization projects have been piloted in Deyang and other cities and key industries to complete systematic verification.
Risk hints: government expenditure is reduced; policies fall short of expectations; market competition aggravates risks.
