中国电子云订单持续落地，全年有望高增：根据IDC《中国数据治理市场份额，2022》、《中国数字政府数据治理市场份额，2022》等报告显示，中国电子云稳居中国数据治理平台和数字政府数据治理平台市场第二，在政务、部委、关键行业及大型央国企等市场具有领先优势。近日，数字济南城市综合感知预警网络工程信息化平台建设项目成交公告公布，中国系统作为成员单位的联合体中标，中标金额约13.69 亿元。此外，中国电子云可信智算中心陆续在哈尔滨、武汉、沧州、石家庄等多地落地，我们预计中国电子云2023 年全年有望实现高速增长。Event: the company released the three-quarter report of 2023, the company achieved revenue of 38.671 billion yuan in the first three quarters of 2023, an increase of 11.44% over the same period last year, and a net profit loss of 270 million yuan, an adjusted year-on-year increase of 48.25%. The performance is in line with market expectations.
Main points of investment
The performance is in line with expectations, and the operating quality continues to improve: the company's Q3 achieved revenue of 11.952 billion yuan in a single quarter, down 0.09% from the same period last year, and its net profit lost 121 million yuan after adjustment, an increase of 39.79% over the same period last year. The company's revenue maintained steady development in the first three quarters of 2023, and its net profit and loss narrowed significantly, mainly due to the overall transformation of the company to high-tech and product-oriented companies, and actively reducing the scale of pure integrated business. The quality of operation continues to improve.
China's e-cloud orders continue to land, and are expected to increase sharply for the whole year: according to IDC "China data Governance Market share, 2022" and "China Digital Government data Governance Market share, 2022" and other reports, China e-cloud ranks second in the market of China's data governance platform and digital government data governance platform, and has a leading advantage in the markets of government affairs, ministries and commissions, key industries and large central state-owned enterprises. Recently, the transaction announcement of the digital Jinan city comprehensive perception and early warning network engineering information platform construction project announced that the Chinese system, as a consortium of member units, won the bid with a winning amount of about 1.369 billion yuan. In addition, China E-Cloud trusted Intelligence Center has successively landed in Harbin, Wuhan, Cangzhou, Shijiazhuang and other places, and we expect China's e-cloud to achieve rapid growth for the whole of 2023.
The operation of public data authorization is progressing steadily: on October 25, 2023, the National data Bureau was officially unveiled. The State data Bureau will be responsible for coordinating the construction of data infrastructure, coordinating the integration, sharing, development and utilization of data resources, and promoting the planning and construction of digital China, digital economy and digital society, which will be managed by the National Development and Reform Commission. The official listing of the National data Bureau marks the opening of a series of follow-up policies related to the authorized operation and confirmation of public data. As a scarce resource, public data has a strong cash attribute, and data realization needs the relevant support of data quotients. Relying on China Electronics, Shen Sangda has rich experience in public data authorization operation and data innovation services, and related projects are progressing steadily. Recently, Shen Sangda has completed all the procedures for joining the Public data Operation Industry Alliance and was officially approved to serve as the director of the Public data Operation Industry Alliance. The company has laid out the governance and application of global public data resources in 30 domestic cities such as Guangzhou, Shijiazhuang and Dali, and drives the public data authorization operation system with the innovative scene of continuous operation, which is expected to be realized steadily in the future.
Profit forecast and investment rating: we maintain the company's EPS forecast for 2023-2025 of 0.17max 0.45pm 0.96, we expect that with the advance of Xinchuang and data element construction, China's e-cloud will achieve high growth, and we are optimistic that the company will continue to replicate Deyang model based on the state-owned cloud platform, as well as the application of vertical large models in the government and industry, and maintain the "buy" rating.
Risk hint: the competition in the industry intensifies and the policy promotion is not as expected.
