Performance

(1) overall performance:

23Q1-Q3 revenue 3.706 billion (+ 19.67%), return net profit 156 million (+ 2.20%), deduct non-return net profit 99 million (+ 284.19%).

23Q3 revenue is 1.208 billion (- 0.23%), net profit is 63 million (+ 2.43%), non-return net profit is 13 million (- 78.15%).

(2) Gross profit margin and cash flow:

23Q1-Q3 gross profit margin 18.82%, 23Q3 gross profit margin 19.14%.

The net cash outflow of 23Q1-Q3 operating activities was 408 million, and the net outflow increased by 50.56%. The net cash outflow of business activities increased by 51 million, compared with a net cash inflow of 285 million in the same period last year.

(3) in terms of costs:

The 23Q1-Q3 sales / management / R & D expense rate is 5.32%, 5.12%, 6.88%, 0.23pct, 0.88pct, and 1.35pct, respectively.

The rate of 23Q3 sales / management / R & D expenses is 5.64%, 5.71%, 7.01%, 0.95pct, 0.04pct and 0.45pct, respectively.

Event

On October 27, 2023, Yunsai Zhaopin released the third quarter report of 2023 and issued an announcement about its wholly-owned subsidiary Shanghai Yunsai Junhai Technology Co., Ltd. to invest in the construction of the second phase of Songjiang big data Center. The announcement shows that the project intends to invest about 1124 high-power racks, totaling IT power 22MW, with a total investment of about 795 million yuan, serving the construction of city-level intelligent computing cluster. Provide infrastructure services for intelligent computing platform in Shanghai.

Main points of investment

The background of state-owned assets promotes the development of enterprises, and data elements drive performance growth:

The real controller of Yunsai Zhaopin is the Shanghai SASAC, and the major shareholder, Shanghai Yidan, is a large state-owned enterprise group belonging to the Shanghai SASAC. In the process of developing the data factor market, state-owned enterprises may be able to make better use of policy preferences and industry resources to carry out business related to the data factor market. From the perspective of business areas, the business of most market participants only covers one to three segments of the data element industry, and there are a few enterprises that can provide the whole industry chain products of data elements. The company has almost covered the strength of the whole industrial chain of data elements, including data collection, data storage, data processing, data analysis, data services and data application. We believe that as China's data factor market gradually enters the mature period, the enterprises whose business can run through the industrial chain will have more permanent development power. Yunsai Zhaopin is one of the few enterprises that can provide almost covered data elements of the whole industry chain products, relying on the background of state-owned assets and the combination of the three major business advantages, the company is expected to continue to maintain market competitiveness and seize the first opportunity in the future market.

The construction of computing cluster continues to deepen, contributing to the development of cloud computing big data:

Yunsai Zhaopin announced that the wholly-owned subsidiary plans to invest in the construction of the second phase of the Songjiang big data Center, which serves the municipal intelligent computing cluster construction and provides infrastructure services for Shanghai's intelligent computing platform, including computing server hosting services, computing server hardware operation and maintenance services and inspection services, Internet bandwidth access services, and so on. Calculation-related construction experience has formed an important support for the company's technical strength, and this project is the embodiment of the company's efforts to develop computing business. and the cooperative relationship between the company and Shanghai may be closer after the completion of the second phase of the Songjiang big data Center project. The great era of data elements has come, and the company is one of the few enterprises in the market that can provide products covering almost the whole industry chain of data elements, with significant competitive advantages. We believe that through the investment in this project, Yunsai Zhaopin will further expand the resource scale of the data center, enhance its core competitiveness, and promote its sustainable and high-quality development in the future.

The development of digital economy is good, and the future of smart city construction is bright:

The national 14th five-year Plan points out that it is necessary to strengthen the construction of digital infrastructure, improve the governance system of digital economy, coordinate the promotion of digital industrialization and industrial digitization, and constantly strengthen, optimize and enlarge China's digital economy. to provide strong support for the construction of digital China. The process of capitalization of data elements and the establishment of the data market system clearly show the attitude of the central government to support the development of the data industry. The construction of smart cities has greatly promoted industrial innovation. At present, smart cities in China have become the main driving force to promote scientific and technological innovation and industrial transformation and upgrading. The second phase of Yunsai Songjiang big data Center project serves the city-level intelligent computing cluster construction and helps smart city business development, which is an important practice for the company to become a first-class smart city comprehensive solution provider and operator. We believe that smart city construction is in a period of rapid development, with technological innovation and market maturity, the company's smart city business will have more room for development in the future.

Profit forecast and valuation:

The company's cloud service and big data, industry solutions, intelligent product business product system has been mature, based in Shanghai, radiating the Yangtze River Delta, Pearl River Delta and Beijing-Tianjin wing region, providing full-process scene reengineering and business reengineering for urban digital transformation. Driven by policy support, industry trends and the company's own advantages, we predict that the company will achieve revenue of 52.19 billion yuan in 2023-2025, with a year-on-year growth rate of 15.09%, 15.92% and 18.04%, respectively. the corresponding net profit of homing is 2.19 trillion yuan, and the growth rate is 21.39% / 15.03% 31.31% respectively. The corresponding EPS is 0.16 and 0.18, and the corresponding PE is 78.52, 68.26 and 51.98 times. Maintain a "buy" rating.