Performance

On October 27, 2023, the company released the third-quarter report of 2023, showing that Q1-Q3 achieved revenue of 38.671 billion in 23 years, an increase of 11.44% over the same period last year, of which 23Q3 achieved revenue of 11.952 billion, down 0.09% from the same period last year.

In 23 years, Q1-Q3 achieved a net profit of-270 million and a loss of 48.25%, of which Q3 in 23 years achieved a net profit of-121 million and a loss of 39.79%.

In 23 years, Q1-Q3 realized net cash flow of operating activities of 57 million, an increase of 103.26% over the same period last year. Of this total, the net cash flow of Q3 operating activities in 23 years was 2.754 billion, an increase of 1564.76% over the same period last year.

Main points of investment

Build a smart computing center and build a computing platform.

The company promotes the digital and information service business in accordance with the "1x 1N" layout, and promotes the digital transformation of Qianhang Baiye with digital base and data innovation. Among them, "N" refers to the investment in the construction of N trusted intelligence centers to meet the needs of the industry.

As one of the three-tier product structures of "China e-cloud", computer basic platform products have been created, including proprietary cloud CECSTACK, super-converged CeaCube, container cloud CeaKE, cloud native distributed storage CeaStor, cloud native security CeaSEC and other self-developed products.

"Electronic Cloud" helps cloud data integration, leading CITIC to create cloud.

"China Electronic Cloud", as the leader of China Xinchuang Cloud, relies on China Electronic Independent Computing system and rich network information industry resources to strongly implement cloud data integration to create "China Electronic Cloud", the only cloud platform under China Electronics. Provide high security digital infrastructure for government, financial institutions, public service institutions and large group enterprise customers China Telecom Chuangyun Base has been built in Beijing, which is located in the key information infrastructure, and has provided government cloud in Wuhan, Suining, Dali, Datong, Wenzhou and other places. We believe that the company has a strong competitiveness in the e-cloud sector, with the help of the company has a strong self-research capability and high-quality cooperation group blessing, in the face of the future exclusive cloud market can seize the opportunity, broad revenue space.

Data element engineering series product construction and future industrialization competitiveness company is the core participating enterprise of China's electronic data innovation business, the main developer of data element series products, and the main implementer of specific projects. In the aspect of "data elementalization", the Institute of data Governance Engineering has been jointly set up with China Electronics and Tsinghua University, and the "overall Plan of data Security and data elementalization Project" has been formed and evaluated by relevant experts for pilot application in relevant areas. In the field of technology and products, three common technologies are constructed: the decoupling technology system of original data and data application, the technology system of data treasury, and the technology system of processing and trading of data elements (components), which have been systematically verified in the pilot project. At present, the company has formed a series of data element engineering products, such as data vault, data element processing and trading center, secure and trusted data space, and has carried out pilot projects in Deyang, Zhengzhou, Dali, Jiangmen, Wuhan, Xuzhou and other cities. We believe that the company is expected to remain competitive in the era of industrialization of the data factor market in the future.

Profit forecast and valuation

We predict that the company will achieve revenue of 570.95 million yuan from 2023 to 2025, with a year-on-year growth rate of 11.84% 13.07% and 13.75%, respectively, and the corresponding net profit corresponding to home will be RMB 3.06 million. The corresponding 25-year growth rate is 55.18%, 38.29%, 0.27, 0.42 and 0.58, respectively, and the corresponding PE is 72.48, 46.7133.78 times. Maintain the "overweight" rating.

Risk hint

Macro environmental risk, policy promotion is not as expected risk, R & D investment affects the overall operating performance of the company.