According to the report released by Yunsai Zhaopin for the third quarter of 2023, the operating income in the first three quarters was 3.706 billion yuan, an increase of 19.67% over the same period last year; the net profit of returning to the mother was 156 million yuan, an increase of 2.20% over the same period last year; the net profit of deducting non-return was 99 million yuan, an increase of 284.19% over the same period last year; and the gross profit margin was 18.82%, up 0.12pct. In a single quarter, the operating income in the third quarter was 1.208 billion yuan, down 0.23% from the same period last year; the net profit from home was 63 million yuan, up 2.43% from the same period last year; and the net profit from non-return was 13 million yuan, down 77.67% from the same period last year.
Launch the second phase of the Songjiang big data Center project to serve Shanghai Intelligent Computing Construction Company to build a solid digital base for urban digital transformation business with the construction and operation of high-grade data centers as the core. On June 30, the company announced that it intends to jointly invest in the establishment of a computing facilities company with Yidian Group, data Group, CITIC shares and other non-related shares in the way of a disproportionate increase in capital to Shanghai Intelligent Computing Technology Co., Ltd., with a proposed capital increase of 220 million yuan and a stake of 11%. On October 27, the company announced that it planned to start the construction of the second phase of the Songjiang big data Center project, building about 1124 high-power racks, totaling IT power 22MW, with a total investment of about 795 million yuan, which is expected to be delivered by the end of 2024, which will help the company to expand the scale of data center resources and serve the city-level intelligent computing cluster construction.
Deep participation in Shanghai's urban digitization is expected to benefit from the fact that the data Factor Industry Development Company is the chief integrator and operator of the resource platform of Shanghai big data Center, and the chief operator of the data operation platform. at the same time, we will further layout and expand the urban digital transformation business of "two network construction" in various districts of Shanghai. On August 15, the Shanghai Municipal Government issued the Action Plan for promoting the Innovation and Development of data Factor Industry based on the New track of Digital economy (2023-2025), with the goal of reaching 500 billion yuan by 2025, with an average annual compound growth rate of 15%. In September, Nanyang Wanbang, a subsidiary of the company, successfully won the bid for the data operation service project of Shanghai big data Center in 2024, which is the fifth consecutive time since 2019. The company is deeply involved in urban digitization in Shanghai and is expected to benefit from the development of data factor industry.
Earnings forecast, valuation and rating
We estimate that the company's operating income from 2023 to 2025 will be 52.34 billion yuan 60.97 billion yuan respectively, with a corresponding growth rate of 15.44% 16.48% and 16.67%, respectively, with a net profit of 2.04 pound 2.64 / 328 million yuan, and a corresponding growth rate of 12.93%, 29.21% and 23.98%, respectively, with a 3-year CAGR of 21.85%. The company is deeply involved in Shanghai urban digitization and launched the second phase of Songjiang big data Center project, which is expected to benefit from the development of data factor industry and the construction of computing facilities.
Risk tips: systemic risk, market competition aggravates risk, products and technology are less than expected, there is uncertainty in the supply of computing equipment, and the risk of lease price fluctuation.