In the first three quarters of 2023, the company realized revenue of 3.706 billion yuan (+ 19.67%), net profit of 156 million yuan (+ 2.20%) and non-net profit of 99 million yuan (+ 284.19%). The company announces the planning of the second phase of the construction project, accelerating the task of computing construction in Shanghai area, while undertaking important business such as platform construction and operation in terms of data elements, and there are plenty of opportunities for follow-up projects. Maintain the buy rating.
Support the main points of rating
Q3 has sound operation and good cost control. The company's 2023Q3 realized income of 1.208 billion yuan (- 0.23%), return net profit of 63 million yuan (+ 2.43%) and deducted non-net profit of 13 million yuan (- 77.67%). The profit end is mainly due to the non-recurrent profit and loss of the subsidiary company's transfer of 40% equity interest in Shanghai Panasonic Microwave oven Co., Ltd. Sales / management / R & D / financial expenses in the first three quarters compared with the same period last year + 25.01%, 2.26%, 0.01%, 13.51%, 15.28% (- 1.89pct) and 18.82% (+ 0.12pct) respectively.
The second phase of calculating power has been opened, leading the construction of computing power in Shanghai. In August 2023, the General Office of the Shanghai Municipal people's Government issued the Action Plan for promoting the Innovation and Development of data Factor Industries based on the New track of the Digital economy (2023-2025), pointing out that the total scale of computing power by 2025 will quadruple that at the end of the 13th five-year Plan period. As an important information enterprise under the Shanghai State-owned assets Supervision and Administration Commission, the company plays an important role in the intelligent calculation construction in Shanghai area. On October 28, the company announced the construction of the second phase of Songjiang big data Center, with a total investment of 795 million yuan, with a total investment of about 1124 high-power racks, totaling IT power 22MW, which is expected to be delivered by the end of 2024. In June, the company established Shanghai Intelligent Computing Company in a joint venture with Yi Dian Group and data Group, with a total investment of 2 billion yuan (11% of the company's shares) for the construction of intelligent computing power in Shanghai, and the relevant computing assets are continuing to arrive.
Occupies the core position of the data element market in Shanghai. On October 25, the State data Bureau was officially unveiled. In October, the State Council appointed Shen Zhulin as deputy director of the State data Bureau. The recruitment of the State data Bureau was launched for the first time. With the improvement of the organizational structure of the State big data Bureau, the basic areas such as public data operation, data registration and data transactions are expected to accelerate, and the data elements will usher in an accelerated period. As the core digital economy platform of Shanghai SASAC, the company has realized the layout of the whole industry chain in terms of data elements, such as state-owned assets cloud, government data governance, data product development and application, etc. it is the chief integrator, operator and chief operator of the resource platform of Shanghai big data Center, and has successively completed the construction of a number of e-government cloud platforms and big data Center projects in Shanghai.
Valuation
Maintain the net return profit of 2.30,3.01 and 413 million yuan in 2023-2025, corresponding to the forecast of EPS of 0.17,0.22,0.30 yuan, corresponding to the times of PE in 75-57-42. Maintain the buy rating.
Main risks faced by rating
The construction progress of the project is not as expected, and the market competition is intensified.