单Q3 来看，公司实现营业收入119.52 亿元，同比下降0.09%；归母净利润为-1.21 亿元，扣非归母净利润-1.56 亿元，亏损较上年同期损金额已大幅收窄。公司高度重视催收回款，采用各种举措压降两金规模，三季度回款大幅增长，前三季度经营活动现金流净额已回正至0.57 亿元，其中单Q3 经营活动现金流净额为27.54 亿元，同比去年的负值均有显著改善。公司全面向高科技、产品型公司转型，持续加大关键技术领域的研发投入，前三季度研发投入达12.7 亿，同比增长21%，在营业收入持续稳定增长的前提下，纳入“一利五率”经营指标体系的研发投入强度完成3.3%，同比增长0.3 个百分点。在研发成果上，公司已累计申请1264 项专利、919 项软著，并承担10 项省部级以上科研课题。这10 个课题中，有7 个是工信部、发改委下达的可研专题，其中包括分布式加速服务器等云计算产品、数据要素市场培育试点示范项目。Event Overview:
Recently, Shenzhen Sunda released the “Report for the Third Quarter of 2023”. In the first three quarters of 2023, the company achieved operating income of 38.671 billion yuan, a year-on-year increase of 11.44%; net profit loss of 270 million yuan and net profit loss of 340 million yuan after deducting non-return net profit loss of 340 million yuan, a sharp decrease from the same period last year.
Q3 Cash flow improved dramatically, and continued to increase R&D results were remarkable
Looking at Q3 alone, the company achieved operating income of 11.952 billion yuan, a year-on-year decrease of 0.09%; net profit of the mother was -121 million yuan, net profit after deducting non-return net profit of -156 million yuan. Losses have narrowed sharply compared to the same period last year. The company attaches great importance to collection of paybacks, and has adopted various measures to reduce the scale of the two funds. The repayment in the third quarter increased dramatically. The net cash flow from operating activities in the first three quarters had been corrected to 57 million yuan, of which the net cash flow from operating activities in Q3 alone was 2,754 billion yuan, a significant improvement over last year's negative values. The company has fully transformed into a high-tech and product-oriented company, and has continued to increase R&D investment in key technology fields. R&D investment in the first three quarters reached 1.27 billion dollars, an increase of 21% over the previous year. Under the premise that operating income continues to grow steadily, the R&D investment intensity included in the “one profit, five rate” business index system completed 3.3%, an increase of 0.3 percentage points over the previous year. In terms of R&D results, the company has applied for a total of 1,264 patents, 919 software works, and undertook 10 scientific research projects at or above the provincial ministry level. Of these 10 topics, 7 are researchable topics issued by the Ministry of Industry and Information Technology and the Development and Reform Commission, including pilot demonstration projects for cultivating markets for cloud computing products such as distributed acceleration servers and data element markets.
Backed by the Chinese electronics ecosystem, China Electronics Cloud, a holding subsidiary that provides trusted computing infrastructure, is the only cloud platform owned by China Electronics. China Electronics Cloud is the industry's first cloud computing manufacturer that can simultaneously provide public cloud services and exclusive cloud products with innovative capabilities, and the first nationally produced software and hardware technology and support PKS architecture in China to pass the security assessment of cloud computing services by the Central Network Information Office with “enhanced” level security capabilities.
According to the Investor Relations Activity Record Form, China e-Cloud has now deployed about 50 government clouds in 17 provinces and municipalities directly under the Central Government to help build a digital government. At the same time, facing the development and innovation needs of China's artificial intelligence industry, China Electronics Cloud has implemented the “1+N+M” trusted intelligent computing strategy, continues to provide customers with trusted computing infrastructure, and independently develops trusted intelligent computing platform products based on its own technology and product advantages. The company mainly provides customers with computing power services and provides decision-making model training for local governments in urban management. Decision model training has huge scope for application in the fields of government affairs, national defense, etc. At present, the company has cooperated with cities such as Shijiazhuang and Wuhan to invest in the construction of reliable intelligent computing centers, and is actively promoting the layout in key cities.
Accelerate the development of data elements and promote the development of public data operations
With the establishment of the National Bureau of Data, the company continues to deepen its practices in the field of data elements. On October 30, 2023, at the Public Data Innovation and Operation Seminar held in Beijing, China Electronic Cloud and CCID Consultants jointly released the “Public Data Authorization and Operation Innovation Guide”. Starting from the current problems where data element operations mainly face difficulties in gathering large-scale data resources, immature market-based paths for data operations, and difficulties in improving the data operation guarantee system, a public data authorization operation innovation system was proposed. In the public data licensing business, the company plans to help local governments achieve centralized management and application of data resources by establishing a data resource library, building a data operation platform, and operating a data trading platform, etc., to facilitate data transactions. Relying on the business foundation of the company's earlier data factorization project, the company has obtained authorization for public data operations in Dali, Deyang and other places and achieved phased results. Currently, it is speeding up cooperation with several economically developed cities and cities where public data operations are progressing rapidly.
Investment advice
Shenzhen Sangda is a leading enterprise in the field of high-tech industrial engineering services. As a second-tier central enterprise under China Electronics, it focuses on the two main industries of “cloud” and “digital” in China's electronic autonomous security computing industry chain, and is expected to benefit from multiple opportunities such as state-owned clouds, data elements, and AI models. The company's revenue for 2023-2025 is estimated to be 570.80/647.94/73.239 billion yuan, respectively, and net profit of RMB 2.86/4.09/576 billion respectively. Maintaining the buy-A investment rating, the target price for 12 months was 25.16 yuan, which is equivalent to a price-earnings ratio of 70 times that of 2024.
Risk warning:
Research and development of new products and technologies fell short of expectations; implementation of data factor policies fell short of expectations.
