投资天昕电子，布局算力领域。据公司对外投资公告，公司拟投资2260万元持有天昕电子60%股份，利用天昕电子服务器生产基地，实现公司算力服务器产品的研发及生产能力，加快公司在算力网络建设及算力租赁市场的战略部署。天昕电子成立于2011 年，专注于提供高性能运算、深度学习、仿真模拟、BIM、AI、VR 等高度定制化服务器、工作站的软硬件一体解决方案，提供的解决方案涉及领域有云计算、虚拟化、AI、HPC、深度学习、仿真模拟、大数据计算等。Incident: Recently, the China Telecom Sunshine Procurement Network website published the announcement of the winning candidate for the “China Telecom Ningxia Company 2023 Centralized Procurement Project for Computing Services”. Pingzhi Information was the first successful candidate for section 2 of the project.
Comment:
It pre-won the bid for China Telecom Ningxia's 150 million yuan intelligent computing power service. Pingzhi Information is the first successful candidate for section 2 of the “China Telecom Ningxia Company 2023 Computing Services Centralized Procurement Project”. According to the tender documents, the bid amount for the first successful candidate for the intelligent computing computing power service in section 2 of the project is estimated to be 150 million yuan without tax. The company's bid prices for A800 and H800 intelligent computing power services were 11550.00 yuan/month/PFLOPS (unit price excluding tax) and 6570.00 yuan/month per PFLOPS (unit price excluding tax), respectively.
Invest in Tianxin Electronics to lay out the field of computing power. According to the company's foreign investment announcement, the company plans to invest 22.6 million yuan to hold 60% of Tianxin Electronics' shares, and use the Tianxin electronic server production base to realize the company's development and production capacity for computing power server products and accelerate the company's strategic deployment in the computing power network construction and computing power leasing market. Tianxin Electronics was founded in 2011 and focuses on providing integrated software and hardware solutions for highly customized servers and workstations such as high-performance computing, deep learning, simulation, BIM, AI, and VR. The solutions it provides include cloud computing, virtualization, AI, HPC, deep learning, simulation, and big data computing.
Long-term service operators, laying the foundation for computing power business. The company is a core supplier of equipment and content for communication operators, a long-term service operator, and an important partner for communication operators in the fields of smart homes, 5G construction, digital reading, etc., and operators such as China Mobile and China Telecom are typical customers of the company, and operators are important participants in the computing power market. The company's layout of computing power fields not only meets customer needs, but also lays a good foundation for the company's future computing power business development.
The decline in Zhaoneng's smart home business affected the company's performance. In the first three quarters of 2023, the company achieved operating income of 1,523 billion yuan, a year-on-year decrease of 53.08%, and realized net profit of 22 million yuan, a year-on-year decrease of 88.43%. The decline in performance was mainly due to the decline in Zhaoneng's smart home business. As of the end of June 2023, Shenzhen Zhaoneng had not executed orders of about 8.226 billion yuan, which is expected to support the improvement of the company's performance.
Investment advice: The company's layout of computing power business is in line with the company's long-term development strategy. The company's 2023-2025 revenue is estimated to be 30.57, 39.67, and 4.822 billion yuan, respectively, net profit of 0.79, 1.72, and 243 million yuan, and EPS of 0.57, 1.24, and 1.75 yuan/share, respectively. First coverage, giving a “buy” rating.
Risk warning: technological innovation falls short of expectations; progress in new business falls short of expectations; supply of upstream raw materials is scarce.
