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云赛智联(600602)首次覆盖报告:坚持智慧城市战略 抢抓算力发展机遇

Yunsai Smart Link (600602) First Coverage Report: Adhere to the Smart City Strategy and Seize Computing Power Development Opportunities

國元證券 ·  Dec 29, 2023 00:00

Committed to becoming a first-class smart city integrated solution provider and operator in China

The company is a specialized information technology service enterprise with cloud services, big data, smart city industry solutions, and intelligent products as its core business. The company always adheres to the smart city strategy, adheres to the development vision of “becoming a first-class smart city comprehensive solution provider and operator in China”, implements the development path of “improving IDC, strengthening cloud services, deepening big data, and laying out industry applications”, adheres to the national and Shanghai digital economic development strategies as a guide, and actively serves Shanghai's strategic goal of comprehensively improving the modernization level of urban governance. In the first three quarters of 2023, the company achieved operating revenue of 3.706 billion yuan, a year-on-year increase of 19.67%, and realized net profit of 99 million yuan after deduction, an increase of 284.19% over the previous year.

The scale of China's digital economy continues to expand, and companies are expected to fully enjoy policy dividends

According to data from the Chinese Academy of Information and Communications Technology, in 2022, China's digital economy reached 50.2 trillion yuan, an increase of 4.68 trillion yuan over the previous year. China's digital economy continues to expand. The Shanghai Municipal Government proposes to make every effort to promote the global allocation of data resources, the full chain layout of the data industry, and the all-round construction of a data ecosystem, and focus on building an internationally influential data element allocation hub node and a highland of innovation in the data element industry. By 2025, the data factor market system will be basically completed. The scale of the data industry will reach 500 billion yuan, with an average annual compound growth rate of 15%, and nurture 1,000 digital commercial enterprises. In order to serve the national digital strategy and the modernization needs of Shanghai's urban governance, the company has further enhanced its core technical capabilities in infrastructure, cloud service capabilities, big data platforms, industry applications, information security, etc., and is expected to fully enjoy policy dividends.

Deeply participate in the construction and operation of the Shanghai Big Data Resource Platform and jointly establish a computing power facility company

In 2022, according to the strategic plan and the digital transformation requirements of Shanghai's urban digital transformation, the company participated deeply in the construction and operation of the Shanghai Big Data Resource Platform, gave full play to the leading role of top-level design and standard specifications, undertook the top-level design for the digital transformation of many governments and large enterprises, fully promoted the construction of “one network operation, one network management” platform at the city and district levels, and undertook various data aggregation, data governance, data operation, data analysis and mining projects to form multiple core technology platforms. In June 2023, the company and shareholders such as Yidian Group will jointly fund the establishment of a computing power facility company, which is expected to open up new growth space.

Profit forecasting and investment advice

The company adheres to the development vision of “becoming a first-class smart city integrated solution provider and operator in China”, and there is plenty of room for continuous growth in the future. The company's revenue for 2023-2025 is estimated to be 52.51, 59.72, and 6.710 billion yuan, net profit to mother of 2.08, 2.65, and 328 million yuan, EPS of 0.15, 0.19, 0.24 yuan/share, and the corresponding PE is 74.12, 58.25, and 46.96 times. Considering the prosperity of the industry and the company's future growth potential, it was recommended for the first time and given a “buy” rating.

Risk Alerts

Macroeconomic environment risk; risk of insufficient reserves of high-end talent; technical risk; risk of impairment of goodwill.

The translation is provided by third-party software.


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