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云赛智联(600602):深耕上海大数据业务 布局智算开辟新赛道

Yunsai Smart Link (600602): Deeply exploiting Shanghai's big data business layout and intelligent computing to open up a new track

華金證券 ·  Mar 28, 2024 16:00

Key points of investment

Incident: On March 27, 2024, Yunsai Smart Link released its 2023 annual report. For the full year of 2023, the company achieved operating income of 5.264 billion yuan, an increase of 16.09% over the previous year, and realized net profit of 193 million yuan, an increase of 6.7% over the previous year. The basic earnings per share were 0.141 yuan, an increase of 6.82% over the previous year.

Focus on building a solid foundation for digital transformation, and achieve double growth in revenue and profit. Yunsai Zhilian is a specialized information technology service enterprise with cloud service big data, industry solutions, and intelligent products as its core business. In 2023, Yunsai Smart Link achieved operating income of 5.264 billion yuan, an increase of 16.09% over the same period last year, and achieved net profit of 193 million yuan, an increase of 6.7% over the previous year. The basic earnings per share was 0.141 yuan, an increase of 6.82% over the previous year, and an operating cash flow of 462 million yuan, and strong profitability. The company's cloud service and big data sector adheres to the strategic development path of “improving IDC, strengthening cloud services, and deepening big data” to build a solid foundation for the company's urban digital transformation business.

During the reporting period, the company successively won the “World Digital Cities Conference - Leading Enterprise Award”, the “Blockchain+Government Service - Outstanding Contributor Award”, and the “Smart Rongcheng Project” served by the company won the “2023 DAMA China Data Governance Best Practice Award”.

We are committed to exploring the practice and accumulation of big data, and bid for the Shanghai Big Data Center project for 5 consecutive years. In 2023, Yunsai Zhilian contracted a number of key projects and won the bid for the “Shanghai Railway Dispatch, Operation and Skills Training Base Project Cloud Platform” project, which is another major industry cloud project after the state-owned assets supervision cloud, media cloud, etc.; it won the bid for the Shanghai e-government cloud disaster recovery center subsystem construction project, the 2023 municipal e-government cloud infrastructure operation and maintenance project, and the cloud business support and guarantee service project, and completed the “Shanghai Supercomputing Center City Public Computing Power Service Platform Project”, forming a typical example of digital transformation “full-chain service” business model and replicable. During the reporting period, the company won the bid for the Shanghai Big Data Center data operation service project for the fifth consecutive year. At the same time, Yunsai Zhilian has successively signed strategic cooperation agreements with Alibaba Cloud and Tencent Cloud. It is the core MSP service provider for mainstream international and domestic cloud service providers such as Microsoft, Ali, Huawei, Tencent, and China Telecom Tianyi Cloud. During the reporting period, the revenue of big data products realized cloud computing was 2,543 billion yuan, a year-on-year decrease of 1.19%, gross margin was 18.49%, a decrease of 0.54 percentage points over the previous year, and business development remained steady.

Revenue from industry solutions increased by more than 50%, and gross margin fluctuations were under pressure. Yunsai Zhilian has always been committed to creating an overall solution integrating next-generation information technology. It has evolved from a traditional “construction-delivery model” to an “integrated service model of planning-design-construction-operation” to form a digital transformation solution capability with full-chain service capabilities.

During the reporting period, the Yangtze River anti-fishing intelligent control platform project and the Xujiahui Sports Park intelligent project built by the company successfully passed the inspection, and won multiple new digital benchmark projects. In the education industry, the company uses digital drivers to improve education governance capabilities; in the smart medical industry, the company uses information security as an entry point to strengthen the service capabilities of operation and maintenance and information technology, and has won bids for many Shanghai hospital informatization projects; in terms of municipal livelihood, the company relies on the Internet of Things, big data and other technologies, and uses software platform development and associated services as a business model to provide customers with customized industry application solutions. During the reporting period, the company's industry solutions achieved revenue of 2,204 billion yuan, an increase of 51.92% over the previous year. The solution business grew rapidly, but gross margin was 10.98%, a decrease of 4.35 percentage points from the previous year, and gross margin fluctuations were pressured.

Strengthen the core competitiveness of scientific and technological innovation, and actively lay out the computing power sector business. In 2023, the company invested 373 million yuan in R&D and applied for 74 intellectual property rights, including 25 invention patents, 6 authorized invention patents, 14 subsidiaries maintained the title of high-tech enterprise technology center, and added “Shanghai District-level Government Public Data Operation Service” and “Shanghai District-level Government Public Data Operation Service” to obtain “Shanghai Brand” certification. In addition, the company also led the publication of the “Smart City Infrastructure - Comprehensive Information Column Data Sharing and Exchange Guide”, and led and participated in the publication of various national standards such as the “Smart City Sensing Terminal Application Guide” and the “General Framework for the Smart City Operation Index System”. In order to further advance the implementation of the “Improve IDC” strategy, Yunsai Zhilian and other shareholders jointly funded the establishment of Shanghai Intelligent Computing Technology Co., Ltd. After the proposed capital increase of the project was 2 billion yuan, of which Yunsai Zhilian invested 220 million yuan, accounting for 11% of the shares. This investment was approved by the state-owned assets supervision department on September 8, 2023, and various tasks are progressing normally according to plan.

Continue to benefit from the digital economy and the boom in smart cities, and continue to strengthen dividends to shareholders. According to data from the State Internet Information Office, China's digital economy surpassed 50 trillion yuan in 2023, accounting for 41.5% of GDP. According to data from the Global Digital Economy Conference, China's digital economy has been ranked second in the world for many years in a row. Smart city construction is a strategic choice to seize the opportunities of a new round of scientific and technological revolution and industrial transformation. During the reporting period, the company continued to closely focus on the business policy of “focus on the main business, optimize structure, improve capacity, and prevent risks”, accelerate the pace of business transformation and scale expansion, continue to strengthen top-level smart city design capabilities, improve data centers, strengthen cloud services, and develop deep data and layout industry applications, benefiting from the data economy and the continued boom in smart cities. To give back to shareholders, Yunsai Zhilian plans to distribute 0.43 yuan (tax included) in cash to all shareholders for every 10 shares, for a total of 59 million yuan (tax included), accounting for 30.49% of the net profit attributable to mother in the company's 2023 consolidated statement, strengthening dividends to shareholders and further enhancing market influence.

Investment advice: Data elements are moving up. As a leading enterprise in the smart city field, Yunsai Zhilian will fully benefit from the development of the data element industry chain. Considering the company's multi-line business layout, big data, solutions, cloud computing, intelligent computing, etc., we adjusted the profit forecast. The company expects revenue of 60.64/69.34/7.915 billion yuan from 2024 to 2026 (60.77/71.20 before 2024-2025 forecast), an increase of 15.2%/14.4%/14.2% year-on-year, and the company's net profit to mother was 222/250/280 million yuan, respectively (2.78/3.49 before the 2024-2025 forecast), The year-on-year increase was 15.0%/12.9%/11.7%, corresponding to EPS of 0.16/0.18/0.20 yuan and PE of 82.0/72.6/65.0, maintaining the “increase holding-A” recommendation.

Risk warning: Market competition continues to intensify; demand in emerging markets falls short of expectations; main business costs rise.

The translation is provided by third-party software.


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