单Q3 来看，公司营业收入为23.29 亿元（YoY-1.19%），归母净利润为2.06 亿元（YoY+0.41%），扣非归母净利润为0.79 亿元（YoY-24.55%），主要系公司业务结构调整所致。前三季度公司投资收益同比增加82.03%，主要系联营企业净利润增加所致。联营企业海光信息2024 年前三季度实现营业收入61.37 亿元，同比增长55.64%，归母净利润15.26 亿元，同比增长69.22%。Event Overview:
Recently, Zhongke Shuguang released the “Report for the Third Quarter of 2024”. In the first three quarters, the company achieved operating income of 8.041 billion yuan, up 3.65% year on year; net profit to mother 0.77 billion yuan, up 2.57% year on year; net profit after deducting non-return to mother 0.445 billion yuan, up 8.66% year on year, in line with the previously released performance report.
Business was steady in the first three quarters, and demand for domestic computing power continued to be strong
Looking at Q3 alone, the company's revenue was 2.329 billion yuan (YoY -1.19%), net profit attributable to mother was 0.206 billion yuan (YoY +0.41%), and net profit after deducting non-return to mother was 0.079 billion yuan (YoY -24.55%), mainly due to the restructuring of the company's business structure. The company's investment income increased 82.03% year-on-year in the first three quarters, mainly due to an increase in the net profit of joint ventures. The joint venture Haiguang Information achieved operating income of 6.137 billion yuan in the first three quarters of 2024, an increase of 55.64% year on year, and net profit to mother of 1.526 billion yuan, an increase of 69.22% year on year.
According to the joint venture Haiguang Information, in the first three quarters of this year, Haiguang Information always focused on the general computing market, increasing investment in technology research and development, and maintaining market leadership in product competitiveness; on the other hand, the deep computing series products based on the GPGPU architecture progressed smoothly. In particular, it increased investment in DCU software, focusing on building an independent and open complete software stack compatible with a general “CUDA-like” environment. Furthermore, against the backdrop of changes in the international environment and self-reliance in technology, the domestic market's demand for domestic computing power continues to increase, further driving the rapid growth of Haiguang Information's revenue and boosting the downstream prosperity of Zhongke Shuguang.
Join hands with holding companies to build a computing power service ecosystem for the entire industry chain
According to the company's three-quarter performance report, in the face of fierce domestic market competition during the reporting period, Zhongke Shuguang insisted on R&D and innovation, improved the industrial chain layout, promoted digital infrastructure construction, and actively extended the layout to the computing ecosystem business. In addition to launching products and solutions such as storage, network security, big data, and cloud computing, and completing the “core—end—cloud-computing” industry chain layout, we have also invested in many high-quality assets such as Haiguang Information, Zhongke Star Map, Shuguang Digital Innovation, and Shuguang Cloud Computing. The company and participating holding companies cover everything from upstream chips, server hardware, and IO storage to midstream cloud computing platforms, big data platforms, computing power service platforms, and downstream cloud service providers.
According to the company's investor relations activity records, the subsidiary Shuguang Digital has taken the Southeast Asian market as a starting point and is actively exploring overseas markets for data centers. Zhongke Shuguang ParaStor liquid cooling storage system inherits the company's mature and stable liquid cooling technology. Through advanced hardware design, it introduces a cold plate liquid cooling solution with higher cooling efficiency than air cooling. It is fully integrated with storage technology to reduce the PUE value of the storage node to less than 1.2; forms a “storage and one-stack” liquid cooling solution with the liquid cooling server, which can effectively reduce the data center PUE value and enable computing power to serve the entire industry chain ecosystem.
Investment advice:
As a leading enterprise in core information infrastructure, Zhongke Shuguang is expected to benefit from the surge in computing power demand brought about by the wave of artificial intelligence, and as Haiguang's largest shareholder, it is expected to benefit from this. The company's revenue for 2024-2026 is estimated to be 16.139/18.829/22.314 billion yuan, and net profit to mother is 2.196/2.732/3.209 billion yuan, respectively. Maintaining a buy-A investment rating, a 6-month target price of 75.05 yuan is given, which is equivalent to a dynamic price-earnings ratio of 50 times in 2024.
Risk warning:
Data center construction fell short of expectations; competition in the high-end computer industry intensified.
