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富途研选 | 美股泥沙俱下,哪些优质企业被“错杀”?
Rich way research election | the United States stocks are full of mud and sand, which high-quality enterprises have been "mistakenly killed"?

富途研选 ·  {{timeTz}}


This article is edited by Minsheng Securities "data Center: sea flow, Information Cornerstone" and Dongxing Securities "the epidemic has led to a correction in the global stock market. What are the high-quality overseas technology assets that have overfallen? "

摘要:新冠疫情蔓延,全球股市无差别地下跌,但这也为投资优质企业创造了机会。东兴证券认为,有一类公司,疫情对其商业模式与业绩呈持续积极性影响:这类公司的业绩有可能不会受疫情影响,商业模式长期积极向好,如IDC(Internet Data Center互联网数据中心)产业链。

Abstract: COVID-19 epidemic spread, the global stock market fell indiscriminately, but it also created opportunities for investment in high-quality enterprises. Dongxing Securities believes that there is a class of companies whose business model and performance are continuously positively affected by the epidemic: the performance of such companies may not be affected by the epidemic, and their business models are positive for a long time, such as the IDC (Internet Data Center Internet data Center) industry chain.


"opportunity" in the crisis


COVID-19 's epidemic spread overseas, and global stock markets fell indiscriminately. Although there are many uncertainties in the development of COVID-19 's epidemic, some things are becoming more and more certain:



With the release of ① water, the economies of countries around the world have been greatly affected by the COVID-19 epidemic, and countries will gradually introduce economic stimulus policies after the end of the epidemic.

New business opportunities for ②, the changes in people's behavior patterns brought about by the epidemic will promote a number of business models, and will also have an impact on a number of business models.

东兴证券指出,有一类公司,疫情对其商业模式与业绩呈持续积极性影响:这类公司的业绩有可能不会受疫情影响,商业模式长期积极向好,如IDC(Internet Data Center互联网数据中心)产业链。

Dongxing Securities pointed out that there is a class of companiesThe epidemic has a sustained positive impact on their business model and performance: the performance of such companies may not be affected by the epidemic, and the business model is positive over a long period of time, such as the IDC (Internet Data Center Internet data Center) industry chain.


The mistakenly killed IDC industry


Dongxing Securities believes that the IDC industrial chain is full of mud and sand and is dragged down by the market, and points out that the consumption of market panic is the earliest opportunity to invest:



In the short termCOVID-19 's epidemic has promoted the spread of online demand from domestic to global, and the increase in traffic has prompted cloud, Internet and other manufacturers to increase the demand for IDC.


In the long runThe growth of demand is relatively certain. The global cloud trend remains unchanged, the outbreak of data traffic brought about by 5G is a certain event in the future, and the long-term demand for digital infrastructure is strong. In addition, IDC is heavy on assets, the speed of industry expansion is lower than the growth rate of demand, and the gap between supply and demand exists for a long time, which makes the price stable.


In addition, on March 25, Meguiar, a major semiconductor storage company, announced its latest financial results, which hammered the data center's performance against the trend:Meguiar CEO said that affected by COVID-19 's epidemic, the demand for mobile phones and consumer electronics dropped sharply.But part of the decline was offset by a strong data center business driven by telecommuting, gaming and e-commerce, and the demand for data center business was so strong that storage supply was tight.


Flow Transmission Logic of IDC Industry chain


With the approval of Minsheng Securities, the growth of traffic directly drives the increase of Capex investment by Internet cloud vendors, the cloud computing industry is springing up on a large scale, and edge computing is gradually giving full play to its value. under this logic, the growth of data traffic drives the demand for core infrastructure in the data center, benefiting the IDC industry chain as a whole, and the performance of ICT equipment vendors is growing rapidly, thus once again promoting the development of cloud computing and the Internet, and feeding the downstream application layer.


Simple understanding is: data traffic growth → computing (cloud and edge) demand increase → IDC and cloud vendor Capex investment increase → investment in data center infrastructure



IDC competition pattern and investment target


The global IDC service market is dominated by third-party IDC service providers. Equinix Company of the United States has the first market share, accounting for about 15% of the global hosting market, followed by DigitalRealty, accounting for about 9%. China Telecom Corporation's market share ranks fifth, accounting for about 3%, and the overall market structure is relatively scattered.As operators gradually withdraw from the IDC market, while enterprises gradually transfer workloads to the cloud or use hosting facilities, the number of mergers and acquisitions in the data center industry is increasing year by year, IDC market concentration is expected to further increase, and the Matthew effect is gradually enhanced.



Equinix is the leading global data center enterprise.The main way to expand its assets is through global mergers and acquisitions, with unparalleled global coverage in the commercial hosting industry, with a total of 203data centers (as of 2019Q2), of which 87 are in the Americas, 42 in Asia and 73 in Europe and the Middle East, mainly in key cities.



GDS Holdings Limited is the largest third party IDC enterprise in China.As a wholesale IDC enterprise, the company mainly binds BAT and other core Internet enterprises to provide customized value-added services with low customer mobility, high customer stickiness and long contract life, as the cloud computing industry enters a "golden" development period, the company has abundant project resources reserves and broad growth prospects.



Edit / jasonzeng


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