Yi Hualu: a data capitalization service provider relying on central enterprises
Yi Hualu is a mixed ownership enterprise controlled by China Hualu Group, a central enterprise under the direct supervision of the State Council SASAC, and held by the management team. The company adheres to the strategic policy of "building a solid national data security and green storage base, promoting the convergence, governance, development and sharing of data elements", and is committed to becoming the main force of national data capitalization service providers and innovative data element enterprises. In the future, Hualu Group can form effective coordination and complementarity in the industrial chain after it is integrated into the electric department.
Data elements: grasping the Core commanding Point of Digital China Construction
Data elements are the core commanding point to grasp the construction of digital China at present, and they are of great value to the future economic and social development of our country. At present, the institutional mechanism and competent units to promote the construction of data factor market have been landed, and the attribute of data resources as a kind of economic resources has been clearly defined at the accounting policy level, and the future supporting policies are expected.
Invigorate assets with data lake storage capacity and build a solid digital base
The data lake is the cornerstone of building a new digital city, and the data lake operation business covers the whole life cycle of data "collection, storage, treatment, use and ease", which can invigorate the data lake assets and improve the added value. Up to now, 25 data lakes in Yihualu have entered the operation stage, the cumulative deployment of Blu-ray storage in the data lake is close to 4200PB, and more than 20,000 racks have been completed and planned.
Factor allocation and asset evaluation system, wave-by-wave data elements
Since 2017, Yi Hualu has carried out theoretical research and practical exploration on data transactions. it has participated in 5 industry white papers, applied for 12 national patents, participated in 11 standards, applied for 6 provincial and ministerial projects, and won 6 awards at the international and provincial and ministerial levels. Fuzhou has landed the country's first "data bank" based on government data authorization operation model, and data lake projects in Xuzhou, Zhuzhou, Kaifeng and Fuzhou have been authorized by local government data governance operations. the company also signed cooperation agreements with more than 10 provincial big data exchanges.
On September 8, Yi Hualu hosted the country's first "data asset entry service consortium conference" in Beijing, launching the data confirmation registration platform "easy certificate" and the data asset quality evaluation model "easy evaluation". Provide compliance supervision and security guarantee for the whole process of data registration The proposal of data assets entry Service Consortium was jointly signed with industry, university, research and application of data elements, which aims to promote business cooperation among all parties, provide one-stop solutions for enterprise customers, emphasize technology empowerment, ensure the standard and credibility of data assets entry, and promote the high-quality development of data element economy.
Investment advice:
As a listed company controlled by central enterprises, Yihualu, adhering to the corporate mission of "building a solid green storage base for national data security, and promoting the convergence, governance, development and sharing of data elements", is a leading domestic integrated service provider in the field of digital economy and data elements. We estimate that the operating income of the company from 2023 to 2025 will be 1.836 billion yuan and 3.317 billion yuan respectively, and the net profit will be-0.19 million 2.94 billion yuan respectively. At present, the company is still in the period of input of data elements, and the interim regulations on Accounting treatment of Enterprise data Resources will come into effect on January 1, 2024. We believe that the company is expected to achieve a breakthrough in the field of data elements next year, so we adopt the 2024 PE valuation. It covers the Buy-An investment rating for the first time, giving a 12-month target price of 39.74 yuan, equivalent to a price-to-earnings ratio of 90 times 2024.
Risk Tips:
The landing of policies related to data elements is lower than expected, the landing of data asset evaluation service system is not as expected, and the demand for data elements on the government side and enterprise side is not as expected.