Information innovative optical storage technology enterprises, providing enterprise storage solutions company is a leading optical storage technology enterprise in China, carrying out optical storage media, optical storage devices, and the R & D, design, development, production, sales and service of intelligent hierarchical data storage and information technology solutions based on optical storage technology. It covers government affairs, Internet, medical care, military industry, finance, archives, education, energy and other fields. It is the only mainland optical storage company whose BD-R underlying coding strategy has been certified by the International Blu-ray Alliance (only nine in the world).
In the era of big data, driven by external policies and endogenous demand, optical storage will accelerate the explosive growth of global data penetration, and PB-scale data is becoming more and more common. Compared with magnetic and electrical storage media, optical storage media has the advantages of high safety and reliability, long storage life, green energy saving, low unit storage cost and so on. The Ministry of Industry and Information Technology, the Ministry of Science and Technology and the local government have issued intensive policies to promote the development and application of optical storage technology. At the same time, with the continuous promotion of green data centers and the increasing demand for storage such as data archiving and disaster preparedness in government, medical, military and other fields, the demand for optical storage is increasing.
Successfully transformed from an optical storage media supplier to an enterprise optical storage solution provider in order to meet customer one-stop procurement needs and provide user stickiness and company competitiveness, the company has gradually transformed from a single optical storage equipment supplier to an optical storage solution provider. The downstream applications of the company's optical storage devices and solutions can be divided into green data center applications and industry-level applications, among which the core technology revenue for green data centers is growing rapidly and has become the main driver of the company's business growth. at the same time, core technology revenue for industry applications also ushered in rapid growth in 2018, becoming another driving force for the company.
Master the underlying optical storage media technology and mass production technology with large capacity
At present, most of the storage technology is mastered by foreign manufacturers, and the company is the only domestic optical storage enterprise certified by the International Blu-ray Alliance. Blu-ray storage media to achieve mass production needs to have product technology, industrialization technology and industrial hardware facilities, at the same time through running-in to achieve good climbing, the whole process is systematic, complex, with high technical difficulty. The company has mastered the formulation technology of small-capacity Blu-ray storage, and achieved mass production of it, while mastering the mass production technology of large capacity.
Investment suggestion
It is estimated that the company's operating income from 2019 to 2021 will be RMB 584 million, and its net profit will be RMB 1.49 million. Among the A-share listed companies, only Yi Hualu operates a similar optical storage business, while Huasheng Tiancheng and China Science dawning provide big data storage solutions and cloud data centers, so they are also comparable with the company. Considering that the underlying technical information innovation of the company is a rare storage target with independent intellectual property rights, it enjoys a certain valuation premium and gives the company 45-55 times PE corresponding to the profits in 2020. The market capitalization of the company is 99.9-12.21 billion yuan, and the corresponding share price is 52.5-64.1yuan.
Risk tips: optical storage enterprise market development is not as expected risk; large capacity Blu-ray disk production is not as expected risk; accounts receivable recovery risk; BDA certification risk.