\u3000\u3000 Beijing Highlander Digital Technology Co.Ltd(300065) (300065)
[matters]
According to the company’s official website, the Hainan Seabed Data Center (UDC) project has entered the first publicity stage of environmental impact assessment, which is a step closer to the commercialization.
[comment]
According to the company’s official website, Hainan Seabed Data Center (UDC) project has entered the first publicity stage of environmental impact assessment. The construction site is Haitang District, Sanya City. The construction scale and main construction contents of the project are: temporary shore station, submarine cable system construction, submarine data cabin module construction and other projects. Temporary shore station mainly includes power control room, intelligent monitoring room and operation office; The submarine cable system includes a land submarine cable junction box, a 10KV photoelectric composite submarine cable of about 1.75km, and a submarine substation as the submarine cable terminal; The subsea data cabin module includes 3 UDC modules, and each module includes 1 data cabin, 1 power distribution cabin and other facilities. Each UDC module is planned to provide 24 15KVA standard medium density cabinets.
In March 2020, the company completed the acquisition of Ott Ocean Technology Co., Ltd. Ott ocean has mature seabed connection technology, deep-sea power station technology and seabed engineering implementation experience, has the core ability to build Seabed Data Center, has participated in Microsoft Seabed Data Center project, and has first mover advantages and technical barriers in this field. In November 2020, the prototype of the company’s submarine data cabin was launched. According to the energy efficiency (PUE) test report of the submarine data center issued by Tsinghua University, the pue value of the company’s test prototype was only 1.076, meeting the design goal. At the same time, According to the marine ecological environment impact assessment report of Seabed Data Center issued by Qingdao offshore engineering survey and Research Institute, the prototype is friendly to the marine ecological environment. The feasibility of Seabed Data Center is further determined. In September 2021, the company obtained the performance test report of ICT Institute. After field test in Hainan, the results show that all data fully meet the commercialization conditions.
With the continuous improvement of the scale and overall performance of the data center, its power consumption also increases. According to the research report data released by science in 2020, the energy consumption of the data center has accounted for 1% of the total global energy consumption. Under the strategic objectives of carbon peaking and carbon neutralization in all countries around the world, the approval of data centers with high pue will become stricter, and many cities in China have also issued corresponding standards. In this context, the undersea data center with low pue is expected to usher in development opportunities, with broad market prospects, and the company is expected to take the lead in benefiting. It is estimated that the operating revenue of the company from 2021 to 2023 will be 970 million, 1.21 billion and 1.58 billion yuan, the net profit attributable to the parent company will be 76 million, 94 million and 122 million yuan, the EPS will be 19 million, 24 million and 31 million yuan, and the corresponding PE will be 71, 57 and 44 times. We are cautiously optimistic about the future performance of the company and give a “overweight” rating.
[risk tips]
The commercialization and landing process of UDC is not as expected;
The industry demand of the company’s traditional business is lower than expected;
Core technology and personnel outflow.
