\u3000\u3000 Beijing Highlander Digital Technology Co.Ltd(300065) (300065)
Event: on February 11, Beijing Highlander Digital Technology Co.Ltd(300065) Hainan Seabed Data Center demonstration project started the construction of the first seabed data module at the port side special equipment manufacturing site of Tianjin Port Co.Ltd(600717) bonded zone, marking the formal entry of the world's first commercial Seabed Data Center into the engineering construction stage.
Hainan demonstration project was officially started, and will be accelerated to coastal areas in the follow-up. The demonstration project of Hainan undersea data center is invested and constructed by Beijing Highlander Digital Technology Co.Ltd(300065) and its subsidiary holding company Hailan cloud in Sanya City, Hainan Province in conjunction with Hainan SASAC. Among them, the company is responsible for the breakthrough of key core technologies of Seabed Data Center products, product development, operation and market promotion of Seabed Data Center. The data cabin started this time has a water depth of more than 20 meters, an overall structural weight of 1300 tons, and a tank and flange diameter of 3.6 meters. It is currently the largest submarine data cabin in the world. The goal of the company and Hainan provincial government is to deploy 100 submarine data modules in Hainan during the 14th Five Year Plan period. In addition to Hainan, the company plans to extend the submarine data center to Guangdong, Hong Kong, Macao, the Great Bay area, the Yangtze River Delta, Beijing, Tianjin and other economically developed coastal areas in the north, and promote the submarine data center to Southeast Asian markets such as Hong Kong, Singapore and Vietnam in the south.
The acquisition of Ott ocean to carry out UDC business has broad prospects for the new model of data center. In 2020, Beijing Highlander Digital Technology Co.Ltd(300065) completed the acquisition of Ott Marine Technology Co., Ltd. based on its mature seabed connection technology, deep-sea power station technology and seabed engineering implementation experience, it has the core technical ability to build Seabed Data Center. The company has also participated in Microsoft's Seabed Data Center project and provided design services. At the same time, Beijing Highlander Digital Technology Co.Ltd(300065) with its technological accumulation in the field of marine equipment and marine informatization in the past 20 years, it has broken through and solved the design problems and technical bottlenecks of the distribution system, cooling system and monitoring system of the seabed data center, formed the first mover technical advantages in this field, and provided an opportunity and guarantee for the company to carry out the business of Seabed Data Center (UDC). We believe that the seabed data center has the comprehensive advantages of low energy consumption, low cost, low time delay, resource saving, high reliability, modular production and rapid deployment, and has broad application prospects in the future.
Profit forecast and investment rating: it is estimated that the net profit of the company from 2021 to 2023 will be 75 million yuan, 183 million yuan and 378 million yuan, and EPS will be 0.12 yuan, 0.29 yuan and 0.60 yuan, corresponding to 115 times, 47 times and 23 times of PE, maintaining the "buy" rating.
Risk warning: new business expansion is not as expected; Military orders grew less than expected.
