\u3000\u3000 Beijing Vastdata Technology Co.Ltd(603138) (603138)
The company is a leading data technology provider in China, benefiting from the vigorous development of the data industry. The company is a leading data technology provider in China, focusing on data solutions. At the same time, the company has extensively expanded business landing scenarios and has good cooperative relations with large commercial customers. The company's self-developed database products have been shortlisted in the procurement directory of central authorities, and has provided database replacement and migration services for the government cloud of Shenzhen municipal government.
In the data age, superimposed with the wave of localization, the database industry has embarked on a new journey. The era of big data puts forward new requirements for database applications, including distributed support, scalability and fault tolerance. The competition pattern of the database industry has been loosened, the monopoly pattern of traditional giants has been broken, and the era of competition has begun. At the same time, database is an important part of the localization of basic software and hardware. Domestic database market share is low and there is much room for improvement. And the technology gap between domestic databases and international products is narrowing.
A variety of products are in full bloom to build a domestic database leading enterprise. The company's products are divided into independent research and development database, all-in-one machine and migration service. The company independently researched and developed cloud map database product family, focusing on enterprise private cloud database. It can also play a great value in emerging fields such as spatial geography, industry, finance, energy, transportation and artificial intelligence. The company's all-in-one machine business is a data storage and data security solution integrating software and hardware, including database all-in-one machine, archiving all-in-one machine and desensitization all-in-one machine. The company's migration service is a value-added service to solve the pain point of localization business. At present, the company has rich talent reserves for migration services, has experience in the implementation of many successful cases, and the product itself has the ability of lossless migration.
Investment suggestion: the company is a leading enterprise focusing on data management products and system services in China. On the one hand, technological changes such as 5g, cloud computing and artificial intelligence have brought about the vigorous development of the data industry, which will bring about the natural growth demand of the company's data system related products and services; On the other hand, under the wave of localization, the company's independent database products and migration, operation and maintenance services for all kinds of domestic databases will usher in great opportunities. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 0.11/0.15/0.35 billion, EPS will be RMB 0.04/0.05/0.13 respectively, and the corresponding PE will be 561x, 429x and 181x respectively. Considering that the company is still in the stage of increasing investment in independent product R & D, net profit is not the core index to measure the company's long-term development ability, so PS method is used to evaluate the company. Referring to the business characteristics of the company, we select Beijing Kingsoft Office Software Inc(688111) , Cambricon Technologies Corporation Limited(688256) , Zwsoft Co.Ltd(Guangzhou)(688083) which are in the high investment stage with localized software and hardware as the core business as the comparable companies. The average PS ( Cambricon Technologies Corporation Limited(688256) adopts the consistent expectation of wind) of the relevant companies in 2021 is 51x, and the average PS ( Cambricon Technologies Corporation Limited(688256) adopts the consistent expectation of wind) in 2022 is 33x. The company has valuation advantages and is covered for the first time, Give a "recommended" rating.
Risk warning: the landing of localization business is not as expected; The company's product R & D and expansion were not as expected.
