\u3000\u3000 Beijing Highlander Digital Technology Co.Ltd(300065) (300065)
Key points of the report:
Master the core technology of “smart ocean + smart navigation” and strive to become a marine technology group
The company is the only listed company in China with the implementation ability of “smart ocean + smart navigation”. It has established a complete and leading product system in the fields of ship navigation, deep-sea exploration, marine sensors, marine information system and so on. Its core technology is independent and controllable, and is widely used in civil and military markets. In 2021, Hainan Haigang Group Co., Ltd., controlled by Hainan state owned assets supervision and Administration Commission, became the second largest shareholder, forming synergy with the company in many aspects such as seabed IDC and radar network, and significantly improving its core competitiveness. According to the company’s official wechat, by 2025, the company is committed to becoming a marine technology group with comprehensive strength, with a total output value of 5 billion yuan.
Low pue technology leads the transformation of data center, and subsea data center is expected to become a new direction
China’s IDC market presents a trend of rapid development. According to the data of Zhiyan consulting, in 2019, the market scale of IDC in China has reached 156.25 billion yuan. It is predicted that it will reach 314.53 billion yuan in 2022, and the market scale CAGR will reach 26.26% from 2019 to 2022. In October 2021, the national development and Reform Commission issued several opinions on strict energy efficiency constraints and promoting energy conservation and carbon reduction in key areas, which made it clear that the power utilization efficiency of new large and super large data centers should not exceed 1.3. The high power density, green energy conservation and other technical advantages of the subsea data center are expected to lead the transformation of the data center infrastructure, so that the energy consumption level of the entire IDC industry directly crosses the era of “carbon neutrality”, becoming a new highlight and trend of the industry.
The first commercial UDC solution in China, and the Hainan demonstration project has entered the implementation stage
Seabed Data Center (UDC) is one of the main directions of the company’s current transformation and innovation business. The company has formed UDC’s core technical capability through the acquisition of Ott ocean. Through the analysis and calculation of test data by the laboratory of Tsinghua University, the single cabin pue value of the company’s UDC test prototype is 1.076, which is far lower than the national standard. In May 2021, the company signed the strategic cooperation agreement on the construction of the world’s first commercial Seabed Data Center project with Hainan SASAC and Hainan xintou respectively, marking that the world’s first commercial Seabed Data Center demonstration project has officially entered the implementation stage. According to the company’s plan, 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, with a total investment of more than 5.6 billion yuan.
Profit forecast and investment suggestions
The company focuses on the field of ocean observation and intelligent navigation. In recent years, it has increased its layout in the field of seabed IDC, which is expected to open a new growth space. It is predicted that the operating revenue of the company from 2021 to 2023 will be RMB 1095 million, RMB 1546 million and RMB 2436 million, the net profit attributable to the parent company will be RMB 75 million, RMB 161 million and RMB 331 million, the EPS will be RMB 0.12, RMB 0.26 and RMB 0.52/share, and the corresponding PE will be 127.73, 59.84 and 29.12 times. In recent years, the company has actively expanded new business, with more investment and low net profit margin. It is more appropriate to adopt PS valuation method. In the past three years, the company’s PS TTM has mainly operated between 4-14 times, giving the company 10 times the target PS in 2022, with the corresponding target price of 24.55 yuan. Recommend for the first time and give a “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The business expansion of seabed IDC is less than expected; Goodwill impairment, etc
