Key investment points
Event: on February 17, 2022, the national development and Reform Commission and other four departments jointly issued a document agreeing to start the construction of national hub nodes of national integrated computing network in eight places in Beijing Tianjin Hebei region, Yangtze River Delta region, Guangdong Hong Kong Macao Dawan district and Chengdu Chongqing region, and planned ten clusters of national data centers, and the "East data and West computing" project was officially launched.
The number of cabinets has increased rapidly and the downstream demand has continued to increase: according to the data of the national development and Reform Commission, the rack size of China's data center has reached 5 million standard racks by February 2022. According to the three-year action plan for the development of new data centers issued by the Ministry of industry and information technology in 2021, the growth rate of the number of racks of China's data center is expected to reach more than 20%, and the total computing power will reach 200 eflops by the end of 2023, The scale of China's IDC market continues to improve. With the increase of the number of cabinets, IDC downstream operators are expected to continue to improve their operating efficiency.
The launch rate of hub data centers is required to be increased, and the operating efficiency of IDC industry is expected to be improved: according to the data of China Academy of information and communications, by the end of 2019, the overall average launch rate of China's data centers is 53.2%, while the average launch rate of data centers in the western region is only 30% - 40%. At present, China requires the average launch rate of hub node data centers of the national integrated computing network to be no less than 65%. The requirements of the policy on the shelf rate of hub node data centers are expected to ease the blind and disorderly development of data centers and improve the operation efficiency of the industry.
Pue control is becoming stricter, and the competition pattern of IDC industry is expected to ease: at present, the "double carbon" policy is becoming stricter, and the power utilization efficiency index pue of China's hub node data center is required to be controlled within 1.2-1.25. According to the 2021 China data center market report, the average pue of national data centers in 2021 is 1.49. This means that the development of data centers should meet the requirements of green energy conservation, reduce the energy consumption of "thermal data" and strengthen the linkage of energy layout. The tightening of pue control is expected to accelerate the liquidation of IDC industry, transfer high-quality resources to IDC head enterprises, and the industry competition pattern is expected to be improved.
Suggested targets: IDC: Shanghai Athub Co.Ltd(603881) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Kehua Data Co.Ltd(002335) , Beijing Highlander Digital Technology Co.Ltd(300065) , Shanghai Baosight Software Co.Ltd(600845) , Hang Zhou Iron & Steel Co.Ltd(600126) , Jiangsu Shagang Co.Ltd(002075) , city land shares, Leon Technology Co.Ltd(300603) , Century Internet and Wanguo data; IDC infrastructure supporting equipment: Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) , Shenzhen Envicool Technology Co.Ltd(002837) .
Risk tip: the construction progress of the data center is less than expected, the policy support of "counting from the east to the west" is less than expected, and the demand for big data applications is lower than expected.
