Beijing Sinnet Technology Co.Ltd(300383) (300383)
IDC business has developed steadily, and core regional projects have been put on the shelves one after another. The company carries out data center layout around Beijing Tianjin Hebei, Yangtze River Delta, Shenzhen Dawan district and Changsha, plans to build three industrial clusters in core areas, continuously strengthen the layout of front-line core areas, and improve the competitiveness of IDC business projects in hand. As of the third quarterly report of this year, the company has put into operation more than 41000 cabinets. Meanwhile, the projects under construction are progressing smoothly. The cabinets of Fangshan phase II, Hebei Yanjiao phase III and IV and Shanghai triangle Jiading phase II are expected to continue to be delivered by the end of the year and will be gradually put into operation in the first half of 2022, so as to further enhance the core competitiveness of the front-line core areas.
IDC's future demand tends to be uniform, and the contradiction between regional supply and demand is becoming increasingly prominent. The continuous growth of mobile Internet, the accelerated development of industrial Internet and the cloud reconstruction of government and enterprise IT architecture will further drive the future demand of IDC business to become more uniform. According to the data of China Academy of information technology, the scale of China's data center industry will reach RMB 1958 billion in 2020, and the CAGR will be 30.4% from 2015 to 2020, with a growth rate higher than the global average. At present, IDC demand is still concentrated in core cities, accounting for more than 50%. IDC's supply side presents a situation in which the first and second lines are relatively tight and the third and fourth lines are relatively sufficient, and the supply contradiction between industries and regions is becoming increasingly prominent.
The cloud computing business grew steadily and the cooperation with Amazon progressed smoothly. Amazon cloud technology cloud services operated by the company are progressing smoothly. According to the company's announcement, the company launched 24 new products in the first half of 2021, and the number of new landing services and functions increased by 50% over the same period last year. Unparalleled technology became the first batch of Baidu analysis cloud service providers in 2021, with broad development space in the future. The company's revenue from cloud computing and related services in the first three quarters was RMB 3.283 billion, a year-on-year increase of about 61.16%, accounting for 73.2% of the operating revenue in the first three quarters of 2018. With the adjustment of unparalleled services and the expansion of AWS services, cloud services are expected to grow steadily in the future.
Adapt to the requirements of low pue policy and promote the pilot of submarine data center project. According to the three-year action plan for the development of new data centers (2021-2023) of the Ministry of industry and information technology, the pue of newly-built large and above data centers will be reduced to less than 1.3 by the end of 2023. According to the Beijing Highlander Digital Technology Co.Ltd(300065) test report, the pue of single cabin prototype of submarine data center will be as low as 1.076, and the actual online operation of modular production and single kW TCO can be completed in 90 days (construction cost + operation cost) is about 15% - 20% lower than the land data center of the same scale, with the characteristics of fast production capacity, low cost and low delay. The company cooperates with Beijing Highlander Digital Technology Co.Ltd(300065) science and technology in Hainan to jointly promote the pilot project of submarine data center, and the pue value of submarine data center is expected to reach below 1.1, which is conducive to improving the economy under the background of low pue policy objectives.
Investment suggestion: we estimate that the company's operating revenue from 2021 to 2023 will be RMB 7.987 billion, RMB 8.929 billion and RMB 10.157 billion, and the net profit will be RMB 925 million, RMB 1.103 billion and RMB 1.26 billion. Considering that the number of cabinets put into operation in the company's core areas continues to increase, the contradiction between supply and demand in the core areas intensifies under the requirements of low pue policy, and the company's competitive advantage is prominent, we give the company 25 times PE in 2022, with a corresponding target market value of 27.58 billion yuan and a corresponding target price of 17.87 yuan. For the first time, it is rated "Buy-A".
Risk tip: the competition in the data center industry intensifies, the increase of electricity price is higher than expected, and the growth rate of data flow is lower than expected
