\u3000\u3 Shengda Resources Co.Ltd(000603) 019 Dawning Information Industry Co.Ltd(603019) )
As the core target of industry Xinchuang, the domestic high-end computing ecosystem is increasingly improved, and the "buy" rating is maintained
The company is committed to breaking through the core key technology of high-end computer based on domestic processors, and the domestic high-end computing ecology is becoming more and more perfect. At the same time, the performance and ecological advantages of haiguang server are prominent. We believe that the company will fully benefit from the development of industry Xinchuang. Therefore, we maintain that the company's net profit attributable to the parent company from 2021 to 2023 is predicted to be 1.135, 1.545 and 2.094 billion yuan, and EPS is 0.78, 1.06 and 1.43 yuan / share. The current share price corresponds to 41.7, 30.7 and 22.6 times of PE from 2021 to 2023, which is higher than the valuation of comparable companies. Considering the company's leading position in the industry information and innovation field, we give a certain valuation premium and maintain the "buy" rating.
The listing of haiguang information is imminent, and the company is expected to benefit from value revaluation
The main products of haiguang information are haiguang general processor (CPU) and haiguang coprocessor (DCU). At present, haiguang CPU series products haiguang No. 1 and No. 2 have been commercialized and widely used in telecommunications, finance, Internet, education, transportation and other fields. According to the application materials of haiguang information IPO prospectus, haiguang 3 is in the verification stage and haiguang 4 is in the R & D stage. Haiguang DCU series products Shensuan No. 1 have realized small batch production, and Shensuan No. 2 is in the research and development stage. From 2019 to 2021, haiguang information achieved revenue of 379 million, 1022 million and 2.31 billion yuan, with a year-on-year increase of 686%, 170% and 126%, and continued to grow at a high speed; At the same time, the company successfully turned losses into profits in 2021 and realized a net profit attributable to the parent company of RMB 327 million. On March 16, 2022, haiguang information successfully applied for listing on the science and innovation board. At present, the company holds 32.1% equity of haiguang information, and the company is expected to benefit from its value revaluation.
Haiguang server has outstanding advantages in the field of information and innovation in finance, telecommunications and other industries, and is expected to continue to grow at a high speed
In the field of industry information and innovation, higuang server with x86 architecture occupies a dominant position in the market by virtue of ecology and high performance. According to our statistics on public bidding information, the company has recently won large orders such as Bank Of China Limited(601988) , Shanghai Shanghai Pudong Development Bank Co.Ltd(600000) , Industrial Bank Co.Ltd(601166) , Zhangjiagang Agricultural Development Bank, etc. Previously, in the announcement on the centralized prequalification of 20212022 centralized server procurement project issued by China Telecom Corporation Limited(601728) release, haiguang server accounted for 72% of domestic servers, fully demonstrating the company's competitiveness in the field of industry information and innovation. We believe that haiguang information will highly benefit from the development of the industry's information innovation market and achieve sustained and rapid growth.
Risk warning: international environmental deterioration; Intensified market competition; Chip business did not meet expectations.
