\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 602 Inesa Intelligent Tech Inc(600602) )
Event: the company released its annual report for 2021 on the evening of March 28, 2021. During the reporting period, the company achieved an operating revenue of 4.993 billion yuan, a year-on-year increase of 8.77%; The net profit attributable to the shareholders of the listed company was 256 million yuan, with a year-on-year increase of 3.00%, of which the net profit after deducting non recurring profits and losses was 154 million yuan, with a year-on-year change of – 23.63%.
Seize the development opportunity of urban digital transformation and adhere to high-quality development. The construction of a new smart city is an important part of China’s urban modernization process, and the digital economy is the most effective socio-economic development model at present. Shanghai has planned to comprehensively promote urban digital transformation during the 14th Five Year Plan period. In the process of transformation, it will give full play to the leading, supporting and driving role of digitization in urban development and release digital dividends to the greatest extent. As the main force of Shanghai’s digital city construction, the company’s core technology and product capabilities in relevant business fields have been continuously consolidated in the past two years. At present, the company is ushering in an industry opportunity to promote the three businesses to go hand in hand. The company’s performance is expected to usher in high-quality growth during the 14th Five Year Plan period.
Cloud services and big data: IDC, cloud services and big data are advancing steadily to build a solid digital base for urban digital transformation business.
(1) in terms of IDC business, the phase I project of Songjiang big data computing center has been put into operation, and the number of cabinets of the company has increased by about 4000. Of course, due to the late release of leasing and the low proportion of current leasing, the driving effect of the new cabinets on the income and performance of science and technology network has not been reflected. However, from the trend of counting from the east to the west, with regional advantages, talent advantages and industrial advantages, The unit value of computing power and storage capacity in the eastern region is expected to be further highlighted. At present, Songjiang big data computing center has started the construction of 110kV power user station supporting the park, making advance preparations for subsequent capacity expansion. At that time, the three data centers are expected to comprehensively improve the service level by taking advantage of the resource advantages of interconnection and interworking. The company jointly established Shanghai Yunsai digital sea Data Service Co., Ltd., specializing in national IDC operation services, and can provide customers with personalized private cloud, state-owned enterprise supervision cloud, media cloud, state-owned enterprise proprietary cloud, Transportation Commission proprietary cloud, etc.
(2) the cloud service management business has achieved comprehensive coverage of coastal areas through Nanyang Wanbang and CIGNA era. Taking the government cloud as the breakthrough, the company continues to strengthen the cloud MSP management service capability. In the current period, it can provide public cloud, private cloud and hybrid cloud service management platforms. The company has joined forces with Microsoft azure, Huawei cloud and Alibaba cloud. The two subsidiaries have passed Microsoft aemsp certification, and the company is engaged in cloud service management technology The priority layout at the level of qualification will fully benefit from the continuous growth of the commercial cloud service market in the future.
(3) in the field of big data, the company won the bid again for the construction of data resource platform of municipal big data center (phase II), big data service platform of free trade zone and other projects, and became the first batch of partners of “one network unified management” light application development and enabling center. It is particularly noteworthy that the company is the main unit responsible for big data support, maintenance and processing of platforms such as “suishen code” and “health cloud” in Shanghai. At present, Shanghai epidemic prevention and control is at a key node. The company’s ability in computing, processing, compression resistance, maintenance, transportation and other subdivided fields in East China, especially in Shanghai Municipal core big data field, will be fully tested, The company’s leading position in the industry will also be further demonstrated.
Industry solution: adjust strategy and build characteristic competitive advantage. In the face of increasingly fierce competition, the company made strategic adjustments to the industry solution business sector and transformed into a project solution provider of “top-level planning, design consulting, platform construction, system integration, accompanying services and data governance”. During the reporting period, the company was airport group, Shanghai International Port (Group) Co.Ltd(600018) , Lingang group, Shanghai Shentong Metro Co.Ltd(600834) , vegetable group Shanghai Youth Cadre College and other large state-owned enterprises have completed more than 20 digital transformation schemes. In addition, the detection instruments of the subsidiary’s scientific instruments are the core hardware foundation of the data acquisition layer of the smart city. The company continues to upgrade relevant products, which is expected to further strengthen the competitive advantage of the industry solution. With the continuous promotion of China’s smart city and digital city construction, industry solutions involving top-level planning, detailed design, standard system, implementation rules, hardware products, etc. are expected to win the favor of customers, so as to promote the growth of business revenue and performance.
Profit forecast and investment rating: maintain the overweight rating. The layout of IDC, cloud services, big data, industry solutions and other businesses of the company is in line with the trend of digital city transformation in Shanghai. During the “14th five year plan” construction period, the company is expected to usher in a round of high-quality growth. It is expected that the net profits of the company from 2022 to 2024 will be 269 million, 316 million and 374 million respectively, and the current share price corresponds to pe44.4 million 35, 37.68 and 31.88 times, maintaining the overweight rating.
Risk tips: (1) the slow penetration of China’s cloud computing market has dragged down the promotion speed of the company’s related businesses; (2) Smart city construction fluctuates under the influence of macroeconomic development outside China; (3) The core business was maliciously expanded by competitors, resulting in less than expected growth.
