\u3000\u30 China Baoan Group Co.Ltd(000009) 77 Inspur Electronic Information Industry Co.Ltd(000977) )
Event: Recently, Inspur Electronic Information Industry Co.Ltd(000977) released the annual report of 2021. In 2021, the company achieved a revenue of 67.048 billion yuan, a year-on-year increase of 6.36%; The net profit attributable to the parent company was 2.003 billion yuan, with a year-on-year increase of 36.57%, and the deduction of non net profit was 1.797 billion yuan, with a year-on-year increase of 27.56%.
Comments:
The expense rate has improved and the industry position is stable. In 2021, the company achieved an operating revenue of 67.048 billion yuan, a year-on-year increase of 6.36%. Among them, in terms of products, the revenue of servers and components was 64.342 billion yuan, a year-on-year increase of 4.02%, and the revenue of it terminals and bulk parts was 2.458 billion yuan, a year-on-year increase of 160.70%. The rates of sales and management expenses decreased by 0.78pct and 0.22pct respectively year-on-year, and the rate of R & D expenses increased by 0.18pct year-on-year. According to the latest data of IDC, Inspur server ranked the top two in the world in 2021 and continued to lead the Chinese market with a market share of 30% +; In the first half of 2021, the market share of Inspur Electronic Information Industry Co.Ltd(000977) the AI server products ranked first in the world, with a market share of more than 20%; Inspur storage ranked among the top five in the world in terms of sales volume in 2021 and ranked second in the world's second-largest storage market.
Have core technology advantages. In the field of general computing, Inspur server has repeatedly refreshed the world record of authoritative testing. The M6 server newly released by the company in 2021 has broken 165 spec world performance test records and won five track titles, including the most universal speccpucint, specjbb enterprise Java application and specpower industry energy consumption evaluation. In addition, the company is also at the forefront of the industry in the field of artificial intelligence, and has completed the business layout at the four levels of hardware, platform, management and framework. The company's AI server products won 44 first places in the global authoritative AI benchmark mlperftm in 2021, ranking first in the championship list of mlperftm in 2021; In terms of market performance, from 2017 to the first half of 2021, the company's AI server ranked first in the Chinese market and maintained its position as a leader in smart computing.
Release new products such as meta universe server and intelligent accelerator, and continue to innovate intelligent computing technology. At the Inspur Electronic Information Industry Co.Ltd(000977) ecological Partner Conference ipf2022, the company released the industry's first meta universe server metaengine, China's first intelligent accelerator f26a supporting CXL high-speed bus, a new generation SSD high-speed storage medium and other new products, and continued to innovate intelligent computing technology. In addition, the company and JD cloud jointly released Tianshu (ors3000s) liquid cooled whole cabinet server, which has been deployed on a large scale in JD cloud data center.
Investment suggestion: the company has mastered the core technology of high-end server and is leading in the field of artificial intelligence. Its business is expected to benefit from the rapid development of digital economy and computing infrastructure. It is estimated that the operating revenue of the company from 2022 to 2024 will be 77.775 billion yuan, 88.664 billion yuan and 99.747 billion yuan respectively, the net profit attributable to the parent company will be 2.573 billion yuan, 3.085 billion yuan and 3.588 billion yuan respectively, and the EPS will be 1.77, 2.12 and 2.47 yuan / share respectively. Maintain the "buy" rating.
Risk warning: technological innovation is not as expected; The downstream market demand is lower than expected; The risk of intensified industry competition.
