\u3000\u3 Shengda Resources Co.Ltd(000603) 019 Dawning Information Industry Co.Ltd(603019) )
Event overview
1) recently, Dawning Information Industry Co.Ltd(603019) successively released the annual report of 2021 and the report of the first quarter of 2022, realizing an annual operating revenue of 11.2 billion yuan, a year-on-year increase of 10.23%; The net profit attributable to the parent company was 1.158 billion yuan, a year-on-year increase of 40.78%; The net profit deducted from non parent company was 773 million yuan, with a year-on-year increase of 46.98%. 2) In the first quarter of 2022, the company achieved an operating revenue of 2.176 billion yuan, a year-on-year increase of 9.75%; The net profit attributable to the parent company was 114 million yuan, a year-on-year increase of 39.61%; The net profit deducted from non parent company was 49 million yuan, with a year-on-year increase of 31.74%.
Increase R & D investment and continuously improve the domestic substitution ability
In 2021, the localized centralized purchase of key industries such as telecommunications and finance accelerated, and the penetration rate of servers based on localized chips continued to increase. Based on the demand of high-end computing industry, the company has developed a variety of high-end computers, including servers and workstations based on domestic processor chips, which have passed the product quality test of national laboratories, achieved batch supply in finance, telecommunications, energy and other fields, and provided a safe and reliable localization information system scheme. In terms of domestic components, the company has completed the design of storage IO modules for the field of cloud computing and artificial intelligence; Based on the open source BIOS and BMC code architecture, the BIOS startup firmware and BMC remote management firmware supporting domestic processors are developed. In addition, in 2021, the company continued to improve product performance by increasing R & D investment. According to the annual report, the company invested 1.534 billion yuan in R & D in 2021, a year-on-year increase of 63.14%, accounting for 13.69% of the main business income. In 2021, 575 new R & D personnel were added, with a total of 2614 R & D personnel, accounting for 63.71% of the total.
"Counting from the east to the west" is implemented, enabling the data center to be green and efficient
With the implementation of the policy of "counting from the east to the west", the large-scale and intensive layout of the data center has become a trend. The company actively promotes the implementation of the data center project in the national integrated computing network hub nodes such as Beijing, Tianjin, Hebei, Chongqing and Gansu, and supports the intensive layout of the data center based on many advanced technologies such as submerged liquid cooling, high-density design, efficient power management, large-scale computing power dispatching cloud platform, automatic operation and maintenance, clean energy and so on Large scale, green and high-quality development. At the same time, under the guidance of the "double carbon" policy, green energy conservation in data centers has become an industry trend. In the "14th five year plan" for the development of information and communication industry, the Ministry of industry and information technology pointed out that by the end of 2025, the pue value of China's new large and super large data centers will fall below 1.3. According to the record of investor relations activities disclosed by the company, in the documents released by the project of "counting East and counting West", the pue target of each region is no more than 1.25 in the eastern region and no more than 1.2 in the western region, and the energy efficiency index is more strict. The company's self-developed immersion liquid cooling can effectively reduce the energy consumption cost of social digital economy, help the data center realize natural cooling throughout the year, and the lowest pue value can be reduced to 1.04, which has obvious market competitive advantages.
The development momentum of the joint venture is good, and haiguang information turns losses into profits
As a joint venture of the company, haiguang information is a leading domestic server CPU manufacturer in China. Haiguang is rooted in China's local market. Compared with international chip leading enterprises, haiguang has a better understanding of the needs of Chinese customers and has a localized competitive advantage. Haiguang CPU series products are compatible with X86 instruction set and international mainstream operating system and application software. They have excellent performance and rich software and hardware ecology, and are highly recognized by Chinese users. According to IDC statistics, their products occupy most of the market share of domestic x86 server processors. According to the announcement of haiguang information, haiguang realized an operating revenue of 23.5% in 2021100 million yuan, a year-on-year increase of 126.07%; The net profit attributable to the parent company was 327 million yuan, turning losses into profits for the first time, with a year-on-year increase of 935.65%. On March 16, the initial launch of haiguang information passed the meeting smoothly. We believe that after it is listed on the science and innovation board, its revenue will further increase, and the company may benefit from it.
Investment advice
Dawning Information Industry Co.Ltd(603019) as a leading enterprise in core information infrastructure, the company is expected to benefit from both short-term new server growth cycle and long-term independent and controllable in-depth promotion, and give full play to its advantages in the construction of "East digital West" data center in the next five years. We expect that the revenue growth rate of the company from 2022 to 2024 will be 15.0% / 15.6% / 16.6% respectively 2%, and the growth rate of net profit attributable to the parent company was 29.8% / 30.2% / 30.2% respectively 9%。 Maintain the investment rating of Buy-A and give a six-month target price of 30.90 yuan, which is equivalent to a dynamic P / E ratio of 30 times in 2022.
Risk warning: the construction of data center is not as expected; Competition in the high-end computer industry has intensified.
