research report preliminary selection will focus on companies that may be worthy of attention. The protagonist of today's research report clue is Baoxin software .
The company's main business is concentrated in "IDC + Industrial Internet of Things + Smart Manufacturing". This article analyzes mainly focus on the future development of the company's IDC business and see the future development space of the company.
Company is the leader in wholesale IDC in core areas across the country. Its service outsourcing business (IDC is expected to exceed 80%) revenue from RMB 549 million in 2014 to RMB 2.055 billion in 2019, with an annual compound growth rate of 30.2%. The proportion has ranged from 13.48% in 2014 to 34.31% in 2019, and it is expected to continue to increase in volume in the future.
IDC is the infrastructure of cloud computing, which will develop rapidly with the vigorous development of cloud computing
With the advent of the 5G era, cloud computing is about to usher in a new round of development cycle, and the company's IDC business is about to usher in a period of rapid expansion. According to public information, the company is centered on Shanghai, and is actively deploying in Taicang , Wuhan and Nanjing, and has reserved a large amount of related resources. As the largest wholesale IDC leader in China, the number of explosions is imminent in the future. Moreover, the current IDC business structure is uneven in first-tier cities, large IDCs are in short supply, and small IDCs are oversupply. In the future, small IDC companies are gradually clearing out based on cost pressure and energy consumption indicators, and Baosteel will occupy a greater share.
The company has a front-line position and has an excellent customer structure. It has entered the IDC field in 2014 and launched the Baozhiyun IDC project, extending to the surrounding area with Shanghai as the core. It is the IDC with the largest single cabinet density in East China. With its superior geographical location, it has extremely strong bargaining and profitability. With its advantages, the company's current main customers are Alibaba, Tencent, 360 and China Pacific Insurance, etc., and will also introduce more diversified excellent customers in the future.
Company's own advantages
The company is backed by Baosteel and relies on Baosteel's land, water, electricity and other resources in core areas of the country, greatly reducing the costs of related businesses. The company has established a Meishan Design Institute to specialize in IDC business. The company's PUE value (total data center equipment energy consumption/IT equipment energy consumption) is lower than the industry average, that is, the energy consumption level is lower than the industry average. Based on the lower cost advantage, the company's 2020H1 service outsourcing gross profit margin is 50%, which is at the industry leading level.
China Merchants Securities' profit estimate
The company's revenue in 2020-2022 was 9.079 billion yuan, 11.257 billion yuan and 14.072 billion yuan, respectively, up 33%, 24%, and 25% year-on-2022, and the net profit was 1.308 billion yuan, 1.662 billion yuan, and 2.101 billion yuan, up 49%, 27%, and 26% year-on-year, maintaining a strong recommended rating.
Zhengxing Research Institute believes that Baoxin software has a relatively expensive short-term valuation, but it is expected that with the development of 5G and cloud computing, the revenue of IDC business has increased significantly, which is worth paying attention to and following up. Risk warning: IDC listing rate is less than expected
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