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Joint venture to establish WISCO Big Data Industrial Park, IDC business goes nationwide

Westdollar.com January 11, 2019 00:00 Southwest Securities Xiong Li, Chang Yuya View original PDF

Baosight Software (600845)

Event: The company issued an announcement. The company plans to establish a joint venture with Wuhan Iron and Steel Group, Baodi Assets and Wuhan Qingshan State-owned Enterprise to establish WISCO Big Data Industrial Park Co., Ltd. to carry out in-depth cooperation with the idle resources of the transformation of WISCO Group, relying on Baoxin's IDC construction experience and Baodi assets. The operation experience of the park will create the largest large-scale industrial park in the central region. The registered capital of the joint venture company is 2 billion yuan, and the initial investment is 300 million yuan. The company holds 20% of the shares.

Create the largest single data center in Central China. Based on the massive industrial data agglomeration demand of Wuhan City, the joint venture company will deploy the “Big Data + N” industry strategy, based on large data centers, to provide customers with comprehensive IDC services, and to gather “data storage, data applications, data exchange”. A big data industry sector, gradually improving the big data industry chain, forming the largest single data and cloud computing center in Central China. The IDC central area is planned to be located in the WISCO plant area, covering an area of ​​135 mu. It is planned to build 18,000 20A cabinets in three phases: from the first stage to the end of 2019, about 2,000 cabinets and supporting electrical and network facilities will be built; The stage is from 2020 to 2021, and 6,000 cabinets and supporting computer room buildings will be built. The third stage will be 2021 to 2023, and 10,000 cabinets and supporting computer room buildings will be built, and the big data industry chain will be gradually improved. The IDC project of WISCO Big Data Industrial Park is the first landing project of the company IDC in the country. The project will bring construction, operation and maintenance income and investment income to the company.

The IDC business continues to increase its volume and enhance its profitability. In 2017, the total size of China's IDC market was 94.61 billion yuan, a year-on-year increase of 32.4%. The development of cloud computing and the arrival of 5G will continue to drive explosive growth in data volume, and the IDC industry is expected to maintain rapid growth. At present, about 18,000 cabinets of the first three phases of the company's “Baozhiyun” have been put on the shelves. In the fourth phase, an additional 640 million investment was added, and the annual income and net profit reached 950 million and 370 million, up 30% and 27% respectively. A total of 27,500 cabinets in the first to fourth phases, with a corresponding output of 1.04 billion. With the gradual increase of IDC business orders, the company's performance turning point is coming, and IDC revenue growth is expected to exceed 50% in 2018.

Earnings forecast and rating. It is estimated that the income from 2018 to 2020 will be 5.87 billion, 7.26 billion and 8.96 billion respectively, and the net profit of returning to the mother will be 650 million, 860 million and 1.11 billion respectively. The compound growth rate will reach 37.8% in the next three years, considering that the company's smart manufacturing orders continue to fall. The IDC business volume boosted the performance and maintained the “Buy” rating.

Risk warning: smart manufacturing orders are not up to expectations, IDC construction is not as expected, policy risks, etc.

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Baoxin Software Fundamental Data
  • Total share capital of 877 million shares
  • Circulating shares of 641 million shares
  • Earnings per share 0.59 yuan
  • Undistributed profit per share 2.79 yuan
  • Net assets per share of 7.36 yuan
  • Return on equity 9.54%
  • Net profit of 5184.75 million
  • Net profit growth rate 60.18%
Baoxin Software Investment Rating
Overall rating within one month
Overall rating in March
Statistical period Buy Overweight neutral Reduction Sell total
Within one month000000
Within three months610007
Within six months9200011
Within a year181000028
Baoxin Software Profit Forecast
                                index 2017A 2018E 2019E 2020E
Earnings per share (yuan) 0.49 0.73 0.94 1.19
Net profit (100 million yuan) 4.25 6.42 8.27 10.42
name Quote change Number of research reports Institutional investment rating (nearly six months)
Buy Overweight neutral Reduction Sell
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