INESA-it(600602) 广发证券·2025-03-17 05:07Investment Rating - The report assigns a "Buy" rating to the company with a current price of 25.49 CNY and a reasonable value of 33.48 CNY per share [2]. Core Insights - The company, YunSai ZhiLian, is positioned to benefit from the growth in computing power and data elements, leveraging its strong background in cloud services, big data, and intelligent products [8]. - The demand for AI computing power is expected to double every 3.4 months, indicating a robust growth trajectory for the industry [8]. - The company has made significant advancements in its IDC (Internet Data Center) layout, with plans to have approximately 9,600 standard rack resources upon completion of its projects [8]. Summary by Sections Company Overview - YunSai ZhiLian is a specialized IT service provider focusing on cloud services, big data, and intelligent products, with a comprehensive business layout from "cloud" to "end" [12]. - The company is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, which provides a solid backing for its operations [15]. Business Segments - The company operates three core business segments: cloud service big data, industry solutions, and intelligent products, aiming to provide comprehensive smart city solutions [23]. - The cloud service big data segment includes data center services, cloud solutions, and big data services for government and enterprise clients [23][24]. Financial Analysis - The company has shown consistent revenue growth, with revenues of 45.34 billion CNY in 2022 and 52.64 billion CNY in 2023, driven by advancements in digital transformation [28]. - The net profit for 2023 was 1.93 billion CNY, reflecting a 6.7% increase from the previous year [28]. - The company's gross margin has remained stable, with the cloud service big data segment maintaining a gross margin of around 18.5% [30]. Market Trends - The AI application trend is clear, with a significant increase in computing power demand expected as AI applications accelerate [47]. - The domestic computing power market is rapidly developing, with policies supporting the growth of AI computing infrastructure [61]. - The report highlights that the market for intelligent computing power in China is projected to reach 259 billion USD by 2025, indicating substantial growth potential [61].