INESA-it(600602) 广发证券·2025-03-17 05:12Investment 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, driven by the rapid evolution of AI applications [8]. - The company has made significant investments in data center infrastructure, 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, with a concentrated shareholding structure [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][24]. - The cloud service big data segment includes data center services, cloud solutions, and big data services for government and enterprise clients [23]. 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 digitalization and cloud services [28]. - The net profit for 2023 was 1.93 billion CNY, reflecting a 6.7% increase from 2022 [28]. - The gross margin for cloud service big data remained stable, while the industry solutions segment saw a decline in gross margin [30]. Market Trends - The AI application trend is expected to significantly increase the demand for computing power, with the global demand for computing resources projected to grow rapidly [47]. - The Chinese market for intelligent computing power is anticipated to reach 259 billion USD by 2025, with a growth rate of 36.2% [61]. Investment Recommendations - The report forecasts revenues of 57.25 billion CNY, 65.42 billion CNY, and 76.86 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 2.1 billion CNY, 2.53 billion CNY, and 3.39 billion CNY [8]. - The valuation method used is the PS (Price to Sales) ratio, with a target PS of 7x for 2025, leading to a reasonable value of 33.48 CNY per share [8].