E-HUALU(SZ:300212) Tebon Securities·2024-03-21 16:00Investment Rating - The report initiates coverage on Yihualu (300212.SZ) with an "Accumulate" rating [2] Core Views - Yihualu is transitioning from data lake construction to data lake operation, aiming to integrate into the China Electronics Technology Group ecosystem, which is expected to create new growth engines through data factor business [5][19] - The company focuses on the primary development market of data factors, leveraging its central enterprise background to enhance competitive advantages [5][26] - The data factor business is anticipated to become a new growth engine, with a market space of approximately 300-400 billion yuan, alongside a future public data operation monetization market worth around one trillion yuan [5][30] Summary by Sections Company Overview - Yihualu, established in April 2001 and listed in 2011, is a central enterprise-controlled company primarily engaged in digital economic infrastructure construction, data operation services, and digitalization services for government and enterprises [14][19] - The company has shifted its strategy from focusing on intelligent transportation systems to becoming a provider of digital economic infrastructure and data operation services [19][21] Business Transition - Since 2021, Yihualu has prioritized light-asset data operation as a key development direction, leading to a significant shift in its revenue structure [20][21] - As of March 31, 2023, the company has established 32 data lakes nationwide, with 25 of them operational [19][21] Market Position and Competitive Advantage - Yihualu's integration into the China Electronics Technology Group is expected to enhance its competitive edge in the data factor primary development market [5][27] - The company has a strong competitive advantage in the local data factor primary development market due to its early layout and theoretical advantages [26][28] Financial Forecast and Investment Suggestions - The report forecasts Yihualu's revenue for 2023-2025 to be 779 million, 1.463 billion, and 1.916 billion yuan, respectively, with a projected net profit of -2.121 billion, 0.05 billion, and 0.13 billion yuan [5][7] - The report suggests that Yihualu's unique advantages in the domestic blue light storage industry and its rich exploration in data operation and services will enable it to seize market opportunities in the data factor business [5][7]