Jinwu Financial News | According to Haitong Securities Research, the China Software International (00354) computing power scheduling platform is widely used in various business scenarios such as government clouds, industry clouds, industrial clouds, hybrid clouds, artificial intelligence computing centers, and supercomputing centers. It has one-stop supply of diverse computing power and integrated scheduling, trading and operation management capabilities. According to the bank, the digital economy is developing rapidly, and computing power has become the core productivity to drive the digital transformation of cities and achieve high-quality development of the digital economy. According to data from the IDC report quoted by the company's official WeChat, there is a significant positive correlation between the scale of computing power and the level of economic development. For every 1 point increase in the computational power index, the digital economy and GDP will grow by 3.5 per 1,000 and 1.8 per 1,000, respectively. According to estimates in the China Computing Power Development Index white paper, every 1 yuan of computing power invested will drive an economic output of 3 to 4 yuan, showing that computing power has huge potential and rewards. Due to its direct impact and importance on the economy, computing power has become a new focus of global strategic competition.
According to the bank, the company's computing power scheduling platform includes three core elements: (1) a computing power access management center, which provides access and adaptation capabilities for diverse heterogeneous computing power resources, and supports the access and resource adaptation of general computing power, supercomputing power, intelligent computing power, and edge computing power; (2) a computing power orchestration and scheduling center, which provides heterogeneous computing power resource orchestration and intelligent scheduling capabilities through intelligent algorithms and optimization strategies; (3) a computing power operation center, which provides users with computing power trading and operation capabilities to provide a computing power trading platform for users to promote the sharing and circulation of computing power resources.
The bank estimates that the company's net profit for 2024-2026 will be RMB 918/11.54 /1,389 million yuan, respectively, and the corresponding EPS will be RMB 0.32/0.40/0.48 yuan, respectively. Based on the current industry stage and the company's growth rate and barriers, the company was given a dynamic PE of 20-25 times in 2024. The 6-month reasonable value range was HK$6.83-8.54 (RMB 1 = HK$1.08). For the first time, it was covered and “superior to the market” rating.