Digital China (000034): The old tree opens a new flower

Digital China (000034): The old tree opens a new flower
Huawei’s in-depth partner has the prospect of investing in server production lines.Digital China is a comprehensive strategic partner of Huawei. In March 18, the company officially launched the “Great Huawei” strategy, established a Huawei business group, and formed internal collaboration.Digital China and Huawei’s business cooperation ranges from value-added distribution to co-construction of cloud ecology. The company has multiple Huawei business qualifications.Recently, 淡水桑拿网 the company announced that it would cooperate with Xiamen Municipal Government to invest in Huawei Kunpeng server PC production line and participate in the construction of Xiamen Kunpeng Supercomputing Center. Kunpeng server is expected to break through the unique situation of X86 server in the future, and the profit rate of domestic server production line is expected to be realizedIncrease, investment prospects for the mouse penpeng server production line. We will resolutely transform our cloud services and rank first in China.The company started a comprehensive transformation of the MSP cloud management service business in 17 years. The goal is to rely on the public cloud MSP business to open the complete cloud service value chain from the aggregation of upstream massive cloud resources to cloud value-added services. The company’s cloud business has continued to double and grow rapidly.IDC reports that the company’s cloud service business ranks second in the country, and belongs to the first echelon with star companies such as Shumeng Factory. New businesses such as Saas hosting and supercomputing centers continued to advance.Based on the company’s existing business capabilities and layout, the company’s Saas Hosting overseas cloud hosting, supercomputing center construction and other new businesses are also steadily advancing. In addition to bringing new revenue sources to the company, it can also upgrade the company’s business model. The company’s current value is undervalued.Measure the reasonable value of the company from the three dimensions of conservative, neutral and optimistic. Considering only the two traditional businesses of IT distribution and cloud services, the company’s conservative value is 136.300 million yuan. Investment suggestion: The company’s traditional distribution business maintains stable growth for a long time, and the cloud business grows at a high speed. We conservatively forecast the company’s 19-19 performance to be 7.08.2,9.800 million, corresponding to 14, 12, 10 times the current market value of PE, maintaining the “strongly recommended” level. Risk warning: market competition risks; exchange rate fluctuation risks; severe expansion of distribution business; cloud services business advances less than expected.

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