The intruders in the field of cloud computing rely on the three major operators, and their gross profit margin exceeds 50%, which is much higher than the industry average.

Abstract: The company has been deeply involved in Beijing and has become one of the most influential Internet service providers in Beijing. The company has access to backbone networks such as telecommunications, China Unicom, mobile, education network and science and technology network. It has more than 2,800 kilometers of optical fiber metropolitan area network in Beijing, and uses these optical fiber resources to interconnect the data centers in Beijing to realize the function of backup in the same city. The nodes are located in Beijing Science Park and Business District, which provides an inherent advantage for the company to develop its retail IDC business.

Halo New Network (300383): The intruders in the field of cloud computing rely on the gross profit margin of the three major operators to exceed 50%, which is much higher than this. Ordinary industries accept orders from banks, governments and internet giants.

More access to Amazon's core technology assets.

With high-quality IDC resources, the revenue and net profit of core customers focusing on finance and the Internet increased rapidly.

Stable cooperation with AWS, starting from IDC leasing, focusing on cloud computing services.

Benchmarking the international IDC giant Equinix's "endogenous" and "exogenous" development simultaneously.

The development model of Halo New Network is similar to Equinix, and "endogenous" and "extension" are synchronized. Since 20 15, the company has successively acquired many related companies in the industry, such as Yue Mingguang, Admiralty Wang Yun, Wu Shuang Science and Technology, Kexin Cai Sheng, etc. , changed the traditional business model based on a single IDC business, promoted the company's transformation from an IDC operation service provider to a cloud computing integrated service provider, expanded enterprise resources, extended the customer structure, and laid a solid foundation for the company's subsequent development.

Revenue estimation

The company's main business is split. According to the growth of various services, it is assumed that the income growth rate of Internet broadband access services is 18/ 19/20 years, IDC and its value-added.

Service growth rate

It is 41.6%/39.8%/31.9%, and the revenue of IDC's operation and management services remains unchanged. The growth rate of cloud computing and related services is 56.5%/54.9%/54.8%, and that of other businesses is 3.7%/65,438+07.9%/45.9%.

Shen Wan Hongyuan (

000 166) securities split to predict the company's various businesses. The net profit of the company 17 to 20 years reaches 45%. Referring to the valuation of comparable listed companies, we will give 19 34 times PE, with a target market value of 32.9 billion. Give "buy" rating.