Dataport (603881): Regaining Ali’s demand intention letter to lay a solid foundation for growth

Dataport (603881): Regaining Ali’s demand intention letter to lay a solid foundation for growth

Re-approval of Ali’s demand intention letter was confirmed. The basic company issued an announcement on the evening of December 2nd and obtained the Ali data center demand intention letter again. If all of this intention project is completed and delivered to operation, the company expects to complete the operation period (contract contract server)) For 10 years) The total amount of data center service fees (excluding electricity service fees) will reach 24.

4 billion.

We believe that if 上海夜网论坛 this demand intention involves the successful landing of related projects, it will further strengthen the company’s long-term growth foundation.

With the continuous construction and delivery of Ali-related data centers, we expect the company to
The 21-year EBITDA is 3.

79/5.

18/7.

7.5 billion, considering the company 19?
21-year EBITDA 32.

8% compound growth rate, we give the company 2020 EV / EBITDA 20x?
23x, corresponding to a target price of 39.

10 yuan?
46.

46 yuan to maintain the “overweight” level.

The company is a long-term partner of Alibaba Data Center. The cooperation between the company and Alibaba dates back to the beginning of 2009. After listing, the company has successfully completed the operation and maintenance of Alibaba’s data center during the Double Eleven times, and has been recognized by customers.

In May 2018, the company received a letter of intent from Alibaba and cooperated to build data centers such as ZH13.

This time, the company received the letter of intent for Ali’s new data center demand again. We think that it shows Ali’s affirmation of the continuous high-quality service of Dataport for many years.

The letter of intent for this demand involves new requirements for multiple cloud computing data centers such as JN13, GH13, HB33.

In terms of income settlement, Alibaba directly allocates electricity to the department. According to the announcement, the company expects that after the project is put into operation, the revenue can be increased by about 24 within 10 years.

4 trillion (excluding electricity service fee).

Capex continues to improve and break through the foundation for growth. We believe that with regard to the basic data center business, customer needs are relatively determined. The growth of the business mainly comes from the expansion of scale. Capital expenditure is a leading indicator of the company’s business growth.

In the first three quarters of 2019, the company’s capital expenditure continued to increase sequentially, and Capex was 1 in each quarter.

97/3.

71/5.

2.3 billion, we believe that continuous capital expenditure will continue to lay a solid foundation for the company’s growth.

The 5G curtain opens and cloudization brings new opportunities, Promote the continued improvement of the prosperity of the IDC industry.

In addition, the integration of cloud computing and networks in the 5G era is gradually deepening, and the penetration rate of cloud computing may further increase.

And ISP manufacturers 南宁桑拿 are based on the new application’s forward-looking layout and the dynamic adjustment of competition strategies under the changing competitive landscape, focusing on infrastructure investment.

In the medium and long term, the company is expected to continue to benefit from the development of 5G and cloud computing on the demand side.

Investment suggestion We believe that the company has received Ali’s letter of intent again, showing Ali’s affirmation of Dataport’s continuous high-quality service for many years.

We expect company 19?
The 21-year EBITDA is 3.

79/5.

18/7.

75 billion, considering the company 19?
21-year EBITDA 32.

8% compound growth rate and entering the fourth quarter is expected to usher in the expected conversion, we give the company 2020 EV / EBITDA 20x?
23x, corresponding to a target price of 39.
10 yuan?
46.

46 yuan to maintain the “overweight” level.

Risk reminder: customers are slower to come to the counter than expected; financial costs of rapid expansion are under short-term pressure.