Research: Everbright Securities: Kehua Hengsheng: the acquisition of heaven and earth clouds to accelerate the layout of cloud computing business

The company is the domestic UPS power supply, through independent investment in the operation of the data center, successfully among the field of cloud computing. The company through two cash payments to complete the leading third-party data center service providers Tianyi Xiangyun 100% acquisition, cloud computing industry chain to further improve the business strength significantly enhanced.

Domestic high-end UPS power supply leading enterprises, focusing on rail military nuclear power three major areas

The company is the largest high-end UPS power supply manufacturers and providers in China's high-power UPS market share of all sales of all UPS manufacturers second, the local UPS manufacturers first, high-end UPS in the financial and telecommunications areas to maintain the leading position, In the traditional areas to maintain the leading on the basis of the current rail transit, military, nuclear power has been gradually achieved breakthroughs in three major areas.

Independent investment in the construction of operational data center, cloud computing company to become the focus of future development

In the context of the global data burst, the domestic IDC industry is booming, 2018 market size will reach 140 billion, the future compound growth rate remained at 30%. With its technical superiority and operation and maintenance experience, the company has built a total of about 13,000 cabinets. The total number of cabinets in Beijing data center is about 5,000, and the shelves are close to 4000 ; Guangzhou Science and Technology City, the number of new projects about 4000, nearly 1,000 cabinets have been delivered to Tencent use. The company firmly developed cloud computing as the focus, planning the future number of cabinets over 20,000. It is expected that with the cabinet rack rate gradually increased, the company IDC business is expected to usher in a rapid heavy volume this year.

The acquisition of heaven and earth clouds, improve the cloud computing industry chain layout

The company through two cash payment methods, respectively, the price of 90 million yuan, 637.5 million yuan to complete the heaven and earth clouds 25%, 75% stake to buy, heaven and earth promised 2019 years to 2019 attributable to shareholders of the parent company's net profit of not less than 5000 Million, 70 million yuan, 90 million yuan, the other side of the transaction commitment to 6 months to 4.46 billion payment to buy shares of listed companies, and locked for three years. Tianyi Xiangyun is the industry's leading data center operators, including the data center based business and data center value-added services, currently operating in the country about 20 data centers, operating nearly 3,000 cabinets. Through this acquisition, the data center of the company's data size has increased significantly, the data center interconnection increased, the company in the data center physical infrastructure overall solution significant advantages and heaven and earth Xiangyun national network architecture synergies, the company cloud computing industry chain further Perfect, business strength significantly enhanced.

Maintain 'buy' rating, target price of 43 yuan

Is expected to heaven and earth in May and table, we expect the company 17 to 19 years net profit of 510 million (deducted not after 290 million), 380 million and 450 million, corresponding to PE were 19X / 25X / 21X, we optimistic about the company in the cloud Calculate the expansion potential of the field, to maintain the 'buy' rating, the target price of 43 yuan.

Risk Tip: Data center cabinets delivered less than expected; acquisition consolidation is not up to expectations. (Source: Everbright Securities Wen / Tian Minghua Editor: China Electronic Commerce Research Center)

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