每經AI快(kuai)訊，2024年1月(yue)16日，海通證券發布研報點評云賽智(zhi)聯（600602）。

上海國(guo)資云服(fu)(fu)務(wu)(wu)(wu)生力(li)(li)軍，踐行(xing)(xing)“做(zuo)(zuo)(zuo)優IDC、做(zuo)(zuo)(zuo)強云服(fu)(fu)務(wu)(wu)(wu)、做(zuo)(zuo)(zuo)深大(da)數(shu)(shu)據(ju)(ju)、布局行(xing)(xing)業(ye)(ye)(ye)應(ying)用”的(de)發(fa)展(zhan)(zhan)路徑。云賽智(zhi)聯是一(yi)家以云服(fu)(fu)務(wu)(wu)(wu)與大(da)數(shu)(shu)據(ju)(ju)、智(zhi)慧(hui)城市(shi)(shi)(shi)(shi)行(xing)(xing)業(ye)(ye)(ye)解(jie)決(jue)方(fang)案(an)、智(zhi)能(neng)(neng)化(hua)產品為核心(xin)業(ye)(ye)(ye)務(wu)(wu)(wu)的(de)專業(ye)(ye)(ye)化(hua)信(xin)息(xi)技(ji)術(shu)服(fu)(fu)務(wu)(wu)(wu)企業(ye)(ye)(ye)。多年(nian)來，公司(si)(si)(si)始(shi)終(zhong)堅持智(zhi)慧(hui)城市(shi)(shi)(shi)(shi)戰略，秉承(cheng)“成為中國(guo)一(yi)流(liu)的(de)智(zhi)慧(hui)城市(shi)(shi)(shi)(shi)綜合(he)解(jie)決(jue)方(fang)案(an)提(ti)供商和運(yun)營商”的(de)發(fa)展(zhan)(zhan)愿(yuan)景(jing)，踐行(xing)(xing)“做(zuo)(zuo)(zuo)優IDC、做(zuo)(zuo)(zuo)強云服(fu)(fu)務(wu)(wu)(wu)、做(zuo)(zuo)(zuo)深大(da)數(shu)(shu)據(ju)(ju)、布局行(xing)(xing)業(ye)(ye)(ye)應(ying)用”的(de)發(fa)展(zhan)(zhan)路徑，堅持深挖細分(fen)行(xing)(xing)業(ye)(ye)(ye)，履(lv)行(xing)(xing)“強政、興業(ye)(ye)(ye)、惠民”的(de)責任使命。在推展(zhan)(zhan)數(shu)(shu)字(zi)經濟、布局數(shu)(shu)字(zi)產業(ye)(ye)(ye)的(de)大(da)背景(jing)下(xia)，公司(si)(si)(si)以數(shu)(shu)字(zi)化(hua)轉型為契(qi)機(ji)，加快數(shu)(shu)據(ju)(ju)中臺(tai)和算力(li)(li)基礎設施底座打造，提(ti)升數(shu)(shu)字(zi)化(hua)轉型全(quan)鏈服(fu)(fu)務(wu)(wu)(wu)能(neng)(neng)力(li)(li)，深耕“ToG和ToB”業(ye)(ye)(ye)務(wu)(wu)(wu)領域，不斷研究和探索智(zhi)慧(hui)城市(shi)(shi)(shi)(shi)的(de)商業(ye)(ye)(ye)模式，廣泛參與智(zhi)慧(hui)城市(shi)(shi)(shi)(shi)應(ying)用示范(fan)，致力(li)(li)于構(gou)建(jian)物聯網(wang)、云計算、大(da)數(shu)(shu)據(ju)(ju)等(deng)(deng)新一(yi)代(dai)信(xin)息(xi)技(ji)術(shu)與平(ping)臺(tai)的(de)新型商業(ye)(ye)(ye)生態，不斷提(ti)升公司(si)(si)(si)核心(xin)實(shi)力(li)(li)和綜合(he)能(neng)(neng)力(li)(li)。公司(si)(si)(si)實(shi)控人為上海市(shi)(shi)(shi)(shi)國(guo)資委，公司(si)(si)(si)參與建(jian)設和運(yun)營市(shi)(shi)(shi)(shi)國(guo)資委國(guo)企監(jian)管云、市(shi)(shi)(shi)(shi)委網(wang)信(xin)辦媒(mei)體(ti)云，并成功實(shi)現(xian)了在市(shi)(shi)(shi)(shi)國(guo)資委等(deng)(deng)多個委辦派駐式服(fu)(fu)務(wu)(wu)(wu)，2023年(nian)H1，公司(si)(si)(si)中標上市(shi)(shi)(shi)(shi)財(cai)政局等(deng)(deng)多個委辦數(shu)(shu)字(zi)化(hua)項目運(yun)維和綜合(he)保障項目。2023年(nian)前三季度(du)(du)，公司(si)(si)(si)實(shi)現(xian)營收37.06億元(yuan)，同(tong)(tong)比(bi)(bi)(bi)增(zeng)長(chang)19.67%；歸母凈利(li)潤(run)(run)1.56億元(yuan)，同(tong)(tong)比(bi)(bi)(bi)增(zeng)長(chang)2.20%；扣非歸母凈利(li)潤(run)(run)0.99億元(yuan)，同(tong)(tong)比(bi)(bi)(bi)增(zeng)長(chang)284.19%。2023單Q3，公司(si)(si)(si)實(shi)現(xian)營收12.08億元(yuan)，同(tong)(tong)比(bi)(bi)(bi)下(xia)降(jiang)0.23%；歸母凈利(li)潤(run)(run)0.63億元(yuan)，同(tong)(tong)比(bi)(bi)(bi)增(zeng)長(chang)2.43%。毛(mao)利(li)率方(fang)面，2023年(nian)前三季度(du)(du)，公司(si)(si)(si)實(shi)現(xian)毛(mao)利(li)率18.82%，同(tong)(tong)比(bi)(bi)(bi)增(zeng)長(chang)0.12pcts。

深耕智(zhi)能(neng)算(suan)力(li)，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)二(er)期(qi)(qi)已完成布局(ju)。公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)以高(gao)(gao)等級(ji)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)建(jian)設(she)(she)(she)和(he)運營(ying)(ying)為(wei)(wei)(wei)核心(xin)(xin)(xin)，打(da)造公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)城(cheng)市數(shu)(shu)(shu)(shu)(shu)(shu)字化轉(zhuan)型業務堅實的(de)(de)數(shu)(shu)(shu)(shu)(shu)(shu)字底座(zuo)。公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)下屬上(shang)海科技(ji)(ji)網絡通信有限公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)定位于中(zhong)(zhong)立(li)第三方高(gao)(gao)端數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)運營(ying)(ying)商，現有徐匯數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)、寶(bao)(bao)山云計(ji)(ji)算(suan)中(zhong)(zhong)心(xin)(xin)(xin)、寶(bao)(bao)山大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)、松(song)江大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)共計(ji)(ji)超過7000個(ge)機(ji)柜(ju)資(zi)(zi)源。松(song)江大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)一(yi)期(qi)(qi)項目(mu)獲得“長三角綠色低碳示范數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)大(da)(da)(da)獎”，并成為(wei)(wei)(wei)“國(guo)(guo)家(jia)新型數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)交換中(zhong)(zhong)心(xin)(xin)(xin)節點”，通過“國(guo)(guo)標最高(gao)(gao)等級(ji)的(de)(de)增強級(ji)(GB50174-2017A級(ji))”認證(zheng)。2023H1，松(song)江大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)一(yi)期(qi)(qi)全面(mian)投(tou)入(ru)運營(ying)(ying)，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)投(tou)資(zi)(zi)建(jian)設(she)(she)(she)的(de)(de)110KV獨立(li)電(dian)力(li)用戶(hu)站正式(shi)啟(qi)(qi)用，為(wei)(wei)(wei)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)二(er)期(qi)(qi)項目(mu)做好了準(zhun)備。10月(yue)28日，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)公(gong)(gong)(gong)(gong)(gong)告，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)擬以科技(ji)(ji)網的(de)(de)子(zi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)云賽數(shu)(shu)(shu)(shu)(shu)(shu)海為(wei)(wei)(wei)投(tou)資(zi)(zi)主體，在(zai)松(song)江大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)一(yi)期(qi)(qi)的(de)(de)基(ji)礎上(shang)啟(qi)(qi)動松(song)江大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)二(er)期(qi)(qi)項目(mu)的(de)(de)建(jian)設(she)(she)(she)。本(ben)項目(mu)擬投(tou)資(zi)(zi)建(jian)設(she)(she)(she)高(gao)(gao)電(dian)量機(ji)架(jia)約1124個(ge)，合計(ji)(ji)IT功(gong)率(lv)22MW，項目(mu)建(jian)設(she)(she)(she)總投(tou)資(zi)(zi)約為(wei)(wei)(wei)7.95億元。本(ben)項目(mu)服務于市級(ji)智(zhi)能(neng)算(suan)力(li)集群(qun)建(jian)設(she)(she)(she)，為(wei)(wei)(wei)上(shang)海提(ti)供(gong)智(zhi)能(neng)算(suan)力(li)平臺(tai)的(de)(de)基(ji)礎設(she)(she)(she)施(shi)服務。作為(wei)(wei)(wei)上(shang)海城(cheng)市數(shu)(shu)(shu)(shu)(shu)(shu)字化轉(zhuan)型主力(li)軍的(de)(de)基(ji)礎和(he)支撐，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)代表著(zhu)上(shang)海國(guo)(guo)資(zi)(zi)國(guo)(guo)企的(de)(de)高(gao)(gao)端數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)和(he)算(suan)力(li)中(zhong)(zhong)心(xin)(xin)(xin)，致力(li)于為(wei)(wei)(wei)客戶(hu)提(ti)供(gong)全棧(zhan)式(shi)可持(chi)(chi)續的(de)(de)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)(xin)(xin)解決(jue)方案(an)和(he)端到端的(de)(de)優(you)質服務保障。為(wei)(wei)(wei)抓住算(suan)力(li)中(zhong)(zhong)心(xin)(xin)(xin)發展戰略機(ji)遇，并推動建(jian)設(she)(she)(she)面(mian)向全國(guo)(guo)及長三角區域服務、支持(chi)(chi)跨域資(zi)(zi)源調度的(de)(de)算(suan)力(li)中(zhong)(zhong)心(xin)(xin)(xin)的(de)(de)需求，2023H1，云賽智(zhi)聯與儀(yi)電(dian)集團等其他股(gu)東共同出資(zi)(zi)建(jian)立(li)上(shang)海智(zhi)能(neng)算(suan)力(li)科技(ji)(ji)有限公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)，進一(yi)步(bu)推進“做優(you)IDC”戰略的(de)(de)實施(shi)。

高度重視數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)要素，公(gong)(gong)(gong)司(si)(si)(si)(si)(si)在政(zheng)務大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)領域不(bu)斷(duan)取得突(tu)破。“做(zuo)深大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)”是云(yun)賽(sai)智(zhi)(zhi)(zhi)聯服務于(yu)智(zhi)(zhi)(zhi)慧城市(shi)(shi)(shi)(shi)解決(jue)方(fang)(fang)案(an)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)臺(tai)(tai)的(de)(de)戰略實施(shi)(shi)路(lu)徑(jing)。自2017年(nian)(nian)(nian)(nian)公(gong)(gong)(gong)司(si)(si)(si)(si)(si)成(cheng)(cheng)(cheng)功(gong)中(zhong)(zhong)標(biao)(biao)(biao)(biao)上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)電子政(zheng)務云(yun)IaaS平(ping)(ping)(ping)(ping)臺(tai)(tai)后，公(gong)(gong)(gong)司(si)(si)(si)(si)(si)在政(zheng)務大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)領域不(bu)斷(duan)取得突(tu)破，相(xiang)繼完成(cheng)(cheng)(cheng)了上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)電子政(zheng)務云(yun)中(zhong)(zhong)間平(ping)(ping)(ping)(ping)臺(tai)(tai)的(de)(de)建(jian)(jian)設(she)(she)(she)(she)和(he)(he)(he)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)，上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)電子政(zheng)務云(yun)PaaS平(ping)(ping)(ping)(ping)臺(tai)(tai)的(de)(de)建(jian)(jian)設(she)(she)(she)(she)，中(zhong)(zhong)標(biao)(biao)(biao)(biao)2019-2020年(nian)(nian)(nian)(nian)上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)DaaS數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)平(ping)(ping)(ping)(ping)臺(tai)(tai)集成(cheng)(cheng)(cheng)和(he)(he)(he)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)總包項(xiang)目(mu)(mu)(mu)(mu)(mu)，2020年(nian)(nian)(nian)(nian)上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)（2020-2022）數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)服務，2021年(nian)(nian)(nian)(nian)上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)資(zi)源平(ping)(ping)(ping)(ping)臺(tai)(tai)建(jian)(jian)設(she)(she)(she)(she)二期項(xiang)目(mu)(mu)(mu)(mu)(mu)，2022年(nian)(nian)(nian)(nian)上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)建(jian)(jian)設(she)(she)(she)(she)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)一(yi)體化項(xiang)目(mu)(mu)(mu)(mu)(mu)。目(mu)(mu)(mu)(mu)(mu)前，云(yun)賽(sai)智(zhi)(zhi)(zhi)聯已(yi)經(jing)成(cheng)(cheng)(cheng)為上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)資(zi)源平(ping)(ping)(ping)(ping)臺(tai)(tai)總集成(cheng)(cheng)(cheng)商和(he)(he)(he)運(yun)(yun)(yun)維(wei)商、數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)平(ping)(ping)(ping)(ping)臺(tai)(tai)總運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)商。在多(duo)年(nian)(nian)(nian)(nian)的(de)(de)實踐(jian)中(zhong)(zhong)公(gong)(gong)(gong)司(si)(si)(si)(si)(si)不(bu)斷(duan)積累(lei)和(he)(he)(he)沉淀企(qi)業(ye)的(de)(de)產品和(he)(he)(he)解決(jue)方(fang)(fang)案(an)，持續打造和(he)(he)(he)提(ti)升大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)團隊的(de)(de)規劃咨(zi)詢能(neng)力(li)(li)(li)(li)、方(fang)(fang)案(an)設(she)(she)(she)(she)計(ji)能(neng)力(li)(li)(li)(li)、實施(shi)(shi)交付(fu)能(neng)力(li)(li)(li)(li)、運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)服務能(neng)力(li)(li)(li)(li)、生態整合能(neng)力(li)(li)(li)(li)和(he)(he)(he)行(xing)業(ye)標(biao)(biao)(biao)(biao)準能(neng)力(li)(li)(li)(li)。公(gong)(gong)(gong)司(si)(si)(si)(si)(si)以數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)資(zi)源平(ping)(ping)(ping)(ping)臺(tai)(tai)建(jian)(jian)設(she)(she)(she)(she)和(he)(he)(he)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)為支撐，拓展(zhan)上(shang)(shang)(shang)海各(ge)區(qu)“兩網建(jian)(jian)設(she)(she)(she)(she)”城市(shi)(shi)(shi)(shi)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化轉型業(ye)務。迄今為止，公(gong)(gong)(gong)司(si)(si)(si)(si)(si)已(yi)在閔行(xing)、崇明等十個區(qu)分(fen)別(bie)實施(shi)(shi)了大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)建(jian)(jian)設(she)(she)(she)(she)和(he)(he)(he)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)及(ji)“兩網建(jian)(jian)設(she)(she)(she)(she)”項(xiang)目(mu)(mu)(mu)(mu)(mu)。公(gong)(gong)(gong)司(si)(si)(si)(si)(si)以上(shang)(shang)(shang)海城市(shi)(shi)(shi)(shi)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化轉型經(jing)驗拓展(zhan)延伸助(zhu)力(li)(li)(li)(li)外(wai)省市(shi)(shi)(shi)(shi)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化治(zhi)理，2022年(nian)(nian)(nian)(nian)成(cheng)(cheng)(cheng)功(gong)中(zhong)(zhong)標(biao)(biao)(biao)(biao)成(cheng)(cheng)(cheng)都市(shi)(shi)(shi)(shi)“智(zhi)(zhi)(zhi)慧蓉(rong)(rong)城運(yun)(yun)(yun)行(xing)管(guan)理平(ping)(ping)(ping)(ping)臺(tai)(tai)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)資(zi)源能(neng)力(li)(li)(li)(li)提(ti)升”平(ping)(ping)(ping)(ping)臺(tai)(tai)建(jian)(jian)設(she)(she)(she)(she)項(xiang)目(mu)(mu)(mu)(mu)(mu)、“智(zhi)(zhi)(zhi)慧蓉(rong)(rong)城運(yun)(yun)(yun)行(xing)管(guan)理平(ping)(ping)(ping)(ping)臺(tai)(tai)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)治(zhi)理服務采購項(xiang)目(mu)(mu)(mu)(mu)(mu)”。2023H1，公(gong)(gong)(gong)司(si)(si)(si)(si)(si)成(cheng)(cheng)(cheng)功(gong)中(zhong)(zhong)標(biao)(biao)(biao)(biao)上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)電子政(zheng)務基礎設(she)(she)(she)(she)施(shi)(shi)運(yun)(yun)(yun)行(xing)維(wei)護項(xiang)目(mu)(mu)(mu)(mu)(mu)和(he)(he)(he)各(ge)區(qu)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)資(zi)源平(ping)(ping)(ping)(ping)臺(tai)(tai)項(xiang)目(mu)(mu)(mu)(mu)(mu)。公(gong)(gong)(gong)司(si)(si)(si)(si)(si)以大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)運(yun)(yun)(yun)營(ying)(ying)(ying)(ying)為契機，進一(yi)步布局上(shang)(shang)(shang)海市(shi)(shi)(shi)(shi)各(ge)委(wei)辦(ban)(ban)(ban)局及(ji)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)(ju)(ju)(ju)(ju)(ju)中(zhong)(zhong)心(xin)政(zheng)務信息化領域業(ye)務，通過(guo)深入各(ge)委(wei)辦(ban)(ban)(ban)業(ye)務的(de)(de)規劃設(she)(she)(she)(she)計(ji)、方(fang)(fang)案(an)細化、標(biao)(biao)(biao)(biao)準制(zhi)定、分(fen)布實施(shi)(shi)，公(gong)(gong)(gong)司(si)(si)(si)(si)(si)成(cheng)(cheng)(cheng)功(gong)實現了在市(shi)(shi)(shi)(shi)國(guo)資(zi)委(wei)等多(duo)個委(wei)辦(ban)(ban)(ban)派駐式服務。2023H1，公(gong)(gong)(gong)司(si)(si)(si)(si)(si)中(zhong)(zhong)標(biao)(biao)(biao)(biao)市(shi)(shi)(shi)(shi)財(cai)政(zheng)局等多(duo)個委(wei)辦(ban)(ban)(ban)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化項(xiang)目(mu)(mu)(mu)(mu)(mu)運(yun)(yun)(yun)維(wei)和(he)(he)(he)綜(zong)合保(bao)障項(xiang)目(mu)(mu)(mu)(mu)(mu)。

智(zhi)(zhi)能算(suan)(suan)力(li)(li)與(yu)數(shu)據(ju)要素雙輪(lun)并(bing)(bing)進，利(li)好政策(ce)背(bei)景下公(gong)司(si)有望持(chi)續(xu)(xu)受(shou)(shou)益。2023年11月7日，上(shang)(shang)海市(shi)(shi)經(jing)濟信息化委等五部門(men)(men)聯(lian)合(he)制定并(bing)(bing)發布了(le)《上(shang)(shang)海市(shi)(shi)推(tui)動(dong)人工智(zhi)(zhi)能大(da)模(mo)型創新發展(zhan)若干措(cuo)施(shi)（2023-2025年）》（以下簡稱(cheng)《措(cuo)施(shi)》），專門(men)(men)提出(chu)實(shi)施(shi)大(da)模(mo)型智(zhi)(zhi)能算(suan)(suan)力(li)(li)加速計劃。打造市(shi)(shi)級智(zhi)(zhi)能算(suan)(suan)力(li)(li)統(tong)籌調(diao)度(du)平(ping)臺，構建(jian)(jian)規模(mo)化先(xian)進算(suan)(suan)力(li)(li)調(diao)度(du)和供給(gei)(gei)能力(li)(li)。對符(fu)合(he)條(tiao)件的智(zhi)(zhi)算(suan)(suan)中心，在(zai)能耗指標(biao)等方面(mian)予(yu)以綠(lv)色通道優先(xian)支(zhi)持(chi)；加快臨港、金(jin)山、松江等重點(dian)智(zhi)(zhi)算(suan)(suan)產(chan)業集(ji)聚區(qu)建(jian)(jian)設(she)。加強市(shi)(shi)區(qu)聯(lian)動(dong)，對2024年底前在(zai)滬完成智(zhi)(zhi)能算(suan)(suan)力(li)(li)部署(shu)并(bing)(bing)納入統(tong)籌、接(jie)受(shou)(shou)調(diao)度(du)的算(suan)(suan)力(li)(li)建(jian)(jian)設(she)主(zhu)體(ti)(ti)，經(jing)評估給(gei)(gei)予(yu)適當額度(du)的部署(shu)獎勵；對租用(yong)(yong)納入本市(shi)(shi)統(tong)籌調(diao)度(du)的算(suan)(suan)力(li)(li)進行大(da)模(mo)型研發的本市(shi)(shi)主(zhu)體(ti)(ti)，經(jing)評估按算(suan)(suan)力(li)(li)集(ji)群規模(mo)和成果(guo)水平(ping)給(gei)(gei)予(yu)最高(gao)10%的租用(yong)(yong)補貼。建(jian)(jian)設(she)市(shi)(shi)域極速智(zhi)(zhi)能算(suan)(suan)力(li)(li)承(cheng)載(zai)網，實(shi)現市(shi)(shi)域智(zhi)(zhi)能算(suan)(suan)力(li)(li)中心間100 Gb/S以上(shang)(shang)高(gao)速直連和毫秒級時延。此外，《措(cuo)施(shi)》還提出(chu)語(yu)料數(shu)據(ju)資(zi)源共建(jian)(jian)共享。組(zu)建(jian)(jian)大(da)模(mo)型語(yu)料數(shu)據(ju)聯(lian)盟，鼓勵多(duo)元主(zhu)體(ti)(ti)共同推(tui)動(dong)高(gao)水平(ping)語(yu)料數(shu)據(ju)要素建(jian)(jian)設(she)。建(jian)(jian)立語(yu)料數(shu)據(ju)知識產(chan)權(quan)保(bao)護(hu)框(kuang)架，充分利(li)用(yong)(yong)區(qu)塊(kuai)鏈等技術，深(shen)化以貢獻為導向的激勵機(ji)制和評估認證(zheng)機(ji)制。依托上(shang)(shang)海數(shu)據(ju)交易所建(jian)(jian)立語(yu)料數(shu)據(ju)交易板塊(kuai)。我們認為，《措(cuo)施(shi)》對于算(suan)(suan)力(li)(li)和數(shu)據(ju)這(zhe)兩項大(da)模(mo)型重要的發展(zhan)要素做出(chu)了(le)具體(ti)(ti)安排和指引，公(gong)司(si)目(mu)前數(shu)據(ju)要素與(yu)智(zhi)(zhi)能算(suan)(suan)力(li)(li)雙輪(lun)并(bing)(bing)進，恰好符(fu)合(he)《措(cuo)施(shi)》提出(chu)的各項利(li)好政策(ce)，未來公(gong)司(si)有望持(chi)續(xu)(xu)受(shou)(shou)益。

盈利(li)(li)預(yu)測與投(tou)資(zi)建議。我們(men)認為(wei)(wei)(wei)(wei)，公(gong)(gong)(gong)(gong)司(si)作為(wei)(wei)(wei)(wei)上海(hai)國資(zi)云(yun)服(fu)務(wu)(wu)生力(li)(li)(li)軍(jun)，在(zai)利(li)(li)好政策持(chi)(chi)(chi)續(xu)(xu)推動(dong)的(de)背(bei)景(jing)下，公(gong)(gong)(gong)(gong)司(si)智(zhi)(zhi)能(neng)(neng)算力(li)(li)(li)與數(shu)(shu)據(ju)(ju)(ju)(ju)(ju)要(yao)(yao)(yao)素雙(shuang)輪(lun)并(bing)進，未來(lai)(lai)有(you)望(wang)(wang)維(wei)持(chi)(chi)(chi)較(jiao)高(gao)的(de)增長速(su)(su)度。我們(men)假設(she)：1）云(yun)計(ji)(ji)(ji)(ji)算大數(shu)(shu)據(ju)(ju)(ju)(ju)(ju)業(ye)(ye)(ye)務(wu)(wu)方(fang)(fang)(fang)面(mian)，該(gai)(gai)業(ye)(ye)(ye)務(wu)(wu)板塊覆蓋(gai)了公(gong)(gong)(gong)(gong)司(si)智(zhi)(zhi)能(neng)(neng)算力(li)(li)(li)與數(shu)(shu)據(ju)(ju)(ju)(ju)(ju)要(yao)(yao)(yao)素兩大主(zhu)營業(ye)(ye)(ye)務(wu)(wu)領(ling)(ling)域，考(kao)(kao)慮到(dao)公(gong)(gong)(gong)(gong)司(si)數(shu)(shu)據(ju)(ju)(ju)(ju)(ju)中心二期已完成(cheng)布局，在(zai)政務(wu)(wu)大數(shu)(shu)據(ju)(ju)(ju)(ju)(ju)領(ling)(ling)域也(ye)不(bu)斷取得突(tu)破，在(zai)利(li)(li)好政策背(bei)景(jing)下，該(gai)(gai)板塊業(ye)(ye)(ye)務(wu)(wu)有(you)望(wang)(wang)維(wei)持(chi)(chi)(chi)穩定(ding)(ding)高(gao)速(su)(su)增長。我們(men)預(yu)計(ji)(ji)(ji)(ji)2023-2025年(nian)公(gong)(gong)(gong)(gong)司(si)云(yun)計(ji)(ji)(ji)(ji)算大數(shu)(shu)據(ju)(ju)(ju)(ju)(ju)業(ye)(ye)(ye)務(wu)(wu)同(tong)(tong)(tong)比(bi)增速(su)(su)分(fen)(fen)別為(wei)(wei)(wei)(wei)18%、22%和(he)23%。2）行(xing)業(ye)(ye)(ye)解(jie)決方(fang)(fang)(fang)案業(ye)(ye)(ye)務(wu)(wu)方(fang)(fang)(fang)面(mian)，該(gai)(gai)業(ye)(ye)(ye)務(wu)(wu)主(zhu)要(yao)(yao)(yao)包括(kuo)城市(shi)安全治(zhi)理和(he)智(zhi)(zhi)慧(hui)民生兩個(ge)方(fang)(fang)(fang)面(mian)，智(zhi)(zhi)慧(hui)民生領(ling)(ling)域又涵蓋(gai)了教育、醫療、市(shi)政民生、檢測溯源(yuan)等行(xing)業(ye)(ye)(ye)，2023H1，公(gong)(gong)(gong)(gong)司(si)中標(biao)標(biao)準化(hua)(hua)考(kao)(kao)點(dian)建設(she)項目、外(wai)語聽說考(kao)(kao)場(chang)建設(she)項目和(he)幾個(ge)區學(xue)校信息化(hua)(hua)配(pei)套項目，公(gong)(gong)(gong)(gong)司(si)承建的(de)國家管(guan)網西氣東(dong)輸公(gong)(gong)(gong)(gong)司(si)儲氣庫數(shu)(shu)據(ju)(ju)(ju)(ju)(ju)采集及數(shu)(shu)字化(hua)(hua)平(ping)臺(tai)基礎(chu)功能(neng)(neng)研發(fa)項目完成(cheng)交(jiao)付驗收，成(cheng)功續(xu)(xu)約上海(hai)城投(tou)水(shui)務(wu)(wu)集團CIS業(ye)(ye)(ye)務(wu)(wu)新一年(nian)度運(yun)維(wei)服(fu)務(wu)(wu)項目，中標(biao)供(gong)水(shui)公(gong)(gong)(gong)(gong)司(si)信息化(hua)(hua)平(ping)臺(tai)系(xi)統運(yun)維(wei)服(fu)務(wu)(wu)項目、供(gong)水(shui)公(gong)(gong)(gong)(gong)司(si)智(zhi)(zhi)慧(hui)供(gong)水(shui)管(guan)理統一平(ping)臺(tai)及群(qun)租用(yong)水(shui)專題(ti)項目等，可以看出該(gai)(gai)領(ling)(ling)域業(ye)(ye)(ye)務(wu)(wu)也(ye)在(zai)穩定(ding)(ding)發(fa)展中，我們(men)預(yu)計(ji)(ji)(ji)(ji)公(gong)(gong)(gong)(gong)司(si)行(xing)業(ye)(ye)(ye)解(jie)決方(fang)(fang)(fang)案業(ye)(ye)(ye)務(wu)(wu)2023-2025年(nian)同(tong)(tong)(tong)比(bi)增速(su)(su)分(fen)(fen)別為(wei)(wei)(wei)(wei)3%、5%和(he)5%。3）智(zhi)(zhi)能(neng)(neng)化(hua)(hua)產品(pin)(pin)業(ye)(ye)(ye)務(wu)(wu)方(fang)(fang)(fang)面(mian)，該(gai)(gai)業(ye)(ye)(ye)務(wu)(wu)公(gong)(gong)(gong)(gong)司(si)主(zhu)要(yao)(yao)(yao)是(shi)由公(gong)(gong)(gong)(gong)司(si)下屬的(de)國內科(ke)(ke)學(xue)儀(yi)(yi)器行(xing)業(ye)(ye)(ye)領(ling)(ling)軍(jun)企業(ye)(ye)(ye)上海(hai)儀(yi)(yi)電(dian)科(ke)(ke)學(xue)儀(yi)(yi)器股份有(you)限公(gong)(gong)(gong)(gong)司(si)提供(gong)，包括(kuo)“雷磁”系(xi)列電(dian)化(hua)(hua)學(xue)產品(pin)(pin)總計(ji)(ji)(ji)(ji)五個(ge)大類，二十個(ge)小(xiao)類，主(zhu)營儀(yi)(yi)器約170余型，傳感器200余款及光學(xue)儀(yi)(yi)器產品(pin)(pin)等，考(kao)(kao)慮到(dao)該(gai)(gai)業(ye)(ye)(ye)務(wu)(wu)已經擁(yong)有(you)較(jiao)為(wei)(wei)(wei)(wei)深厚的(de)市(shi)場(chang)基礎(chu)，我們(men)認為(wei)(wei)(wei)(wei)該(gai)(gai)業(ye)(ye)(ye)務(wu)(wu)未來(lai)(lai)有(you)望(wang)(wang)維(wei)持(chi)(chi)(chi)穩定(ding)(ding)低速(su)(su)的(de)增長，預(yu)計(ji)(ji)(ji)(ji)公(gong)(gong)(gong)(gong)司(si)智(zhi)(zhi)能(neng)(neng)化(hua)(hua)產品(pin)(pin)業(ye)(ye)(ye)務(wu)(wu)2023-2025年(nian)同(tong)(tong)(tong)比(bi)增速(su)(su)分(fen)(fen)別為(wei)(wei)(wei)(wei)5%、5%和(he)5%。整體(ti)來(lai)(lai)看，我們(men)預(yu)計(ji)(ji)(ji)(ji)公(gong)(gong)(gong)(gong)司(si)2023/2024/2025歸母凈利(li)(li)潤分(fen)(fen)別為(wei)(wei)(wei)(wei)2.09/2.46/2.91億元，EPS分(fen)(fen)別為(wei)(wei)(wei)(wei)0.15/0.18/0.21元，給予2024年(nian)動(dong)態PE 70-80倍(bei)，合理價值區間為(wei)(wei)(wei)(wei)12.59-14.38元，首次覆蓋(gai)給予“優于(yu)大市(shi)”評級。

風險提示。人工(gong)智能發(fa)展不及預期，數據要(yao)素(su)發(fa)展不及預期，政策推進(jin)不及預期。

(來源：慧博投研)

免責聲明：本(ben)文內容與數(shu)據僅供參考，不構成投資(zi)建議，使用前請核實。據此操作，風(feng)險自擔(dan)。

(編輯 趙橋)