Branch Dawn: Annual Results sound, light chip sea of billions of dollars in revenue
Author: Department of glycopyrrolate · Shadow robbery
Branch Dawn released March 16th 2018 full-year results report, the reporting period revenue of 9.057 billion yuan, an increase of 43.89%. Net profit of 430 million yuan, an increase of 39.43%. Buckle non-profit 272 million yuan, an increase of 31.98%, of which non-recurring gains and losses 159 million yuan, mainly for state and local government subsidies. Also released bonus plan, is expected to turn 10 4 shares 1.4 yuan.
First, the gross margin, the rapid development of high-end computer business
Branch Dawn gross margin of 18.3%, an increase of 0.89% over last year, mainly due to the adjustment of product structure optimization. Where the two categories of business, high-end computer product gross margin 10.38%, 0.29% higher than the same period to enhance memory gross margin 20.41%, an increase of 2.87% over last year.
Self-control force, the rapid development of the server: As the leader in the field of self-control, the main business includes three most high-end computers, software, systems integration and technical services and storage, about 80% of high-performance computers accounted for about income . Revenue mainly from business, government and public utilities and Internet companies.
High-end computer equipment mainly in the form of server products embody, is characterized by strong processing capability, high reliability and scalability. According to the server processor architecture may be sub-divided into non-X86 and X86 server servers, China is the most widely used generic X86 server series, while supercomputers represented a significant growth in demand for high-performance computers. Benefit local governments have been promoting large data and wisdom of urban construction, the demand for large data centers more and more intense, thus driving the prosperity of server product markets;
According to the latest IDC data, the third quarter of 2018, China X86 server market shipments of 899,467 units, up 32.5%; market size of $ 4.813 billion (about 33.063 billion yuan), an increase of 70.5%. In which the Internet, operators and government for the first three downstream vertical industry customers. Branch dawn shipments in the third quarter of 2018 in the field of market share at 9.2%. After the wave of information industry competitors. Government customer growth momentum: According to the "Government Procurement Information Daily" incomplete statistics, in 2018, the country through public bidding, competitive negotiation, competitive negotiations, inquiry, etc. to complete the procurement of government procurement server about 2110, the total purchase size of about 2.317 billion yuan. Comparison with 2017, server purchasing scale growth of about 146 million yuan.
Server ASP (single price) have gone: to benefit from a new round of information technology development, server product customization, technological advances driven by ASP began to rise. Data show that in 2015, worldwide server ASP price of $ 05,500 / Taiwan, as of Q3 2018, worldwide server ASP prices rose to US $ 07,400 / units, a CAGR of 10.4%.
Branch dawn in advanced server technology: in November 2018, the Division dawn set computing, storage, networking, and other areas of the latest energy-saving technology in one of the new generation of high-performance computers cubic silicon officially released, is the world's first to use immersion liquid phase transition cooling systems HPC blade servers, its level of technological development and realization of the extent of the world's leading engineering, computing can be broad support for super-computing device density, energy efficiency, storage and other applications have more demanding scenarios. And with the dawn of day in mid-division wide server dual I620-G30 in the field of big data benchmark TPC official website succeeded in breaking performance and price double world records -TPCx-BB (TPC Benchmark Express-Big Bench). Scale data in 30TB or more, is the world's first company to break the highest score of 3000 points and the corresponding cost manufacturers.
City cloud business steadily. In August 2018, following the dawn city cloud Chengdu, Wuxi city cloud cloud computing services have once again successfully passed the enhanced level of security clearance center network in the letter do, was recognized by the National Cyber Security Division, representing the dawn city cloud in the information cloud computing security and compliance a leading position to provide secure and reliable cloud computing services for urban operations, the company has operations in nearly 40 cities across the country deployed a large city cloud computing data centers.
Branch Dawn benefit from the "government cloud" around the building Supercomputer Center to further promote the company's rapid revenue growth. The company has been pushing "in malls hundred lines" cloud computing center strategy, construction has now accumulated more than 40 cities cloud computing center. Meanwhile in supercomputing piece, the World Organization for Supercomputing actual computing speed supercomputer Dawning 6000 1271 trillion times / sec, ranking second in the world, double-precision floating-point processing performance of more than 2,400 trillion times / sec, total system memory capacity 232TB, storage 17.2PB, mainly used in chemical calculations, computational biology, electromagnetics, industrial simulation, computational fluid dynamics, animation rendering, architectural design, weather forecasting, simulation and other areas of professional computing material.
Technology, relying on more than 20 years deep understanding of the market, extensive industry independent research and development and application of leading-edge technology sit tight in China HPC "top spot." The total number of the list among the world's top 500 Chinese machinery amounted to 167 units, for the first time surpassed the United States (165 units), the world's first supercomputer power. Among them, the most senior in the Division of HPC vendors dawn (Sugon) to China contributed 51 sets of machines (accounting for 30%), the overall share of more than 10% of the total share of the world's TOP500, retaining its position as the world's top four, and is a major global HPC vendor, the only access to the seat by the development of independent innovation of Chinese enterprises.
In conclusion, the Division dawn in the master server and cloud this business, technical decisions competitiveness, the year 2018 the company added 187 patents, including patents 142; obtain patents 121, of which 73 invention patents . R & D spending in 2018 invested 724 million yuan, an increase of 68%.
Second, the shares of technology companies, billions of dollars in revenue Sea-chip, volume production
Intel X86 server market position of absolute dominance: X86 processor architecture processor has become one of the world's most widely used, particularly in the PC and server space, where the share of the processor market as high as 90%. Equity holders of the sea in the Division dawn light information from 25.52% up to 36.44%, becoming the largest shareholder sea optical information, in April 2016, the company shares of the company reached an agreement with AMD Tianjin Sea-established joint venture, AMD X86 to provide the joint venture authorization technology.
Sea-information in 2018 operating income of 113 million yuan, a substantial increase compared with 13,578,800 in 2017. According EETOP electronic network reported that the sea-based domestic CPU X86 architecture code-named "meditation" has been officially mass production, in which production of "chip" and a large part of the Division dawn of servers supporting this part of the shared server upstream yuan device supply, promote the company's gross margin steadily.
2018 brought 201 million of investment income, the dawn of a number of shares of Chinese Academy of Sciences Branch in the Department of Enterprise, for example, in the Division chart, in Section controllable and so on.
Third, the risk points
Stage Branch dawn reflect the stock's valuation high-risk, high debt ratio: Branch dawn of the current valuation PE (TTM) has reached 87, nearly 68% debt ratio, current liabilities of 5.2 billion yuan. Overall, interest expense of 1.7 billion yuan, net profit of the third.
总结来说，中科曙光作为中国科学院大力推动下，以国家“863”计划重大科研成果为基础组建的国家高新技术企业。天风证券认为未来应该关注高性能计算机、AI产品和海光进展。给与其“增持”评级。