每經AI快(kuai)訊，2024年1月16日，海通國(guo)際發布研報點(dian)評云賽(sai)智聯(lian)（600602）。

投資要點：

上(shang)海國(guo)(guo)(guo)資(zi)云(yun)服(fu)(fu)(fu)務生力(li)(li)軍(jun)，踐行“做(zuo)優(you)IDC、做(zuo)強(qiang)(qiang)(qiang)云(yun)服(fu)(fu)(fu)務、做(zuo)深(shen)(shen)大(da)數(shu)據、布(bu)局(ju)行業(ye)(ye)(ye)應(ying)用”的(de)(de)發(fa)(fa)展路徑(jing)。云(yun)賽智(zhi)聯是一家以云(yun)服(fu)(fu)(fu)務與大(da)數(shu)據、智(zhi)慧(hui)城(cheng)(cheng)市(shi)行業(ye)(ye)(ye)解決(jue)方案、智(zhi)能化產(chan)品為(wei)核(he)心業(ye)(ye)(ye)務的(de)(de)專業(ye)(ye)(ye)化信息技術服(fu)(fu)(fu)務企(qi)業(ye)(ye)(ye)。多年來，公(gong)司(si)始終堅持智(zhi)慧(hui)城(cheng)(cheng)市(shi)戰略，秉承(cheng)“成(cheng)為(wei)中(zhong)(zhong)國(guo)(guo)(guo)一流的(de)(de)智(zhi)慧(hui)城(cheng)(cheng)市(shi)綜(zong)合解決(jue)方案提供商(shang)和(he)(he)運營商(shang)”的(de)(de)發(fa)(fa)展愿景，踐行“做(zuo)優(you)IDC、做(zuo)強(qiang)(qiang)(qiang)云(yun)服(fu)(fu)(fu)務、做(zuo)深(shen)(shen)大(da)數(shu)據、布(bu)局(ju)行業(ye)(ye)(ye)應(ying)用”的(de)(de)發(fa)(fa)展路徑(jing)，堅持深(shen)(shen)挖細分行業(ye)(ye)(ye)，履行“強(qiang)(qiang)(qiang)政(zheng)、興(xing)業(ye)(ye)(ye)、惠(hui)民”的(de)(de)責任(ren)使命。在推展數(shu)字經(jing)濟、布(bu)局(ju)數(shu)字產(chan)業(ye)(ye)(ye)的(de)(de)大(da)背景下，公(gong)司(si)以數(shu)字化轉型(xing)為(wei)契機(ji)，加快(kuai)數(shu)據中(zhong)(zhong)臺和(he)(he)算力(li)(li)基(ji)礎(chu)設(she)施底座打造，提升數(shu)字化轉型(xing)全鏈服(fu)(fu)(fu)務能力(li)(li)，深(shen)(shen)耕“ToG和(he)(he)ToB”業(ye)(ye)(ye)務領(ling)域，不斷(duan)研究和(he)(he)探(tan)索(suo)智(zhi)慧(hui)城(cheng)(cheng)市(shi)的(de)(de)商(shang)業(ye)(ye)(ye)模式，廣泛參與智(zhi)慧(hui)城(cheng)(cheng)市(shi)應(ying)用示范，致(zhi)力(li)(li)于構(gou)建物(wu)聯網、云(yun)計算、大(da)數(shu)據等新一代信息技術與平臺的(de)(de)新型(xing)商(shang)業(ye)(ye)(ye)生態，不斷(duan)提升公(gong)司(si)核(he)心實力(li)(li)和(he)(he)綜(zong)合能力(li)(li)。公(gong)司(si)實控人為(wei)上(shang)海市(shi)國(guo)(guo)(guo)資(zi)委(wei)，公(gong)司(si)參與建設(she)和(he)(he)運營市(shi)國(guo)(guo)(guo)資(zi)委(wei)國(guo)(guo)(guo)企(qi)監管云(yun)、市(shi)委(wei)網信辦(ban)媒體(ti)云(yun)，并成(cheng)功實現(xian)了在市(shi)國(guo)(guo)(guo)資(zi)委(wei)等多個委(wei)辦(ban)派(pai)駐(zhu)式服(fu)(fu)(fu)務，2023年H1，公(gong)司(si)中(zhong)(zhong)標上(shang)市(shi)財政(zheng)局(ju)等多個委(wei)辦(ban)數(shu)字化項目運維和(he)(he)綜(zong)合保障項目。2023年前三季(ji)度，公(gong)司(si)實現(xian)營收37.06億元(yuan)，同(tong)(tong)比(bi)增長(chang)(chang)(chang)19.67%；歸(gui)母凈利(li)潤1.56億元(yuan)，同(tong)(tong)比(bi)增長(chang)(chang)(chang)2.20%；扣(kou)非歸(gui)母凈利(li)潤0.99億元(yuan)，同(tong)(tong)比(bi)增長(chang)(chang)(chang)284.19%。2023單Q3，公(gong)司(si)實現(xian)營收12.08億元(yuan)，同(tong)(tong)比(bi)下降0.23%；歸(gui)母凈利(li)潤0.63億元(yuan)，同(tong)(tong)比(bi)增長(chang)(chang)(chang)2.43%。毛(mao)利(li)率方面，2023年前三季(ji)度，公(gong)司(si)實現(xian)毛(mao)利(li)率18.82%，同(tong)(tong)比(bi)增長(chang)(chang)(chang)0.12pcts。

深耕智能算力，公(gong)(gong)司(si)(si)(si)(si)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)二(er)期已(yi)完成布局。公(gong)(gong)司(si)(si)(si)(si)以高(gao)(gao)(gao)等級(ji)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)建(jian)(jian)(jian)(jian)設(she)和(he)運(yun)(yun)營(ying)為(wei)核心(xin)(xin)，打造(zao)公(gong)(gong)司(si)(si)(si)(si)城市(shi)數(shu)(shu)(shu)(shu)(shu)(shu)字化轉型業(ye)務(wu)堅實(shi)的(de)(de)數(shu)(shu)(shu)(shu)(shu)(shu)字底(di)座(zuo)。公(gong)(gong)司(si)(si)(si)(si)下屬上海(hai)科技網(wang)絡通信(xin)有限公(gong)(gong)司(si)(si)(si)(si)定位于(yu)中(zhong)(zhong)(zhong)立第(di)三方(fang)高(gao)(gao)(gao)端數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)運(yun)(yun)營(ying)商，現(xian)有徐匯數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)、寶山云(yun)計算中(zhong)(zhong)(zhong)心(xin)(xin)、寶山大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)、松(song)江(jiang)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)共(gong)計超過7000個機柜資(zi)(zi)(zi)源(yuan)。松(song)江(jiang)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)一(yi)(yi)期項(xiang)目獲得“長三角綠色(se)低碳示范數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)大(da)(da)(da)獎(jiang)”，并成為(wei)“國家新型數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)交換中(zhong)(zhong)(zhong)心(xin)(xin)節點”，通過“國標(biao)最(zui)高(gao)(gao)(gao)等級(ji)的(de)(de)增強級(ji)(GB50174-2017A級(ji))”認證。2023H1，松(song)江(jiang)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)一(yi)(yi)期全面(mian)投入運(yun)(yun)營(ying)，公(gong)(gong)司(si)(si)(si)(si)投資(zi)(zi)(zi)建(jian)(jian)(jian)(jian)設(she)的(de)(de)110KV獨立電力用(yong)戶(hu)站正式啟用(yong)，為(wei)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)二(er)期項(xiang)目做好了準備(bei)。10月28日，公(gong)(gong)司(si)(si)(si)(si)公(gong)(gong)告，公(gong)(gong)司(si)(si)(si)(si)擬以科技網(wang)的(de)(de)子公(gong)(gong)司(si)(si)(si)(si)云(yun)賽數(shu)(shu)(shu)(shu)(shu)(shu)海(hai)為(wei)投資(zi)(zi)(zi)主(zhu)體，在松(song)江(jiang)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)一(yi)(yi)期的(de)(de)基(ji)礎(chu)上啟動松(song)江(jiang)大(da)(da)(da)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)二(er)期項(xiang)目的(de)(de)建(jian)(jian)(jian)(jian)設(she)。本(ben)項(xiang)目擬投資(zi)(zi)(zi)建(jian)(jian)(jian)(jian)設(she)高(gao)(gao)(gao)電量機架(jia)約(yue)1124個，合計IT功(gong)率22MW，項(xiang)目建(jian)(jian)(jian)(jian)設(she)總(zong)投資(zi)(zi)(zi)約(yue)為(wei)7.95億元。本(ben)項(xiang)目服(fu)務(wu)于(yu)市(shi)級(ji)智能算力集群(qun)建(jian)(jian)(jian)(jian)設(she)，為(wei)上海(hai)提供(gong)智能算力平臺的(de)(de)基(ji)礎(chu)設(she)施(shi)服(fu)務(wu)。作為(wei)上海(hai)城市(shi)數(shu)(shu)(shu)(shu)(shu)(shu)字化轉型主(zhu)力軍的(de)(de)基(ji)礎(chu)和(he)支撐(cheng)，公(gong)(gong)司(si)(si)(si)(si)代表著上海(hai)國資(zi)(zi)(zi)國企(qi)的(de)(de)高(gao)(gao)(gao)端數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)和(he)算力中(zhong)(zhong)(zhong)心(xin)(xin)，致力于(yu)為(wei)客戶(hu)提供(gong)全棧式可持(chi)續的(de)(de)數(shu)(shu)(shu)(shu)(shu)(shu)據(ju)中(zhong)(zhong)(zhong)心(xin)(xin)解決(jue)方(fang)案和(he)端到端的(de)(de)優(you)質服(fu)務(wu)保障。為(wei)抓(zhua)住算力中(zhong)(zhong)(zhong)心(xin)(xin)發展戰略(lve)(lve)機遇(yu)，并推動建(jian)(jian)(jian)(jian)設(she)面(mian)向全國及長三角區域服(fu)務(wu)、支持(chi)跨域資(zi)(zi)(zi)源(yuan)調(diao)度的(de)(de)算力中(zhong)(zhong)(zhong)心(xin)(xin)的(de)(de)需(xu)求，2023H1，云(yun)賽智聯與儀電集團等其他股(gu)東共(gong)同(tong)出資(zi)(zi)(zi)建(jian)(jian)(jian)(jian)立上海(hai)智能算力科技有限公(gong)(gong)司(si)(si)(si)(si)，進(jin)一(yi)(yi)步推進(jin)“做優(you)IDC”戰略(lve)(lve)的(de)(de)實(shi)施(shi)。

高度重視數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)要素，公(gong)(gong)司(si)(si)在(zai)政(zheng)務(wu)(wu)(wu)(wu)(wu)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)領(ling)域(yu)不(bu)(bu)斷取得(de)突破(po)。“做(zuo)深大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)”是(shi)云(yun)賽智(zhi)聯服(fu)務(wu)(wu)(wu)(wu)(wu)于智(zhi)慧城(cheng)市(shi)解決方(fang)(fang)案數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)中(zhong)(zhong)(zhong)(zhong)(zhong)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)的(de)戰略實(shi)施(shi)路徑(jing)。自2017年公(gong)(gong)司(si)(si)成(cheng)(cheng)(cheng)功(gong)中(zhong)(zhong)(zhong)(zhong)(zhong)標(biao)上(shang)(shang)海(hai)(hai)市(shi)電子政(zheng)務(wu)(wu)(wu)(wu)(wu)云(yun)IaaS平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)后，公(gong)(gong)司(si)(si)在(zai)政(zheng)務(wu)(wu)(wu)(wu)(wu)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)領(ling)域(yu)不(bu)(bu)斷取得(de)突破(po)，相繼完成(cheng)(cheng)(cheng)了上(shang)(shang)海(hai)(hai)市(shi)電子政(zheng)務(wu)(wu)(wu)(wu)(wu)云(yun)中(zhong)(zhong)(zhong)(zhong)(zhong)間平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)的(de)建設(she)和(he)運(yun)營(ying)(ying)，上(shang)(shang)海(hai)(hai)市(shi)電子政(zheng)務(wu)(wu)(wu)(wu)(wu)云(yun)PaaS平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)的(de)建設(she)，中(zhong)(zhong)(zhong)(zhong)(zhong)標(biao)2019-2020年上(shang)(shang)海(hai)(hai)市(shi)DaaS數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)集成(cheng)(cheng)(cheng)和(he)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)運(yun)營(ying)(ying)總(zong)包項(xiang)(xiang)目(mu)(mu)(mu)，2020年上(shang)(shang)海(hai)(hai)市(shi)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)中(zhong)(zhong)(zhong)(zhong)(zhong)心(xin)（2020-2022）數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)運(yun)營(ying)(ying)服(fu)務(wu)(wu)(wu)(wu)(wu)，2021年上(shang)(shang)海(hai)(hai)市(shi)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)中(zhong)(zhong)(zhong)(zhong)(zhong)心(xin)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)資源(yuan)(yuan)(yuan)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)建設(she)二期項(xiang)(xiang)目(mu)(mu)(mu)，2022年上(shang)(shang)海(hai)(hai)市(shi)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)中(zhong)(zhong)(zhong)(zhong)(zhong)心(xin)建設(she)運(yun)營(ying)(ying)一體化(hua)項(xiang)(xiang)目(mu)(mu)(mu)。目(mu)(mu)(mu)前(qian)，云(yun)賽智(zhi)聯已(yi)經成(cheng)(cheng)(cheng)為(wei)上(shang)(shang)海(hai)(hai)市(shi)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)中(zhong)(zhong)(zhong)(zhong)(zhong)心(xin)資源(yuan)(yuan)(yuan)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)總(zong)集成(cheng)(cheng)(cheng)商和(he)運(yun)維(wei)商、數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)運(yun)營(ying)(ying)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)總(zong)運(yun)營(ying)(ying)商。在(zai)多年的(de)實(shi)踐中(zhong)(zhong)(zhong)(zhong)(zhong)公(gong)(gong)司(si)(si)不(bu)(bu)斷積累和(he)沉淀企業(ye)(ye)(ye)的(de)產品和(he)解決方(fang)(fang)案，持續打造(zao)和(he)提(ti)升(sheng)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)團隊的(de)規劃(hua)咨(zi)詢能(neng)(neng)(neng)(neng)力(li)、方(fang)(fang)案設(she)計能(neng)(neng)(neng)(neng)力(li)、實(shi)施(shi)交付能(neng)(neng)(neng)(neng)力(li)、運(yun)營(ying)(ying)服(fu)務(wu)(wu)(wu)(wu)(wu)能(neng)(neng)(neng)(neng)力(li)、生態整合能(neng)(neng)(neng)(neng)力(li)和(he)行(xing)業(ye)(ye)(ye)標(biao)準能(neng)(neng)(neng)(neng)力(li)。公(gong)(gong)司(si)(si)以(yi)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)資源(yuan)(yuan)(yuan)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)建設(she)和(he)運(yun)營(ying)(ying)為(wei)支撐，拓(tuo)展上(shang)(shang)海(hai)(hai)各區(qu)(qu)“兩(liang)網建設(she)”城(cheng)市(shi)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化(hua)轉型(xing)業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)(wu)。迄今為(wei)止(zhi)，公(gong)(gong)司(si)(si)已(yi)在(zai)閔行(xing)、崇明等(deng)十個區(qu)(qu)分別實(shi)施(shi)了大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)建設(she)和(he)運(yun)營(ying)(ying)及“兩(liang)網建設(she)”項(xiang)(xiang)目(mu)(mu)(mu)。公(gong)(gong)司(si)(si)以(yi)上(shang)(shang)海(hai)(hai)城(cheng)市(shi)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化(hua)轉型(xing)經驗拓(tuo)展延伸助力(li)外省(sheng)市(shi)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化(hua)治理，2022年成(cheng)(cheng)(cheng)功(gong)中(zhong)(zhong)(zhong)(zhong)(zhong)標(biao)成(cheng)(cheng)(cheng)都市(shi)“智(zhi)慧蓉城(cheng)運(yun)行(xing)管理平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)資源(yuan)(yuan)(yuan)能(neng)(neng)(neng)(neng)力(li)提(ti)升(sheng)”平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)建設(she)項(xiang)(xiang)目(mu)(mu)(mu)、“智(zhi)慧蓉城(cheng)運(yun)行(xing)管理平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)治理服(fu)務(wu)(wu)(wu)(wu)(wu)采購(gou)項(xiang)(xiang)目(mu)(mu)(mu)”。2023H1，公(gong)(gong)司(si)(si)成(cheng)(cheng)(cheng)功(gong)中(zhong)(zhong)(zhong)(zhong)(zhong)標(biao)上(shang)(shang)海(hai)(hai)市(shi)電子政(zheng)務(wu)(wu)(wu)(wu)(wu)基礎設(she)施(shi)運(yun)行(xing)維(wei)護項(xiang)(xiang)目(mu)(mu)(mu)和(he)各區(qu)(qu)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)資源(yuan)(yuan)(yuan)平(ping)(ping)(ping)(ping)臺(tai)(tai)(tai)(tai)(tai)(tai)(tai)項(xiang)(xiang)目(mu)(mu)(mu)。公(gong)(gong)司(si)(si)以(yi)大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)運(yun)營(ying)(ying)為(wei)契機，進(jin)一步布(bu)(bu)局上(shang)(shang)海(hai)(hai)市(shi)各委(wei)辦(ban)(ban)局及大(da)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)據(ju)(ju)(ju)中(zhong)(zhong)(zhong)(zhong)(zhong)心(xin)政(zheng)務(wu)(wu)(wu)(wu)(wu)信息(xi)化(hua)領(ling)域(yu)業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)(wu)，通過深入各委(wei)辦(ban)(ban)業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)(wu)的(de)規劃(hua)設(she)計、方(fang)(fang)案細化(hua)、標(biao)準制定、分布(bu)(bu)實(shi)施(shi)，公(gong)(gong)司(si)(si)成(cheng)(cheng)(cheng)功(gong)實(shi)現(xian)了在(zai)市(shi)國資委(wei)等(deng)多個委(wei)辦(ban)(ban)派駐式服(fu)務(wu)(wu)(wu)(wu)(wu)。2023H1，公(gong)(gong)司(si)(si)中(zhong)(zhong)(zhong)(zhong)(zhong)標(biao)市(shi)財政(zheng)局等(deng)多個委(wei)辦(ban)(ban)數(shu)(shu)(shu)(shu)(shu)(shu)(shu)字(zi)化(hua)項(xiang)(xiang)目(mu)(mu)(mu)運(yun)維(wei)和(he)綜合保障項(xiang)(xiang)目(mu)(mu)(mu)。

智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)算(suan)(suan)(suan)力(li)(li)與(yu)數(shu)據(ju)要(yao)(yao)素(su)雙輪并進，利好(hao)政(zheng)策(ce)背景下(xia)公司(si)有望持(chi)(chi)續受益(yi)。2023年11月7日，上(shang)海(hai)(hai)市(shi)經(jing)濟信息化委等五部(bu)門聯(lian)合(he)制(zhi)(zhi)定并發(fa)布了《上(shang)海(hai)(hai)市(shi)推動人工智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)大(da)(da)模(mo)(mo)型(xing)創(chuang)新(xin)發(fa)展(zhan)若干措施(shi)（2023-2025年）》（以(yi)(yi)下(xia)簡稱《措施(shi)》），專門提(ti)出實(shi)施(shi)大(da)(da)模(mo)(mo)型(xing)智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)算(suan)(suan)(suan)力(li)(li)加(jia)(jia)速(su)(su)計劃。打造市(shi)級智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)算(suan)(suan)(suan)力(li)(li)統籌調(diao)(diao)度平臺，構建(jian)(jian)(jian)規模(mo)(mo)化先進算(suan)(suan)(suan)力(li)(li)調(diao)(diao)度和(he)供給能(neng)(neng)力(li)(li)。對符(fu)合(he)條件(jian)的(de)(de)智(zhi)(zhi)(zhi)(zhi)算(suan)(suan)(suan)中心，在(zai)能(neng)(neng)耗指標(biao)等方面予(yu)以(yi)(yi)綠(lv)色(se)通道優(you)先支(zhi)持(chi)(chi)；加(jia)(jia)快臨港、金山、松江等重點智(zhi)(zhi)(zhi)(zhi)算(suan)(suan)(suan)產業集(ji)(ji)聚(ju)區(qu)建(jian)(jian)(jian)設。加(jia)(jia)強市(shi)區(qu)聯(lian)動，對2024年底(di)前在(zai)滬完成(cheng)智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)算(suan)(suan)(suan)力(li)(li)部(bu)署(shu)并納入統籌、接受調(diao)(diao)度的(de)(de)算(suan)(suan)(suan)力(li)(li)建(jian)(jian)(jian)設主體(ti)，經(jing)評(ping)估給予(yu)適當額度的(de)(de)部(bu)署(shu)獎(jiang)勵；對租用(yong)納入本(ben)市(shi)統籌調(diao)(diao)度的(de)(de)算(suan)(suan)(suan)力(li)(li)進行大(da)(da)模(mo)(mo)型(xing)研發(fa)的(de)(de)本(ben)市(shi)主體(ti)，經(jing)評(ping)估按(an)算(suan)(suan)(suan)力(li)(li)集(ji)(ji)群規模(mo)(mo)和(he)成(cheng)果水平給予(yu)最高(gao)10%的(de)(de)租用(yong)補貼(tie)。建(jian)(jian)(jian)設市(shi)域(yu)極速(su)(su)智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)算(suan)(suan)(suan)力(li)(li)承(cheng)載網(wang)，實(shi)現市(shi)域(yu)智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)算(suan)(suan)(suan)力(li)(li)中心間100 Gb/S以(yi)(yi)上(shang)高(gao)速(su)(su)直連和(he)毫秒(miao)級時延。此外(wai)，《措施(shi)》還提(ti)出語(yu)料(liao)數(shu)據(ju)資源共建(jian)(jian)(jian)共享(xiang)。組建(jian)(jian)(jian)大(da)(da)模(mo)(mo)型(xing)語(yu)料(liao)數(shu)據(ju)聯(lian)盟，鼓勵多元主體(ti)共同推動高(gao)水平語(yu)料(liao)數(shu)據(ju)要(yao)(yao)素(su)建(jian)(jian)(jian)設。建(jian)(jian)(jian)立語(yu)料(liao)數(shu)據(ju)知識產權保護框架，充分利用(yong)區(qu)塊(kuai)鏈等技(ji)術，深化以(yi)(yi)貢獻為(wei)導(dao)向的(de)(de)激勵機(ji)制(zhi)(zhi)和(he)評(ping)估認證機(ji)制(zhi)(zhi)。依托上(shang)海(hai)(hai)數(shu)據(ju)交易(yi)所建(jian)(jian)(jian)立語(yu)料(liao)數(shu)據(ju)交易(yi)板塊(kuai)。我(wo)們認為(wei)，《措施(shi)》對于算(suan)(suan)(suan)力(li)(li)和(he)數(shu)據(ju)這兩(liang)項大(da)(da)模(mo)(mo)型(xing)重要(yao)(yao)的(de)(de)發(fa)展(zhan)要(yao)(yao)素(su)做(zuo)出了具體(ti)安(an)排和(he)指引，公司(si)目前數(shu)據(ju)要(yao)(yao)素(su)與(yu)智(zhi)(zhi)(zhi)(zhi)能(neng)(neng)算(suan)(suan)(suan)力(li)(li)雙輪并進，恰(qia)好(hao)符(fu)合(he)《措施(shi)》提(ti)出的(de)(de)各項利好(hao)政(zheng)策(ce)，未來公司(si)有望持(chi)(chi)續受益(yi)。

盈利預測與(yu)投資建(jian)(jian)議。我(wo)們(men)(men)認為(wei)，公(gong)(gong)(gong)(gong)(gong)司(si)作為(wei)上(shang)(shang)海(hai)國資云服務(wu)(wu)(wu)(wu)生(sheng)力軍，在利好(hao)政策持(chi)(chi)續推動的背景下(xia)，公(gong)(gong)(gong)(gong)(gong)司(si)智(zhi)能算(suan)(suan)力與(yu)數(shu)(shu)(shu)據要素雙輪并(bing)進，未(wei)(wei)來(lai)有望維(wei)(wei)持(chi)(chi)較(jiao)高的增長(chang)速(su)度(du)。我(wo)們(men)(men)假(jia)設：1）云計(ji)(ji)(ji)算(suan)(suan)大(da)數(shu)(shu)(shu)據業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)方面，該業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)板塊(kuai)覆蓋(gai)了公(gong)(gong)(gong)(gong)(gong)司(si)智(zhi)能算(suan)(suan)力與(yu)數(shu)(shu)(shu)據要素兩(liang)大(da)主營業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)領域(yu)，考(kao)慮到公(gong)(gong)(gong)(gong)(gong)司(si)數(shu)(shu)(shu)據中(zhong)(zhong)心二(er)期已完成布局(ju)，在政務(wu)(wu)(wu)(wu)大(da)數(shu)(shu)(shu)據領域(yu)也不斷取得突(tu)破，在利好(hao)政策背景下(xia)，該板塊(kuai)業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)有望維(wei)(wei)持(chi)(chi)穩(wen)定高速(su)增長(chang)。我(wo)們(men)(men)預計(ji)(ji)(ji)2023-2025年公(gong)(gong)(gong)(gong)(gong)司(si)云計(ji)(ji)(ji)算(suan)(suan)大(da)數(shu)(shu)(shu)據業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)同(tong)(tong)比增速(su)分別為(wei)18%、22%和(he)23%。2）行(xing)業(ye)(ye)(ye)解決(jue)方案業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)方面，該業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)主要包(bao)括(kuo)城市(shi)安全(quan)治理(li)和(he)智(zhi)慧(hui)(hui)民生(sheng)兩(liang)個方面，智(zhi)慧(hui)(hui)民生(sheng)領域(yu)又(you)涵蓋(gai)了教育(yu)、醫療、市(shi)政民生(sheng)、檢測溯源(yuan)等(deng)行(xing)業(ye)(ye)(ye)，2023H1，公(gong)(gong)(gong)(gong)(gong)司(si)中(zhong)(zhong)標(biao)標(biao)準(zhun)化(hua)(hua)考(kao)點建(jian)(jian)設項(xiang)(xiang)目(mu)(mu)、外(wai)語聽說考(kao)場建(jian)(jian)設項(xiang)(xiang)目(mu)(mu)和(he)幾個區學校(xiao)信息化(hua)(hua)配(pei)套項(xiang)(xiang)目(mu)(mu)，公(gong)(gong)(gong)(gong)(gong)司(si)承建(jian)(jian)的國家(jia)管網西氣(qi)東輸公(gong)(gong)(gong)(gong)(gong)司(si)儲(chu)氣(qi)庫數(shu)(shu)(shu)據采集及數(shu)(shu)(shu)字化(hua)(hua)平(ping)臺基礎功(gong)能研(yan)發項(xiang)(xiang)目(mu)(mu)完成交付(fu)驗(yan)收，成功(gong)續約上(shang)(shang)海(hai)城投水(shui)(shui)務(wu)(wu)(wu)(wu)集團CIS業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)新一(yi)年度(du)運維(wei)(wei)服務(wu)(wu)(wu)(wu)項(xiang)(xiang)目(mu)(mu)，中(zhong)(zhong)標(biao)供水(shui)(shui)公(gong)(gong)(gong)(gong)(gong)司(si)信息化(hua)(hua)平(ping)臺系(xi)統(tong)(tong)運維(wei)(wei)服務(wu)(wu)(wu)(wu)項(xiang)(xiang)目(mu)(mu)、供水(shui)(shui)公(gong)(gong)(gong)(gong)(gong)司(si)智(zhi)慧(hui)(hui)供水(shui)(shui)管理(li)統(tong)(tong)一(yi)平(ping)臺及群租用水(shui)(shui)專(zhuan)題項(xiang)(xiang)目(mu)(mu)等(deng)，可以看(kan)出該領域(yu)業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)也在穩(wen)定發展中(zhong)(zhong)，我(wo)們(men)(men)預計(ji)(ji)(ji)公(gong)(gong)(gong)(gong)(gong)司(si)行(xing)業(ye)(ye)(ye)解決(jue)方案業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)2023-2025年同(tong)(tong)比增速(su)分別為(wei)3%、5%和(he)5%。3）智(zhi)能化(hua)(hua)產(chan)品(pin)(pin)業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)方面，該業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)公(gong)(gong)(gong)(gong)(gong)司(si)主要是由公(gong)(gong)(gong)(gong)(gong)司(si)下(xia)屬的國內(nei)科學儀器(qi)行(xing)業(ye)(ye)(ye)領軍企業(ye)(ye)(ye)上(shang)(shang)海(hai)儀電科學儀器(qi)股份(fen)有限公(gong)(gong)(gong)(gong)(gong)司(si)提供，包(bao)括(kuo)“雷磁”系(xi)列(lie)電化(hua)(hua)學產(chan)品(pin)(pin)總計(ji)(ji)(ji)五個大(da)類，二(er)十個小類，主營儀器(qi)約170余型，傳感器(qi)200余款及光學儀器(qi)產(chan)品(pin)(pin)等(deng)，考(kao)慮到該業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)已經(jing)擁有較(jiao)為(wei)深(shen)厚的市(shi)場基礎，我(wo)們(men)(men)認為(wei)該業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)未(wei)(wei)來(lai)有望維(wei)(wei)持(chi)(chi)穩(wen)定低(di)速(su)的增長(chang)，預計(ji)(ji)(ji)公(gong)(gong)(gong)(gong)(gong)司(si)智(zhi)能化(hua)(hua)產(chan)品(pin)(pin)業(ye)(ye)(ye)務(wu)(wu)(wu)(wu)2023-2025年同(tong)(tong)比增速(su)分別為(wei)5%、5%和(he)5%。整(zheng)體來(lai)看(kan)，我(wo)們(men)(men)預計(ji)(ji)(ji)公(gong)(gong)(gong)(gong)(gong)司(si)2023/2024/2025歸母(mu)凈(jing)利潤(run)分別為(wei)2.09/2.46/2.91億元(yuan)，EPS分別為(wei)0.15/0.18/0.21元(yuan)，給(gei)予2024年PE80倍，目(mu)(mu)標(biao)價14.38元(yuan)，首(shou)次覆蓋(gai)給(gei)予“優于大(da)市(shi)”評(ping)級。

風(feng)險(xian)提示。人工智能發展(zhan)不及(ji)預(yu)期，數據要素發展(zhan)不及(ji)預(yu)期，政策(ce)推進(jin)不及(ji)預(yu)期。

(來源：慧博投研)

免(mian)責聲明：本文內(nei)容與(yu)數據(ju)僅供參(can)考(kao)，不構成投資建(jian)議，使(shi)用前請核實。據(ju)此(ci)操作(zuo)，風(feng)險自擔(dan)。

(編輯 曾健輝)