INESA-it(600602) 中邮证券·2024-10-31 10:22Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company, YunSai ZhiLian, is positioned to capitalize on Shanghai's digital transformation through AI computing and data elements, focusing on building a robust foundation for urban digitalization and smart city operations [3][4]. - In the first three quarters of 2023, the company achieved a revenue of 4.012 billion yuan, representing a year-on-year growth of 8.25%, and a net profit attributable to shareholders of 158 million yuan, up 1.22% year-on-year [3]. - The company is actively developing intelligent computing infrastructure and AI applications, with plans to accelerate the construction of its data centers and support the growth of its invested company, Shanghai Intelligent Computing Technology Co., Ltd. [4][5]. Financial Summary - The company reported a revenue of 5.264 billion yuan for 2023, with projected revenues of 6.062 billion yuan in 2024, 7.204 billion yuan in 2025, and 8.568 billion yuan in 2026, reflecting growth rates of 16.09%, 15.16%, 18.84%, and 18.93% respectively [8][10]. - The net profit attributable to shareholders is forecasted to be 192.91 million yuan in 2023, increasing to 222.32 million yuan in 2024, 270.64 million yuan in 2025, and 331.80 million yuan in 2026, with growth rates of 6.70%, 15.24%, 21.74%, and 22.60% respectively [8][10]. - The earnings per share (EPS) are projected to be 0.14 yuan in 2023, rising to 0.16 yuan in 2024, 0.20 yuan in 2025, and 0.24 yuan in 2026 [8][10]. Strategic Developments - The company is enhancing its capabilities in public data development, aligning with national policies aimed at accelerating the utilization of public data resources by 2025 [5][6]. - The establishment of the Shanghai Data Group and the implementation of local data regulations provide a solid legal framework for the company's operations in public data management [6].