Youkude (688158) New Share Analysis: Independent Third-Party Cloud Computing Service Provider “Small and Beautiful” But Big Challenges
Core point of view: Youkude was established in 2012, positioning itself as a neutral third-party cloud computing service provider, and is committed to creating a secure and reliable cloud computing service platform for customers.
The industry-leading giants have advantages in many aspects. As an earlier independent third-party public cloud service provider with unique features, Youku has faced many challenges while enjoying the benefits of industrial development.
The scale advantages and effects of the industry giants are becoming more prominent, and they are still not pursuing short-term 佛山桑拿网 profits. Instead of using a price war strategy, they have placed long-term pressure on the participation of Youkude.
We compare the financial report judgments of relevant industry giants and Youku for nearly three years, and a smaller independent third-party cloud service company: in order to continue to expand investment to catch up and surpass revenue growth in pursuit of scale effects and market share-in this case shortIt is difficult to be optimistic about the profit space even in the mid-term, and the continuous financing needs will be relatively large; and the pursuit of performance, and this high probability will significantly reduce the income growth, thereby worsening the long-term development situation and competitiveness.
The choice and balance between these two directions is the biggest challenge facing the company’s strategy.
Using DCF model and market-to-sales ratio (P / S) estimation, the company’s reasonable value is estimated to be 26.
04 yuan / share?
29 yuan / share.
The company’s revenue is expected to be 15 in 2019-2021.
200 million, 21.
0 billion and 29.
500 million, net profit attributable to mothers was 187.7 billion, 265.7 billion and 45.68 million yuan.
After considering the number of shares issued this time, the diluted earnings are expected to be zero.
05 yuan, 0.
06 yuan and 0.
Under the DCF model, the corresponding enterprise value is 11 trillion to 14.5 billion US dollars; the market-to-sales ratio is assessed to give 7-10 times P / S, and the corresponding enterprise value of 2019 revenue is 105 trillion to 156 trillion.
Risk reminder: Stable operating risks brought by Internet companies as the company’s major downstream customers; risks of technological innovation; operating risks of overseas businesses; information security and data confidentiality risks; difficulty in raising profits for short-term fundraising projects, which may bring risks to the operating performance of listed companiesRisks of impact; risks of intensified competition in the industry; risks caused by special corporate governance structures; risks of joint shareholders and actual controllers who may withdraw from the Concert Action Agreement and reduce their holdings after the lock-up period expires; choice of corporate competition strategy.