Science and technology are the development direction of the future economy, which has been mentioned before, because only science and technology can create new demand, create new markets, and achieve growth from scratch, rather than struggling in the stock market. In terms of technology, the most important thing is undoubtedly the progress of technology. New products and technologies can bring about a leap in the company's value. For example, Apple in the Jobs era, from the Mac to the iPhone, all of which have subverted the concept of existing products. In the Cook era, there is only the upgrade by department, without too much disappointment or too much surprise. Undoubtedly, this is the favorite situation of the capital market. There is no accident, and the growth is stable.
Apple's product chain and industrial chain belong to consumer electronics, but have no big use. There is only one terminal, which is matched with consumer electronics, and also needs the transmission network, that is, the 5G segment, and the background service, that is, the cloud computing segment. Personal digital terminal - transmission network - background service are complementary. The 5G technology responsible for wireless transmission is the engine. With high-speed data transmission technology, there will be more and more network transmission needs. Personal terminals are becoming more intelligent and more powerful. From the simplest voice to today's video calls, the background is also from a simple program-controlled switch, Large scale cloud computing has driven the development of the entire upstream and downstream industry chain.
The word of Microelectronics Network is suddenly big here, and the industry is subdivided into a myriad of details. I don't know where to start for a moment. First of all, starting from the background, cloud computing places a large amount of storage and computing work in the background, greatly reducing the hardware requirements for front-end devices. If it continues to develop, the terminal will become the cloud phone of Huawei, Baidu, and Telecom. The cloud phone is partly affected by the chip blockade, but even if there is no blockade, it will be the development trend of mobile phones in the next few years, So today, Micronet will take you to understand the analysis of cloud computing servers.
The cloud computing server industry can be divided into upper, middle and lower parts.
Infrastructure construction, including data room, server, switch, UPS, etc; There are not many companies with server business in our country, which can be said to be no small number. They are basically large companies in the traditional IT industry.
The intermediary business is mainly data center providers, namely companies that build or lease machine room equipment and provide storage and operation servers. In addition to several major communication operators, there are also Wanguo, Peng, 21Vianet, Halo, Baoxin, etc., including REITs.
The following are enterprises that directly provide cloud computing services, including Huawei, Alibaba, Tencent, Baidu, Jinshan, etc. Some of them use them themselves, and some provide them to other enterprises and individuals. The upper and middle reaches are full of trays, while the lower and middle reaches have tray services.
First, let's talk about the upstream. Generally, there are machine rooms, cabinets and servers. The appearance of the reference room is simple, and many problems should be considered during construction, such as heat insulation and sound insulation, heat preservation and moisture preservation, radiation prevention, dust prevention, load bearing, power supply, lighting, refrigeration, heat dissipation, ventilation, waterproof, fire prevention, etc. Therefore, in the company's financial statements, the construction and maintenance costs of the data center are not low. For example, in order to prevent the loss of information due to power failure, uninterrupted power supply is required. Generally, the standby time is guaranteed to be no less than 2 hours, and some computer rooms require 6-8 hours.
The core is the server, which generally accounts for 60% - 70% of the cost of the computer room. Now, the global server market share is as follows:
The global server market reached 87 billion dollars in 19 years. First Dell, with 17.8% market share, followed by HP, Inspur, IBM, Lenovo, Cisco and Huawei. With the expansion of market demand, the server market is also growing steadily.
As a technology intensive and capital intensive industry, the threshold for servers is relatively high, and only a few manufacturers in the world can form large-scale production, with a relatively stable pattern. In addition, in China, domestic manufacturers are the main ones. Basically, except Dell, they are all domestic brands. Boyi, Huawei, Xinhuasan, Dawning, Lenovo, Baode, etc. In general, market competition is orderly.
The research of listed companies is also relatively simple. Just keep an eye on the tide and the dawn. The server market is still expanding steadily with stable performance growth, but there are not many players. It is difficult to improve the market concentration in a short time. The customers are also Internet giants, so the possibility of thunderbolt action is very small. Therefore, the valuation is also relatively simple. Look at the P/E ratio and performance growth, and add a coefficient according to the development trend of the cloud computing market, which can be well measured.
