每日互动:数据要素布局先行者,政策东风下有望展翅高飞

（以下内容从天风国际证券《每日互动:数据要素布局先行者,政策东风下有望展翅高飞》研报附件原文摘录）
　　Merit Interactive (300766 CH) 数据要素布局先行者，政策东风下有望展翅高飞 Initiating coverage: first mover in data elements buildout rides policy tail wind ACCUMULATE (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 起家于移动互联网推送服务，专业的数据智能服务商 每日互动聚焦数据智能赛道十余年，公司起家于移动应用推送服务，基于业务中积累的海量数据和深入洞察能力，逐渐构建了移动开发、用户增长、品牌营销、公共管理和智能风控等多领域的数据智能服务生态，形成“数据积累-数据治理-数据应用”的服务生态闭环。据公司财报，2022年公司数据服务收入占比约9成，其中50%左右为以移动互联网营销的商业服务收入贡献，公共服务收入增长势头明显。 From mobile app push notifications to data intelligence service provider Merit Interactive has trekked the data intelligence market for more than 10 years, growing out from its beginnings as a mobile app push notification service provider. Using the massive data resources and deep insights it has accumulated, it is gradually building a data intelligent service ecosystem covering multiple fields including mobile development, user growth, brand marketing, public management and intelligent risk control. Its closed-loop ecosystem comprises data accumulation, data governance and data applications. Merit’s financial report shows that data services account for about 90% of its revenue as of 2022, with about 50% contributed by commercial services based on mobile internet marketing. We see a clear growth momentum in its public services business. 数据要素行业风口已至，数据价值潜能有望逐渐释放 数据要素市场规模进入高速增长阶段，根据国家工业信息安全发展研究中心测算，2023年国内数据要素市场规模将破千亿，2025年市场规模将达到1749亿元，“十四五”期间市场规模复合增速将达到26.3%。2021年以来关于数据要素的暖风频吹，包括《关于构建数据基础制度更好发挥数据要素作用的意见》《数字中国建设整体布局规划》等相关政策的出台，给数据要素行业发展以顶层设计指引，推动市场生态不断完善。 Policy push: data elements advantage grows as data value gradually unlocks The data elements market has entered a rapid growth cycle and will grow to over RMB100bn in 2023E, according to estimates by the National Industrial Information Security Development Research Center. It would continue expanding to RMB174.9bn by 2025E at a 26.3% CAGR in China’s 14th Five-Year Plan period (2021-25). From 2021, the country launched a spate of policies in favor of the data elements industry, including Building a Data Basic System to Expand the Role of Data Elements and Digital China Construction Network Plan, which provide top-level design guidelines to develop the industry and push for ecosystem improvements. 投身数据要素产业生态建设，逐渐释放公司数据积累价值和数据治理能力 战术上，公司围绕数据智能Data-Machine-Peeople（数据积累-数据治理-数据应用）三层结构，打造大数据业务闭环，底层数据积累侧是基于公司在开发者服务中积累的数据以及对海量数据的深入洞察，为顶层业务提供数据支撑；中层数据治理侧公司通过技术中台、数据中台和智能中台提供给上层业务系统以数据服务的能力，上层数据应用侧公司结合数据模型和行业知识，对外输出互联网营销平台产品、公共服务SaaS产品等。 战略上，公司按照“自数-治数-置数”三步走，自数阶段完成自有数据DMP的闭环，释放自身数据的价值，治数阶段通过DiOS输出数据治理能力，帮助释放客户数据的价值，置数阶段公司通过积极参与数字新基建、探索数据要素流通市场加工贸易角色。 Ecosystem buildup: rising value of data resources and data governance In tactical terms, the company uses a closed-loop system it has built for its big data business, which has a three-layer structure centering on data, machines and people (i.e. data accumulation, data governance and data applications). ·Data accumulation: this underlying layer uses data resources the company has accumulated in developer services, as well as its insights into massive data, which provide data support for its top-level business. ·Data governance: the middle layer provides the ability to provide data services to the upper-level business system through the technology middle platform, data middle platform and intelligence middle platform. ·Data applications: the upper layer combines data models and industry knowledge to export internet marketing platform products, public services and SaaS products. In terms of strategy, the company takes a three-stage approach that covers proprietary data, data governance and data placement. ·Proprietary data: this stage completes the closed loop of its own data DMP (data management platform) to release the value of its own data. ·Data governance: it exports its data management capabilities through DiOS to help unlock the value of customer data. ·Data placement: in the stage of placing data, Merit participates in new digital infrastructure and explores the role of processing trade in the data elements circulation market. 投资建议/Investment Ideas 投资建议：我们预计公司2023~2025年营收为6.32/7.17/7.80亿元，同比增长20.3%/13.4%/8.8%；实现归母净利润0.65/1.04/1.33亿元，同比增长146.3%/60.1%/27.8%，对应5月26日收盘价的PE分别为106x/66x/52x。考虑到数字要素产业政策利好、公司深耕数据服务领域多年的优势，公司数据治理能力商业价值有望充分释放，给予公司“增持”评级。 Valuation and risks We forecast Merit Interactive will generate revenue of RMB632m/717m/780m in 2023/24/25E, up 20.3/13.4/8.8%; with net profit at RMB65m/104m/133m, up 146.3/60.1/ 27.8%. The stock is trading at our corresponding PEs of 106x/66x/52x as of the closing price on 26 May. Taking into account favorable policy on the digital elements industry and Merit’s competitive edge as a years-long data services pioneer, we expect the company will gradually reap the full commercial value of its data governance capabilities. We initiate coverage with an ACCUMULATE rating. 风险提示：宏观环境风险；数据安全风险；核心技术人员和技术人才流失的风险；测算中的主观性风险。 Risks include: macro environmental risks; data security risks; loss of core technical personnel and technical talents; and our estimates’ subjectivity risks. 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