Jinshan Yun, is now "burning money" OUT?2021-12-01 00:04:01 15 ℃
Compared to the privilege, Qingyun Technology, the rapid growth of Jinshan Clouds, there is no other aspect of exposing the scale advantage, and it is easy to let people think about the "burning subsidy" model of the old travel market. .
Wen 丨 BT Finance
The cloud market is being caught in a contour? Five cloud enterprises bidding offer is 0 yuan to trigger market hot discussion.
On November 26th, Huawei Yunli Press Xinhua Net, Alibaba Cloud, China Unicom, China Telecom's four head cloud enterprises, bidding Shijiazhuang North country electronic public has cloud project.
Surprisingly, the supplier quotes participating in the project bidding are 0 yuan, which seems to "lose money", but contains full gunpowder, meaning that the cloud market officially enters the "Running Radi" model A silent battle officially started.
Jinshan Yun is the largest independent cloud service provider in China, and its development trajectory has a strong sample characteristics. Can Jinshan Cloud broke around the "cloud circle" to become the focus of all parties concerned.
Renewal continues to grow at high speed, abnormal loss is still not reversed
Since 2020, China's domestic data, cloud service, management software has emerged in various local government work reports, work plans, and bidding projects have greatly improved. The procurement of state-owned enterprises is changing by infrastructure to software services, which fully proves the country. The positive attitude towards the cloud service also means that the domestic cloud service market will continue to expand, experience a round of "big shuffling", industry pattern or will be reconstructed.
Ali, Tencent Cloud has cultivated and put on the cloud platform for many years, and steadily sitting on the cloud service provider "The First Echelon", but in fact, the Internet cloud service provider is only the "battlefield" in the cloud computing market. "One," Cloud Enterprise "more than this, there is also a contest and profitability of the security field, etc. Let's take a look at the industry sample Jinshan cloud.
Jinshan Yun has a unique advantage of "neutrality", which is not a large group that may compete with customers, to a certain extent, the customer's concerns about information security, but due to late start, large scale and investment, have been in front of "Wolf The state of the tiger, the industry head service provider has been crafted down with the existing advantages, and there is a "new show" such as the class, Qingyun Technology and other "new show".
On November 24, Jinshan Cloud released Q3 financial report. According to the financial report data, as of September 30, Jinshan Yun Q3 revenue is 2.413 billion yuan, a year-on-year increase of 39.6%. From the perspective of revenue, public clouds are the basic disk of Jinshan Cloud, which is still the "main" of revenue, and the income is 1.87 billion, a year-on-year increase of 28.73%, accounting for 69.85% of operating income. This has been a total of two consecutive quarters to achieve a billion-level improvement, indicating that "All In Cloud" strategy has been implemented for several years, and Jinshan Yun is gradually seeing returns.
Jinshan Yun is not only available in performance, but also has a relatively large progress in external cooperation.
In the third quarter, Jinshan Yun is more recognized by one of China's largest e-commerce platform. Synchronize the cooperation of the foreigners, and continues to provide services for US groups, bytes, Xiaomi, where to wait for customers; For the live broadcast of CCTV Tokyo Olympics, it has achieved a total of more than 300 game live in seconds and zero faults for 23 days, and has also added the public and major enterprises to Jinshan Cloud Service.
However, Jinshan Yun is just a problem that exposed in the previous financial report, and there is no signs of relief in Q3. The company's previous gross profit margin is 3.3.95% year-on-year; the net profit of return is -508 million yuan, a year-on-year decrease of 381.52%; sales net interest rate is -20.99%, down 244.66% year-on-year, indicating that Jinshan Cloud "income is not increased "The phenomenon is still continuing, and the loss is still expanding.
Although Jinshan Yunchang Yun Service Tournament This "burning money" industry, from servers, maintenance, research and development, it is necessary to invest huge investment, but compared to the priests of Qing Yun Technology, these cloud companies are guaranteed performance. At the same time, the profitability has also turned a good trend. Looking back at the rapid growth of Jinshan Cloud, there is no other aspect of exposing scale advantages.
It is pointed out that Jinshan Cloud is easy to let people think about the "burning money subsidy" model of the travel market, Jinshan cloud faces Ali and Tencent's competitive high pressure, and there are not many large customers, and the maintenance of customer relationship Naturally also need to pay special attention.
Does Jinshan Yun are using this form to realize the long-term strategic goals of their own "customers"? Analysis points out that this possibility is still very large, which also means that this short term wants to see Jinshan clouds to achieve a balance and balance, and turn to profit model still has certain difficulties.
Q3 performance is not expected, the stock price fell by 3%
Throughout the development of Jinshan Cloud, it can be said that it is "with big" by the brothers of the millet and Jinshan.
The Jinshan Cloud on the millet, Jinshan is also seeking to suit your own development model. After the Jinshan cloud runs into the right track, it starts to play games, videos, and finance. In the present invention, Jinshan Cloud introduced these three key portions, one is video, its customers include byte beating, iQiyi and 哩 哩; second is the game, customer is a giant network, perfect world The third is finance, and its customers include construction banks and Huatai securities.
Jinshan Yun has been layout for many years in the game field, such as a gamous game company such as the giant network, the perfect world, Xishan family and the sham of science and technology. The video field includes byte beating, iQiyi and 哩Enterprises that have huge traffic potential. Jinshan Yun even started to explore the Internet finance, and signed the construction bank and Huatai securities. It can be seen that Jinshan Cloud focuses on the vertical field, and strives to form a strategic layout of differentiated competitive advantages. Careful Comb Become the company has certain independence relative to Ali and Tencent, which have been able to send it to Ali and Tencent. Among them, bytes beats and 哩 哩 哩 哩 哩 未 不 不 不 不
However, Jinshan Yun has not been able to get rid of Jinshan system and millet system for many years. In the past three years, Xiaomi's contribution revenue is 27%, 25%, and 14% of the total occupies, while Jinshan Group has contributed to the total occupation of 4%, 3.5%, and 2.8%, before. The three major customers have more than 50% of the total revenue.
We can find that even if the customer is rising year by year, the main performance support is still the "old gold master", the business is not long-term, from the time of listed statements and the financial report in recent years, Jinshan Cloud wants to get rid of the loss, become an independent business, and it takes a long time to work.
Jinshan Yun also admitted this in the present: "If we can no longer benefit from the business cooperation with Jinshan Group or millet, our business may be adversely affected."
In the face of this unsatisfactory profit data, the market also has a certain doubt about the future of Jinshan Cloud, announced that the Q3 financial news data has fallen 2.03%. On November 26, China's share of stocks have been favored in front of a roulette. Jinshan Yun, who has no performance support, has become a strong point of the imposing, and the stock price fell 6.73%.
In addition, Citi also reduced the Golden Mountain Target Price from $ 42 to $ 32. During the future, Jinshan clouds have no substantive performance, profit improvement, which is likely to cause the market to lose patiently, causing funds to flow to other competitors.
The competitors above the wind, the time to wait for the time
At the high admission threshold, the return on investment is long, the industry's current situation takes the lead "inner volume", does it mean that China and Xiaoyun have no effort? The answer is of course negative.
According to the cloud security expert, Liu Qinghua pointed out that China's cloud market is now in a serious two-level differentiated state, but it is not a pure Matthew. There is currently no company to quickly establish the capacity of the entire industrial chain, all-segment cloud service. To develop a reasonable development strategy direction, it is entirely possible to become "Black Horse".
Liu Qinghua also believes that from the existing pattern, Ali Cloud and Tencent cloud are not independent cloud service providers, which is likely to have business intersections with demand enterprises. Then the business information confidentiality is one of the questions that the purchaser must consider. This part of the customer will be the focus of small and medium-sized clouds. With the maturity of the market, after enterprise clouds, in order to meet the information confidentiality requirements, it is necessary to make a closer storage of important information, and a multi-channel, multi-service business model, will be delivered. The oligarchy of the existing market produces a dramatic impact.
There is media report that the opportunity of Yunxia (especially small and medium-sized cloud enterprises) is facing, that is, the arrival of the 5G era. For the development direction of 5G massive equipment network, "All things", it will produce many high-bandwidth and low delays, and it is necessary to rely on edge computational infrastructure support.
There are third-party data predictions, and the future 80% of the force will sink to the edge. To meet this level of powerful demand, cloud manufacturers must innovate and break through the node arrangement, force scheduling, and network selection.
Lei Jun said in an interview: "The entire China's cloud service market today is in a relatively early stage, the big outbreak has not started. No matter which family, it is not possible to be compared with AWS (Amazon Cloud). Quantity level. Now we are talking about how to make a cake, but together to make a big cake. "
On this way of China's independence cloud service provider, there is no successful precedent, Jinshan Yun can only touch the stone crossing the river, and will eventually learn how much cake, but also to see how big technology can be established with the iteration of the product. The advantage is.
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