Kehua Data Co.Ltd(002335) (002335)
Investment logic
Successful business transformation, product innovation, supply chain management and solutions constitute the core advantages. By integrating resources through endogenous growth + exogenous M & A, the company started UPS business and gradually extended to IDC services, inverters, converters and other new businesses. The technology has the same origin, high degree of customer overlap, reusable technical capacity and sales capacity. Innovation driven, fast product release iteration speed, strong cost management ability, and able to provide customers with complete and diverse solutions are the core advantages. The cost of raw materials of hardware products provided by the company accounts for up to 90%, but through supply chain management, the proportion of procurement amount of the top five suppliers has decreased from 30% in 2013 to 12% in 2020; Stabilize gross profit margin through product structure and process improvement.
Accurate positioning of the data center, binding with key customers, and benefiting from the core of the "double carbon" policy. The company has a clear positioning, and puts forward medium-sized, leading technology and benefit priority for the data center business. The core area adheres to self construction and rhythmic expansion, maintains a high shelf rate of more than 70% (about 60% of the industry average), balances revenue and depreciation costs; cooperates with major customers such as Tencent, jointly develops innovative data centers such as T-block, gives full play to the advantages of power management and manufacturing, and provides advanced products and high-quality operation and maintenance services, pue
<1.3，满足客户高能效、易扩展等需求，也符合政府对数据中心的绿色、低碳要求。
智慧电源产品优势稳固，高端产品和制造工艺稳定毛利率。UPS是公司的传统优势业务，市场地位领先，当前产品功率范围覆盖0.5kVA-1200kVA，覆盖大量工商业应用场景，注重自主创新，是中国首家掌握自主知识产权的核级UPS企业。高端产品研发积淀深厚，产品结构与制造工艺稳定盈利水平，毛利率高于其他友商5Pct左右。
新能源业务市场空间广阔，出海与小机型产品拓展计划提供业绩增长弹性。“双碳”背景下各地政府颁布推动新能源产业发展政策，全球光伏渗透率仅3%，市场空间广阔。经测算未来10年市场空间CAGR20%+。公司出海计划与分布式机型拓展计划有利于改善客户和产品结构，未来增长弹性大。预计未来三年公司新能源业务收入增速60%+，净利润增速50%+。
投资建议与估值
我们采用市盈率法对公司进行估值。预计公司2021-2023年净利润为4.24/5.13/7.02亿元，对应EPS为0.89/1.11/1.52元。给予2022年50倍PE，目标价55.6元，首次覆盖给予“买入”评级。
风险
下游客户上架不及预期、新能源海外业务拓展不及预期、供应链风险、市场竞争激烈、商誉减值风险
