\u3000\u3 Shengda Resources Co.Ltd(000603) 881 Shanghai Athub Co.Ltd(603881) )
Key investment points
Performance summary: the company released the annual report of 2021, and the company achieved annual revenue of 1.21 billion yuan, a year-on-year increase of 32.5%; EBITDA was 820 million yuan, an increase of 50.8% year-on-year. The year-on-year increase of RMB 2.2 billion in the net profit of the non data center was mainly due to the year-on-year decrease of RMB 2.2 billion in the net profit of the data center.
The project was delivered smoothly and the business scale developed rapidly. The outline of the 14th five year plan proposes to accelerate the construction of a national integrated big data center system. It is expected that with the continuous promotion of the “new infrastructure” policy, the IDC industry will usher in a long-term favorable policy environment, and the volume of market demand is expected to maintain rapid growth. Relying on the excellent reputation and excellent operation and maintenance service ability accumulated in the downstream market, the number of IDC delivery projects has increased steadily. In 2021, a total of 9 self built data centers with operation conditions were added, and the it load was about 116.52 MW. At present, the company has built and operated 34 data centers in total, with a total it load of about 366.82 MW, which is converted into about 730005 kW standard cabinets.
The prosperity of the industry is up, and the downstream demand is strong. With the rapid development of digital economy, computing power, network and storage resources are becoming more and more scarce. As the base technical support of digital economy, IDC plays an important role, and the scale of the industry is also expanding. In 2020, the overall scale of China’s IDC business market will reach 223.8 billion yuan, with a year-on-year increase of 43.3%, reaching the highest growth rate in recent five years. It is expected that the scale of China’s IDC business market will reach 486.8 billion yuan in 2023, and the three-year compound growth rate may reach 30%.
Orders in hand are pushed forward in an orderly manner and new projects are actively explored. As a leading third-party IDC service enterprise in China, the company’s 2021 project was carried out smoothly. During the reporting period, the investment and construction of data center projects such as hb33, gh13, jn13, @ hub2020-7, cloud innovation interoperability and cloud computing were carried out in an orderly manner. At the same time, the company has completed the acquisition of 100% equity of Jingyun technology and its subsidiaries in 2021, and obtained the land use right of about 50 mu in the emerging industry demonstration zone of anci District, Langfang City, Hebei Province, in order to carry out data center business development, construction and investment of data center projects in this region.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 0.77 yuan, 0.98 yuan and 1.25 yuan respectively, and the net profit attributable to the parent company will reach a compound growth rate of 55% in the next three years. Considering that in 2022, the number of newly-built cabinets of the company climbed and the listing rate climbed, the newly signed projects were gradually implemented, the prosperity of the industry was increased, the infrastructure construction of downstream customers was superimposed, the rapid growth of the company’s business was accelerated, and the “buy” rating was maintained.
Risk tips: intensified competition in the industry, the budget of key customers is less than expected, and the relationship between China and the United States is tense.
