\u3000\u30 China Baoan Group Co.Ltd(000009) 77 Inspur Electronic Information Industry Co.Ltd(000977) )
In 2021, the revenue maintained steady growth and the profit increased by more than 30%. In 2021, the company achieved an operating revenue of 67.048 billion yuan, a year-on-year increase of + 6.36%; The net profit was 2.003 billion yuan, a year-on-year increase of + 36.57%; The basic earnings per share is 1.38 yuan. The company plans to distribute a cash dividend of 1.40 yuan (including tax) for every 10 shares to all shareholders.
The operating income of the parent company was + 20.8 billion yuan, with a year-on-year net profit of + 20.24 billion yuan and a year-on-year net profit of + 1.9 billion yuan (a year-on-year ratio of - 1.9%).
Focus on the main business of servers, and maintain the leading market share of new and old products. During the reporting period, the company's server products continued to lead the Chinese market. According to the latest data of IDC, Inspur Electronic Information Industry Co.Ltd(000977) 's server products ranked second in the world in 2021 and continued to lead the Chinese market with a market share of 30% +; In the first half of 2021, the company's AI server market accounted for more than 20%, ranking first in the world; According to the latest data of Gartner, Inspur storage ranked among the top five in the world in terms of sales volume in 2021 and ranked second in the second storage market in the world; According to Q4 data of synergy in 2021, Inspur Electronic Information Industry Co.Ltd(000977) server ranked first in the global public cloud infrastructure computing market share for 11 consecutive quarters.
The cost and expense are well controlled, and the expense is inclined to the R & D end. In 2021, the company continued to comprehensively implement cost reduction and efficiency increase, improve production efficiency and reduce management, sales and other expenses. From the overall financial report of 2021, the net profit increased by 0.6pct, the rate of management and sales expenses decreased by 0.78/0.22pct respectively, and the R & D expenses increased by 0.18pct.
Fully support liquid cooling, and Tianchi, the largest liquid cooling production base in Asia, has been put into use. The company now has a full stack layout of liquid cooling. Various types of products such as cold sector liquid cooling, heat pipe liquid cooling and immersion liquid cooling have been deployed in large quantities, which can effectively reduce the pue level and meet the national demand for green transformation of data center. The company has built Tianchi, the largest liquid cooling R & D and production base in Asia, and put it into use, with an annual production capacity of 100000 units. It has realized the mass delivery of the whole cold sector liquid cooling cabinet for the first time in the industry, helped reduce the pue of the user data center to less than 1.1, and the overall delivery cycle is within 5-7 days, contributing to the rapid development of the liquid cooling industry and the large-scale popularization of liquid cooling technology.
Risk tip: insufficient chip supply; The capital expenditure of cloud manufacturers has declined; The promotion of new products was less than expected.
Investment suggestion: be optimistic about the growth of new and old businesses and maintain the "buy" rating.
Considering that the shortage of chip supply has not been completely alleviated and the enterprise has increased investment in R & D, we have slightly reduced the profit forecast. The original forecast was that the revenue in 20222023 was 73.178.9 billion yuan and the net profit was 3 / 3.8 billion yuan. After adjustment, the company's revenue in 20222024 was 72.4/79.9/86.3 billion yuan (year-on-year + 8% / 10% / 8%), and the net profit attributable to the parent was 27 / 35 / 4 billion yuan (year-on-year + 35% / 29% / 15%), and the current share price corresponds to 15 / 11 / 10 times of PE, The company is optimistic about the growth potential of new and old businesses under the background of digital economy development for a long time. The current valuation has high cost performance and maintains the "buy" rating.
