\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 126 Hang Zhou Iron & Steel Co.Ltd(600126) )
Events
On April 22, the company released the first quarterly report of 2022. In the first quarter of 2022, the company achieved a revenue of 11.814 billion yuan, a year-on-year increase of 10.65%; The net profit attributable to the parent company was 391 million yuan, a year-on-year increase of 10.21%; The net profit deducted from non parent company was 382 million yuan, with a year-on-year increase of 22.53%; EPS is 0.12 yuan / share.
Commentary
Q1 earnings improved month on month. Due to the pressure on the price of steel and raw materials, the gross profit ratio of the parent company increased by 21.055 billion yuan, resulting in an increase of 21.055% compared with the parent company; The net interest rate was 3.31%, an increase of 3.14 PCTs month on month, and the profitability was improved. The infrastructure and real estate in the lower reaches of Q2 steel grew steadily, with marginal room for improvement in demand, supporting the upward rise of steel prices, and the steel performance is expected to continue to improve.
The joint construction of “Zhejiang cloud” phase I project with Alibaba has been steadily promoted. The company cooperates with Alibaba to build Zhejiang cloud computing data center, with a total investment of 15.8 billion yuan and a land area of 310 mu. Five DC buildings are built in the north and South districts respectively, which can accommodate 10800 cabinets and 200000 servers in total. The first phase of the project was started in July 20. At present, building B has been completed and entered the third-party test, building a and C have completed 80% of the equipment installation, and Building D and E have entered the secondary structure construction. In 21 years, the company acquired 100% equity of Zhejiang Data Management Co., Ltd. and brought its 1500 cabinets into the unified management of HANGGANG cloud, with a total of 5500 self operated cabinets. By the end of the 21st century, HANGGANG cloud had 805 shelves, 1266 shelves that had not been shelves under the signed agreement, and 2590 servers were added, a total of 7176.
“One cloud and multi-core” and smart energy platform expand in many fields. In October, the security review of the “one cloud and multi-core” platform built by the company with Alibaba and the trust and innovation industry alliance has been completed. The state-owned assets cloud has deployed 13 state-owned assets supervision systems, and the opening resource computing power exceeded the planned amount by 12.54%, reaching 1274c. The number of key energy users gathered by the smart energy platform reached 549, with 10 enterprises signing contracts, and the revenue increased by 68.32%. The “dual carbon energy cloud” platform has completed the development of the demonstration system, and the subsequent customized development is based on customer needs.
Profit forecast & investment suggestions
Considering the pressure on steel prices due to the impact of the epidemic in 22 years, the net profit attributable to the parent company in 22-23 years was reduced by 15% and 14% respectively. It is expected that the net profit attributable to the parent company in 22-24 years will be 1.689 billion yuan, 1.806 billion yuan and 1.859 billion yuan respectively, and the corresponding EPS will be 0.50 yuan, 0.54 yuan and 0.55 yuan respectively, and the corresponding PE will be 10 times, 9 times and 9 times respectively, maintaining the “buy” rating.
Risk tips
IDC business development is less than expected; The price of steel raw materials rose.
