\u3000\u3 China Vanke Co.Ltd(000002) 335 Kehua Data Co.Ltd(002335) )
Event: on April 29, 2022, the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized an operating revenue of 4.866 billion yuan, a year-on-year increase of 16.75%; The net profit attributable to the parent company was 439 million yuan, a year-on-year increase of 14.87%. In the first quarter of 2022, the company achieved an operating revenue of 993 million yuan, a year-on-year increase of 2.38%; The net profit attributable to the parent company was 98 million yuan, a year-on-year increase of 2.71%.
The company's performance continued to grow and the "Twin Star strategy" developed steadily: in 2021, the company fully grasped the development opportunities brought by national development strategies such as "carbon neutrality", "digital economy" and "new infrastructure", gave full play to the company's advantages in technology, products and applications, optimized and adjusted its business model and focus areas, and established Xiamen Kehua Digital Energy Technology Co., Ltd. to build a company with " Kehua Data Co.Ltd(002335) " The "Gemini" strategic layout dominated by "Kehua digital energy" continues to promote the high-quality development of data center, smart power and new energy business. In 2021, the company realized an operating revenue of 4.866 billion yuan, a year-on-year increase of 16.75%; The net profit attributable to the parent company was 439 million yuan, a year-on-year increase of 14.87%. Among them, the data center business realized an operating revenue of 3.048 billion yuan, a year-on-year increase of 9.10%; The smart power business realized an operating revenue of 1.088 billion yuan, a year-on-year increase of 24.36%; The new energy business achieved an operating revenue of 663 million yuan, a year-on-year increase of 48.50%. The company's high-end production performance and quality management system have not only laid the foundation for the company's high-end products, but also brought the company's continuous high-end products to meet the requirements of the current high-end market.
22q1 gross profit margin and net profit margin stabilized and rebounded, and cash flow improved significantly: under the influence of adverse factors such as rising raw material prices and repeated epidemics, the company's gross profit margin was relatively stable in 2021, with a slight year-on-year decrease of 2.63pct to 29.21%. In 2021, the company's sales expense ratio decreased by 0.68pct to 8.58% year-on-year; The financial expenses increased by 62.12% year-on-year due to the implementation of the new lease standards and the recognition of the interest expense of lease liabilities of RMB 2017 million. The net interest rate of the company remained slightly stable to 15pct.22% in 2021. In 2022, the gross profit margin and net profit margin of Q1 company were effectively improved, with a year-on-year increase of 0.89 PCT, an increase of 3.25 PCT to 32.46% compared with the whole year of 2021; The net interest rate increased by 0.15pct year-on-year, and increased by 1.02pct to 10.24% compared with the whole year of 2021. We expect that with the stabilization of raw material prices, the continuous improvement of the company's fine management and control level and the continuous introduction of new products, the company's profitability will continue to rise. In 2021, the company strengthened the management of accounts receivable, and the new leasing standards adjusted the rent payment from the original operating activities to financing activities. The net cash flow generated by the company's operating activities increased by 42.87% year-on-year to 818 million yuan.
The data center and smart power business are developing together, and the new energy business continues to expand: by the end of 2021, the company has eight data centers in Beijing, Shanghai, Guangzhou and other places, with more than 30000 self-contained cabinets; It operates more than 20 data centers in more than 10 cities across the country. In 2021, the company signed an agreement with Tencent cloud computing (Beijing) Co., Ltd. on the construction of Tencent Qingyuan Qingcheng 2.2 data center, with an estimated total amount of about 270 million yuan. In 2021, the company's smart power business achieved steady growth in finance, communication, public, rail transit, industry, nuclear power and other fields. And successfully developed China's first class 1E battery charger and UPS equipment to meet the requirements of large advanced passive nuclear power plants, filling the gap in the Chinese market, and its technology and products are at the international leading level. In the field of new energy business, in 2021, the company's inverter solutions were shortlisted in the centralized procurement projects of large state-owned and central enterprises such as state power investment, China Huaneng, CGN, CNNC (Nanjing) energy, cecep, China power construction, China energy construction, China Power Engineering, Petrochina Company Limited(601857) and so on. In addition, the company launched a new generation of 1500v350kw series inverter solution all over the world, which is the series inverter with the largest single unit power in the world. In the future, the company will continue to create competitive advantages through technology and products and continue to promote the development of three major businesses.
Investment suggestion: the company continues to explore new fields, and the growth of three major businesses is strong. We expect the operating revenue of the company from 2022 to 2024 to be RMB 6.973/91.96/12.287 billion respectively, with a year-on-year increase of 43.3% / 31.9% / 33.6%; The net profit attributable to the parent company was 637 / 837 / 970 million yuan respectively, with a year-on-year increase of 45.1% / 31.4% / 16.0%; The corresponding EPS is 1.38/1.81/2.10 yuan respectively. We gave the company 19 times PE in 2022, corresponding to the target price of 26.22 yuan, maintaining the "Buy-A" investment rating.
Risk tips: the construction of data center is less than expected, the market competition intensifies, the increase of accounts receivable, the overseas development of new energy business is less than expected, the holdings of major shareholders are reduced, and the assumptions are less than expected
