\u3000\u3 China Vanke Co.Ltd(000002) 335 Kehua Data Co.Ltd(002335) )
Performance review
On the evening of April 29, the company released the annual report of 21 years and the quarterly report of 22 years. The revenue of 21 years was 4.866 billion yuan, Y / y 16.75%; Net profit attributable to parent company: 439 million yuan, Y / y 14.87%; Deduct non RMB 323 million, Y / Y - 3.8%. Slightly lower than market expectations.
Business analysis
The revenue of new energy and smart power increased rapidly, and the gross profit margin was under short-term pressure due to factors such as the epidemic and supply chain. Among them, the annual revenue of smart power is 1.088 billion yuan, Y / Y 24.36%, gross profit margin 27.93%, Y / y1.5% 87PP； The revenue of new energy products is 663 million yuan, Y / Y 48.50%, gross profit margin 23.87%, Y / Y -6.57pp; The revenue of the data center is 3.047 billion yuan, Y / y 9.10%, gross profit margin 30.02%, Y / Y -3.13pp. Overseas markets strengthened marketing and channels, and the revenue increased by 35.07% year-on-year. The net cash flow from operating activities was 818 million yuan, Y / Y 42.87%, mainly due to the company's strengthening of accounts receivable management, increased sales and changes in accounting standards. Actively conducted cost growth, and the gross profit margin in the first quarter increased by 3PP month on month.
Adhering to the advantages of product technology and the strategic layout of "Gemini", IDC and smart power grew steadily. IDC business still adheres to the layout of core cities. By the end of the 21st century, it had 25000 cabinets, and the current shelf rate is 78%. The projects under construction in Tianjin, Beijing, Hebei and Dawan district have been steadily promoted; Jointly built with Tencent cloud and other large factories, explored the needs of customers such as finance, government and enterprises, and maintained an increase of about 10000 operation cabinets every year. Smart power business has achieved steady growth in both state-owned enterprises and industrial and commercial customers. According to the CCW Research Report, China's ups ranked first in the overall market share in 2021. The world launched a new generation of 1500V 350kW series inverter solution, winning the new energy business with frequent good news and abundant orders on hand.
Actively respond to short-term challenges and look forward to the long-term growth space of IDC and new energy. The epidemic will affect factory manufacturing, logistics transportation and project delivery in the short term. The company will increase cooperation with upstream raw material manufacturers, accelerate localization substitution, and adjust production lines flexibly to ensure the stability of the supply chain. The short-term challenges will not affect the prosperity of IDC and new energy industry. The company's new energy solutions will enable the data center business, create an integrated system of "source, network, load and storage", effectively reduce the pue of the data center and build a green data center. It is expected that the compound growth rate of the company's revenue in the next three years will be 25% +, and the gross profit margin will increase to 30%.
Profit adjustment and investment suggestions
We adjusted the profit forecast according to the latest financial report. It is estimated that the revenue in 22-24 years is 63.61 (- 8.8%) / 80.20 (- 10.7%) / 9.813 billion yuan, and the net profit attributable to the parent company is 4.62 (- 10.0%) / 6.06 (- 13.7%) / 750 million yuan, corresponding to 20 / 15 / 12 times of PE respectively, maintaining the "buy" rating.
Risk tips
IDC's listing rate is lower than expected, new energy business expansion is lower than expected, supply chain security and goodwill impairment
