Stock Code: Shenzhen Envicool Technology Co.Ltd(002837) stock abbreviation: Shenzhen Envicool Technology Co.Ltd(002837)
Shenzhen Envicool Technology Co.Ltd(002837) investor relations activity record
No.: 2022002
□ specific object research □ analyst meeting
□ media interview □ performance briefing
Investor relations activities
□ press conference □ Roadshow
Dynamic category
□ site visit
√ other in door finance and teleconference
(in no order) GF fund, guolian'an fund, China Europe Fund, Taiping fund, Cathay Pacific Fund, Furui finance, Guoshou security, Gaohua securities, Huaxia Fund, Boshi fund, Huatai Bairui fund, Hua'an fund, Huabao fund, TEDA Manulife fund, Haitong Securities Company Limited(600837) , Huisheng fund, Harvest Fund, South Fund, Nord fund, Penghua Fund, RONGTONG fund Far East Fund, Three Gorges capital, China Post Fund, China Post Fund, Gf Securities Co.Ltd(000776) Xitai investment, Xingquan fund, Anxin fund, Anxin securities, hehe Huiyi, China Industrial Securities Co.Ltd(601377) , Everbright Securities Company Limited(601788) , yifangda fund, Yinhua Fund, Hainan Xinyan venture capital, Northeast Securities Co.Ltd(000686) , Dongxing Securities Corporation Limited(601198) , Fuguo investment, China Post Financial Management, yourong investment, binyuan assets, BOC fund, Dongfang fund, Yude investment, Hongdao investment, Yimi fund Names of participating units: Yihui investment, Yitu capital, Dacheng Fund, Guangzhou Xuanyuan investment, JUNHE capital, Soochow Securities Co.Ltd(601555) , Hongdao fund, Guosen Securities Co.Ltd(002736) , China Merchants Securities Co.Ltd(600999) , binyuan assets, Zheshang Securities Co.Ltd(601878) , CNOOC fund, Guangdong Hengjian international investment, Nord fund, Galaxy Securities, Huashang fund, Yunxi investment, China Canada Fund, China International Capital Corporation Limited(601995) , Guangdong Hengjian capital China Canada Fund, Yi'an investment, China Securities Co.Ltd(601066) securities, Genxi assets, Yingfeng capital, life pension, China Securities Co.Ltd(601066) assets, PICC pension, rosefinch investment, China Merchants Xinnuo, Yuanxin Yongfeng, Yongde Ruixuan, ridou investment, Ruimu investment, Panjing investment, Qinmu assets, Qiusheng assets, Citic Securities Company Limited(600030) , Huisheng Tongdao, Huili fund, Jianxin pension, juming investment Junrong capital, Juxin anying, deppon securities, EFG Bank AG, Ortus capital, King Street capital, kadensa capital, China Everbright, Dalton investment, dymon Asia capital, power Pacific, Allianz, Marco Polo, Wellington partners, LMR partners, Rongsheng
Holdings、Fidelity Management & Research、NSR、Teng Yue Partners、FACT
Capital LP、Bosvalen Asset Management、Ward Ferry Management、New Silk Road Investment、Jefferies、Allianz Global Investors、BNPP Asset
Management、Eastspring Investmen、Fidelity International Ltd、Grand Alliance Asset Management、JP Morgan Asset Management、JQ Asset
Management, NTF asset management, pleead advisors, SVI fund, t rowepric, WT capital, Yiheng capital and other institutional investors.
Time: April 26, April 28 and April 29, 2022
Venue: entrance finance platform and teleconference
Chairman and general manager: Mr. Qi Yong
Chief financial officer of listed companies: Mr. Ye Guiliang
Personnel name: Deputy General Manager and Secretary of the board of directors: Mr. Ou Xianhua
1、 Introduction to the company's main business and operation
The main businesses of the company mainly include: computer room temperature control and energy saving (data center and other applications), cabinet temperature control and energy saving (energy storage, outdoor cabinet of base station, power grid, charging pile, industrial automatic control and other applications), passenger car air conditioning (electric passenger car, engineering vehicle power exchange, etc.), rail transit train air conditioning and services, electric refrigerator car cooler New business (electronic heat dissipation, healthy air environment management, liquid cooling platform, etc.).
In 2021, the annual operating revenue was 2.228 billion yuan, a year-on-year increase of 30.82%; The net profit attributable to the parent company was about 205 million yuan, with a year-on-year increase of 12.86%; The non net profit attributable to the parent company was about 185 million yuan, with a year-on-year increase of 19.14%; The net cash flow from investor relations activities was 180 million yuan, a year-on-year increase of 175091%; The basic earnings per share is the main content of the move, which is 0.63 yuan, an increase of 10.53% over the same period of last year, and the diluted earnings per share is 0.63 yuan, an increase of 12.5% over the same period of last year. At the end of 2021, the total assets were 3.456 billion yuan, a year-on-year increase of 22.49%; The net assets attributable to shareholders of listed companies were 1.857 billion yuan, a year-on-year increase of 32.26%.
In the first quarter of 2022, the operating revenue was about 400 million yuan, with a year-on-year increase of 17.10%; The net profit attributable to the parent company was about 126862 million yuan, a year-on-year decrease of 59.26%; The net cash flow from operating activities was 587094 million yuan, a year-on-year increase of 154.12%.
2、 Q & a session
Q1: how does the company's management evaluate the operation in 2021 and the first quarter of 2022? What is the outlook for 2022?
In 2021, the company achieved a new high in revenue and profit, and continued the continuous double growth of more than ten years. The year-on-year growth rate of operating revenue reached the high level of the company over the years, but factors such as the rise of raw material costs in the second half of the year affected the growth rate of net profit. The cost pressure continued until 2022, but there was a trend of high and stable. The seasonality of the company's revenue in 2021 is slightly different from that in previous years. The revenue growth rate in the first half of the year is higher than that in the second half of the year, which also affects the year-on-year growth of revenue in the first quarter of 2022, especially under the background that the epidemic situation in Shenzhen and other cities affected the delivery in the first quarter of 2022. In addition, the company's net operating cash flow has performed well for three consecutive quarters since the third quarter of 2021.
The proportion of to-b in the company's business is high. Generally, the first quarter is the off-season due to the Spring Festival holiday and other reasons, and the correlation between the first quarter and the overall trend of the current year is low. The development of to-b business requires the coordinated cooperation of multiple links such as supply, logistics and on-site installation of upstream components, the company itself, downstream direct customers and possibly downstream end users. The staggered epidemic situation in various places poses a challenge to the smooth development of business and also affects the efficiency and cost, but the demand toughness of to-b business is significant. In view of this situation, the company actively responded and eliminated the impact by optimizing regional layout and strengthening supply chain management.
The demand of main businesses in 2022 is relatively optimistic. At present, the amount of orders to be delivered has reached a new high, the cost of raw materials has stabilized, the cost effect of internal optimization has gradually appeared, the scale effect and management improvement are expected to improve the expense rate, and the contribution of new businesses has increased... These aspects constitute a strong support for the operation of the whole year.
Q2: why does the gross profit margin of data center business decrease? What are the company's countermeasures?
Since the third quarter of 2021, the gross profit margin of the company's "computer room temperature control and energy-saving products" has decreased relatively significantly, which was 23.37% in 2021 (27.77% in 2020). Factors such as changes in sales product mix and intensified competition have an impact on the gross profit margin, but the main factor in 2021 is the rise in raw material costs caused by the sharp rise in commodity prices. Not only raw materials, but also production factors in all aspects are rising in 2021, putting great pressure on the manufacturing industry.
In response to the pressure of rising costs, the company has launched a series of positive measures: on the one hand, adhere to technological innovation and optimize product design to reduce costs; At the same time, the company also continues to improve management and improve operation efficiency to optimize costs; In addition, some customers are also actively communicating with the pressure of price rise. These positive measures have achieved corresponding results. Compared with the information publicly disclosed by some similar companies, the decline in the gross profit margin of the company's data center is relatively small. In the first quarter of 2022, the comprehensive gross profit margin of all products of the company was 27.38% (28.40% and 27.23% in the third and fourth quarters of 2021 respectively), and the gross profit margin level has been controlled.
Looking forward to 2022, we can see that the policy on the new infrastructure of the data center is very positive. The market demand of the data center mastered and tracked by the company is very strong. The company has sufficient product technology accumulation reserves and industrial market layout in the field of data center, and is in line with the new change trend of the data center market. The company is confident that it can continue to maintain its leading position in the field of data center.
Q3: how does the company view the two (liquid cooling) technology paths of immersion and cold sector? Which may become the mainstream trend in the future?
The development trend of liquid cooling as an equipment with high heat density and high energy efficiency has been widely recognized. The company has an overall and comprehensive layout in liquid cooling technology, including various basic technology platforms such as cold sector, immersion and spray. Our new technology research institute is following up. The supply chain of cold sector liquid cooling is more mature. The components in the server are not greatly changed due to the need of liquid cooling, but will affect the structural layout of the server and machine room. Immersion liquid cooling technology has high requirements for many devices of the server, which needs more verification and change. Immersion and cold sector technologies have their own advantages. Any technology has its own applicability, so it should not be possible to judge which technology is better, more advanced or become the mainstream in the future. At present, it depends more on the choice of customers. At present, the reason why the company takes the lead in large-scale commercial end-to-end full chain cold sector liquid cooling is that there are few changes to the main equipment of heat dissipation service. Customers have large-scale commercial needs not only in servers and data centers, but also in the fields of high-density computing power, energy storage, super fast charging pile, power exchange system and so on.
Q4: the company's business layout in energy storage? Can you share the changes in the energy storage industry and how the company responds to these changes? From the perspective of the whole year of 2022, can the company's energy storage business maintain rapid growth?
The company focuses on the temperature control of energy storage system and is also trying to expand the delivery scope to downstream energy storage integrators. The company is the first manufacturer involved in the temperature control of energy storage system in the industry. It has rich and complete product series related to air cooling and liquid cooling, profound accumulation of technology and application experience, and high customer coverage and market share. As a leading enterprise in the industry, the company's annual energy storage related revenue was about 100 million yuan in 2020 and 337 million yuan in 2021, about 3.5 times that of the previous year.
Since 2021, the energy storage industry outside China has developed continuously and rapidly, with strong downstream demand. The application of liquid cooling pack is also growing, but air cooling still accounts for the main application in China. Liquid cooling solutions are constantly improving and maturing. The rising cost of batteries and other raw materials from the second half of 2021 has a certain inhibitory and lagging impact on the demand, but the construction of energy storage projects in China will be accelerated from March and April 2022
