\u3000\u3 China Vanke Co.Ltd(000002) 335 Kehua Data Co.Ltd(002335) )
Event:
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a 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 Q4, revenue increased by 17.3% month on month.
In the first quarter of 2022, the company achieved a 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%.
Smart power and IDC service revenue grew steadily, and the new energy business showed a trend of rapid development
Specifically, in 2021, the company’s businesses are as follows: the revenue of smart power business is 1.09 billion yuan, with a year-on-year increase of 24.4%, and the gross profit margin is 27.93%, which is higher than that of the same period of the previous year; The overall revenue of the data center business was 3.05 billion yuan, a year-on-year increase of 9.1%, and the gross profit margin was 30.0%, slightly lower than that of the same period of the previous year. Among them, the company’s IDC service revenue was 1.437 billion yuan, with a year-on-year increase of 19.8% and a gross profit margin of 27.7%. The new energy business achieved 663 million yuan, a year-on-year increase of 48.5%, and the gross profit margin was 23.9%, down from the same period last year.
In the first quarter of 2022, the overall gross profit margin of the company was 32.4%, which was improved by 0.9 percentage points compared with the same period of the previous year.
The operating cash flow improved significantly, and the three expense rates were relatively stable, providing support for the profitability of the company. In 2021, the net operating cash flow of the company was 818 million yuan, significantly improved over the same period of last year, with a year-on-year increase of 42.87%.
In terms of the three expenses, the company’s sales expenses were 420 million yuan, an increase of 8.2% year-on-year, and the sales expense rate was 8.6%, which was lower than that in the same period of last year; The management expense was 200 million yuan, a year-on-year increase of 18.9%, and the management expense rate was 4.1%, a slight increase over the same period of last year; The financial expense was 134 million yuan, a year-on-year increase of 62.1%, and the financial expense rate was 2.8%, an increase of 0.8 percentage points over the same period last year. This is mainly due to the recognition of interest expense of lease liabilities of RMB 2017 million in the current period due to the implementation of the new lease standards. Meanwhile, the company’s R & D expenditure was 267 million yuan, a year-on-year increase of 20%, and the R & D expenditure rate was 5.5%, slightly higher than that of the same period of the previous year.
In the first quarter of 2022, the company’s sales expense was 87 million yuan, and the sales expense ratio was 8.76%, down from the same period of last year; The management expense was 44 million yuan, and the management expense rate was 4.48%, which was basically the same as that of the same period of last year; The financial expense was 27 million yuan, and the financial expense rate was 2.72%, an increase over the same period of last year.
With the promotion of Gemini strategy, the data center business has grown steadily, and the energy storage business has made great strides forward
As a leading enterprise in the smart energy industry, the company established Xiamen Kehua Digital Energy Technology Co., Ltd. in 2021 to create a “Twin Star” strategic layout focusing on ” Kehua Data Co.Ltd(002335) ” and “Kehua digital energy”.
According to the data of Beijing Centergate Technologies (Holding) Co.Ltd(000931) energy storage industry technology alliance (cnesa), Kehua digital energy, a wholly-owned subsidiary of the company, ranks the top 2 in China’s new installed capacity and the top 2 in global shipments in 2021 in the field of energy storage PCs; In the field of energy storage system integration, it ranks among the top 3 new installed capacity in China in 2021, the top 5 shipments of energy storage systems in China in 2021 and the top 9 shipments of overseas energy storage systems in 2021.
In the short term, the company’s data center industry provides strong support for the company’s performance growth, and the operation quality is expected to continue to improve. In the medium and long term, the company’s energy storage business is expected to provide new growth momentum for the company. Considering the impact of uncertain factors such as the slowdown of the company’s revenue growth caused by the epidemic in the short term and the rise in the price of raw materials on the company’s operation, we revised the company’s profit in 22 and 23 years from the previous 640 million yuan and 910 million yuan to 530 million yuan and 650 million yuan. We expect the company’s net profit attributable to the parent company in 24 years to be 790 million yuan and maintain the “buy” rating.
Risk tips: the competition pattern of the data center industry intensifies, the listing rate is lower than expected, the development of new energy business is lower than expected, the uncontrollable impact of the epidemic and the price rise of upstream raw materials
