\u3000\u3 China Vanke Co.Ltd(000002) 518 Shenzhen Kstar Science & Technology Co.Ltd(002518) )
Key investment points
Performance summary: in 2021, the company achieved a revenue of 2.806 billion yuan, a year-on-year increase of 15.83%; The net profit attributable to the parent company was 373 million yuan, a year-on-year increase of 23.13%; Deduct non net profit of 320 million yuan, with a year-on-year increase of 23.95%; EPS0. 64 yuan. In the first quarter of 2022, the company achieved a revenue of 561 million yuan, a year-on-year increase of 18.49%; The net profit attributable to the parent company was 54 million yuan, a year-on-year decrease of 36.73%; Deduct 44 million yuan of non net profit, a year-on-year decrease of 42.35%; EPS0. 09 yuan.
The sales volume of data center, photovoltaic inverter and energy storage increased steadily, and the profit decreased due to the rise of raw material cost and the adjustment of accounting standards. In 2021, the company achieved stable growth in the two traditional businesses of data center, inverter and energy storage. The annual sales volume of data center products was 1.955 million sets, with a year-on-year increase of 29.3%; The revenue was 2.15 billion yuan, a year-on-year increase of 12.7%. Photovoltaic inverter and energy storage business recovered on schedule through team and channel improvement, with sales of 30600 sets, a year-on-year increase of 51.4%; The revenue was 325 million yuan, a year-on-year increase of 31.1%. However, due to the price rise of upstream electronic components, the unit raw material cost of the product is less than the price decline; At the same time, due to the adjustment of accounting standards, the transportation expenses were adjusted to the operating cost in 2021, so the profits of data center and inverter business decreased significantly. In 2021, the gross profit margin of the data center was 32.7%, a year-on-year decrease of about 5pp; The gross profit margin of photovoltaic and energy storage was 19.4%, a year-on-year decrease of 8.8pp. 22q1 company’s net interest rate decreased due to the decrease of exchange income, the increase of raw material cost, the recovery of credit sales in the same period last year and other factors caused by the change of exchange rate.
The charging pile business has obtained orders from key customers and actively adjusted the product strategy under the fierce market competition. In 2021, the company’s charging pile business focused on customers such as power grid system, charging station operators and urban investment and delivery, and obtained continuous orders from key customers such as state grid, South grid, China Tower and mintou power. Due to the fierce competition in the new energy vehicle charging pile market, the revenue of this business was 82 million yuan, a year-on-year decrease of 32.5%. In the future, the company will actively adjust its products and competitive strategy, and make use of its advantages in power management business to continue to develop charging pile business.
Optimistic about the medium and long-term growth space under the synergistic effect of data center and inverter. The company’s advantageous business data center products usher in an accelerated growth period under the background of the National East digital West computing strategy. Combined with the leading advantages of high-power ups and new energy business, the penetration rate of the “new energy +” construction scheme of the data center is expected to increase rapidly in the future, forming a good synergy for the company’s data center, inverter and energy storage business.
Profit forecast and investment suggestion: the company’s inverter and energy storage business will enter a high-speed growth period from 2022. It is expected that the net profit attributable to the parent company will maintain a compound growth rate of 24.58% in the next three years and maintain the “hold” rating.
Risk warning: the risk that the company’s capacity investment and construction is less than expected; The risk that the development of customers is less than expected; The risk of rising raw material costs and declining profitability of the company; Risks of policy changes.
