\u3000\u3 China Vanke Co.Ltd(000002) 518 Shenzhen Kstar Science & Technology Co.Ltd(002518) )
Key investment points
The company is a pioneer in the field of energy storage, and the layout of energy storage business is about to enter the harvest period
At present, the company has formed the industrial layout of “data center + new energy”. The company entered the energy storage industry in 2013. At present, it has formed a series of energy storage products and has rich project experience. In the 2021 ranking of energy storage system shipments in overseas markets by Chinese energy storage system integrators, the company ranks fourth in the industry, and ranks among the top 10 Chinese energy storage PCs suppliers in the global market. The overseas household energy storage market broke out. We believe that energy storage is expected to become an important growth point of the company in the next stage. The core focus of the company lies in the stable basic business plan of data center and the long-term new energy business layout, and the new energy layout is gradually entering the harvest period.
Cooperate closely with Contemporary Amperex Technology Co.Limited(300750) to enter the overseas energy storage market
Based on the consideration of safety, overseas household energy storage will gradually introduce lithium iron phosphate products. Contemporary Amperex Technology Co.Limited(300750) as a leader, it will benefit directly, and its energy storage industry chain cooperation companies will simultaneously enter the overseas market. When the company and Contemporary Amperex Technology Co.Limited(300750) established a joint venture Shenzhen Kstar Science & Technology Co.Ltd(002518) , the company held 80% of the shares, which was included in the scope of consolidated statements in 2021, and the consolidated income of that year was 38.69 million yuan. Times Shenzhen Kstar Science & Technology Co.Ltd(002518) currently, there are two production lines in phase I, with an output value of more than 2 billion yuan. The company has launched an integrated optical storage solution for family scenarios, and it is expected that the energy storage income of overseas users will increase rapidly in the future. The company can drive the company’s photovoltaic inverter business through overseas energy storage business. The profitability of inverter overseas market is better than that in China. The change of income structure will improve the profitability of the company’s inverter business.
Eastern digital and Western computing increased capital expenditure, which directly benefited the company’s data center business. IDC maintained a high growth rate for a long time, and the public cloud became the main driving force for the development of data center. Through industrial transfer and large-scale construction of data centers, the “old, small and scattered” and energy consumption problems of data centers have been solved, and the long-term capital expenditure of the industry has been increased. As one of the first Chinese enterprises to enter the field of data center products, the company has become one of the companies with the most complete categories of data center infrastructure products in the industry. The market share of UPS supporting batteries in China ranks first among local brands. As the core business of the company, data center business has been highly recognized by markets at home and abroad. It is expected that the company’s data center business will continue to benefit from the development of the industry and the company’s own industry position.
Profit forecast
It is estimated that the revenue of the company from 2022 to 2024 will be 4.13 billion yuan, 5.50 billion yuan and 6.78 billion yuan respectively, and the EPS will be 0.88, 1.17 and 1.49 yuan respectively. The corresponding PE of the current stock price will be 23, 18 and 14 times respectively. It will be covered for the first time and given the “recommended” investment rating.
Risk tips
The development of overseas energy storage business is less than expected; The business development of data center is less than expected; Risk of sharp rise in raw material prices; Market systemic risk.
