Performance summary: 202 1H1 achieved operating income of 1.5 billion yuan, an increase of 24.8% over the same period last year, a net profit of 160 million yuan, an increase of 5.6% over the same period last year, and a net profit of 130 million yuan, a decrease of 7.8% over the same period last year.
The operating cash flow was-110 million yuan, an increase of 170 million yuan over the same period last year, and the asset-liability ratio was 66.3%, a decrease of 3.4pp from the end of last year. Q2's revenue was 840 million, up 65.4% from the same period last year, and its net profit was 100 million, up 5.1% from the same period last year.
The revenue structure has been further improved. In terms of business, the revenue from infrastructure business in the digital economy was 1.15 billion yuan, up 50.2% from the same period last year. Public security information business continued to shrink, and data operation services increased slightly by 3%. The company's digital economic infrastructure and data operation and service revenue accounted for nearly 73.1%, gross profit accounted for 93.5%, the company's revenue structure was further improved. Due to the fluctuation of gross profit margin of large orders and changes in material costs and other factors, the gross profit margin of digital economic infrastructure fell by 13.3pp in the first half of the year, the company's operating tools continued to increase, data lake data operations accelerated, data operations and service gross profit margin increased by 11.5%, and the overall gross profit margin decreased 3.3pp compared with the same period last year.
Around the "data Lake +" strategy, we will actively cultivate new types of business and provide all-round services to enterprises and the government.
During the reporting period, the company actively fulfilled the three major social, economic and political responsibilities of the central enterprise, built digital economic infrastructure and contributed to the "double carbon" national strategy. Relying on the data lake infrastructure, the company provides comprehensive data services to accelerate the digital economy industry. At the same time, we will cooperate with Huawei and the three major operator customers as well as industry customers to create eco-fusion products in the field of data storage and provide hard and soft storage solution products.
As an industry leader, the company is expected to continue to benefit from the development of 5g and big data industry. The demand for digital infrastructure in China has increased significantly, and the digitization process is in the stage of rapid growth. The scale of the data circle is expected to reach 48.6ZB by 2025, making it the largest big data circle in the world. The explosive growth of data scale in 5G era calls for storage reform. With the further expansion of data volume promoted by 5G and the Internet of things, the actual data circle size in the future is expected to exceed this expectation, and the company is expected to usher in unprecedented favorable development opportunities.
Profit forecast and investment advice. It is estimated that the company's net profit from 2021 to 2023 will be 620 million yuan, 880 million yuan and 1.16 billion yuan respectively, with a growth rate of-9.55%, 41.2% and 32.6% respectively, and the corresponding PE will be 36x, 26x and 19x respectively. Considering that the company is the only large-scale supplier of Blu-ray storage business in China and a leading service provider in data operation, it has great potential to maintain a "buy" rating.
Risk tips: data Lake business expansion may be lower than expected; company revenue recognition and rebate may be lower than expected; company data operation business may be promoted or lower than expected.