Events:
The company publishes periodic reports. In the first three quarters of 2021, revenue reached 924 million yuan, up 55.94 percent over the same period last year; net profit returned to the mother was 123 million yuan, up 3.07 percent over the same period last year; non-net profit deducted from the mother was 138 million yuan, up 77.67 percent over the same period last year; and the main business deducted 378 million yuan from non-EBITDA, an increase of 78.82 percent over the same period last year.
Main points of investment:
The scale of the cabinet continues to expand, and the EBITDA increases steadily.
This year, Q1~Q3 achieved revenue of 2.81,3.08 and 336 million yuan respectively, an increase of 58.48%, 54.61% and 55.08% respectively over the same period last year. Since the 2019Q4, the single-quarter gross profit margin has remained stable as a whole. This year, the Q1~Q3 is 30.25%, 30.52% and 31.55% respectively, showing a steady increase, reflecting the improvement in the shelf level of the cabinet. There are 16000 cabinets available at the end of last year, and the number in the future is high. In the first three quarters, the main business deducted 378 million yuan of EBITDA, an increase of 78.82 percent over the same period last year.
The self-construction project was carried out as planned, and during the reporting period, it acquired the equity of Tianjin Pangu Yuntai Technology Development Co., Ltd., and signed a notice of intention to cooperate with Beijing Baidu, Inc. Netcom Technology Co., Ltd. the company will provide Baidu, Inc. with the service capacity of 2000 customized high-power data center cabinets and related value-added services.
Convertible bond financing has been approved and equity incentive has landed.
The company has obtained approval for the convertible bond project, raising no more than 635 million yuan for the new generation cloud computing and artificial intelligence industrial park (building A) project, replenishing working capital and repaying bank loans. The project is to invest 573 million yuan to build a new generation cloud computing and artificial intelligence industrial park in Gu'an County, Langfang City. The issue of restricted shares is granted for the first time to 5.7618 million shares at a price of 10.45 yuan per share for the first time.
Profit forecast
Maintain profit forecasts. It is estimated that the revenue from 2021 to 2023 will be 12.99,17.59 and 2.658 billion yuan, the net profit will be 1.92,2.50 and 411 million yuan, the EPS will be 0.50,0.65 and 1.08 per share, the corresponding EBITDA will be 39,30,18 times and the EBITDA will be 5.46,7.00 and 993 million yuan respectively. Maintain a "buy" rating.
Risk hint
Systemic risk, liquidity risk, new project delivery and lower-than-expected risk.