1. Event: the company achieved revenue of 924 million yuan in the first three quarters, an increase of 55.94% over the same period last year, a net profit of 123 million yuan, an increase of 3.07% over the same period last year, and a non-return net profit of 138 million yuan, an increase of 77.67% over the same period last year.
2. The increase in shelving rate drives up revenue and increases gross profit margin.
The company's indirect holding of amethyst storage stock price fluctuations continue to affect non-recurring profit and loss, year to 21Q3 impact profit and loss-16 million yuan, compared with the same period last year the impact difference of about 56 million yuan.
In terms of main business, the shelving rate of the company's self-built data center continued to rise during the reporting period. The company's 2021Q3 realized revenue of 336 million yuan, an increase of 55.08% over the same period last year, an increase of 9.00% over the same period last year, and a net profit of 50 million yuan, an increase of 198.62% over the same period last year. The gross profit margin in a single quarter was 31.44%. With the continuous increase in the shelving rate, the year-on-year increase in 4.88pct and the month-on-month increase in 1.01pct.
3. Increase R & D on the expense side, and the quarterly overall expense rate increases month-on-quarter. The overall Q1-Q3 expense rate of the company is 11.4%, 14.8% and 15.3% respectively, showing a month-on-month growth trend, mainly due to the increase in the financial expense rate caused by the expansion of the company's scale. At the same time, the company increased its R & D investment, and the R & D expenditure rate Q3 increased by 3.59pct.
4. Several self-built projects will be carried out in an orderly manner, the layout of business around Beijing will be strengthened, and business locations in southwest and central regions will be increased gradually in the future. at present, the company's self-built data center projects include Langfang Xunyun expansion project, Langfang Gu'an new project, Guangzhou Nansha new project, a total of about 36000 cabinets. At the same time, the company has added several new reserve projects, which have entered the initial construction stage one after another, and are expected to achieve delivery this year and next. A data center with no more than 12000 high-power cabinets will be laid out in Wuqing District of Tianjin. In Chenggong District of Kunming City, the company will invest in the construction of a "new generation cloud computing and big data industrial base". In the first phase of the project, about 3300 cabinets will be used as the company's core business nodes in the southwest region. Together with Jiangxi Unicom, we will jointly build about 2200 cabinets in Lingong Economic Development District, Nanchang City, as the company's business location in the central region.
By the end of the reporting period, the company had 511 million yuan under construction, an increase of about 195 million yuan compared with 316 million yuan at the end of the first half of the year. According to the 2021 report, Guangzhou Nansha, Hebei Langfang, Langfang Xunyun and other projects continue to confirm the progress of the project.
5. Under the "double carbon" goal, the policy drives the supply side to accelerate clearance, and the carbon neutralization and new energy strategy helps the company grow for a long time under the background of the national "double carbon" strategy. The high energy consumption characteristics of the data center continuously strengthen the related requirements of "green and low carbon". On September 30, the Guangdong Provincial Energy Bureau forwarded the Circular of the Environmental Resources Department of the National Development and Reform Commission on doing a good job in the orderly use of energy and electricity, requiring illegal energy-using enterprises with hidden safety dangers in the area to actively link up with relevant enterprises to put forward a plan to stop production as soon as possible and stop production under the condition of ensuring safety.
In July, 2021, the company formulated the strategic plan of carbon neutralization and new energy in the data center of Guangdong Aofei data Technology Co., Ltd. All self-built data centers of the company are checked by CNAS-designated certification bodies, and the corresponding data center carbon neutralization certificates are obtained. At the same time, the company set up a new energy team and invested in Guangdong Aofei New Energy Co., Ltd., a holding subsidiary, and selected Langfang Xunyun data Center as a strategic pilot. Guangdong Aofei New Energy as the main body to gradually build a distributed photovoltaic power generation system and provide green power.
Under the "double carbon" goal of green and low-carbon development of the data center, the data center is expected to enter a "new cycle" of supply-side reform, and the company's carbon neutralization and new energy development strategy is expected to obtain high-quality growth space in the long-term industry reshuffle.
6. Investment suggestion: consider the company to increase the release speed of cabinets, eliminate the investment income of amethyst storage, consider the effect of depreciation, and keep the profit forecast unchanged. It is estimated that the revenue from 2021 to 2023 will be 14.4 pm 21.2 pm RMB 3.10 billion, and the earnings per share will be 0.54 pm 0.63 pm 0.91 RMB, corresponding to the closing price of 19.85 RMB per share on October 26, 2021. The PE was 37.1, 31.4 and 21.9 times, respectively, and the corresponding EV/EBITDA multiple was 20.6, 16.7, 11.6, respectively, maintaining the "overweight" rating.
Risk hint: market competition aggravates risk; IDC construction is less than expected risk; systemic risk.