Event description
On October 26, the company released its quarterly report for 2021, saying that its revenue in the first three quarters was 924 million yuan, an increase of 55.94% over the same period last year; its net profit was 123 million yuan, an increase of 3.07% over the same period last year; its non-net profit was 138 million yuan, an increase of 77.67% over the same period last year; and EBITDA3.64 yuan was realized, an increase of 42.88% over the same period last year.
Event comment
Q3 has a high profit growth and a steady increase in shelving rate. 2021Q3's data center business was carried out smoothly, and the overall shelving rate continued to rise, leading to the growth of IDC business revenue. In the third quarter alone, the company achieved revenue of 336 million yuan, an increase of 55.1% over the same period last year and 9.0% month-on-month growth. The net profit returned to the home was 50 million yuan, an increase of 198.6% over the same period last year and 12.1% month-on-month, mainly due to the high profit growth brought about by the low base last year and the rapid increase in the shelving rate of the company's stock data center. We expect the company to speed up the completion and delivery of cabinets throughout the year, the shelving rate will maintain a positive trend, and data center business profits are expected to maintain steady growth.
The gross profit margin increased quarter by quarter, and the rate of R & D expenditure increased significantly. The company's Q3 gross profit margin rose to 31.44% quarter by quarter; from the expense side, the expense rate remained basically stable during the period, in which the R & D expenditure rate significantly increased by 5.88%, mainly because the company was in a period of business expansion during the reporting period and increased its R & D investment.
In the construction capacity is abundant, the project reserve is rich. As of 2021Q3, the company's fixed assets decreased by 104 million yuan to 1.071 billion yuan compared with the beginning of the period, while projects under construction reached 511 million yuan, a substantial increase of 463 million yuan over the beginning of the period. it can be seen that the company has added a large number of new data center projects during the reporting period and has abundant production capacity in construction. It is estimated that the company has a reserve of 53500 cabinet projects, and several self-built projects are in progress, including Langfang Xunyun expansion, Langfang Gu'an Project and Guangzhou Nansha data Center; among them, the company plans and lays out in Wuqing, Tianjin, Chenggong, Kunming, and cooperates with Jiangxi Unicom to build a computer room in Nanchang, which is expected to be delivered this year and next. In September 2021, the company signed a cooperation intention with Baidu, Inc. on the Guangzhou Nansha project, providing a total of 2000 cabinets, proving the company's ability to provide quality service and customer resources.
Profit forecast and investment suggestions: the company's data center business is gradually released, the shelving rate continues to increase, the reserve of the project with sufficient construction capacity is abundant, and the certainty of subsequent expansion is strong; under the background of "carbon neutralization", the state has stricter control over IDC energy consumption, and we expect that in the next 1-2 years, the supply side of the industry will accelerate clearance and the demand side will grow steadily.
Looking forward to the whole year, we expect the company's return net profit from 2021 to 2023 to be 177 million yuan, 245 million yuan and 318 million yuan respectively, corresponding to 46 times, 33 times and 26 times of PE. In 2021-2023, the company's EBITDA is expected to be 486 million yuan, 802 million yuan and 1.088 billion yuan respectively, corresponding to 14 times, 10 times and 8 times of EV/EBITDA respectively, maintaining the "buy" rating.
Risk hint
1. IDC industrial policy continues to tighten.
two。 The shelving rate of the cabinet is not as high as expected.