Report guide
The company suffered a loss due to the adjustment of accounting policies and increased investment in R & D sales in 2021, Q1 reversed losses in 2022, and the data operation business grew rapidly and enterprise-level Blu-ray growth is expected.
Main points of investment
There are short-term fluctuations in income and profit in 21 years under the influence of lower-than-expected refinancing and accounting treatment adjustment.
In 2021, the company's revenue was 2.013 billion yuan, down 22% from the same period last year, and the return net profit was-174 million yuan, down 132% from the same period last year. The main reason is that the poor progress of refinancing affects the income from the construction of the data Lake. At the same time, the adjustment of accounting policies will be fully offset by the unrealized internal trading profits between the data Lake project company and the data Lake project company.
Q1 performance became positive in 22 years, and the proportion of data operation business increased significantly. The impact of accounting adjustment is limited.
In 2022, Q1 is expected to achieve a net profit of 280mur36 million yuan, deducting non-net profit of 1300,000,000 yuan, and net profit will become a regular employee. We believe that the main reason is that since H2 in 21, the company has focused on the development of light asset data operations and reduced capital investment, and the impact of accounting standards adjustment on 22-year performance is limited.
The first data bank is officially in operation, realizing the closed-loop business of "receiving, storing, managing, using and easy" data.
In February 2022, the company's Fuzhou data Bank officially became the first in the country, bringing together about 1.6 billion authorized government data from more than 30 government-commissioned bureaus in finance, medical, agriculture, transportation, culture and tourism-related operation scenarios and updated regularly. The company's data banking business realizes the closed-loop business of "receiving, storing, managing, using and easy". As the data lake of the company enters the operation period, it is expected to copy the Fuzhou model to become a new performance growth point.
Benefiting from the dual-carbon policy and the East-West calculation Project, the company's enterprise-level Blu-ray storage business is expected to grow.
The company's Blu-ray storage has outstanding advantages such as large capacity, low cost and low power consumption, so it is very suitable for the construction of green energy-saving data center under the dual-carbon policy. The central and western regions of the national east-west calculation project are mainly responsible for data backup and storage, calculation and analysis and model training, and the planned eight computing hub companies have data lakes in five of them. We judge that with the continuous implementation of the dual-carbon policy and the East-West calculation project, the company's enterprise-class Blu-ray storage equipment and solutions will usher in a strong demand for growth.
Profit forecast and valuation
We forecast that the company's income from 2021 to 2023 will be 20.13,29.73 and 3.72 billion yuan respectively, and the net profit will be-1.74,1.97 and 310 million yuan respectively. The forecast net profit for 22-23 years will be 79 and 50 times of the current stock price respectively, maintaining the "buy" rating.
Risk Tip 1. The government's investment in digital economic infrastructure is not up to expectations. The progress of refinancing is not as expected.