The results in the fourth quarter of 21 and the first quarter of 22 were slightly under pressure from overseas operations and equity incentive fees.
In 2021, the company realized revenue of 1.205 billion yuan (year-on-year + 43%), net profit of 145 million yuan (- 7.67%), deduction of non-return net profit of 153 million yuan (+ 27%); 21Q4 company revenue of 281 million yuan (year-on-year + 13.26%, month-on-month ratio-16%), return-mother net profit of 21 million yuan (year-on-year-42.54%, month-on-month ratio-69%), deduction of non-return net profit of 15 million yuan (year-on-year). 22Q1 achieved revenue of 270 million yuan (year-on-year-4.05%), net profit of 42 million yuan (+ 44% year-on-year), non-return net profit of 31 million yuan (- 31%) and EBITDA of 120 million yuan (+ 8.9%).
The shelving rate of the data center has increased steadily, and the data center under construction has been gradually delivered. By the end of 2021, the company had about 20,000 cabinets in stock, an increase of 24 percent over last year, and the used area of the computer room exceeded 125000 square meters. The total number of standard cabinets for the new data center project is about 25000, of which 10,000 / 12000 / 3300 / 2200 cabinets are planned and built in Nansha, Guangzhou, Wuqing, Tianjin, Kunming, Yunnan and Nanchang, Jiangxi Province. in terms of delivery rhythm, we expect that the cumulative total number of switchgear cabinets will exceed 40,000 by the end of 2022, continuously contributing to performance increment.
The short-term disturbance of overseas business is expected to be reversed gradually in 2022. Affected by COVID-19 's epidemic situation and geopolitics and other factors, the company's overseas market IDC business suffered a great impact in 2021, especially in the second half of the year, the expansion activities of the new regional market were limited, and the revenue and profits of the original business also declined significantly due to the gradual adjustment of customer business.
Net profit fell slightly under the influence of equity incentive fees and leasing criteria adjustment. The cost of implementing the restricted stock incentive plan increased by 18 million yuan in 2021, due to the impact of holding amethyst storage shares on investment income of-19 million yuan (+ 35 million yuan in the same period last year), and the cost increased by 14 million yuan under the new leasing standard. net profit declined in 2021 under the combined impact.
Actively respond to the dual-carbon policy and promote the construction of data centers plus distributed photovoltaic. The company has actively tried the data center + distributed photovoltaic pilot project, and has now completed its own IDC distributed photovoltaic power generation projects such as Langfang Xunyun data center. By the end of 2021, 35 projects have been signed in Guangdong, Guangxi and Jiangxi, with a total installed scale of nearly 100MW, and participated in the preparation of "data center photovoltaic grid-connected technical requirements".
Risk tips: cloud manufacturers' capital expenditure has declined; computer room delivery is not as expected under the impact of the epidemic; price competition.
Investment advice: optimistic that IDC delivery will bring performance flexibility and maintain a "buy" rating.
Considering that overseas business declined in the first quarter and the epidemic affected the pace of customers getting on the shelves to a certain extent, we lowered our profit forecast. We originally estimated revenue of 192.6 billion yuan and net profit of 21,000 million yuan in 2022-2023. After adjustment, the company's revenue is expected to be 100 million yuan in 2022-2024. 17-25-33 billion yuan, (year-on-year + 41% 47% max 34%) The net profit from the parent is 2.8x380 million yuan (compared with the same period last year). The current share price is corresponding to PE in 34-24-17. It is optimistic about the long-term performance flexibility of the company and maintains its "buy" rating.