The performance maintained a relatively stable growth, and the wave of digitization contributed to the increase in performance. For the whole year of 2021, the company's revenue reached 7.7 billion yuan, an increase of 2.99% over the same period last year, and the net profit returned to its mother was 836 million yuan, down 8.41% from the same period last year. The decline in net profit is due to the epidemic situation of COVID-19, the "double reduction" of the education industry and the impact of real estate regulation and control policies, and the income of cloud computing customers in related industries has decreased. The IDC business has increased the expected loss due to the delay of the commercial payment process of some customers who have already been put on the shelves. 2022Q1, the income was 1.833 billion yuan, down 6.49% from the same period last year, and the net profit of returning home was 193 million yuan, down 13.63% from the same period last year.
The company continues to open up new market customers, strengthen research and development, cloud computing business revenue increased; with the increase in the shelving rate of new data centers, depreciation amortization and other fixed costs diluted, IDC business profits have increased. With the vigorous development of the digital economy and the continuous increase in the demand for infrastructure, the role of the company in empowering the digital industry is expected to be further highlighted and is expected to open up new increments in the market.
The number of cloud value-added overlay cabinets has increased, and the performance is expected to improve marginally. In 2021, the annual IDC business income was about 2.082 billion yuan, accounting for 27.04% of the total revenue, an increase of 9.43% over the same period last year. The strategic layout of the company's IDC has progressed steadily. As of 2022Q1, the number of cabinets in production has exceeded 45000 (an increase of 2000), and the shelving rate of users has exceeded 70%. The company puts forward higher energy efficiency requirements for the existing data center renovation and new data center design phase, and actively explores and tests the effect of indirect evaporative cooling and liquid cooling technology to reduce PUE. The company continues to apply "carbon emission reduction" technology to operating projects, the company is expected to benefit from the "East and West" project in the future, performance is expected to improve marginally.
IDC construction continues to put into production to help improve its performance, and its market share is expected to rise steadily. As an infrastructure for the development of digital economy, data center is an important guarantee to promote the development of digital economy. The company has a broad market space in the industry, and its future performance and valuation are expected to rise. According to the company's 2021 annual report, we give the company 2022E-2024E annual return net profit forecast value of 1.054 billion yuan, 1.21 billion yuan and 1.34 billion yuan, corresponding to EPS of 0.59,0.67 and 0.68 yuan, corresponding to PE of 16.03,13.96 and 12.61 times, with a "cautious recommendation" rating.
Risk tips: intensified market competition, new product market promotion is not as expected; PUE standards are not as expected; domestic and foreign policy and epidemic uncertainty risk