Aura New Network (300383): Short-term performance is under pressure, IDC's revenue remains steady

華泰證券 · Aug 29, 2022 00:00 · Researches

　　1H22 营收/归母净利润短期承压

　　光环新网8 月26 日发布2022 年中报，1H22 公司营收为36.02 亿元（YoY：-8.49%）；归母净利润为3.33 亿元（YOY：- 25.49%），主要系疫情反复、互联网监管等背景下，无双科技部分客户广告投入减少，数据中心客户上架进度有所延迟。公司继续夯实在一线/环一线等核心区域的数据中心资源储备，有望成为长期业绩的支撑点。我们预计公司22～24 年EBITDA分别为18.50/21.86/23.19 亿元（前值：20.44/23.85/-亿元）。考虑到电价上涨及无双科技部分行业客户需求下滑的影响，给予公司22 年EV/EBITDA 15x（可比公司均值：17.2x），对应目标价13.76 元（前值：22.14 元），维持“增持”评级。

　　IDC 收入保持稳健；毛利率一定程度受电力成本上涨影响1H22 公司IDC 及其增值服务业务实现营收10.70 亿元，同比增长9.68%，上半年疫情影响下，项目建设进度及客户上架进度受到一定影响，但公司IDC 业务仍保持稳健。IDC 业务毛利率同比下降13.57pct 至43.40%，主要受电力成本上涨及新交付项目折旧摊销费用的影响。2022 年上半年，公司一方面稳步推进自建数据中心项目建设；另一方面公司完成了对赞普数据科技（天津）有限公司的收购，进一步扩充了京津冀核心区域的IDC 资源储备。截至2022 年6 月，公司拥有超过11 万个在建及储备项目规划机柜，4.7 万个已投产机柜。

　　云计算及其相关服务收入短期承压，汇兑损失导致公司净利率波动1H22 公司云计算及相关服务实现营收24.88 亿元，同比下降14.84%，主要系教育双减/互联网监管等政策导致相关行业需求下滑。其中，子公司无双科技房地产、教育类客户以及部分互联网行业客户的广告业务投入持续减少；云计算业务毛利率同比下降1.34pct 至7.48%。1H22 公司净利率同比下降2.29pct 至8.43%，部分受到财务费用率提升的影响，1H22 公司财务费用率同比提升1.46pct 至2.58%，主要系人民币兑美元汇率下降，公司美元贷款产生汇兑损失3,345.86 万元。

　　维持“增持”评级

　　我们认为随着公司持续扩大核心地段IDC 资源储备，其长期业绩基础有望进一步夯实，预计其22~24 年EBITDA 分别为18.50/21.86/23.19 亿元（前值：20.44/ 23.85/-亿元）。22 年可比公司EV/EBITDA 均值为17.2x，考虑到电价上涨及部分行业云计算需求下滑的影响，给予公司22 年EV/ EBITDA15x，对应目标价13.76 元（前值：22.14 元），维持“增持”评级。

　　风险提示：客户上架进度不及预期；项目建设及交付进度不及预期。

Short-term pressure on 1H22 revenue / homing net profit

Sinorama released its mid-2022 report on August 26. 1H22's revenue was 3.602 billion yuan (YoY:-8.49%) and its mother's net profit was 333 million yuan (YOY:- 25.49%). This is mainly due to the reduction of advertising investment in some customers of unparalleled technology and the delay in the listing of customers in the data center under the background of repeated epidemic and Internet supervision. The company continues to consolidate its data center resource reserves in front-line / ring-first-line and other core areas, which is expected to become a support point for long-term performance. We estimate that the company's 22-year 24-year EBITDA will be 2.186 billion yuan 2.319 billion yuan (previous value: 20.44 pound 23.85 billion yuan). Taking into account the impact of rising electricity prices and declining customer demand in some unparalleled technology industries, the company was given a 22-year EV/EBITDA 15x (comparable company average: 17.2x), corresponding to the target price of 13.76 yuan (previous value: 22.14 yuan), maintaining the "overweight" rating.

IDC revenue remained robust; gross profit margin was affected to some extent by the rise in power costs. 1H22 IDC and its value-added services business realized revenue of 1.07 billion yuan, an increase of 9.68% over the same period last year. Under the influence of the epidemic in the first half of the year, the progress of project construction and the progress of customers on the shelves were affected to a certain extent, but the company's IDC business remained robust. The gross profit margin of the IDC business decreased by 13.57pct to 43.40% compared with the same period last year, mainly due to rising power costs and depreciation and amortization charges for newly delivered items. In the first half of 2022, on the one hand, the company steadily promoted the construction of the self-built data center project; on the other hand, the company completed the acquisition of Zanpu data Technology (Tianjin) Co., Ltd., further expanding the IDC resource reserves in the core area of Beijing, Tianjin and Hebei. As of June 2022, the company has more than 110000 cabinets under construction and reserve project planning, and 47000 cabinets have been put into production.

Revenue from cloud computing and related services was under short-term pressure, and exchange losses caused the company's net interest rate to fluctuate. 1H22's revenue from cloud computing and related services reached 2.488 billion yuan, down 14.84% from the same period last year, mainly due to policies such as education double reduction / Internet regulation, which led to a decline in demand in related industries. Among them, the advertising business investment of subsidiary unparalleled technology real estate, education customers and some Internet industry customers continued to decline; cloud computing business gross profit margin fell 1.34pct to 7.48% compared with the same period last year. 1H22's net interest rate fell 2.29pct to 8.43% year-on-year, partly due to the increase in financial expense rate. 1H22's financial expense rate increased to 2.58% year-on-year, mainly due to the decline in the exchange rate of RMB against the US dollar and an exchange loss of 33.4586 million yuan on the company's US dollar loans.

Maintain the "overweight" rating

We believe that as the company continues to expand its core IDC resource reserves, its long-term performance base is expected to be further consolidated. It is estimated that its 22-to-24-year EBITDA will be 2.319 billion yuan (previous value: 20.44 / 2.385 billion). The average EV/EBITDA of a 22-year comparable company is 17.2x. Taking into account the impact of rising electricity prices and declining demand for cloud computing in some industries, the company is given a 22-year EV/ EBITDA15x, corresponding to the target price of 13.76 yuan (previous value: 22.14 yuan), maintaining the "overweight" rating.

Risk hint: the customer's progress on the shelves is not as expected; the project construction and delivery progress is not as expected.

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光环新网(300383)：业绩短期承压 IDC收入保持稳健

Aura New Network (300383): Short-term performance is under pressure, IDC's revenue remains steady

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