What happened: the company released its third quarterly report for 2022. In the first three quarters of 2022, the company achieved 5.472 billion yuan in main business income, down 7.79 percent from the same period last year, 413 million yuan in net profit, down 39.61 percent from the same period last year, and 1.87 billion yuan in revenue in the third quarter, down 6.42 percent from the same period last year. Net profit reached 80 million yuan, down 66.35 percent from the same period last year. The comprehensive gross profit margin of the company's business in the first three quarters was 17.66%, down 2.74pct from the same period last year.
External pressure continued and growth fell short of expectations. The construction progress of some of the company's data centers and the speed of customers on the shelves significantly slowed down or even stagnated due to the epidemic, resulting in lower-than-expected growth of data center revenue, and the increase in fixed costs of data centers that had been put into production and consolidation, the consumption reduction and transformation of existing computer rooms, electricity price regulation and control policies, and the epidemic situation led to a continuous increase in the company's data center operating costs. At the same time, under the influence of relevant national industry policies and epidemic situation, the IT demand and budget of cloud computing customers such as real estate industry, education industry, Internet industry and other cloud computing customers served by the company decreased significantly, the company's cloud computing business revenue decreased by 12.81% compared with the same period last year, and gross profit decreased by 29.11%. In addition, due to the continued rise in the exchange rate of the US dollar against the RMB, the company's US dollar loans incurred an exchange loss of 88.2778 million yuan by the end of the report.
The construction of the data center project will be stepped up, waiting for the market to repair. The company actively overcomes the impact of the epidemic on the construction progress of the data center, pressing ahead with the construction, testing and acceptance of the computer room, so as to speed up the delivery of new resources as much as possible. by the end of the reporting period, the number of cabinets that had been put into operation nationwide was close to 48000. Tianjin Baodi data Center Phase I project main structure successfully completed the ceiling, at the same time launched Tianjin Baodi Phase II project, and continue to promote the construction of Changsha project, speed up the progress of project main structure construction. At the same time, the company actively promotes energy conservation, carbon reduction, consumption reduction, pollution reduction and efficiency work, and continues to carry out energy-saving management measures such as energy-saving transformation of data center refrigeration system, acceleration of renewable energy utilization and peak regulation capacity building.
Investment suggestion: according to the company's latest financial data and industrial supply and demand, we adjust the company's profit forecast and forecast that the company's return net profit from 2022 to 2023 will be 7.11 yuan and 798 million yuan, and PE will be 21 and 19x. The short-term epidemic pressure is obvious, but the long-term value of the company's core data center assets remains unchanged and the "buy" rating will be maintained.
Risk hints: IDC market demand growth is not as expected; further tightening of epidemic control affects the company's data center construction and production; IDC market competition intensifies; cloud computing demand is lower than expected