The company's 2021 operating income / return net profit is 7.70 million million yuan, compared with the same period last year, + 3.0% Acme 8.4%, gross profit 20.6%, year-on-year-0.5pct. The company's 2022Q1 operating income / return net profit is 1.83 0.1pct 1.9 billion yuan, year-on-year-6.5% Universe 13.6%, gross profit 19.9%. The company actively promotes the national layout of data center resources, with large rack reserves and high certainty of core business performance growth. we give the company a target price of 12 yuan and a "holding" rating.
It was greatly affected by the epidemic, but the core business maintained steady growth. The company's 2021 operating income / return net profit was 770,840 million yuan, respectively, compared with the same period last year, + 3.0% Acme 8.4%, gross profit 20.6%, year-on-year-0.5pct. Among them, the decline in profit was mainly due to the decrease in cloud computing customer income in related industries due to the COVID-19 epidemic in 2021, the "double reduction" in the education industry and real estate regulation and control policies, the consolidation of new data centers, the increase in related depreciation and amortization, and the increase in R & D expenses compared with the same period last year. Among them, the company's cloud computing income is 5.59 billion yuan, year-on-year + 0.8%, gross profit margin 9.6%, position IDC and its value-added services income 1.84 billion yuan, year-on-year + 10.2%, gross profit margin 53.6%. The company's 2022Q1 operating income / return net profit is 1.83 0.1pct, which is-6.5%, 13.6%, 19.9%, respectively, compared with the same period last year.
The smooth progress of multiple projects will catalyze the release of future performance. At the end of 2021, the company has put into production more than 43000 cabinets, and the shelving rate of users is more than 70%. Fangshan Phase I has completed the delivery of all cabinets, with a shelving rate of nearly 80%.
Fangshan Phase II has entered the stage of mechanical and electrical construction, and 2Q22 is expected to be delivered. Some of the cabinets in Yanjiao Phase 3 and 4 have been put into production. The Tianjin Baodi project has started smoothly and is expected to complete the construction of the main body of two data center buildings in 2022. Shanghai Jiading Phase I has been fully delivered, Phase II has been gradually put into production since 4Q21, and some cabinets have been delivered and have been put on the shelves one after another. The Hangzhou project has identified land for construction and plans to start construction in 22 years. The Changsha project started in December 2021. As of 2022Q1, the company has put into production more than 45, 000 cabinets and a reserve of more than 100, 000. However, due to the impact of the epidemic, the second phase of the Shanghai Jiading project is in a state of suspension, and the progress of the shelves has been delayed. We believe that the company's various projects are progressing smoothly and there is plenty of room for growth in the future. Although affected by short-term factors such as the epidemic, the logic of long-term growth remains unchanged.
Cloud computing business strength is prominent, multi-point layout can be expected in the future. Amazon.Com Inc's business is progressing smoothly and the third availability zone has been officially released in 2021, which has provided back-end cloud services for many enterprises at home and abroad. At the 2021 China IT user satisfaction Conference and Information Technology Application Ecological Partnership Conference, Amazon Cloud Technology won six honors such as "user satisfaction first" issued by the conference, highlighting the company's technical service strength. At the same time, the company's halo cloud business continues to grow, with an income of more than 250 million yuan in 2021 and has served many of the world's top 500 customers. In March 2021, the company signed a strategic cooperation with Advantech Technology, which will be independently responsible for the operation of WISE-PaaS industrial Internet of things cloud service business and WISE- Marketplace application store business in China, and is expected to expand new businesses such as industrial Internet and edge cloud computing in the future.
Risk factors: the impact of the epidemic is higher than expected; the risk of increased competition in the industry; the production progress of new projects is not as expected; cloud computing business growth is not as expected
Investment suggestion: the company is the leading data center in China, with a large number of data center resource reserves in first-tier cities and the smooth progress of related projects, laying the foundation for future performance growth, while the company has a multi-point layout in cloud computing business. we are optimistic about the long-term development trend of the company in the future. However, due to the impact of the domestic COVID-19 epidemic and other short-term factors, we downgraded the company's 2022ap2023 EPS forecast to 0.50Universe 0.56 yuan (the original predicted value was 0.71 million 0.86 yuan), added the 2024 EPS forecast of 0.61 yuan, and gave the target price 12 yuan (corresponding to 22 years 24 times PE, comparable company 2022 PE valuation: 24 times of Ofei data, 28 times of Baoxin software), downgraded to "overweight" rating.