On August 15, 2023, Dataport released its 2023 half-year results KuaiBao. 1H23 achieved a total operating income of 746 million yuan, an increase of 4.74% over the same period last year, and the net profit belonging to shareholders of listed companies was 68.6552 million yuan, an increase of 65.04% over the same period last year. In a single quarter, 2Q23 achieved a total operating income of 374 million yuan, an increase of 1.14% over the same period last year, while the net profit belonging to shareholders of listed companies was 33.5725 million yuan, an increase of 10.37% over the same period last year.
Benefiting from the growth of end-customer business demand, the company's main business has developed steadily. The company's main business is data center server hosting service. As a wholesale and customized data center service provider, the company makes use of its core competitive advantages to continue intensive cultivation, improve service quality and achieve the steady development of the main business. 1H23, benefiting from the gradual increase in the business demand of end customers, the data center cabinets that the company has put into operation are gradually powered up, and its operating performance is much higher than the same period last year.
The scale of the business continues to expand, and the layout of the core area is completed. Since 2015, through continuous cooperation and expansion, the company has built 35 data centers as far as Wulanchabu and Zhangbei in the north and Shenzhen and Heyuan in Guangdong in the south, realizing the forward-looking strategic layout of Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area eastern hub and corresponding western core areas, and adapting to the national data center layout guidelines of "counting the east and counting the west" in advance. On July 12, 2023, China Unicom (Huailai) big data Innovation Industrial Park was officially unveiled as a demonstration project for efficient dispatch of computing power in the national "calculation of the East and the West" project, and the data Hong Kong Union Tonghuailai data Center officially opened its operation. it will form a strategic cluster of Beijing-Tianjin-Hebei data center around the capital with the company Zhangbei, Langfang and Beijing Fangshan data center base, in order to create a new highland of industrial computing resources and drive the linkage of regional digital economy. Promote the development of surrounding digital-related industries to have a positive impact.
Outstanding energy consumption control ability, efficient customer development. As a pioneer in the construction of green data centers in China, the PUE level of the national operating data centers in Dataport has reached an average of 1.22 in 2022, with an absolute leading edge in the industry with the lowest 1.09. Reach the level of developed countries and fully meet the requirements of "implementing the carbon neutralization target to promote the green and high-quality development of new infrastructure such as data centers and 5G" to reduce the national hub node to below 1.25 by 2025. In the past two years, Zhangbei Zhongdu grassland data Center and Zhangbei 2A2 data Center in Zhangjiakou, a data port, were selected into the list of "National Green data Center" and "National New data Center" respectively.
Investment suggestion: with the vigorous development of emerging applications and technologies such as cloud computing, big data and the Internet of things, the construction process of "new infrastructure" represented by data centers is obviously speeded up. We are optimistic about the improvement of the company's performance brought about by the growth of downstream customers' business demand. It is estimated that the company's revenue from 23 to 25 years will be 1.66 shock 1.85 billion yuan and net profit 163.26 billion yuan respectively. The recommended rating is maintained at the closing price of 63x/44x/39x on August 15, respectively.
Risk hints: the risk of high customer concentration, the aggravation of market competition, and the risk of project delivery.