Event: on August 25, the company released its semi-annual report of 2023. 2023H1 achieved revenue of 746 million yuan, + 4.74% year-on-year; net profit of 69 million yuan, + 66.30%; and non-return net profit of 57 million yuan, + 59.07% over the same period last year.
The production capacity has been gradually released and the performance has grown steadily. 2023H1 achieved revenue of 746 million yuan, year-on-year + 4.74%, net profit of 69 million yuan, year-on-year + 66.30%, gross profit of 29.38%, year-on-year + 2.16pct, net profit of 9.20%, year-on-year + 3.36pct. With the gradual improvement of the business demand of end customers, the data center cabinets that the company has put into operation are gradually powered on, which further promotes the steady growth of business performance. In addition, the company's EBITDA is 526 million yuan, + 7.40% compared with the same period last year, which further proves that the company, as a wholesale and customized data center service provider, shows a steady development trend through short-term fluctuations in the industry, and through the gradual release of the production capacity of the data center project put into operation, the company has gradually improved its business performance.
Continue to lead the scale of operation, expand and accumulate high-quality resources. The company has excellent construction and delivery capabilities, operation and maintenance management capabilities and rapid response capabilities, actively respond to customer needs and contribute to the continuous growth of business scale. As of August 25, the company's main business scale has reached 371.1 megawatts (MW), equivalent to about 74200 5Kw standard cabinets, making it a leading third-party data center service provider in the IDC industry. At present, the company has built 35 data centers, realizing the forward-looking strategic layout of Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area eastern hub and western corresponding core areas. on this basis, the company makes use of its core competitive advantages to continue intensive cultivation, improve service quality, achieve extension development through market acquisition and mergers, constantly expand and accumulate data center resources in core cities, and tap potential customers. Accelerate the exploration of the company's strategic resource reserves in the domestic front-line core areas, and promote the construction and related preparations of the first phase of China Unicom (Huailai) big data Innovation Industrial Park project, Hebei Langfang project and Shanghai Minhang project.
The energy consumption control capability is outstanding, which is expected to benefit from the development of green data centers. In November 2021, China's four ministries issued implementation plans to promote the green and high-quality development of new infrastructure such as data centers and 5G.
By 2025, the energy efficiency of large data centers will fall below 1.3, with green and low-carbon levels above 4A. The company's energy consumption management and control ability is particularly outstanding, the annual national operation data center minimum PUE can reach 1.09, reaching the international leading level, in addition, the company advocates data center lifecycle green energy saving, and has excellent data center lifecycle management service capability Strict implementation of fine management and control through planning and design, investment and construction, equipment collection, supply chain management, operation and maintenance management and other aspects of the whole life cycle. We believe that, from the point of view of higher policy requirements for energy consumption and cloud manufacturers' own cost reduction and efficiency, the company, as the country's leading cloud computing data center service provider, is expected to achieve sustained growth with excellent energy consumption management and control capabilities.
Profit Forecast and Investment rating: we expect the net profit from 2023 to 2025 to be 1.43 soybean 1.86 / 223 million yuan, EPS 0.31 Universe 0.40 0.48 yuan, the current share price corresponding to PE is 69-53-44 times, continue to be optimistic about the steady growth of the company's future performance, maintain the "buy" rating.
Risk tips: customer expansion is not as expected, market competition aggravates the risk, industrial policy change risk, macroeconomic fluctuation risk.