Rapid growth in performance and continuous optimization on the cost side
In the first three quarters of 2023, the company achieved revenue of 5.502 billion yuan, year-on-year + 51.04%, net profit of 445 million yuan, + 54.39%, and non-return net profit of 421 million yuan, + 56.84% over the same period last year. The gross profit margin in the first three quarters was 29.01%, compared with the same period last year-1.57pct. The company's cost control has been continuously optimized, and the sales / management / R & D / financial expense rates are 7.93%, 3.12%, 5.85%, 0.95%, respectively, compared with the same period last year-1.22/-1.31/-0.26/-0.88pct.
From a quarterly point of view, 23Q3's revenue is 2.105 billion yuan, year-on-year + 47.25%, month-on-month + 10.43%, return-to-mother net profit is 123 million yuan, year-on-year + 0.96%, month-on-month-30.74%, deduction of non-return net profit is 121 million yuan, year-on-year + 5.09%, month-on-month-28.47%. Gross profit margin is 28.56%, year-on-year-1.38pct, month-on-month-0.39pct. Net interest rate is 5.98%, year-on-year-2.97pct, month-on-month-3.54pct. The sales / management / R & D / financial expense rates are 8.12%, 3.06%, 5.27% and 1.06%, respectively, compared with the same period last year-0.68/-1.42/-1.18/-0.15pct.
Make provision for impairment according to the operation of the data center. The company expects the provision for impairment in the first three quarters of 23 years to be about 71.46 million yuan, including 2235 yuan for credit impairment and 49.1 million yuan for asset impairment.
Computing power + liquid cooling opens a new situation of data center business
On October 25, 23, the company's tenth large-scale self-built data center, Beijing Yunzhi data Center, was officially released, which is the first approved "Industrial Internet + AI" data center in Beijing. It will adopt many energy-saving technologies, such as liquid cooling, modular power supply, micro-modules, AI operation and maintenance, to minimize energy consumption, and the PUE value is less than 1.2.
At present, the company has built 10 self-built data centers in first-tier cities such as Beijing, Shanghai and Guangzhou, which can provide customers with one-stop computing infrastructure services such as data center construction and operation, high-power cabinet hosting, efficient network connection and networking, public cloud + private cloud deployment, green energy-saving solutions, AI intelligent operation and maintenance.
Smart power and new energy business take the lead in the industry
In terms of smart power, the company has been ploughing in the field of energy management for more than 10 years, and is the leader of AI+ energy management, constantly strengthening the research and development of smart power products. According to a report released by FORWARD, the company UPS ranks first in China's market share in 2022.
In terms of new energy, according to CNESA data, the company ranks second in global energy storage PCS shipments in 2022, ranks first in domestic user side energy storage system shipments, and accumulates more than 3000 energy storage project cases, covering power side, grid side, user side and other scenarios, and the products are applied in batches at home and abroad.
Profit forecast and valuation
Based on the "Twin Star" strategy of "Kehua data" and "Kehua Digital Energy", the company is expected to get better development opportunities under the rapid development of AI industry chain and the high prosperity of new energy industry. It is estimated that the 23-25 net profit will be 6.67 pound 889 billion yuan, and the current market value (closing price on October 31, 2023) is 19-15-11 times that of 23-25 PE, respectively, maintaining a "buy" rating.
Risk hint
The progress of data center construction is not as expected; the demand for new energy business is not as expected; the competition in the industry is intensified.