Incidents:
It is expected to achieve revenue of around 1.2 billion in 23, an increase of 43% over the previous year. Net profit attributable to mother was about 0-8 million yuan. Compared with the same period last year, it increased by about 56.926 million yuan to 64.926 million yuan, a year-on-year change of 100% to 114%. Net profit after deduction is about -10 million yuan to -2 million yuan. Compared with the same period last year, it will increase by about 66.04 million yuan to 74.04 million yuan, a year-on-year change of 87% to 97%. The results exceeded expectations.
Comment:
Revenue grew rapidly from quarter to quarter, and Q4 results were outstanding. Revenue for Q1-Q4 in '23 was 188 million, 231 million, 289 million yuan, and 491 million yuan respectively. The year-on-year growth rates were 28.07%, 13.08%, 25.31%, and 90%, respectively. Revenue accelerated markedly from quarter to quarter. The estimated net profit for 23 years is about 0-8 million yuan (median value of 4 million yuan), of which Q1-Q4 results in '23 were -19.5537 million yuan, -24.924,900 yuan, 810,000 yuan, and 47.66 million yuan, respectively. Since Q4 equity incentives were amortized nearly 20 million yuan, the actual profit for Q4 was about 67 million yuan. Q4 revenue and profit reached record highs in a single quarter. The 24-year results are expected to maintain rapid growth.
The actual controller's full subscription shows confidence, and equity incentives fuel confidence. In 2023, the company issued a fixed increase plan. The proposed increase was no more than 414 million yuan. The actual controller, Mr. Wang Kang, and Vincent Wang, the company controlled, fully subscribed, demonstrating the company's actual controller's confidence in the company's future development. In 2023, a restricted stock incentive plan was launched to motivate key players and attract talent. The 2023 performance assessment plan is based on 2022 net profit, with net profit growth of not less than 60 million yuan.
Develop the enterprise storage, computing power rental and disaster recovery markets. In terms of data center storage and disaster recovery, in August 2023, the company signed the first sales contract with CLP Digital Innovation for products related to data storage and disaster recovery. The products include hyperconverged servers, distributed storage software, cloud desktops, switches, firewalls, etc., for a total amount of 42.67 million yuan. In terms of computing power leasing, on October 31, 2023, the company successfully won the bid for the second phase of China Telecom Ningxia's centralized computing power procurement project to provide A800 and H800 intelligent computing power services. The estimated amount of computing power without tax in the framework agreement was RMB 95 million. Computing power orders are expected to bring more storage power orders to the company.
Profit forecast and investment advice: According to the adjusted forecast of performance, the company's net profit for 2023-2025 is estimated to be 0.05/2.30/ 419 million yuan, and the corresponding PE is 697X/ 15X/ 8X, respectively, maintaining a “buy” rating.
Risk warning: Data storage business expansion falls short of expectations, performance forecasts and valuation judgments fall short of expectations