Revenue increased year-on-year, and depreciation affected net profit attributable to mother
Kehua Data released its 2023 annual report and 2024 quarterly report. In 2023, the company achieved revenue of 8.141 billion yuan, yoy +44.1%. Net profit attributable to mother was 508 million yuan, yoy +104.4%, realized net profit deducted from non-mother of 463 million yuan, yoy +87.7%, accrued asset impairment losses of 100 million yuan and credit impairment losses for the whole year. Among them, 2023Q4 achieved revenue of 2.64 billion yuan, qoq +25.4%, yoy +31.6%, net profit to mother of 62 million yuan, qoq -49.6%, and yoy +256.0%. Net profit after deducting non-return to mother was 0.42 million yuan, qoq -65.3%, yoy +292.7%.
2024Q1 achieved revenue of 1.18 billion yuan, qoq -55.1%, yoy -20.5%, net profit to mother of 74 million yuan, qoq +19.4%, and yoy -48.8%. Net profit after deducting non-return to mother was 60 million yuan, qoq +42.9%, yoy -54.3%. 2024Q1 gross margin/net margin was 32.3%/6.5%, +8.4pct/+4.0pct, respectively. Asset impairment losses are calculated at RMB 12 million, and credit impairment losses are calculated at RMB 0.03 billion. Considering that the sales price of the company's energy storage products has declined due to the decline in raw materials, compounded by increased competition in the industry, which has had a certain impact on its profitability, we lowered the company's 2024-2025 profit forecast to 7.10/889 million yuan (original 975/1,321 billion yuan), adding 1,061 billion yuan for 2026, EPS was 1.54/1.88/2.30 yuan, corresponding to the current PE share price of 16.4/13.4/11.0 times. Consider the steady progress of the company's “AI+ New Energy” strategy and steady downstream demand The release is expected to continue to deliver on performance and maintain a “buy” rating.
Revenue from new energy sources increased year-on-year, and the energy storage business performed well
In 2023, the company's new energy achieved revenue of 4.29 billion yuan, yoy +142.8%, gross margin of 21.9%, yoy-1.2pct.
In the field of photovoltaics, by the end of 2023, the company's cumulative shipment volume reached more than 46 GW, providing customers with an overall solution covering 3KW-9100KW of full power. In the field of energy storage, the company's cumulative installed capacity of global energy storage exceeds 15.2 GW/8.2 GWh. In the “2023 China Energy Storage Enterprise Series List”, energy storage PCS shipments rank first in the world and the country, and the number one in the country for customer-side energy storage system shipments.
Data centers are growing steadily and are expected to fully benefit from the acceleration of AI
In 2023, the company's data center business achieved revenue of 2.76 billion yuan, yoy -1.9%, gross margin of 31.1%, yoy+0.2pct. Among them, IDC services achieved revenue of 1.29 billion yuan, yoy -12.9%, gross margin of 26.2%, and yoy-1.0pct. Data center products and integration reached 1.47 billion yuan, yoy +10.1%, gross margin 35.3%, yoy+0.4pct.
Risk warning: Increased competition in the energy storage industry affects the company's shipments; the cabinet availability rate falls short of expectations.