This is the 638th original article of the new energy explosion
History does not simply repeat itself, but always rhymes with the same rhyme.
A few days ago, Gree Electric Appliances because of the 2022 annual report "thunder", directly smashed a drop limit, relatively, Midea Group trend is much better, Midea and Gree, the past few decades can be called happy old wrongdoers, business is similar, secondary market trends and market value and other aspects are also similar, but due to the previous layout of their own business is different, in the past few years, performance began to slowly pull out of the gap, accompanied by the trend of the secondary market also began to diverge.
The relationship between Midea and Gree, which was like twin brothers at the beginning, but eventually went further and further, was simply reproduced on Kehua Data and Crestec.
Kehua data and Crestec both started as UPS power supply, and then entered the downstream data center business, in the past ten years, whether it is business composition, or revenue volume, or secondary market trends, are very similar, but due to the previous layout of new energy business rhythm is different, Crestec first enjoyed the explosion of optical storage business, Kehua data is obviously much worse, which also leads to the trend of the two in the secondary market has opened the gap.
However, unlike Gree, which has almost no chance to catch up with the United States in the short and medium term, Kehua Data still has the opportunity to catch up with Crestec in the era of the explosion of optical storage.
A brief analysis of Kehua Data's 2022 annual report
In 2022, the company achieved revenue of 5.648 billion yuan, a year-on-year increase of 16.09%, a net profit attributable to the parent of 248 million yuan, a year-on-year decrease of 43.40%, and a net profit of 247 million yuan, a year-on-year decrease of 23.58%.
Compared with Crestec's revenue growth of more than 80%, Kehua's data is obviously not enough, and the net profit is an avalanche, but mainly Q4 has an impairment of 170 million yuan of inventory and equipment, resulting in a loss in Q4.
Fortunately, aside from this impact, the first quarter of 2023 also began to grow rapidly, Q1 achieved revenue of 1.490 billion yuan, a year-on-year increase of 50.02%, such a large increase Although there is also a factor of a low base in the first quarter of last year, but looking at the company's history, 1.49 billion is already the second highest level in a single quarter in the company's history.
The company's past quarter was a slow season, and the first quarter of this year was more special, and such a strong performance was mainly due to the rapid uptake of the energy storage business.
In 2022, the revenue from data centers will be 2.818 billion yuan, down 7.55% year-on-year. Among them, IDC services were 1.479 billion yuan, a year-on-year increase of 2.09%, and data center products and integrated products were 1.339 billion yuan, a year-on-year decrease of 16.88%. Obviously, the data center business performed very badly last year, but in the past two years, when the Internet has encountered antitrust and contracted business, there is no way to decline revenue.
Smart energy, mainly UPS power supply, last year's revenue of 996 million yuan, down 8.39% year-on-year, this decline in revenue is the same as the data center business, basically understandable.
New energy revenue of 1.769 billion yuan, a year-on-year increase of 166.96%, a very bright growth rate, to know that in 2021 from new energy revenue is only 664 million, new energy has jumped to the company's second largest business.
Moreover, Q1 new energy business continued to maintain rapid growth, Q1 revenue composition, data center business contributed about 590 million yuan (IDC services 340 million yuan, products 250 million yuan), smart energy business 215 million yuan, new energy business 676 million yuan, the first quarter of new energy revenue has been higher than the whole year of 2021, continue to grow rapidly year-on-year! In 2023, the revenue of the new energy business is expected to reach 4 billion, which has the opportunity to become the company's largest main business.
The new energy business began to accelerate
At present, the company's new energy business includes photovoltaic, energy storage and other renewable energy applications, the main products include photovoltaic inverters, photovoltaic off-grid controllers, energy storage converters, off-grid inverters and other products and corresponding supporting system solution services.
The main growth is still from overseas household savings and domestic large reserves. According to IHS Markit data reported by the company in 2022, Kehua has the fifth largest market share in the global energy storage inverter market; According to the data of Zhongguancun Energy Storage Industry Technology Alliance, the company's user-side energy storage system shipments in China ranked first, and the company's energy storage PCS shipments ranked Top2 in the world and China.
In addition, last year, the company also won the 2022 Top 500 Global New Energy Enterprises, the 2022 China Energy Storage Industry Most Influential Enterprise Award, the 2022 China Energy Storage Industry Best System Integration Solution Enterprise Award, the 2022 China Energy Storage Industry Best PCS Supplier Award, the 2022 Most Influential Photovoltaic Storage Solution Award, the 2022 Most Influential PV Inverter Enterprise Award, the 2022 Energy Storage New Enterprise Award, the 2022 Double Carbon Practice Influential Enterprise Award and many other honors.
It should be said that in the photovoltaic storage business, the company has made a preliminary breakthrough, and it is still growing rapidly.
The new energy explosion has also said many times that although the photovoltaic storage business has some technical barriers, it is by no means insurmountable, and the underlying technology of UPS power supply and inverter are also in the same vein, and the most important thing is the channel problem for the success of the transformation of such enterprises.
On the one hand, Kehua benefited from the channel accumulation of UPS power supply and data center business, on the other hand, it has also accelerated the expansion of overseas channels for the new energy business in the past two years, and now the company has marketing and service teams in more than 30 countries such as the United States, France, Poland, India, and Brazil.
For the performance of the new energy business in Kehua Data's 2022 annual report and 2023 first quarter report, the new energy explosion is still very satisfied. When tracking it before, Leo compared the difference between Kehua and Crestec, Kehua data is weaker in forward-looking, but the victory is good in execution, and it can often be done later, whether it is UPS power supply, or data center business, especially in the data center business is very obvious.
After the company decided to establish the data center and new energy as twin stars last year, especially after comparing the business performance in the first three quarters of last year, Q4 and the first quarter of this year, it can be clearly seen that Kehua Data's new energy business has accelerated, and the results are also very good.
The company's execution is still reflected, which is also the most important, and it is also one of the most concerned points when Leo observes Kehua data.
According to the company's current new energy business layout and previous achievements, from this year, the company will gradually become a veritable new energy company.
Kehua Data can be expected in 2023
Of course, this does not mean that its data center business is not good, on the contrary, this year's data center business is worth optimistic about, last year is likely to be the darkest moment of the data center business.
In the first two years, the domestic Internet industry encountered anti-monopoly, and Internet giants have carried out strategic contraction, resulting in a decline in demand for data centers, but since the end of last year, we have seen that the policy for the Internet industry has begun to adjust, no longer mentioning anti-monopoly, no longer mentioning the problem of disorderly expansion of capital, but encouraging Internet giants to become stronger and bigger, participate in overseas competition, and game version numbers have also resumed distribution.
With the increase of downstream demand, the company's data center business has little problem to resume growth this year, and this wave of AI will also accelerate the further release of demand for data center construction and power products.
Compared with many messy AI concept stocks that are now hot in the market, Leo sincerely believes that Kehua Data is one of the companies that really benefit, but the market is still indifferent to it, maybe it is a new energy company...
In short, Kehua Data's 2022 annual report and 2023 quarterly report look very good, and this year is still very worth looking forward to.
Statement: The article only records the author's thoughts, does not constitute investment advice, investment has huge risks, need to be cautious and cautious, I hope that everyone treats their investment like a decoration house, do not let the time to pick the company is not as much as the time you pick furniture, you can repeatedly weigh small money, how to treat big money so sloppy?