blockchainp2e| Costar (002518): Data center layout keeps pace with the times, new energy looks at multi-product and multi-dimensional development

Inventory backlog downstream of overseas household savings business, market demand fluctuations affect 24Q1 performance and achieve revenue in 2023 54Blockchainp2e.400 million yuan, yoy+23Blockchainp2e.6%Blockchainp2e; return to the mother net profit 845 million yuan, yoy+28.8%Blockchainp2e; deduct 818 million yuan in non-return net profit, yoy+34.5%. The gross profit is 32.89% and the net profit is 16.02% and 0.52pct respectively. The revenue of 2024Q1 is 831 million yuan, the net profit of yoy-41%,qoq-39%; is 134 million yuan, the gross profit of yoy-42%,qoq-13%; is 33.4%, the gross profit of yoy-42%,qoq-13%; is 1.3pct, the net profit is 0.7pct, and the net profit of homing is 16.2%, which is 1.2pctqoqcoach 4.9pct. The company's revenue declined in the first quarter, mainly due to the temporary backlog of customer inventory in the downstream channels of overseas household storage business, the impact of periodic fluctuations in market demand, and a reduction in household storage product shipments. 23-year business split: 1. Smart power supply, data center products: realized revenue of 2.509 billion yuan, yoy+14.87%, gross profit margin of 38.46%, an increase of 2.05pct over the same period last year. 2. Optical storage and charging products and system products: realized income of 2.692 billion yuan, yoy+38.33%, gross profit margin of 26.49%, an increase of 1.9pct over the same period last year. 3. New energy products: realized revenue of 38.47 million yuan, yoy-21.99%, gross profit margin of 62.4%, down 7.65pct from the same period last year. 4, supporting products: realized income of 162 million yuan, yoy-9.7%, gross profit margin of 32.77%, up 3.25% over the same period last year. Data center product research and development keeps pace with the times, energy storage business is affected by downstream customer inventory. 1) in the data center industry, the company's independent R & D and production of related products have tended to be diversified and integrated, and launched products highly adapted to the computing data center. For the future high-density scenario with a single cabinet load of 20-60kw, the company also has the corresponding cold plate liquid cooling series integrated solution. 2) in the new energy industry, the company signed a 23-year energy storage contract with customer An of 1.415 billion yuan, with a total performance amount of 1.115 billion yuan by the end of 23. Affected by the high inventory quantity of customers, the implementation period of the contract is longer than the plan. In terms of profit forecast data centers, we expect the company to accelerate the development of very large-scale data centers and marginal data centers with the further development of industry-level cloud computing, AI and mobile Internet. In terms of new energy, the company has arranged a number of core products, such as high-power photovoltaic inverters / energy storage PCS, industrial and commercial energy storage systems, household energy storage systems, and so on, which are expected to offset the inventory impact of downstream customers from multi-product dimensions. Based on the company's 24Q1 operating performance, we adjust the company's 24-26 operating income to 65.3,77.0 and 9.09 billion yuan (the original value is 9.39 billion yuan in 24 years), and return to the mother net profit of 9.2,11.4 and 1.4 billion yuan (the original value is 1.5 billion yuan in 24 years). Yoy+8.5%/+23.9%/23.6%, corresponds to the previous valuation of 13, 11, 9XPE. Risk hints: macroeconomic fluctuation risk, market competition risk, raw material price fluctuation risk, photovoltaic inverter and stored energy shipment less than expected risk, industry installation is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.