The performance continues to grow beyond expectations, Qinhuai Data leads the new direction of "technology -driven green computing power"

Source | Zero One Finance

Author | Zhao Yue

Under the tide of digital new infrastructure, the pioneers of data centers are in the way.

A few days ago, Qinhuai Data Group (NASDAQ: CD, hereinafter referred to as Qinhuai data), the leading large -scale computing power infrastructure operator of the Asia -Pacific emerging market, announced the unveiled financial report of the second quarter of June 30, 2022.

According to the financial report, in the first half of this year, Qinhuai Data continued to maintain a steady and high -speed growth of financial performance. As of the end of the second quarter, the total number of operations and data centers under construction reached 30, with a total IT capacity of 776MW, an increase of 34.3%from 578MW in the same period in 2021. The total capacity of the signing IT reached 650MW (including the order of strong intention), an increase of 31.2%year -on -year, and the overall signing capacity and strong intention capacity ratio was as high as 84%.

Driven by the "double carbon" target and the "East Digital West Calculation" strategy, Qinhuai Data adheres to green technology first, actively promotes the "zero carbon computing power", and looks forward to layout the country's "East Digital West Calculation" node. The strong growth trend is constantly creating a new benchmark for digital new infrastructure.

1. Profit level leads the industry, and revenue increased in eight consecutive quarters.

Based on the forward -looking layout of the "East Digital West Calculation" node and the Asia -Pacific market, and active exploration in green technology such as power -saving and water -saving, Qinhuai data continued to maintain steadily growth. In the first half of the year, Qinhuai Data achieved revenue of 1.96 billion yuan, an increase of 47.3%year -on -year; after adjustment, EBITDA was 1.04 billion yuan, an increase of 60.7%year -on -year; net profit was 294 million yuan, a significant increase of 138.5%year -on -year.

Among them, in the second quarter, Qinhuai Data achieved revenue of 1.04 billion yuan, an increase of 51.2%year -on -year; after adjustment, EBITDA reached 540 million yuan, an increase of 60.8%year -on -year. Qinhuai data revenue and adjustment have maintained an excellent growth of EBITDA for eight consecutive quarters, and their business growth has been strong.

Figure 1: Qinhuai data business income, adjustment of EBITDA after adjustment

Data source: Company Financial Report, Zero One Think Tank

In terms of profitability, Qinhuai Data has achieved profitability for six consecutive quarters. Among them, in the second quarter of this year, Qinhuai Data achieved a net profit of 2 billion yuan, a significant increase of 206.3%year -on -year. Essence

From the perspective of the industry, according to the prediction of Kozhi Consultation, from 2022-2024, the compound growth rate of the market size of the Chinese data center was 15.9%. The current growth rate of Qinhuai data has far exceeded this level. It can be seen that the business of Qinhuai Data is growing rapidly, the industry's competitiveness is increasing, and it is already at the leading level of the industry.

Specifically, compared with the NASDAQ: GDS: GDS; HKEX: 9698) and Century Interconnection (NASDAQ: VNET), which are also listed abroad, Qinhuai's data revenue has a year -on -year growth rate. This quarter is higher than the other two. Among them, in the second quarter of 2022, the growth rates of Qinhuai Data, World Data and Century Interconnection were 51.2%, 24.0%, and 15.2%, respectively; after adjustment, EBITDA growth rates were 60.8%, 18.6%, and 14.5%, respectively.

Figure 2: The year -on -year growth rate of Qinhuai Data, IWC data and Century Interconnection revenue, and the year -on -year growth rate of EBITDA

Data source: Company Financial Report, Wind, Zero 1 Think Tank

It is particularly noteworthy that the excellent revenue and profit performance of Qinhuai's data is obtained from the cost structure that is far lower than the industry's capital investment and continuous optimization. It can be seen through its actual asset -liability statement and profit and loss statement that the asset return rate of Qinhuai data is much higher than the industry. According to Wind data, in the first half of 2022, Qinhuai Data, World Data, and ROA interconnected were 4.3%, -25%and -1.3%, respectively.

In addition, on June 24, 2022, Qinhuai Data officially completed a 500 million US dollar merchant loan financing participated by 15 institutions including Morgan Stanley and Credit Suisse, which provided favorable support for further project investment; The rating has confirmed that the long-term foreign currency and local currency issuer's breach of contract and high-level foreign mortgage rating of Qinhuai Data "BBB-" have been confirmed that the outlook is stable. Fitch believes that, thanks to the long -term lease contract signed by the opponent with a strong market position, the cash flow of Qinhuai Data Group is highly predictable. The recognition and affirmation of the capital market further highlight the stable financial situation and strong development trend of Qinhuai's data.

Second, forward -looking layout, in -depth response "East Digital West Calculation" strategy

Since the formal launch of the "East Digital and West Calculation" project, it has continued to accelerate the construction of data centers in many places. According to data from the Ministry of Industry and Information Technology, as of the end of June 2022, the total scale of my country's data center racks exceeded 5.9 million standard racks, the server size was about 20 million units, and the total computing power scale exceeded 150eflops.

Qinhuai Data focuses on the construction and operation of large -scale data centers. During the reporting period, the total capacity of the data center continued to maintain high -speed growth. There were 30 data centers operating and under construction at home and abroad, and computing power served the world's leading worldwide.

As a pioneer of the new generation of large -scale data centers, Qinhuai Data has always believed that its mission is to convert electricity into computing power in the most efficient way. Therefore, the resource layout and development concept of Qinhuai Data are highly consistent with the "East Digital West Calculation". In the eight national computing power hubs of the "East Digital and West Calculation", Qinhuai Data has been launched in advance in the four places such as Beijing -Tianjin -Hebei, Yangtze River Delta, Guangdong, Hong Kong, Macao Greater Bay Area, and Gansu. At the Beijing -Tianjin -Hebei node, Qinhuai Data settled in Zhangjiakou County, Hebei, Huailai County, in March 2017 to help the local data center industry realize the development from 0 to 1, from 1 to N. The coordinated development of the chain has played an important industrial cluster effect. At present, the data center of Qinhuai Data is put into operation and operation has become the largest data center cluster operating in the region, and the largest data center cluster on the "East Digital West Calculation" node.

In addition, in order to further undertake the computing power business of Beijing -Tianjin -Hebei key areas and help Beijing, Tianjin, Hebei, and Jin, Qinhuai Data established the capital of Taihang Mountain Energy Information Technology Industry Base in Lingqiu County, Datong City. On August 19, 2022, Qinhuai Data signed a new generation of large -scale high -secret data center expansion projects with Datong City Government. The total capacity of the park exceeds 500MW, becoming the largest data center in Asia's single park.

In the western node, the Qingyang cluster is one of the 10 national data centers clusters of "East Digital and West Calculation". It is positioned to create a data center cluster featuring green, intensive, and security. Computing demand in the Guangdong -Hong Kong -Macao Greater Bay Area and other areas. The Qinhuai Data Plan plans to build a large-scale computing power infrastructure cluster with an IT capacity of 150MW in Qingyang in the next 3-5 years.

3. Leading technology and creating a "zero carbon computing power" benchmark

The data center industry has always been identified as a high -energy consumption industry, and energy costs account for more than half of the total cost of data centers. With the comprehensive launch of the "East Digital West Calculation" project, driven by the "double carbon" goal, low -carbon energy saving and green sets have become a key development direction for the data center industry. The relevant policies of the Green Data Center are densely released, the energy policy is tightened, and the approval of energy consumption indicators is becoming more and more stringent. Since 2022, Beijing, Shanghai, Tianjin and other places have issued relevant energy -saving policies, which further emphasized the requirements for energy efficiency indicators of data centers.

Table 1: Related energy conservation policies in some regions in 2022

Source: governments of various governments, Zero -One Think Tank

Qinhuai Data always adheres to the ideal of "zero carbonism", actively promotes the "zero carbon computing power" strategy, has obvious advantages in the construction of green data centers, and focuses on promoting the green development of data centers through technological innovation. As of the second quarter of 2022, Qinhuai Data has been obtained and the number of patents apply for 361 items, an increase of 51 items compared with the first quarter, and is in the leading position in the industry.

(1) Starting from the green site selection, use the natural environment to reduce the total electricity consumption

In terms of electricity resources, the power load of the data center is huge. According to the calculation statistics of relevant agencies, in 2020, the power consumption of the data center in my country has exceeded 200 billion kilowatt -hours, accounting for about 2 % of the total power consumption of the society. 12%speed.

Qinhuai Data is committed to providing customers with a new generation of large large -scale data centers for full -stack. Driven by the ultimate ideal driver of "zero carbonism", starting from the green site of the source, the company injects data into the concept of "efficient power into computing power" into The central planning, design, construction and operation of the whole process, reduce the total electricity consumption of the data center.

"Energy flow", "business flow", and "data flow" are the three principles of Qinhuai Data Selection Construction Data Center Park. Qinhuai Data will centrally deploy most of the computing power infrastructure around the first -tier cities with strong computing power demand. At the same time, it is required to be rich in power resources and low factor costs. For example, in Zhangjiakou, Hebei, which is near Jingjin and Hebei, Qinhuai Data has set up a "three bases in the same city" in the local Dongbuyuan Town, Sangyuan Town, and Cunrui Town. Zhangjiakou is a national -level renewable energy demonstration area with rich wind and solar energy. The average annual temperature of 9.1 degrees is very conducive to data centers to achieve heat dissipation and reduce energy consumption through natural conditions. During the construction process, the Qinhuai Data Industry Research Team pioneered the overall solution of the combination of large flat layers and multi -layer building form data centers and indirect evaporation and cooling air conditioners in China. Most of the time can achieve natural wind cooling.

(2) R & D water -free cooling technology to solve the dilemma of layout in the water shortage area

In addition to electricity resources, water resources are also an important decisive factor in the location and layout of my country's data center. In the era of digital economy, data resource storage, computing and application requirements have been greatly improved, and the total capacity of data centers has also accelerated. Data center operations need to emit a lot of heat, consume a lot of water resources to take away heat And network equipment is safe, stable and reliable.

At the same time, from the perspective of the total distribution of water resources in 2021, the total amount of water resources of the eight major computing power hubs of the "East Digital and West Calculation" project accounts for about 33%of the total water resources, of which Ningxia hubs and Gansu hub account for The ratio is less than 1%, which are 0.03%and 0.94%, respectively.

Figure 3: The proportion of water resources in the eight major computing power hubs in 2021

Data source: "China Water Resources Bulletin", Zero Yizhi Bidding: The proportion of water resources in each hub through the total amount of water resources in the provincial administrative regions involved in the hubs is divided by the total national water resources (not included in Hong Kong, Macao and Taiwan) Among them, based on data acquisition, the Guangdong -Hong Kong -Macao hub only calculated Guangdong Province.

Qinhuai Data continues to explore power -saving and water -saving solutions through technological innovation. Recently, Qinhuai Data released the "Rock" module data center architecture. Among them, the "Xuan Tie" minimalist power supply system, the "Xuanbing" ultimate cooling system, and the "Xuanzhi" intelligent monitoring system have a new breakthrough in the fields of data center power supply, cooling and monitoring technology.

The "Xuanbing" water -free cooling technology was jointly developed by Qinhuai Data and Victoria Technology. For the first time in the data center industry, zero -water resource utilization rate can be fundamentally solved from the dilemma of the data center in the lack of water. At present, Qinhuai Data has deployed the technology in Huailai Data Center in Hebei, and compared with indirect evaporation cooling air conditioning technology (AHU) in the same operating environment in the same operating environment. Compared with the indirect evaporation and cooling air conditioning technology commonly used in the industry, the "Xuanbing" water -free cooling technology has reached the ultimate lower limit of 0 with a water resource utilization rate (WUE). It is equivalent to the water storage volume of the "Water Cube" standard swimming pool in 320 national swimming centers, which can meet the annual water consumption of 10,000 households. "Xuanbing" water -free cooling technology has important practical significance for helping the "East Digital West Calculation" strategy in the western region.

It can be seen that Qinhuai Data is constantly developing the new development of the data center industry through technological innovation to inject new kinetic energy into the development of the digitalization of society.

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