\u3000\u3000 Beijing United Information Technology Co.Ltd(603613) (603613)
Key investment points
Event: Beijing United Information Technology Co.Ltd(603613) released the performance express of 2021. The company achieved an annual operating revenue of 37.348 billion yuan, an increase of 117.7% year-on-year compared with 17.158 billion yuan in the same period in 2020; The net profit attributable to the parent company was 574 million yuan, a year-on-year increase of 88.6%; The net profit deducted from the non parent company was 527 million yuan, a year-on-year increase of 97.2%, close to the upper limit of the announcement range of the company's performance pre increase.
Various Duoduo platforms continue to integrate industrial resources and help the rapid growth of online commodity transactions. On the one hand, Duoduo e-commerce platform, as a vertical self-supporting platform, deeply cultivates the subdivided industries, continuously focuses on the corresponding track and accumulates a large number of loyal user groups; On the other hand, after the continuous integration of upstream and downstream resources, Duoduo e-commerce platform effectively implements the core supplier strategy, ensures the supply of goods by means of collective procurement and supply chain extension, improves the bargaining power, and helps the growth of transaction volume, so as to promote the high growth of revenue and increase the profits of Pingtai.
Comply with the development trend of industrial e-commerce and industrial Internet, consolidate the core business model and explore the second growth curve. The 14th five year plan for the development of digital economy points out that by 2025, the added value of core industries of digital economy will account for 10% of GDP. Adhering to the core of industrial Internet strategy of "platform service, technology driven and data support", the company actively promotes the construction of Duoduo e-commerce platform at the end of transaction supply chain, expands categories horizontally and depth vertically, and tamps the first growth curve of rapid growth; At the same time, in terms of cloud factory, the company will promote the digital transformation of all links of upstream enterprises, help enterprises release production capacity and improve efficiency, and build an industrial ecological circle. It is estimated that there will be an average of 2-5 billion potential cooperation factories on the cloud end, which can bring an average of 2-5 billion revenue per year after signing a contract on the cloud end of the supply chain. Digital factories in the same industrial chain, supply chain and value chain will be linked together, or the closed-loop operation of information flow, order flow, capital flow and logistics will be gradually realized. Digital technology services are expected to build the second growth curve of the company.
Profit forecast and investment suggestions. According to the disclosure of the company's annual performance express in 2021, the net profit attributable to the parent company from 2021 to 2023 is expected to be 574 million yuan, 920 million yuan and 1.46 billion yuan respectively, with an annual compound growth rate of 69%, corresponding to 69 times, 43 times and 27 times of PE respectively. Considering that the e-commerce market of industrial products is broad and the penetration rate still has great room to improve, the company is China's leading industrial B2B e-commerce platform and a leading industrial Internet enterprise, with multi category competitive advantages and high growth at the same time. To sum up, we maintain the "buy" rating and recommend active attention.
Risk tip: industry policy risk, risk of intensified market competition, risk of customer transformation less than expected, risk of strategic promotion less than expected.
