\u3000\u3000 Beijing United Information Technology Co.Ltd(603613) (603613)
Event: on February 23, 2022, the company issued the announcement of 2021 annual performance express, realizing a total operating revenue of 37.348 billion yuan, a year-on-year increase of 117.67%; The net profit attributable to the shareholders of the listed company was 574 million yuan, a year-on-year increase of 88.59%, which was in line with the scope of the preliminary notice.
The performance will grow rapidly in 2021, and it is expected that Duoduo platform transactions will continue to increase rapidly. 1) During the reporting period, the growth of the company’s online commodity trading revenue benefited from the development trend of industrial e-commerce and industrial Internet, the company’s long-term accumulation of industrial resources and excellent operation team, the mode advantages, service capability and operation strategy of Duoduo e-commerce, and the trading volume of its Duoduo e-commerce platforms increased rapidly, So as to realize the rapid growth of operating revenue. According to the announcement, the total operating revenue is expected to reach 37.348 billion yuan in 2021, with a year-on-year increase of 117.67%; The net profit attributable to the parent company was 574 million yuan, with a year-on-year increase of 88.59%, which was in line with the scope of the preliminary notice. In Q4 alone, the company achieved an income of about 13.873 billion yuan, a year-on-year increase of 94.68%; The net profit attributable to the parent company was 235 million yuan, a year-on-year increase of 86.51%. 2) According to the company’s 21 year semi annual report, in terms of business information services, the company optimized the structure of the United Nations resource network and improved its comprehensive service capacity to enhance the stickiness of its members; In terms of online commodity trading, the company actively promotes the expansion of platform trading volume, implements active upstream and downstream strategies, expands the market share of various vertical fields, carries out multi category extension, supply chain extension and user resale transactions, and provides customers with SaaS services such as cloud ERP, smart logistics, digital warehousing and digital factory; In terms of Internet technology services, the company actively promotes the construction of Guolian cloud digital technology application service system, and provides digital cloud application services such as industry live broadcast and video conference, digital supply chain, digital factory and industrial Internet platform services, which are expected to achieve sustainable growth.
The gross profit margin remained stable, and the scale effect led to the decline of the overall cost rate. 1) In the first three quarters of 2021, the overall gross profit margin of the company was 3.21%, down 1.05pct from the same period of last year, and the gross profit margin in Q3 was 3.01%, down 1.27pct from the same period of last year. 2) In the first three quarters of 2021, the overall expense ratio of the company was 0.91%, a decrease of 0.84pct compared with the same period of the previous year, mainly due to the high growth rate of the company’s operating revenue, which has a certain scale effect. Among them, the sales expense ratio was 0.55%, a decrease of 0.62pct over the same period of last year; The management fee rate was 0.18%, down 0.11 PCT; The financial expense ratio was 0.00%, down 0.08pct, mainly due to the increase of the company’s interest income during the reporting period. 3) The company continued to increase its R & D efforts. In the first three quarters of 2021, the R & D expenses were 44 million yuan, an increase of 101.53%, accounting for 0.19% of revenue, an increase of 0.03pct over the same period last year. It is expected that the company will increase its R & D investment in platform systems and digital services.
Duoduo platform has broad space in the future, and cloud factory breeds the ecology of industrial chain. 1) Looking forward to the future, the company implements a multi track development strategy, paying equal attention to horizontal replication and vertical extension. At present, there are as many as 7-8 key tracks, the incubation is also proceeding in an orderly manner, and the accessible market scale of multiple platforms has been steadily improved. At the same time, Duoduo e-commerce currently has a low market penetration of core products, a broad space for long-term improvement, and a rapid growth trend has emerged. 2) Guolian cloud is an important business support and technology output platform for the company, enabling the digital transformation of small and medium-sized enterprises. It is expected to become an important driving force for the company’s long-term growth by deeply binding the supply chain, breaking through data barriers in all links and building a collaborative ecosystem of industrial Internet.
Maintain the “buy” rating. Adjusting the profit forecast according to key assumptions and recent announcements, it is estimated that the company’s total operating revenue from 2021 to 2023 will be 37.348 billion yuan, 73.305 billion yuan and 128.361 billion yuan (the previous forecast is 34.472 billion yuan, 62.620 billion yuan and 101.482 billion yuan); The net profit attributable to the parent company is RMB 574 million, RMB 1122 million and RMB 1981 million (the previous forecast is RMB 541 million, RMB 960 million and RMB 1563 million). Maintain the “buy” rating.
Risk tip: the prosperity of the industries involved in Duoduo platform decreased significantly, the decline of gross profit margin exceeded expectations, and the landing of cloud factory was less than expected
