\u3000\u3000 Beijing United Information Technology Co.Ltd(603613) (603613)
Key investment points:
The performance is close to the upper limit and has maintained high growth in the eleventh quarter since its listing
The company achieved revenue of 37.348 billion yuan (+ 117.67%) in 2021; The net profit attributable to the parent company was 574 million yuan (+ 88.59%); Deduct the net profit not attributable to the parent company of 527 million yuan (+ 97.15%). Single 21q4 revenue was 13.873 billion yuan (+ 94.68%); The net profit attributable to the parent company was 235 million yuan (+ 87.33%). The performance is close to the upper limit, with high growth for 11 consecutive quarters since listing.
The quality of information disclosure is improved, which meets the ESG standard and is expected to improve the valuation center
The quality of the company's information disclosure has been improved. The recent announcement and research records have a lot of dry goods and rich data. They can publicly answer the core questions of the market. The quality of information Phi such as annual reports is expected to continue to improve in the future, meet ESG standards, enhance market trust, and the valuation center hopes to improve beyond the expected period.
The cloud factory was implemented and ran through the new growth curve
1) at present, Guolian has built three model cloud factories, with a total of more than 20 multi cloud factories, which helps the upstream enterprises to implement digitalization, enhance the upstream supply satisfaction capacity, and improve the penetration rate of existing transactions. At present, there are 6 cloud factories in the titanium industrial chain, which has formed a relatively complete industrial chain. 2) The overall effect of cloud factory in cost reduction, efficiency increase and supply chain optimization is obvious. The upstream purchase and marketing cost is reduced by 3-10%, the yield is increased by 5%, the energy consumption is reduced by about 10%, and the production capacity is improved. 3) The digital transformation of cloud factory adopts the profit model of advance payment and subsequent charge, with an advance payment of 2-5 million yuan and a subsequent charge of 1-5 million yuan. The profit model will be implemented smoothly in 2021. 4) At present, there is a strong willingness to cooperate with cloud factories. In 2022, the company plans to sign 30-40 new cloud factories and implement 10-15. In the next two years, it will achieve 100 cloud factories, each of which is expected to generate 500-1 billion transaction volume, which is expected to support 50-100 billion transaction scale.
Smart logistics helps in-depth supply chain construction
Guolian smart supply chain platform includes "smart transportation platform + cloud warehouse platform + digital port area". The intelligent transportation platform uses Beidou and LBS positioning to provide enterprises with multimodal transportation schemes to save transportation capacity. The cloud warehouse platform builds a "central warehouse + front warehouse" digital warehouse to ensure the enterprise's safety inventory. The weighing time is reduced from 10 minutes to 15 seconds, saving logistics time. In line with the company's cross-border e-commerce strategy, the digital port has established a CA delivery system for ethanol, PVC and titanium ore. Guolian builds a smart supply chain from two aspects of transaction and delivery to provide full supply chain services for upstream and downstream enterprises.
Profit forecast and valuation
Meet expectations and maintain profit forecasts; It is estimated that the revenue in 2021-23 will be 37.28/67.2/114.33 billion yuan, with a growth rate of 117.3% / 80.2% / 70.1%, and the net profit attributable to the parent company will be 573 / 9.5 / 1.61 billion yuan, with a growth rate of 88.3% / 65.3% / 70%; Maintain the "buy" rating.
Risk tip: the repurchase rate of old customers decreased, the growth rate of new customers was low, the horizontal replication of Duoduo platform was less than expected, and the promotion of cloud factory was less than expected
