Ccs Supply Chain Management Co.Ltd(600180) (600180)
Key investment points:
Comply with the development trend of the industry and have a clear strategic development direction. The production and sales of bulk commodity market remained high, and the development space of supply chain management increased. Ccs Supply Chain Management Co.Ltd(600180) deeply cultivated the coal supply chain for more than 20 years, complied with the development trend of the industry, and strengthened the service specialization level of bulk commodity supply chain dominated by coal; Build an intelligent supply chain Internet industry platform; In response to the one belt, one road policy, we should enhance international development.
The “two wheel drive” mode has taken shape and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) has made rapid development in all businesses. Ccs Supply Chain Management Co.Ltd(600180) the current business model has realized the offline self operated business based on coal supply chain management and the “two wheel drive” development mode of industrial Internet platform industry based on easy coal network. The company has strengthened the stickiness between upstream and downstream enterprises of the same industrial chain and promoted the scale of coal supply chain management, The expanded coal trading business once again brings more high-quality upstream and downstream enterprises to promote the growth of industrial Internet platform business.
During the year, the performance was brilliant, the category was expanded and the main cyclical risk was reduced. Ccs Supply Chain Management Co.Ltd(600180) in the first three quarters of 2021, the revenue increased by more than 25%, the net profit increased by more than 200%, and the business scale increased greatly. With the help of the mature Wuxi Online Offline Communication Information Technology Co.Ltd(300959) industrial coordination model of the coal supply chain, we actively expanded our own commodity categories, built a multi category commodity Internet industry platform, and effectively reduced the cyclical risk brought by the coal business, It has opened up new profit growth points for its own business.
Profit forecast: it is estimated that from 2021 to 2023, the company will realize revenue of RMB 42.005 billion, 49.222 billion and 57.885 billion, with a year-on-year increase of 14.58% / 17.18% / 17.60%. The corresponding EPS is 0.88/1.03/1.21 yuan respectively. We give the company the corresponding target price of 7.33 yuan in 2021, and give the rating of “prudent recommendation” for the first time.
Risk tip: the uncertainty of the international environment has increased, and the business expansion is less than expected
