\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 73 Hichain Logistics Co.Ltd(300873) )
Performance
On March 2, Hichain Logistics Co.Ltd(300873) issued the annual report for 2021. In 2021, the operating revenue was 1.468 billion yuan, a year-on-year increase of 36.66%, the net profit attributable to the parent was 309 million yuan, a year-on-year increase of 58.81%, and the net profit not attributable to the parent was 212 million yuan, a year-on-year increase of 31.38%. 4q2021's operating revenue was 428 million yuan, a year-on-year increase of 34.76%, and the net profit attributable to the parent company was 628656 million yuan, a year-on-year increase of 25%.
Analysis
Revenue maintained rapid growth, and the performance was in line with expectations. The company's revenue maintained rapid growth, mainly because 3C electronics industry maintained a high outlook, and new high-quality customers also maintained good growth. The operating revenue of it consumer electronics industry reached 1.305 billion yuan, a year-on-year increase of 33.64%. The sales volume of new energy vehicle customers increased significantly. The cumulative number of ideal vehicles delivered in 2021 was 90491. The company expanded the scope of new energy vehicle manufacturing supply chain logistics services. The operating revenue of new energy vehicle service related businesses was 96.2 million yuan, a year-on-year increase of 194.60%. The gross profit margin of the company was 28.85%, a year-on-year decrease of 2.61pct, mainly due to the rise of labor costs; The company's sales expense ratio was 2.6%, with a year-on-year increase of 0.02pct; With the gradual appearance of scale effect, the management expense rate was 5.84%, a year-on-year decrease of 0.54 PCT; The R & D expense ratio was 1.36%, with a year-on-year increase of 0.07pct; The financial expense ratio was 0.47%, a year-on-year decrease of 1.18pct, mainly due to the appreciation of RMB and large exchange losses in the same period last year.
Entering the field of automation integration, cross industry replication capability has been verified. In 2021, the company added 242938 million yuan of automation integration business, mainly due to the revenue recognized after the completion of Shenzhen International Automation Project in this period. The company's customer base has gradually expanded from 3C electronics to new energy vehicles, special materials, Internet, household appliances, photovoltaic and other industries. Midea's international spare parts warehouse project is a typical case of rapid replication of the company's spare parts and services across industries.
Digital enabling supply chain services and business development drive the continuous growth of the company's performance. The company signed a framework cooperation agreement with Tencent cloud and digital potential technology to jointly build the first vertical Internet SaaS service platform in the field of supply chain leading at home and abroad. We believe that the fine management brought by the company's digital empowerment and the continuous large volume of key customers drive the continuous growth of the company's performance.
Investment advice
We predict that the net profit attributable to the parent company from 2022 to 2024 will be 381 million yuan, 475 million yuan and 586 million yuan respectively, with a year-on-year increase of 23.31%, 24.46% and 23.53%, maintaining the "buy" rating.
Risk tips
The risk of high customer concentration, the risk of RMB exchange rate fluctuation and the risk of sharp rise in labor costs.
