Jiangsu Feiliks International Logistics Inc(300240) (300240)
A modern logistics service provider focusing on integrated supply chain management. The company’s main business is to provide integrated supply chain management solutions. Deeply cultivate it manufacturing logistics services, and gradually expand automobile and parts industry, intelligent manufacturing equipment industry, precision instrument industry, medical device industry and express consumer goods industry. The company has initially formed solutions for six target industries. It is a 5A level integrated logistics service enterprise committed to providing integrated supply chain solutions for intelligent manufacturing enterprises. In 2021q3, the company achieved a revenue of 4.888 billion yuan (YoY + 91.43%), a net profit attributable to the parent company of 162 million yuan (YoY + 678.83%), and a net profit attributable to the parent company of 53 million yuan (YoY + 1148.7%) after deduction. The substantial increase in revenue was mainly due to: ① the continuous growth of the company’s port business in China; ② the low base last year.
In the first three quarters, the comprehensive gross profit margin was 7.26%, down 1.8 percentage points year-on-year. It is mainly affected by the epidemic, the storage demand is lower than expected, some warehouses are vacant, and the gross profit margin of storage business is affected.
Intelligent manufacturing drives the company’s long-term growth. The company is committed to becoming an “intelligent manufacturing supply chain management expert driven by data technology”. After more than 20 years of intensive cultivation in the logistics service field of IT manufacturing industry, the company has a very deep understanding of the logistics demand of electronic manufacturing industry and accumulated rich experience and resources. At present, it has formed a relatively mature logistics solution and a large number of successful cases in electronic manufacturing industry, It has accumulated high-quality customer resources, such as Acer, ASUS, Xiaomi, Chuanyin, Dyson, Ecovacs Robotics Co.Ltd(603486) , Lansi, Great Wall Motor Company Limited(601633) , Geely, Porsche and Volvo. With the transformation and upgrading of China’s manufacturing industry to intelligent manufacturing, the future market demand for China’s manufacturing supply chain management services will be very huge, and the future development prospect of China’s manufacturing supply chain management services industry will be worth looking forward to;
The company has formed a unique competitive advantage, can provide customers with all-round and integrated manufacturing supply chain logistics solutions, has strong intelligent manufacturing logistics information technology development and application ability, has a large number of rich manufacturing logistics supply chain high-quality service resources, a large number of high-quality customers and suppliers, good brand reputation and rich operation management experience.
The construction of “5g + Intelligent Manufacturing” unmanned supply chain sharing and collaboration platform has been completed, which helps the company’s digital transformation and upgrading, and can be expected in the future. The platform is located in Cuntan comprehensive protection zone, LIANGLU Road, Chongqing, It is the first L4 (automatic driving vehicle grade four) +I4 in China. (smart road level 4) automated driving smart logistics commercial distribution system has created a new integrated logistics and transportation system for production enterprises with zero inventory, zero turnover and automatic distribution scheduling. After the operation of the project, the operation efficiency will be improved by 30%, the operation accuracy will be 100%, and the customer’s inventory turnover rate will be increased by 20%. Smart city, smart transportation and smart will be widely expanded in the future Logistics, intelligent manufacturing and other industries. In the future, the company will gradually copy the experience model, continue to build smart logistics parks in East and South China, establish shared logistics centers, and accelerate the digital transformation.
Investment advice The company is a 5A level comprehensive logistics service enterprise committed to providing integrated supply chain solutions for intelligent manufacturing enterprises. It has built China’s first unmanned supply chain system based on 5g technology. We are optimistic about the company’s application in the logistics field with the continuous upgrading of Intelligent Manufacturing in China. It is estimated that the revenue from 2021 to 2023 will be 6.74 billion, 8.84 billion and 11.63 billion, and the net profit attributable to the parent company will be 179 million, 111 million and 141 million, with the corresponding PE of 16 / 26 / 21. For the first time, give a “buy” rating.
Risk tip: shipping costs remain high; Downstream smart logistics business expansion is less than expected; The continuous rise in the price of raw materials led to lower than expected gross profit margin.
