\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Core conclusion
Event: the company announced the production and marketing express that the business performance has continued to maintain a good development trend since the beginning of 2022. Among them, the sales revenue from January to February was about 7.1 billion yuan, a year-on-year increase of more than 95%; The net profit attributable to the shareholders of the listed company was about 91 million yuan, a year-on-year increase of more than 90%.
Not afraid of fluctuations, the operating data showed an optimistic growth trend, and the platform penetration logic continued to be verified. The company's performance continued to grow at a high speed. According to the previous company's performance express, the revenue and net profit in Q4 of the 21st year increased by 94.68% and 87.33% year-on-year. Looking at the chain, the growth rate has continued to maintain a high level since the beginning of the 22nd year. Under the background of macroeconomic pressure and fluctuations in bulk commodity transactions, the company's performance still achieved rapid growth, and the category penetration of B2B e-commerce platform The logic of industrial chain penetration continues to be verified. At the same time, the company's net profit is close to the growth range of income, so it is judged that the profitability has stabilized and the operation is sustained and stable.
The cloud factory has been steadily implemented, and the strategy of "platform, technology and data" has explored a new growth curve. According to the survey minutes of the company's investors, 20 cloud factories have been signed in 2021. Among them, five cloud factories and six digital ports and central warehouses are implementing and implementing digital transformation. After gradually deepening cooperation, it is expected that each cloud factory can bring an annual revenue of 500-1 billion for Duoduo platform at the transaction end and supply chain end in the future. In 2022, the company plans to sign 30-40 new cloud factories and implement 10-15 new digital factories. It is expected that the strategic exploration of "platform, technology and data" will bring a diversified growth curve to the company.
Investment advice; We predict that the net profit attributable to the parent company in 2022 and 2023 will be 941 million yuan and 1.557 billion yuan respectively. We are optimistic about the continuous growth of the company and maintain the "buy" rating.
Risk tip: the economic development is less than expected, which suppresses the downstream demand; The progress of the company's B2B e-commerce development platform is less than expected.
