\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
From January to February, the performance increased higher than expected, and the scissors gap between revenue and profit growth narrowed
1) continued high growth in performance: from January to February, the sales revenue was about 7.1 billion yuan (+ 95%), and the net profit attributable to the parent company was about 91 million yuan (+ 90%). The high growth in Q1 was worry free, increased for 12 consecutive quarters, and the stability exceeded expectations. 2) The profit margin stabilized and the scissors difference between revenue and profit growth narrowed: the net interest rate reached 1.28%, the scissors difference between revenue and profit growth narrowed and the profit margin stabilized, which verified the stability of the business model quarterly. 3) The quality of the company’s information disclosure continues to improve, meets the ESG standard, the performance is fulfilled, the market trust is enhanced, and the valuation center hopes to improve.
Cloud factory landing, smart supply chain construction and clear growth logic
1) cloud factory landing: in 20 years, the League of Nations has built 3 model cloud factories and signed 20 contracts in 21 years, including 5 in the implementation and implementation of digital transformation. In 2022, the company plans to sign 30-40 new cloud factories and implement 10-15 new digital factories, and finally realize 100 cloud factories in 3 years. The target is that each company will generate 500-1 billion transaction volume, which is expected to support the transaction scale of 50-100 billion.
2) construction of smart supply chain platform: China Unicom provides transaction and delivery services for upstream and downstream enterprises through “smart transportation platform + cloud warehouse platform + digital port area”. CA delivery systems for ethanol, PVC and titanium ore have been established in six digital ports to provide digital warehousing services through the cloud warehouse platform, while the intelligent transportation platform provides multimodal logistics solutions for upstream and downstream enterprises to save logistics costs.
Industrial Internet platform to build an industrial hub: the construction of China Unicom cloud factory and smart supply chain platform, firmly implement the strategy of “platform, technology and data”, and gradually expand from e-commerce trading platform to industrial Internet platform, so as to provide more supply chain value for upstream and downstream enterprises, improve industrial voice and deposit data to build an industrial hub. The growth logic is clear and there is enough space for the future.
Profit forecast and valuation
The high performance increase will be realized quarterly, and the improvement of the quality of the letter phi is expected to raise the valuation center. It is estimated that the revenue in 202123 will be 37.284/67.197114.330 billion yuan, with a growth rate of 117.3% / 80.2% / 70.1%, and the net profit attributable to the parent company will be 573/9.471612 million, 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
