\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Events
On March 14, 2022, the company released the operating data from January to February 2022. From January to February, Beijing United Information Technology Co.Ltd(603613) achieved a revenue of about 7.1 billion yuan, a year-on-year increase of more than + 95%; The net profit attributable to the parent company was about 91 million yuan, a year-on-year increase of more than + 90%. According to the above data, the company’s net interest rate attributable to the parent company from January to February was 1.32%, with a year-on-year increase of -0.04pct.
Comments
From January to February 2022, the operating data were bright, and the company’s net profit accelerated. According to the company’s performance express in 2021, Beijing United Information Technology Co.Ltd(603613) 2021 achieved revenue of 37.35 billion yuan, a year-on-year increase of + 117.7%; The net profit attributable to the parent company was 574 million yuan, a year-on-year increase of + 88.6% Beijing United Information Technology Co.Ltd(603613) the profit growth from January to February is higher than that of the whole year of 2021, which shows that the overall operation of the company is better in the near future.
It is optimistic that the penetration rate of e-commerce of industrial products will continue to improve. According to the calculation of iResearch consulting, the penetration rate of e-commerce of China’s industrial products in 2020 is only about 4.5%; The penetration rate of e-commerce of industrial products is expected to reach 13.2% in 2025. We believe that the increase in penetration will be the core growth driver of the e-commerce industry of industrial products in the future. It is a general trend for industrial products enterprises to gradually shift their purchasing and marketing links from traditional distribution channels to industrial products e-commerce, which is conducive to simplifying processes, reducing costs and increasing efficiency.
The development of industrial Internet is conducive to optimizing the business environment of the industrial chain and is the direction of policy support.
In the “14th five year plan” for digital economy development issued by the State Council in January 2022, the guiding ideology, basic principles, development objectives, key tasks and safeguard measures for promoting the healthy development of digital economy are defined, and “industrial digital transformation to a new level” is set as the main development goal, In the main indicators, it is expected that the application penetration rate of industrial Internet platform will double in 2025 (from 14.7% in 2020 to 45% in 2025). The government work report in 2022 also clearly mentioned the need to “promote the digital transformation of industries, develop smart cities and digital villages, and accelerate the development of industrial Internet”. Industrial digital transformation and industrial Internet are conducive to optimizing the overall business efficiency and business environment of the industry. The accelerated development of industrial Internet is the general trend.
Profit forecast and investment rating: we believe that the penetration rate of e-commerce of industrial products has great room for improvement, and the industry is in the stage of rapid growth Beijing United Information Technology Co.Ltd(603613) has the potential of horizontal expansion and vertical deep excavation of the industrial chain, and its major “Duoduo” industrial products e-commerce platforms are expected to continue to drive the company’s performance growth.
We raised the forecast of the company’s net profit attributable to the parent company in 2021 from 573 million yuan to 574 million yuan, and maintained the forecast of the net profit attributable to the parent company from 2022 to 2023 at 930 / 1.48 billion yuan. The year-on-year growth rate of net profit attributable to the parent company in 202123 was 89% / 61% / 60% respectively. The closing price on March 14 corresponding to PE in 202123 was 65x / 40x / 25X respectively, maintaining the “buy” rating.
Risk tips: the price of industrial products fluctuates, the new platform is less than expected, the loss of users, the promotion of industrial Internet development strategy is less than expected, and the industry competition intensifies
