\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event: on March 27, 2022, the company issued the announcement of performance increase in the first quarter of 2022. It is estimated that the operating revenue in the first quarter will reach 11.6 billion yuan to 12.2 billion yuan, with a year-on-year increase of 90.91% to 100.78%; The net profit attributable to the parent company was 145 million yuan to 153 million yuan, with a year-on-year increase of 85.85% to 96.10%; The net profit deducted from non parent company was 140 million yuan to 148 million yuan, with a year-on-year increase of 83.70% to 94.19%.
The performance of 2022q1 has increased rapidly, and it is expected that the trading on Duoduo platform will continue to increase rapidly. 1) Thanks to the rapid growth of the company's online trading platform and its downstream e-commerce industry, the company's gross profit continued to grow in a long reporting period, thanks to the implementation of the online trading strategy. According to the announcement, the operating revenue in the first quarter of 2022 is expected to reach 11.6 billion yuan to 12.2 billion yuan, with a year-on-year increase of 90.91% to 100.78%; The net profit attributable to the parent company was 145 million yuan to 153 million yuan, with a year-on-year increase of 85.85% to 96.10%. 2) According to the company's 21 year semi annual report, in terms of business information services, the company optimized the structure of the United Nations resource network and improved its comprehensive service capacity to enhance the stickiness of its members; In terms of online commodity trading, the company actively promotes the expansion of platform trading volume, implements active upstream and downstream strategies, expands the market share of various vertical fields, carries out multi category extension, supply chain extension and user resale transactions, and provides customers with SaaS services such as cloud ERP, smart logistics, digital warehousing and digital factory; In terms of Internet technology services, the company actively promotes the construction of Guolian cloud digital technology application service system, and provides digital cloud application services such as industry live broadcast and video conference, digital supply chain, digital factory and industrial Internet platform services, which are expected to achieve sustainable growth.
The scissors gap between revenue and profit growth continues to narrow, and the profit margin may gradually stabilize under high growth. 1) According to the company's previous reports, the operating revenue in the first three quarters of 2021 increased by 134.01% year-on-year, and the net profit attributable to the parent company increased by 89.48% year-on-year; In 2020, the operating revenue increased by 138.38% year-on-year, and the net profit attributable to the parent company increased by 91.57% year-on-year. In contrast, according to this announcement, in 2022q1, the year-on-year growth rate of the company's revenue was about 91-101%, and the year-on-year growth rate of net profit attributable to the parent was about 86-91%. The growth scissors gap continued to narrow, which may indicate that the company's scale effect continued to be reflected, the voice of the industrial chain continued to be strengthened, and the profit margin may gradually become stable. 2) In the first three quarters of 2021, the overall gross profit margin of the company was 3.21%, down 1.05pct from the same period of last year, and the gross profit margin in Q3 was 3.01%, down 1.27pct from the same period of last year. Meanwhile, the overall expense ratio of the company was 0.91%, a decrease of 0.84pct compared with the same period of the previous year, mainly due to the high growth rate of the company's operating revenue and a certain scale effect. Among them, the sales expense ratio was 0.55%, a decrease of 0.62pct over the same period of last year; The management fee rate was 0.18%, down 0.11 PCT; The financial expense ratio was 0.00%, down 0.08pct, mainly due to the increase of the company's interest income during the reporting period. 3) The company continued to increase its R & D efforts. In the first three quarters of 2021, the R & D expenses were 44 million yuan, an increase of 101.53%, accounting for 0.19% of revenue, an increase of 0.03pct over the same period last year. It is expected that the company will increase its R & D investment in platform systems and digital services.
Duoduo platform has broad space in the future, and cloud factory breeds the ecology of industrial chain. 1) Looking forward to the future, the company implements a multi track development strategy, paying equal attention to horizontal replication and vertical extension. At present, there are as many as 7-8 key tracks, the incubation is also proceeding in an orderly manner, and the accessible market scale of multiple platforms has been steadily improved. At the same time, Duoduo e-commerce currently has a low market penetration of core products, a broad space for long-term improvement, and a rapid growth trend has emerged. 2) Guolian cloud is an important business support and technology output platform for the company, enabling the digital transformation of small and medium-sized enterprises. It is expected to become an important driving force for the company's long-term growth by deeply binding the supply chain, breaking through data barriers in all links and building a collaborative ecosystem of industrial Internet.
Maintain the "buy" rating. According to key assumptions, the total operating revenue of the company from 2021 to 2023 is expected to be 37.348 billion yuan, 73.305 billion yuan and 128361 billion yuan; The net profit attributable to the parent company was 574 million yuan, 1122 million yuan and 1981 million yuan. Maintain the "buy" rating.
Risk tip: the prosperity of the industries involved in Duoduo platform decreased significantly, the decline of gross profit margin exceeded expectations, and the landing of cloud factory was less than expected
