\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
The leading position of industrial Internet continued to be consolidated and the "buy" rating was maintained
The company's growth logic continues to be verified. Considering that the company's performance continues to exceed expectations, according to the company's performance express, we raised the forecast of the company's net profit attributable to the parent company in 2021 to 574 million yuan (the original forecast was 571 million yuan), maintained the forecast of the company's net profit attributable to the parent company in 20222023 to 930 and 1418 million yuan, and EPS to 167, 2.70 and 4.12 yuan / share. The current stock price corresponds to 68.1, 42.0 and 27.6 times of PE in 20212023, Maintain the "buy" rating.
Revenue and profit continued to maintain rapid growth, exceeding previous expectations
The company released the performance forecast of the first quarter report of 2022, and it is expected to realize an operating revenue of 11.6-12.2 billion yuan, with a year-on-year increase of 90.91% - 100.78%; The net profit attributable to the parent company is expected to be 145153 million yuan, with a year-on-year increase of 85.85% to 96.10%; It is expected to realize a net profit of 140148 million yuan, with a year-on-year increase of 83.70% - 94.19%. The company's performance continued to grow at a high base in the same period of 2021, exceeding market expectations, mainly due to the rapid growth of platform trading volume due to the continuous implementation of active and efficient upstream and downstream strategies by Duoduo e-commerce under the company.
Penetration improvement + category expansion, and the logic of long-term growth is smooth
(1) according to the company's announcement, the overall market space of the company's various Duoduo platforms is more than 4 trillion, and the penetration rate of each Duoduo platform is still at a low level, with great room for improvement. (2) The category expansion strategy of Duoduo platform is mainly vertical and horizontal. First, the category expansion of the existing Duoduo platform: from a single category to the deep supply chain, and from a single category to the customer value chain; Second, horizontal replication incubates new Duoduo platforms.
The "baijiayun factory construction plan" was accelerated to help the industrial chain reduce costs and increase efficiency
The cloud factory model can be summarized as "deep supply chain plus digital factory", that is, one-stop procurement of upstream raw materials and one-stop sales of downstream finished products, as well as continuous digital upgrading of the factory. In 2021, the Beijing United Information Technology Co.Ltd(603613) "100 cloud factory construction plan" was officially launched. At present, the company has built 20 multi cloud factories such as titanium industry, toilet paper industry, lubricating oil industry, fertilizer industry, glass industry, grain and oil industry, carbon industry and overseas cloud factories, and has successively built more than 10 categories of digital cloud warehouses, central warehouses and delivery warehouses, which are conducive to reducing costs and increasing efficiency and improving the stability of the supply chain.
Risk warning: market competition intensifies; The expansion of new categories was less than expected.
