\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 37.230 billion yuan, a year-on-year increase of 116.98%; The net profit attributable to the parent company was 578 million yuan, a year-on-year increase of 89.97%; The net profit deducted from non parent company was 531 million yuan, with a year-on-year increase of 98.62%, and the performance was in line with expectations.
Duoduo platform transactions continued to grow rapidly and in large quantities, driving the rapid growth of performance. 1) In 2021, thanks to the development of industrial e-commerce and industrial Internet, the transaction volume of Duoduo platform increased rapidly, which promoted the growth of the company’s performance. During the reporting period, the company achieved a revenue of 37.230 billion yuan, an increase of 116.98%. Among them, the revenue from commodity trading business was 37.100 billion yuan, an increase of 117.53% at the same time, accounting for 99.65% of the total revenue; By platform, Tu Duoduo’s revenue reached 22.895 billion yuan, an increase of 95.71%, accounting for 61.71% of the revenue of commodity trading business, while Wei Duoduo and Bo Duoduo accounted for 15.03% and 8.65% respectively. In 2021, the net profit attributable to the parent company was 578 million yuan, an increase of 89.97% and the net operating cash flow was 271 million yuan, a decrease of 65.08%, which was mainly due to the guarantee of order performance and the high advance payment of the company, especially Q4. In order to ensure the order delivery of double ten e-commerce Festival and prepare the order plan of Q1 in 2022, Q4 increased more than the advance payment at the end of Q3. At the same time, due to the influence of double control and phased customer support strategy, Q4 advance collection increased less. 2) 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 2021, the number of registered users of the United Nations resource network reached 2808500, an increase of 5.10%, the number of cooperative users reached 10013, an increase of 6.24%, and the user base continued to expand; Online commodity trading: the company actively promotes the trading scale and industry influence of Duoduo platform. First, it actively implements upstream and downstream strategies. Second, it continues to go deep into vertical fields such as titanium, resin and base paper to expand the market share of single products. Third, it carries out multi category extension, supply chain extension and user reselling. For Duoduo e-commerce, fourth, continue to promote SaaS services such as cloud ERP, electronic contract, online payment, smart logistics, digital warehousing, digital factory and industrial Internet. According to the annual report, in 2021, Duoduo e-commerce SKUs reached 12461, the number of registered users of the platform reached 493800, an increase of 54.55%, the monthly activity reached 67300, an increase of 45.11%, the average income per user reached 13500 yuan, an increase of 33.10%, and the transaction scale expanded rapidly.
The gross profit margin remained stable, and the scale effect led to a decline in the cost rate. 1) In 2021, the company’s overall gross profit margin was 3.26%, a year-on-year decrease of 0.19 PCT. 2) In 2021, the company’s overall expense ratio was 0.81%, a year-on-year decrease of 0.12 PCT, 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 0.46%, which decreased by 0.04 PCT compared with the same period of the year; The management fee rate was 0.18%, down 0.08 PCT; The financial expense ratio was – 0.01%, down 0.01pct, mainly due to the increase of the company’s interest income during the reporting period. 3) The R & D expenses of the company increased by 12.8 billion PCT over the same period last year, accounting for 1.0% of the company’s revenue, which is expected to increase by 1.8 billion PCT over the same period last year.
Duoduo platform has broad growth 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 carried out in an orderly manner, and the accessible market scale of many platforms is steadily improved. At the same time, the market penetration rate of Duoduo’s core products is still low, and there is broad room for long-term improvement. According to the annual report, the overall market penetration rate of Duoduo e-commerce in 2021 was 1.02%, up 0.55 PCT year-on-year, of which Tu Duoduo has the highest penetration rate, up 2.09%, up 1.02 PCT year-on-year, and the 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. We predict that the total operating revenue of the company from 2022 to 2024 will be 66.930110.353165.455 billion yuan, and the net profit attributable to the parent company will be 952/15.05/2.202 billion yuan. Maintain the “buy” rating.
Risk tips: the prosperity of the industries involved in Duoduo platform is declining, the gross profit margin is declining more than expected, and the cloud factory is landing less than expected
