\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event: the company released the annual report of 2021. During the reporting period, the company achieved a main business 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 penetration rate continued to improve, and the e-commerce trading business grew rapidly. The company disclosed the operation data of e-commerce trading business in detail. By the end of the reporting period, the number of registered users of Duoduo e-commerce platform had reached 493800, the number of monthly active users had reached 67300, the number of trading users had increased by 63.44% year-on-year, and the average income per user had reached 2.7568 million yuan, an increase of 33.10% year-on-year. Duoduo e-commerce actively implements the vertical and horizontal category expansion strategy, and the category market scale involved is expanding day by day. During the reporting period, with the rapid growth of self operated trading volume of Duoduo e-commerce, the market penetration is further improved, which is about 1.02% in 2021 and 0.47% in 2020. In addition, the company's revenue from business information services and Internet application services grew steadily.
The profitability stabilized, and the cash flow performance was affected by industry fluctuations. In 2021, the gross profit margin of the company's e-commerce trading business basically stabilized at 3%, which was basically the same as that of the same period of last year. Among them, the gross profit margin of coating chemical industry, chemical fertilizer industry and grain and oil industry increased year-on-year. The net cash flow from operating activities decreased by 65.08% year-on-year, mainly due to the increase of the company's advance payment in order to ensure the supply of goods and meet the demand for order performance. At the same time, due to the influence of dual control factors and the company's phased customer support strategy, Q4 advance payment increased less.
Investment suggestion: we predict that the operating revenue of the company in 202224 will be 68.095 billion yuan, 118915 billion yuan and 189276 billion yuan, the net profit attributable to the parent company will be 941 million yuan, 1.509 billion yuan and 2.374 billion yuan respectively, and the PE will be 39, 24 and 15x. We are optimistic about the continuous growth of the company and maintain the "buy" rating.
Risk tip: the economic development is less than expected, which suppresses the downstream demand; The progress of the company's B2B e-commerce development platform is less than expected.
