\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event:
The company issued the 2021 annual report after the closing on April 11, 2022.
Comments:
The operating revenue increased by 116.98% year-on-year, and the net profit attributable to the parent company increased by 89.97% year-on-year
In 2021, the company actively implemented the “war epidemic” plan of the industrial chain, continued to carry out live broadcasting of industrial products / raw materials, 100 group bidding, pre-sale auction and double ten e-commerce Festival, and actively expanded the new and maintained the old. The transaction volume of many e-commerce platforms under the company increased rapidly. The company achieved an annual 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 operating cash flow of the company was RMB 271 million, a year-on-year decrease of 65.08%, mainly due to the tight supply of some main categories and newly expanded categories of Duoduo e-commerce. In order to fully ensure the supply of goods to meet the rapidly growing demand for order fulfillment, the company made more prepayments; Due to the influence of dual control factors and the customer support strategy implemented by the company in stages, the advance collection of the company increased less in the fourth quarter than at the end of the third quarter.
The number of Duoduo e-commerce users and ARPU increased rapidly, and the penetration rate of each e-commerce platform continued to increase
Duoduo e-commerce has actively implemented vertical and horizontal category expansion strategies, and its category market is expanding day by day, with a total of more than 4 trillion (incomplete statistics). In 2021, the number of registered users of Duoduo e-commerce reached 493800, with a year-on-year increase of 54.55%; The number of monthly active users was 67259, with a year-on-year increase of 45.11%; The number of trading users was 13458, with a year-on-year increase of 63.44%; The average income per user (excluding tax) was 2.7568 million yuan, a year-on-year increase of 33.10%; The average income per order (excluding tax) was 273100 yuan, a year-on-year increase of 15.23%. With the rapid growth of self operated trading volume of Duoduo e-commerce, the overall market share of Duoduo e-commerce will reach about 1.02% in 2021. 1) Tu Duoduo: the revenue is 25.858 billion yuan, with a penetration rate of 2.09%; 2) Wei (paper) Duoduo: the revenue is 6.825 billion yuan, with a penetration rate of 0.65%; 3) Boduo: the revenue is 3.621 billion yuan, with a penetration rate of 1.09%; 4) Penetration rate: 25.0% for Duoduo fertilizer; 5) Duoduo grain and oil: the revenue is 2.741 billion yuan, with a penetration rate of 0.29%.
The performance of 22q1 increased rapidly, and the net profit attributable to the parent company is expected to be 145 million yuan – 153 million yuan
On March 28, 2022, the company issued the announcement of pre increase of performance in the first quarter of 2022. The company expects to achieve an operating revenue of 11.6-12.2 billion yuan in the first quarter of 2022, 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% – 96.10%; It is expected to realize a net profit of 140 million yuan to 148 million yuan, with a year-on-year increase of 83.70% – 94.19%. The performance growth is mainly due to the growth of the company’s online commodity trading revenue. In 2022, Duoduo e-commerce of the company continued to vigorously implement active and efficient upstream and downstream strategies, and the platform transaction volume increased rapidly, driving the growth of revenue and gross profit, thus realizing the growth of net profit.
Profit forecast and investment suggestions
The company is positioned on the B2B e-commerce and industrial Internet platform, and continues to make efforts in China’s billions of B2B market. It is predicted that the operating revenue of the company from 2022 to 2024 will be 64.795 billion yuan, 107082 billion yuan and 164201 billion yuan, the net profit attributable to the parent company will be 924 million yuan, 1491 million yuan and 2260 million yuan, the EPS will be 2.69, 4.34 and 6.57 yuan / share, and the corresponding PE will be 39.60, 24.55 and 16.20 times. Since its listing, the company’s PE has mainly operated between 50-140 times. At present, the PE TTM of the computer (Shenwan) index is 41.1 times, giving the company 55 times the target PE in 2022, and the target price is 147.95 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; B2B e-commerce market competition intensifies; New business expansion is less than expected; High risk of advance payment; The risk of the fluctuation of the company’s profitability caused by the sharp fluctuation of the price of major commodities.
