\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event overview
On April 12, 2022, Beijing United Information Technology Co.Ltd(603613) released the annual report for 2021, realizing an annual operating revenue of 37.23 billion yuan, a year-on-year increase of 117.67%; The net profit attributable to the parent company was 578 million yuan, a year-on-year increase of 88.59%; The net profit deducted from non parent company was 531 million yuan, with a year-on-year increase of 98.62%. The overall performance of the company continued to increase.
The sea is wide with fish leaping, gradually opening up a broad market space for industrial e-commerce
Benefiting from the booming industrial e-commerce and industrial Internet, based on the full understanding and understanding of the know-how of the industrial products industry and enterprise operation, Duoduo e-commerce platform actively implements the vertical and horizontal category expansion strategy, and the category market scale involved is expanding day by day. According to the disclosure of the company's annual report, the market scale of the categories involved in the company's business currently exceeds 4 trillion (incomplete statistics), of which the market scale of Tu Duoduo exceeds 1 trillion yuan. With the rapid growth of the self operated trading volume of Duoduo e-commerce, the market penetration rate has been further improved. In 2021, it was about 1.02%, an increase of 0.55 PCT over the previous year. We believe that the industrial B2B e-commerce where the company is located is a track with long slope and thick snow. At present, the overall penetration rate of the company is not high, which is still far from the ceiling of the industry and has a large growth space.
Expand territory, expand both horizontally and vertically, and consolidate the leading position
The company actively implements the strategies of upstream core suppliers and deep supply chain extension, and continues to go deep into the vertical fields such as titanium, solvent, resin, base paper, pulp board, cotton, soda ash, raw tablets, chemical fertilizer, pesticide, grain and oil, so as to further expand the competitive advantage and market share of single products. The breakdown of Duoduo platform is as follows:
1) Tu Duoduo continues to lead: as the earliest e-commerce platform established by the company, Tu Duoduo has been in a stable and accelerated stage. According to the annual report, the operating revenue of the coating chemical industry in 2021 was 22.895 billion yuan, a year-on-year increase of 95.71%; The penetration rate reached 2.09%, an increase of 1.02 PCT over the previous year. At present, it is the highest penetration rate among all Duoduo platforms. Tuduo has titanium industry chain, solvent industry chain, resin industry chain, coating and ink and other related industries. Among them, the titanium industry chain with titanium dioxide as the core is the most mature. Through the "upstream and downstream extension strategy of supply chain", the sales volume of titanium concentrate, rutile and titanium slag has increased, resulting in the increase of transaction volume. In the future, the company will continue to expand Tu Duoduo's trading scale and platform influence and consolidate its leading position in the industry.
2) other Duoduo's rapid expansion: the six Duoduo platforms go hand in hand to achieve double or even multiple growth. According to the disclosure in the annual report, Bodo achieved a revenue of 3.21 billion yuan in 2021, with a year-on-year increase of 109% and a market penetration rate of 1.09%. It is the only platform with a penetration rate of more than 1% except tudo; The operating revenues of weiduoduo, zhiduoduo, feiduoduo and grain and oil Duoduo were 55.76/5.46/23.17/2.52 billion yuan respectively, with a year-on-year increase of 151% / 127% / 211% / 341%. In addition, the company actively promotes the expansion of new tracks such as xinduoduo, yiduoduo and cold chain Duoduo, and horizontally replicates the industrial experience to more vertical fields. In early 2022, Beijing United Information Technology Co.Ltd(603613) set up Honghu Zhiyuan fund to balance the instability of funds in the incubation process and escort the industrial incubation. We believe that Duoduo platform, as the company's core growth business, will maintain a high growth trend and continue to make efforts.
Taking multiple measures at the same time, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) collaborative customer acquisition has achieved remarkable results
The long-term accumulated membership base of Guolian resources network is the gold mine that the company will continue to mine in the future. By using the word-of-mouth communication effect and accurate flow logic, each main business segment can effectively realize mutual promotion and drainage, customer resource transformation, technical capability sharing and other efficient collaboration. The company has actively expanded the new and maintained the old, and the number of users and transaction volume of its various e-commerce platforms have increased rapidly. According to the annual report, the number of registered users of Duoduo e-commerce in 2021 was 493800, with a year-on-year increase of 54.55%; The number of trading users was 13500, with a year-on-year increase of 63.44%; The average revenue per user (ARPU) was 2.7568 million yuan (excluding tax), an increase of 33.1% year-on-year.
1) online drainage: in the face of the continuous impact of covid-19 epidemic, the company has 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 e-commerce Festival. Among them, Duoduo "double ten" industrial e-commerce Festival on October 10 has become an important festival of B2B e-commerce platform, and has been successfully held for six times. According to official and micro data, the single day order volume of "double ten" will reach 9.058 billion yuan in 2021, and the CAGR in five years will reach 160%.
2) offline promotion: according to the characteristics of each subdivided industry, the company can efficiently accumulate seed users by effectively combining various offline supply and demand docking and technical activities, accurately holding collective procurement salons and organizing enterprises to participate in industry conferences and exhibitions.
Step by step and firmly move towards the transformation of industrial Internet platform
Focusing on the industrial Internet development strategy with "platform, technology and data" as the core, the company has gradually upgraded and transformed from industrial goods trading service platform to industrial Internet platform. Cloud factory is an important support for the company's "technology and data" strategy. According to the annual report, the company has signed more than 20 cloud factories in 2021 and plans to sign 30-40 new cloud factories in 2022. According to the investor relations activity record disclosed by the company, the company estimates that the capacity of the contracted cloud factory is generally 1 Shenzhen Fountain Corporation(000005) 00000 tons / year, and the technical service fee can reach 1-5 million / year. It is expected to form large-scale revenue in the future. Based on the large-scale transaction, deep supply chain and cloud factory of Duoduo e-commerce platform, the company has built "digital factory + ptdcloud industrial Internet" through Guolian cloud to realize the digitization of production, management, quality inspection, energy consumption and logistics, which has achieved remarkable results in reducing costs and increasing efficiency and optimizing the supply chain.
Investment advice
Beijing United Information Technology Co.Ltd(603613) positioned as the leader of China's industrial B2B e-commerce platform and industrial Internet platform, it is expected to benefit from the development wave of industrial Internet for a long time. We expect that the company's operating revenue from 2022 to 2024 will be 67.28/109.09/171.69 billion yuan respectively, and the net profit attributable to the parent company will be 9.5/15.3/2.4 billion yuan respectively, covering the investment rating of Buy-A for the first time. The six-month target price is 138.08 yuan, which is equivalent to 50 times the dynamic market sales rate in 2022.
Risk tip: the trading volume of Duoduo platform is lower than expected; The expansion of the new platform was less than expected.
