\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event: on April 21, the company released the report for the first quarter of 2022, realizing an operating revenue of RMB 12.138 billion, a year-on-year increase of 99.76%; The net profit attributable to the shareholders of the listed company was 155 million yuan, a year-on-year increase of 98.85%, exceeding the scope of the preliminary notice.
The performance of 2022q1 has increased rapidly, and it is expected that the trading on Duoduo platform will continue to increase rapidly. 1) According to the announcement, the operating revenue in the first quarter of 2022 is expected to reach RMB 12.138 billion, with a year-on-year increase of 99.76%; The net profit attributable to the parent company was 155 million yuan, a year-on-year increase of 98.85%. We expect that during the reporting period, the growth of the company’s online commodity trading revenue benefited from the development trend of industrial e-commerce and industrial Internet. Duoduo e-commerce of the company continued to vigorously implement active and efficient upstream and downstream strategies, and the platform trading volume increased rapidly, promoting the growth of revenue and gross profit, thus realizing the growth of net profit. 2) In terms of cash flow, during the reporting period, the company realized cash inflow from operating activities of 14.079 billion yuan, a year-on-year increase of 102.36%; The outflow was 13.968 billion yuan, a year-on-year increase of 103.79%; The net amount was 111 million yuan, with a year-on-year increase of 7.33%, or to continue the trend in 2021. On the one hand, in order to ensure supply, the advance payment continued to grow; On the other hand, or due to the influence of multiple factors such as dual control and phased customer support strategy, the increase of advance collection is less. 3) According to the company’s 2021 annual report, in terms of business information services: the company optimized the structure of Guolian resource network and improved its comprehensive service capacity to enhance the stickiness of members. In 2021, the number of registered users of Guolian 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 scissors gap between revenue and profit growth continues to narrow, and the profit margin may gradually stabilize under high growth. 1) According to the company’s previous reports, in 2021q3, the company’s revenue increased by 123.50% and the profit attributable to the parent company increased by 88.45%; In 2021q4, the company’s revenue increased by 93.02% and the profit attributable to the parent company increased by 90.66%; In 2022q1, the company’s revenue increased by 99.76% and the profit attributable to the parent company increased by 98.85%. The scissors gap continued to narrow, which may indicate that the company’s scale effect continued to reflect, the voice of the industrial chain continued to strengthen, and the profit margin may gradually become stable. 2) During the reporting period, the gross profit margin of the company was 3.02%, a decrease of 0.31 percentage points compared with the same period of last year. The sales expense was 71 million yuan, a year-on-year increase of 29.42%; The management fee was 21 million yuan, a year-on-year increase of 61.19%; The R & D cost was 23 million yuan, a year-on-year increase of 168.76%.
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 tip: the prosperity of the industries involved in Duoduo platform is down, the gross profit margin is down more than expected, and the landing of cloud factory is less than expected
