\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Key investment points
Revenue and profit continued to increase.
22q1 revenue was 12.14 billion yuan (+ 99.8%), net profit attributable to parent company was 160 million yuan (+ 98.9%), and net profit not attributable to parent company was 150 million yuan (+ 90.2%). The net profit margin attributable to the parent company was 1.28% (-0.01pct), which decreased slightly. The revenue is close to the upper limit of the notice, the profit growth rate is slightly higher than the notice, and the performance is in line with expectations. The gross profit margin is stable and the cost side is continuously optimized. 22q1 gross profit margin was 3.02% (-0.30pct), which remained stable. Benefiting from the high increase in revenue, the rate decreased slightly, and the company's period rate was 0.6% (- 0.3pct). Among them, the sales rate is 0.59% (-0.32pct), the management rate is 0.17% (-0.04pct), and the R & D rate is 0.19% (+ 0.05pct).
The upstream and downstream position is strengthened, and the book cash is sufficient. 22q1 company's operating cash flow turned positive by 111 million month on month, an increase of 7.3% at the same time; The book monetary capital is 3.8 billion, which is relatively sufficient. The upstream and downstream position of the company continues to strengthen, and the operation turnover is healthy.
The strategy of "one body and two wings" continues, and the cloud factory speeds up the landing. The company continues to implement the business strategy of "one body and two wings": 1) Duoduo platform continues to expand the "horizontal + vertical" industry, promotes the transaction scale of existing platforms such as weizhiduoduo, Boduo, feiduoduo and grain and oil Duoduo, and continues to cultivate new platforms such as xinduoduo, yiduoduo and cold chain Duoduo, The new platform weiduoduo is expected to hit 10 billion in 2022. At the same time, the construction of cloud factories of the company is accelerated. It plans to build 30-40 new cloud factories in 22 years to help the implementation of upstream and downstream strategies of the company; 2) Enhance the comprehensive information service capacity of the United Nations resources network and enhance the stickiness and conversion rate of members; 3) Continue to invest in the research and development of Guolian cloud digital technology services, and realize digital transformation through solutions such as "cloud ERP, online payment, electronic contract, smart logistics, digital factory and supply chain finance".
We believe that as the Growth Logic of the company becomes clearer, the high growth in the weak market in the past 22 years continues, the expansion of Duoduo platform industry continues, and the profit forecast is raised. It is estimated that the company's revenue from 2022 to 2024 will be 67.402114.418184.315 billion yuan, an increase of 81.0% / 69.8% / 61.1%, and the net profit attributable to the parent company will be 9.69/15.95/2.481 billion yuan, an increase of 67.5% / 64.6% / 55.5%; EPS is 2.82/4.64/7.21 yuan. Maintain the "buy" rating.
Risk tip: the repurchase rate of old customers decreased, the growth rate of new customers was low, the horizontal replication of Duoduo platform was less than expected, and the promotion of cloud factory was less than expected.
