\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )

The leading position of industrial Internet continued to be consolidated and the "buy" rating was maintained

The company's growth logic continues to be verified. Considering that the company's performance continues to exceed expectations, we maintain the company's forecast of net profit attributable to the parent company from 2022 to 2024 at 976, 1540 and 2346 million yuan, EPS at 284, 448 and 6.82 yuan / share, and the current share price corresponds to 35.6, 22.5 and 14.8 times of PE from 2022 to 2024, maintaining the "buy" rating.

The net profit exceeded the upper limit of the notice, and the R & D investment increased

The company achieved an operating revenue of RMB 12.138 billion in 2022q1, with a year-on-year increase of 99.76%, mainly due to the rapid growth of the trading volume of Duoduo e-commerce platforms. The net profit attributable to the parent company was 155 million yuan, a year-on-year increase of 98.85%, exceeding the upper limit of the notice. The gross profit margin of the company's sales was 3.02%, a slight decrease of 0.31 percentage points over the same period, and the net profit margin of sales was 1.55%, basically unchanged year-on-year. The company's sales expense rate and management expense rate were 0.59% and 0.17% respectively, with a year-on-year decrease of 0.32 and 0.04 percentage points, and the R & D expense rate was 0.19%, with a year-on-year increase of 0.05 percentage points. In addition, the company's net cash flow from operating activities was 111 million yuan, a year-on-year increase of 7.33%.

Penetration improvement + category expansion, and the logic of long-term growth is smooth

(1) on the one hand, the category market involved by the company is expanding day by day, with a total of more than 4 trillion (incomplete). With the rapid growth of self operated trading volume of Duoduo e-commerce, the market penetration increased. The overall penetration rate was about 1.02% in 2021, significantly higher than 0.47% in 2020, but on the whole, there is still much room for improvement. On the other hand, the number of registered / active / trading users of Duoduo e-commerce has achieved rapid growth, which has laid a good foundation for the improvement of penetration. (2) The category expansion strategy of Duoduo platform is mainly vertical and horizontal. First, the category expansion of the existing Duoduo platform: from a single category to the deep supply chain, and from a single category to the customer value chain; Second, horizontal replication incubates new Duoduo platforms.

The "baijiayun factory construction plan" was accelerated to help the industrial chain reduce costs and increase efficiency

In 2021, the Beijing United Information Technology Co.Ltd(603613) "100 cloud factory construction plan" was officially launched. At present, the company has built 20 multi cloud factories such as titanium industry, toilet paper industry, lubricating oil industry, fertilizer industry, glass industry, grain and oil industry, carbon industry and overseas cloud factories, and has successively built more than 10 categories of digital cloud warehouses, central warehouses and delivery warehouses, which are conducive to reducing costs and increasing efficiency and improving the stability of the supply chain.

Risk warning: market competition intensifies; The expansion of new categories was less than expected.