\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event: the company released the first quarterly report. The revenue increased by 99.8% year-on-year to RMB 12.14 billion, the net profit attributable to the parent increased by 98.9% year-on-year to RMB 155 million, the net profit deducted from non-profit increased by 90.2% year-on-year to RMB 145 million, and the operating cash flow increased by 7.3% year-on-year to RMB 111 million.
The company's performance once again exceeded market expectations: compared with the previous quarterly forecast data, the company's revenue growth rate was close to the upper limit of the forecast range, while the growth rate of net profit attributable to the parent exceeded the forecast range, which once again reflected that the company was still on the track of high-speed growth. During the reporting period, the company's gross profit margin was stable at about 3%, the gross profit increased by 81.7% to 367 million yuan, and the net profit margin was basically the same as that of the same period last year, maintained at 1.55%. Combined with the data of the four quarters of last year, the company's gross profit margin and net profit margin are basically in a relatively stable range, which is in line with the company's business planning.
Continue to increase R & D investment to support the implementation of the company's science and technology strategy: in terms of expenses, the company's sales expenses increased by only 29.4% year-on-year, still reflecting a good scale effect, while the management expenses increased by 61.2% year-on-year due to the growth of personnel expenses and depreciation and amortization, while the R & D expenses continued to grow rapidly, with a year-on-year increase of 168.8% to 22.52 million yuan, The company's R & D investment has increased rapidly since last year, mainly to support the implementation of the company's science and technology strategy. On the whole, the company's annual expense rate has decreased by 0.26pct to 0.92% compared with the absolute value of the same period last year. The company's net operating cash inflow was 111 million yuan, which was not far from the scale of net profit attributable to the parent company, which was significantly improved compared with Q4 last year.
At present, the penetration rate of the company's platforms is still low, and the company is expected to maintain rapid growth in the second quarter: according to the disclosure of the annual report, the penetration rate of the company's six e-commerce platforms is currently low. Taking Tu Duoduo, which has the longest operation time and the highest industrial influence and penetration rate, as an example, its revenue in 2021 was 25.86 billion yuan, with a penetration rate of 2.09%, while the penetration rates of Wei (paper) Duoduo, Boduo, feiduo and grain and oil Duoduo were only 0.65% and 1.09% 0.49% and 0.29%, with a large development space. Although the recent epidemic in East China has a certain impact on logistics and transportation, the company remains optimistic and reduces the impact of the epidemic on the company's business by trying to meet the needs of customers outside East China. We expect the company to maintain a high growth rate in the second quarter.
We estimate that the net profit attributable to the parent company from 22 to 24 years is 1.05 billion / 1.755 billion / 2.930 billion, and adopt the DCF valuation method. The target price is 141.68 yuan and the target market value is 49 billion yuan, maintaining the buy rating.
Risk tips
The business development of the new e-commerce platform is less than expected, the macro-economy is depressed, and the industry competition is intensified
