\u3000\u3000 Beijing United Information Technology Co.Ltd(603613) (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 raised the company’s forecast of net profit attributable to the parent company from 2021 to 2023 to RMB 571, 930 and 1418 million (the original forecast was RMB 559, 839 and 1219 million), and EPS to RMB 166, 270 and 4.12 per share. The current stock price corresponds to 67.6, 41.5 and 27.2 times of PE from 2021 to 2023, maintaining the “buy” rating.
Revenue and net profit continued to maintain rapid growth, in line with previous expectations
The company released the performance forecast for 2021, which is expected to achieve an operating revenue of 37.1-37.4 billion yuan, with a year-on-year increase of 116.23% – 117.98%. The net profit attributable to the parent company is expected to be RMB 571-576 million, with a year-on-year increase of 87.37% – 89.01%; The net profit deducted from non parent company was 523-528 million yuan, with a year-on-year increase of 95.55% – 97.42%. Among them, Q4 is expected to achieve an operating revenue of RMB 13.625-13.925 billion in a single quarter, with a year-on-year increase of 91.2% – 95.4%, and a net profit attributable to the parent company of RMB 232-237 million, with a year-on-year increase of 83.7% – 87.7%. The rapid growth of the company’s revenue and net profit is mainly due to the continuous implementation of active and efficient upstream and downstream strategies by most platforms, and the platform transaction volume has increased rapidly.
The “hundred cloud factory construction plan” was accelerated to help the industrial chain reduce costs and increase efficiency
The cloud factory model can be summarized as “deep supply chain plus digital factory”, that is, one-stop procurement of upstream raw materials and one-stop sales of downstream finished products, as well as continuous digital upgrading of the factory. In Beijing United Information Technology Co.Ltd(603613) , the “100 cloud factory construction plan” was officially launched in 2021. 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 is conducive to cost reduction, efficiency increase and supply chain optimization.
SaaS services enable digital industry ecology and enhance industry influence
At present, the company is effectively promoting SaaS services such as cloud ERP, electronic contract, online payment, smart logistics, digital warehousing and digital factory to empower industrial chain enterprises, which is conducive to further improving customer stickiness, improving the company’s industry influence and creating a digital industry ecology.
Risk warning: market competition intensifies; The expansion of new categories was less than expected.
