\u3000\u3 Shengda Resources Co.Ltd(000603) 613 Beijing United Information Technology Co.Ltd(603613) )
Event: 1) the company released the first quarterly report of 2022, and the sales revenue of 22q1 reached 12.14 billion yuan, a year-on-year increase of 99.8%; The net profit attributable to the parent company was 155 million yuan, with a year-on-year increase of 98.9%, maintaining a high growth year-on-year; In 2021, the revenue reached 37.23 billion yuan, a year-on-year increase of 117%; The net profit attributable to the parent company was 578 million yuan, an increase of 90% year-on-year; 2) The company issued an announcement on the shareholding increase plan: the controlling shareholders and actual controllers Liu Quan and Qian Xiaojun plan to increase their holdings by no less than 100 million yuan and no more than 200 million yuan from April 27, 2022 to October 27, 2022; Several directors, supervisors and managers plan to increase their holdings by no less than 10 million yuan and no more than 15 million yuan.
The core strategy of “platform + technology + data” significantly improves the competitiveness of the company. 1) In terms of business information services, the company optimized and adjusted the Guolian resource network to enhance user stickiness; 2) In terms of online commodity trading, the company has improved the strategy of upstream supply and downstream procurement, developed vertical fields such as titanium, resin and base paper, and effectively improved the trading scale of Duoduo platform; 3) In terms of digital technology, the company actively promotes the construction of Guolian cloud digital technology service system and provides cloud ERP, remote office and other cloud application services to upstream and downstream customers. The overall market penetration of the company was about 1.02% in 2021, an increase of more than 0.5pp compared with 2020; The number of users reached 490000, an increase of 55% over 2020; The number of SKUs covered by Duoduo e-commerce is 12461 in total. The trinity of platform, technology and data will develop together, continue to expand the coverage of Duoduo platform industrial chain, and the competitiveness of the platform may be further improved in the future.
The implementation of cloud factory is progressing smoothly and is expected to create a new growth pole of performance. The company will promote the digital transformation of all links of upstream enterprises, help enterprises release production capacity and improve efficiency, and connect internal production and operation data through order driving. In 2021, 20 cloud factories have been signed, including 5 factories and 1 warehouse. In 2022, 30-40 cloud factories are planned to be signed, and 10-15 are expected to be implemented. At present, 22 have signed up, higher than expected. Digital factories in the same industrial chain, supply chain and value chain will be linked together, or the closed-loop operation of information flow, order flow, capital flow and logistics will be gradually realized, and digital technology services may form the second growth pole of the company.
The management’s shareholding increase shows confidence in future development, and the market prospect is still promising. The controlling shareholders and actual controllers Liu Quan and Qian Xiaojun plan to increase their holdings by no less than RMB 100 million and no more than RMB 200 million from April 27, 2022 to October 27, 2022; Several directors, supervisors and managers intend to increase their holdings by no less than 10 million yuan and no more than 15 million yuan; Relevant personnel plan to increase their holdings by no more than 215 million yuan in total. We believe that the shareholding increase shows the management’s confidence in the future development of the company’s main business. The disturbance of short-term market irrational factors does not change the company’s long-term growth trend and solid basic market. The market prospect is still worth looking forward to.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 970 million yuan, 1.56 billion yuan and 2.4 billion yuan respectively, with a CAGR of 61%, corresponding to 30 times, 18 times and 12 times of PE respectively. Considering that the e-commerce market of industrial products is broad and the penetration rate still has great room for improvement, the company is China’s leading industrial B2B e-commerce platform and a leading industrial Internet enterprise, with multi category competitive advantages and high growth. To sum up, we maintain the “buy” rating and recommend active attention.
Risk tip: industry policy risk, risk of intensified market competition, risk of customer transformation less than expected, risk of strategic promotion less than expected.
