\u3000\u3000 Beijing United Information Technology Co.Ltd(603613) (603613)
Event: the company issued the announcement on the advance increase of annual performance in 2021. It is estimated that the operating revenue in 2021 will reach 37.1 billion yuan to 37.4 billion yuan, with a year-on-year increase of 116.23% to 117.98%; The net profit attributable to the parent company was RMB 571 million to RMB 576 million, with a year-on-year increase of 87.37% to 89.01%; The net profit deducted from non parent company was 523 million yuan to 528 million yuan, with a year-on-year increase of 95.55% to 97.42%, realizing a higher than expected growth.
The performance has increased rapidly in the past 21 years, and it is expected that the trading on Duoduo platform will continue to increase rapidly. 1) In 2021, thanks to the development trend of industrial e-commerce and industrial Internet, the trading volume of Duoduo e-commerce of the company increased rapidly, driving the growth of revenue and gross profit, so as to realize the growth of net profit. In 2021, it is estimated that the operating revenue will be 37.1 billion yuan to 37.4 billion yuan, with a year-on-year increase of 116.23% to 117.98%, and the net profit attributable to the parent company will be 571 million yuan to 576 million yuan, with a year-on-year increase of 87.37% to 89.01%. It is estimated that single Q4 will achieve an operating revenue of 13.625 billion yuan to 13.925 billion yuan, a year-on-year increase of 91.20% to 95.41%, and the net profit attributable to the parent company will be 232 million yuan to 237 million yuan, a year-on-year increase of 84.37% to 88.34%. 2) According to the company’s 21 year semi annual report, in terms of business information services, the company optimized the structure of the United Nations resource network and improved its comprehensive service capacity to enhance the stickiness of its members; In terms of online commodity trading, the company actively promotes the expansion of platform trading volume, implements active upstream and downstream strategies, expands the market share of various vertical fields, carries out multi category extension, supply chain extension and user resale transactions, and provides customers with SaaS services such as cloud ERP, smart logistics, digital warehousing and digital factory; In terms of Internet technology services, the company actively promotes the construction of Guolian cloud digital technology application service system, and provides digital cloud application services such as industry live broadcast and video conference, digital supply chain, digital factory and industrial Internet platform services.
The gross profit margin remained stable, and the scale effect led to the decline of the overall cost rate. 1) In the first three quarters of 2021, the overall gross profit margin of the company was 3.21%, a decrease of 1.05pct compared with the same period in 2020, and the gross profit margin in Q3 was 3.01%, a decrease of 1.27pct compared with the same period in 2020. 2) In the first three quarters of 2021, the overall expense ratio of the company was 0.91%, a decrease of 0.84pct compared with the same period in 2020, mainly due to the high growth rate of the company’s operating revenue and certain scale effect. Among them, the sales expense ratio was 0.55%, a decrease of 0.62pct compared with the same period in 2020; The management expense rate was 0.18%, down 0.11 PCT; The financial expense ratio was 0.00%, down 0.08pct, mainly due to the increase of the company’s interest income during the reporting period. 3) The company continued to increase its R & D efforts. In the first three quarters of 2021, the R & D expenses were 44 million yuan, an increase of 101.53%, accounting for 0.19% of revenue, an increase of 0.03 PCT over the same period in 2020. It is expected that the company will increase its R & D investment in platform systems and digital services.
The future space of Duoduo platform is vast, and the cloud factory breeds the ecology of the industrial chain. 1) Looking forward to the future, the company implements a multi track development strategy, paying equal attention to horizontal replication and vertical extension. At present, there are as many as 7-8 key tracks, the incubation is also proceeding in an orderly manner, and the accessible market scale of multiple platforms has been steadily improved. At the same time, Duoduo e-commerce currently has a low market penetration of core products, a broad space for long-term improvement, and a rapid growth trend has emerged. 2) Guolian cloud is an important business support and technology output platform for the company, enabling the digital transformation of small and medium-sized enterprises. It is expected to become an important driving force for the company’s long-term growth by deeply binding the supply chain, breaking through data barriers in all links and building a collaborative ecosystem of industrial Internet.
Maintain the “buy” rating. We predict that the company’s total operating revenue from 2021 to 2023 will be 34.472/62.620/101.482 billion yuan, with a corresponding growth rate of 100.9% / 81.7% / 62.1%; The net profit attributable to the parent company was 541 / 960 / 1563 million yuan, with a corresponding growth rate of 77.5% / 77.6% / 62.8%. Maintain the “buy” rating.
Risk tip: the prosperity of the industries involved in Duoduo platform is down, the gross profit margin is down more than expected, and the landing of cloud factory is less than expected
