\u3000\u3 China Vanke Co.Ltd(000002) 930 Guangdong Great River Smarter Logistics Co.Ltd(002930) )
Performance
On April 27, Guangdong Great River Smarter Logistics Co.Ltd(002930) released the annual report of 2021 and the report of the first quarter of 2022. In 2021, the operating revenue was 1.088 billion yuan, a year-on-year increase of 28.25%, and the net profit attributable to the parent company was 272 million yuan, a year-on-year increase of 19.54%. In 2022q1, the operating revenue was 270 million yuan, a year-on-year increase of 4.26%, and the net profit attributable to the parent company was 54 million yuan, a year-on-year decrease of 18.41%.
Analysis
The performance was in line with expectations, and the gross profit margin increased year-on-year. In 2021, the company’s operation was stable and healthy, with revenue increasing by 28% and net profit attributable to the parent company increasing by 20%. The narrow growth was due to the large increase in operating costs and expenses, which was in line with expectations. In 2021, the gross profit margin of the company was 65.29%, with a year-on-year increase of 0.96pct. In terms of business, the gross profit margins of wharf storage tanks, transit and other chemical warehouses were 64%, 71% and 66% respectively, unchanged year-on-year, + 19pct and – 3PCT respectively. In 2021, the company’s sales expense ratio was 2.82%, with a year-on-year increase of 0.22pct; The rate of administrative expenses was 10.28%, a year-on-year decrease of 1.05pct; The R & D expense ratio was 1.41%, with a year-on-year increase of 0.98 PCT; The financial expense ratio was 13.36%, a year-on-year decrease of 1.8pct.
The tank capacity and warehouse capacity continued to grow, and the business strength was strengthened. By the end of 2021, the total tank capacity of the company was 4.35 million cubic meters, an increase of 32%, including 3.84 million cubic meters of tanks in operation and 510000 cubic meters of tanks under construction. The total warehouse capacity of the company’s chemical warehouse is 64900 square meters (including subsidiaries and the subject matter to be acquired), with an increase of 54% and has been put into operation. Among them, the 160000 m3 tank capacity of Changshu Hongzhi phase II project was put into operation in April 2022, and the project realized integrated operation. In June 2022, the 333000 m3 tank capacity of Fujian port energy phase II is expected to be put into operation. It is expected that the performance of Fujian port energy will be greatly improved after 2022.
Actively merge and expand scale advantages to achieve rapid development. Since listing, the company has continuously expanded the scale of warehousing business through M & A expansion. In October 2021, the company announced an offer to acquire Longxiang group. In April 2022, Longxiang group became a controlled enterprise under Hongchuan Hong Kong. After the transaction is completed, it is conducive to further consolidate the cluster effect of storage bases in the Yangtze River Delta and form the integration and coordination of resources between the north and the south. The company plans to acquire 90% equity of Jiahui logistics. The geographical location of Jiahui logistics and the layout of the company’s existing chemical warehouse will form a regional complementarity. In addition, the subject matter will form a certain regional synergy with Weifang sendameco, a joint venture of the company.
Investment advice
It is estimated that the net profit attributable to the parent company in 202223 will be 388 / 556 million yuan respectively (the original 403 / 525 million yuan), and the net profit forecast for 2024 will be 655 million yuan, maintaining the “buy” rating.
Risk tips
Risk that the performance of new projects does not meet expectations; Business safety risks; Stock pledge risk; Goodwill impairment risk; M & a project failure risk.
