\u3000\u3 China Vanke Co.Ltd(000002) 010 Transfar Zhilian Co.Ltd(002010) )
Performance summary: Transfar Zhilian Co.Ltd(002010) 2021 achieved operating revenue of 35.39 billion yuan (+ 64.6%), net profit attributable to parent company of 2.25 billion yuan (+ 47.9%), net profit deducted from non attributable to parent company of 2.04 billion yuan (60.5%), and performance exceeded expectations (our previous profit forecast for 2021 was 1.65 billion yuan). Looking at 21q4 alone, the company achieved a revenue of 10.11 billion yuan (+ 43.6%), a net profit attributable to the parent company of 1.31 billion yuan (+ 53.4%), and a net profit deducted from non attributable to the parent company of 1.14 billion yuan (+ 64.7%) in a single quarter. Quarterly, the company’s Q1-Q4 revenue growth rate was 99.1%, 72.0%, 62.5% and 43.6% respectively. In terms of business, in 2021, the revenue of logistics related business was 27.42 billion yuan (+ 77.3%), and the operating revenue of chemical related business was 7.97 billion yuan (+ 32.2%).
Intelligent logistics service is the core, and the platform mode goes deep into the manufacturing industry. Focusing on the construction of ChuanHua freight network, the company has formed three business systems: complete vehicle, less than carload and cloud warehouse, cooperated with intelligent highway port business and financial business, and improved intelligent logistics services. In 2021, the company’s intelligent logistics service platform will realize gtv987500 million yuan, operating profit 500 million yuan, an increase of 145%.
Improve the layout of network freight platform services, and achieve remarkable business results. The company focuses on the network freight platform business, integrates and upgrades the transportation and storage products in the original network freight service and logistics service business, and forms three business systems: complete vehicle, less than carload and cloud warehouse. In 2021, the network freight platform business realized an operating revenue of 17.21 billion yuan, a year-on-year increase of 154%, a gross profit of 450 million yuan and a gross profit margin of 2.6%, an increase of 0.1pp compared with 2020. The turnover of finished vehicles was RMB 16.37 billion, a year-on-year increase of RMB 16.37 billion, with a year-on-year profit of main services of RMB 16.37 billion; The LTL service was launched in September 2021, with a total transaction volume of 24.148 million yuan since it was launched; In terms of cloud warehouse services, the quality and efficiency were significantly improved, with an annual revenue of 660 million yuan, a year-on-year increase of 23% and a gross profit margin of 5.4%.
The highway port business has been intensively cultivated and its business performance has reached a new high. With a total area of 5.27 million square meters, the company has deepened the distribution of roads and ports under construction, with a total area of 5.27 million square meters, and has achieved a year-on-year increase of 5.22 million square meters, including a total area of 5.28 million square meters. The company has invested in the operation of roads and ports, with a total area of 5.21 million square meters, and has achieved a continuous growth of 5.21 million square meters. In the whole year, the business of intelligent highway port achieved an operating revenue of 1.35 billion yuan, a year-on-year increase of + 27.5%, a gross profit of 880 million yuan and a gross profit margin of 65.7%, a year-on-year increase of 3.2pp. In terms of asset management, the company continued to optimize the customer structure, improve the floor efficiency of the property, revitalize the stock resources, and achieved an increase in the rental price and rental rate of the overall property products over the same period, with an overall rental rate of 90% and a year-on-year increase of 2PP; 10791 enterprises settled in the highway port; The annual traffic volume reached 48.18 million, a year-on-year increase of 16.8%.
Profit forecast and investment suggestions. We believe that in the future, the company will continue to give play to the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) linkage between highway port and online freight platform, continue to improve the floor efficiency of highway port property, and improve the service efficiency of vehicle, less than carload and cloud warehouse business. It is estimated that the operating revenue of the company from 2022 to 2024 will be 40.68 billion yuan, 44.61 billion yuan and 47.28 billion yuan respectively, and the EPS will be 0.74, 0.75 and 0.76 yuan respectively, with the corresponding PE of 8x, maintaining the “buy” rating.
Risk warning: the construction and operation of highway port are less than expected, the policy subsidies are less than expected, and the macro economy is less than expected.
