\u3000\u3 Shengda Resources Co.Ltd(000603) 713 Milkyway Chemical Supply Chain Service Co.Ltd(603713) )
Core view
Milkyway Chemical Supply Chain Service Co.Ltd(603713) disclose the 22q1 quarterly report and hand over the excellent growth answer sheet. In the first quarter, the revenue was 3.06 billion yuan (+ 111.90%), the net profit attributable to the parent company was 134 million yuan (+ 72.10%), and the net profit not attributable to the parent company was 130 million yuan (+ 69.59%). The company's performance is at the top of the first quarterly report.
The first quarter net profit rose month on month, confirming the outstanding growth. Even if there is the impact of the Spring Festival in the first quarter, the company still improves its performance month on month. We believe that the outstanding performance of the company once again confirms the excellent growth of the company. 22q1, we expect the company's main businesses: 1) freight forwarding, in the first quarter of 2022, the average SCFI index is 485084, an increase of 74% compared with 278013 in the first quarter of 21; 2) Warehousing: after the business adjustment of the company in the second half of 2021, it is expected that the current utilization rate of the company's warehousing capacity is at a high level; 3) Chemical Distribution: in terms of SKU and source of goods, since the beginning of 2022, the company has introduced many new sources of goods, such as lotion polymer materials and biological reagents, to the online market. The growth of SKU and the company's excellent offline logistics service ability are expected to continue to drive buyers and shippers to tilt their channels towards Milkyway Chemical Supply Chain Service Co.Ltd(603713) . We believe that 2022 should be a year when the company's profit quality continues to improve.
Coping calmly under the impact of the epidemic will help consolidate the trust relationship with customers for a long time. The company responded very quickly to the epidemic. The company set up an epidemic prevention headquarters for the first time, with nearly 500 people stationed at the scene, and 11 operation centers in Shanghai were not suspended. At the same time, with the help of senior business network in the country, the company opens up the transportation channel with the Yangtze River Delta. The company experienced the outbreak in 2020 and achieved excellent performance in 20q1. We believe that under the previous experience, the company responded in a timely manner and performed better than its peers. In the long run, it is expected to form a closer and more trusted cooperative relationship with customers with the help of special periods.
Risk warning: the impact of the epidemic exceeded expectations; The company's business expansion was lower than expected.
Investment advice: maintain the "buy" rating. We believe that the company's texture has been tested many times in the past, and there are opportunities in short-term external fluctuations. The company's business boundary expansion has begun to take shape, from chemical logistics to a delivery company integrating logistics and transaction. Considering that the company's response to the epidemic is very timely, the company's profit forecast of 640 million, 990 million and 1.35 billion from 2022 to 2024 remains unchanged. The current market value of the company corresponds to the performance forecast of 2022, which is 28x, maintaining the buy rating.
