\u3000\u30003 Zhejiang Great Southeast Co.Ltd(002263) 00226)
The company released the first quarterly report of 2022 Shanghai Ganglian E-Commerce Holdings Co.Ltd(300226) released its report for the first quarter of 2022 on April 28. The company achieved an operating revenue of 15.534 billion yuan, a year-on-year increase of 36.89%; The net profit attributable to the parent company was 387468 million yuan, a year-on-year decrease of 14.25%; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 36.848 million yuan, a year-on-year decrease of 12.05%; The basic earnings per share is 0.2029 yuan.
The company’s sales, management and R & D expenses in the first quarter were 881071 million yuan, 479873 million yuan and 266303 million yuan respectively, with a year-on-year increase of 26.11%, 6.94% and 6.87%; The management and R & D expenses remain relatively stable, while the substantial increase in sales expenses shows the company’s determination to expand its business to the whole country.
The industrial data service industry is leading, and the strategic layout promotes the stable growth of performance. The company is one of the world’s leading data service providers for bulk commodities and related industries. With price as the core, the company has built a multi-dimensional data system around price fluctuations to help users obtain, interpret and use data more efficiently and occupy an advantage in a complex and changeable market. The company has formulated the strategy of “building a hundred chains into an outline” to achieve healthy and sustainable user growth and income growth, and build a long-term strategic competitive advantage. In the first quarter of 2022, the company’s industrial data service business realized a revenue of 152 million yuan, an increase of 17.85% over the same period of last year. Shandong Longzhong Information Technology Co., Ltd., an important subsidiary of the company, realized an operating revenue of 233781 million yuan, an increase of 29.25% over the same period of last year.
We formulated the strategy of “building a hundred chains into an outline”, and the excellent system stimulated the high growth of trading volume. Shanghai gangyin e-commerce Co., Ltd., the holding subsidiary of the company, enables and optimizes the communication industry through Internet technology, improves the digital risk control system of the platform and enhances the transaction viscosity of customers. At present, there are more than 150000 registered users, more than 350 cooperative steel mills and more than 500 cooperative warehouses of gangyin e-commerce platform. In the first quarter of 2022, the settlement volume of the company’s steel bank platform was about 10.422 million tons, an increase of 34.38% over the same period last year. On March 1, the single day trading volume of the platform reached 355800 tons, a record high daily trading volume. Meanwhile, the trading volume of the company in the first quarter of 2022 increased significantly compared with the same period of the previous year, and the trading service fee income also increased year-on-year.
Industrial data services expanded rapidly, and subsidiaries were set up to strengthen business capacity. In order to speed up the layout of Shenzhen Agricultural Products Group Co.Ltd(000061) data service industry, improve the market share of Shenzhen Agricultural Products Group Co.Ltd(000061) data service and enhance the relative competitiveness, the company plans to split the reconstruction system of Shenzhen Agricultural Products Group Co.Ltd(000061) business department, and jointly invest with Mr. Zhu Junhong to establish Shandong Steel Union Shenzhen Agricultural Products Group Co.Ltd(000061) Data Co., Ltd. with a registered capital of about 25 million yuan. The subsidiary Shandong Steel Union is mainly engaged in Shenzhen Agricultural Products Group Co.Ltd(000061) data service business, The company plans to invest 20 million yuan with its own funds and hold 80% of the equity of legal person.
Investment suggestion: the company is one of the leaders with the most comprehensive layout of China’s ferrous metal industry chain and has strong market influence. In addition, the company has been deeply engaged in the bulk commodity industry for many years and has built a reproducible growth model through scientific and complete methods and standardized workflow. We predict that the company’s operating revenue from 2022 to 2024 will be 76.581, 88.176 and 101773 billion yuan, the net profit attributable to the parent company will be 227, 291 and 379 million yuan, the EPS will be 119, 152 and 1.98 yuan / share, and the corresponding PE will be 22, 17 and 13 times. The company is the first coverage and will be rated as “recommended”.
Risk tip: fluctuation risk of steel industry; Credit management risk of e-commerce platform; Internet technology upgrade risk; Technology brain drain risk.
