21H1 revenue and net profit increased sharply compared with the same period last year, maintaining the semi-annual report released by the "Buy" rating company on August 23, with revenue of 263.18 billion yuan in the first half of the year, an increase of 47.1% over the same period last year; net profit of 2.11 billion yuan, an increase of 30.8% over the same period last year; and 1.9 billion yuan of non-return net profit, an increase of 38.6% over the same period last year. The high growth of the company's performance is mainly due to the fact that the main business of the supply chain gives full play to the comprehensive advantages of models, channels and varieties, better grasp the good opportunity of this round of rising commodity prices, and achieve rapid growth in supply chain integration service revenue. Benefiting from the rapid economic recovery, we continue to be optimistic about the strong demand for raw materials downstream, and the company's 21H2 supply chain business is expected to continue to develop rapidly. We estimate that the EPS of the company from 2021 to 2023 will be 0.68,0.75,0.82 yuan respectively. With reference to the Wind comparable company 2021E consistent expectation 11.15xPE, we will give the company 11.5x PE for 21 years, with a target price of 7.82 yuan, maintaining a "buy" rating.
In the first half of the year, the company's intelligent supply chain integrated services segment achieved revenue of 245.11 billion yuan, an increase of 44.3% over the same period last year, accounting for 93.2% of the company's total revenue and 60.4% of profits. Among them, the scale of core businesses such as metals, coal, chemical industry and automotive services ranks first in the country, with 21H1 revenue growing by 77.3%, 24.1%, 12.4% and 21.7%, respectively.
Improve the quality and efficiency of finance and high-end industries, and work together with the main industry
The company's financial business revolves around the main business of the supply chain, including C-terminal digital business, over-the-counter derivatives business, asset management business and so on. 2021H1, the company's financial services breakthrough, revenue increased 108.6% year-on-year to 9.33 billion yuan. High-end industries also continue to make efforts, carrying out pension business, medical device supply chain business, sewage treatment business and so on. 2021H1 high-end industrial revenue increased by 81.6% to 8.48 billion yuan compared with the same period last year.
The leading scale effect is realized as scheduled, maintaining the "buy" rating.
As a major domestic leader, the scale effect continues to be realized; at the same time, emerging business makes more efforts, and finance and high-end industries continue to contribute new increments. We expect the company to achieve revenue of 5551.5 yuan, 6124.5 yuan and 659.02 billion yuan from 2021 to 2023, with a net profit of 35.3,39.2 and 4.27 billion yuan, corresponding to EPS of 0.68,0.75,0.82 yuan respectively (before 2021). With reference to Wind 2021E, we give the company 11.5x PE in 21 years, with a target price of 7.82 yuan (the previous value is 6.03 yuan), and maintain the "buy" rating.
Risk hint: the price of big goods has dropped sharply, and the operational risk of supply chain business.
