Event: in 2021, H1 Company realized operating income of 33.126 billion yuan, an increase of 69.00% over the same period last year, and its net profit was 148 million yuan, an increase of 21.19% over the same period last year. The net profit of non-return was 141 million yuan, an increase of 43.22% over the same period last year.
The operation of the commodity supply chain industry is sound, and the online effect is remarkable. In the first half of the year, the company's commodity circulation business income was 19.176 billion yuan, an increase of 91.46% over the same period last year. In terms of iron and steel sheet, China Storage Steel has realized the online operation of the whole supply chain, the steel throughput of Xi'an and Dalian has increased significantly, and the inventory share is the market leader. The overall operating scale of the non-ferrous plate increased by 22% compared with the same period last year, and the China Reserve Yi Nonferrous platform completed the research design and some module development. Plasticizing plate consolidates strategic cooperation with major customers, plasticizing throughput increases steadily, and local influence is further enhanced. The company's supply chain system has achieved remarkable results online, with the cumulative introduction of nearly 300 enterprises, which has been docked with the Internet of things system of the Agricultural Bank of China.
China Reserve Zhiyun has become a new engine of performance growth and is expected to enjoy market dividends. The business scale of the company's network freight platform grew rapidly. In the first half of the year, China Reserve Zhiyun achieved a total operating income of 12.544 billion yuan, an increase of 51.04% over the same period last year; the total transaction tonnage was 129.17 million tons, an increase of 46.74% over the same period last year; and the total transaction orders were 3.29 million, an increase of 41.84% over the same period last year. 192100 new senior members and 3021 new shippers. China Reserve is highly qualified, there are actual business scenarios offline, and the capacity resources and logistics processes are compliant and transparent, which is the benchmarking platform in the subdivision track. The market space of the network freight platform is huge, and the future industry emphasizes standardization and transparency, and the company will enjoy a larger share in the process of concentration to the head of the industry.
With the orderly progress of Wuhan land collection and storage project, the reorganization of central enterprises will soon attach importance to the intrinsic value of the company's rich warehousing and logistics resources. During the reporting period, part of the company's land in Wuhan was included in the scope of expropriation by the government, and the expropriation bill has been deliberated by the board of directors. 4.2 billion compensation for acquisition and storage will be gradually landed in the next 1-2 years. The central reserve has a land area of about 6 million square meters and an annual handling capacity of 60 million tons, plus a total of about 10 million square meters of land shared with the head office. It has logistics parks and logistics network lines all over the country, and the value of fixed assets is rich. China's logistics restructuring is imminent, the new company will place hopes on the country to build a modern circulation system to ensure the safety of the industrial chain and supply chain. Restructuring is expected to inject new vitality into central enterprises, and the intrinsic value of excellent qualifications and rich warehousing and logistics resources is underestimated.
Investment advice: the company's bulk supply chain business is sound, and China Reserve Zhiyun has become a new increment of performance.
We believe that the company's high-quality warehousing and logistics resources are undervalued. It is estimated that the company's EPS from 2021 to 2023 will be 0.84,0.89 and 0.63 yuan respectively, corresponding to PE 7.9x, 7.4x and 10.41x, with a "buy" rating.
Risk hint: macroeconomic downturn, business expansion is not as expected.
