Event: on the evening of August 30, the company announced that in the first half of 2021, the company achieved 15.948 billion yuan in revenue, + 83.08% last year, and 546 million yuan in net profit, + 12.76% in the same period last year.
The revenue of intelligent logistics business accounts for nearly 80%, the operating profit has improved steadily, and the logistics policy support is in line with expectations. 1) Intelligent logistics business has gradually become the core business of the company. The revenue of the intelligent logistics sector was 12.209 billion yuan, an increase of 104.76% over the same period last year, accounting for 76.56%, while the revenue of the chemical sector was 3.739 billion yuan, an increase of 36.04% over the same period last year. 2) the operating profit of the logistics sector has improved steadily.
The operating profit of the logistics business was 154 million yuan, an increase of 202 million yuan over the same period last year, with major road port business and network freight business contributing. 3) Logistics policy support is in line with expectations. The government subsidy of H1 in 2021 is 368 million yuan. Under the strategic background of traffic power, the support policy of modern logistics industry is sustainable, and it is expected that the policy support will continue, and it is usually mainly confirmed in the second half of the year.
The revenue of online freight transport business increased by 439%, while that of highway port business was 610 million yuan. In the first half of 2021, the revenue of highway port, supply chain logistics, network freight platform, supply chain finance, rear car business and chemical business reached 610 million yuan, 744 million yuan, 7.134 billion yuan, 3.521 billion yuan, 178 million yuan and 3.739 billion yuan respectively, which was + 26.12%,-55.38%, + 438.61%, + 61.65% and + 50.77% respectively over the same period last year. Revenue accounted for 3.83%, 4.67%, 44.73%, 1.12%, 22.08% and 23.44%, respectively. In terms of business, I think the overall performance of the highway port business is sound, the network freight business performance is outstanding, the progress of supply chain logistics business is slightly lower than expected, and the supply chain finance, vehicle and chemical business are in line with expectations.
The gross profit margin of highway port reached 65.7% and contributed to the main profit, while the gross profit margin of online freight transportation increased to 2.7%.
In the first half of 2021, the company's gross profit margin was 10.30% and gross profit was 1.642 billion yuan. Among them, the gross profit margins of highway port, supply chain logistics, network freight platform, supply chain finance and after-car business are 65.7%, 2.2%, 2.7%, 47.0% and 1.8%, respectively. Among them, the gross profit margin of the highway port is nearly 66%, mainly because after years of cultivation, the highway port has gradually formed an aggregation effect, the rental rate has been improved and the superimposed rent standard has been optimized, and the profitability of the highway port business has been gradually enhanced.
Investment suggestion: the EPS of the forecast company from 2021 to 2023 is 0.68,0.77 and 0.86 yuan, and the corresponding PE is 13 times, 11 times and 10 times. Maintain a "recommended" rating.
Risk hint: the risk that the logistics demand is lower than expected, the risk that the logistics digitization process is not as expected, and the risk of policy change of the network freight platform.
