Event: in 2021, the company realized operating income of 35.392 billion yuan, an increase of 64.64% over the same period last year, and a net profit of 2.249 billion yuan, an increase of 47.87% over the same period last year.
The profitability of highway and port business has been improved again after the climbing period, and high-quality logistics assets have formed a solid competitive barrier. In 2021, the company can only achieve 1.345 billion yuan in revenue from the highway and port business, an increase of 27.53% over the same period last year; the gross profit margin was further raised to 65.57%, an increase of 3.24pct over the same period last year. Thanks to the gradual passage of the new highway port through the climbing period, the company's overall property rental price and rental rate have increased steadily, and the overall rental rate for the whole year has reached 90%, an increase of 2pct over the same period last year. We believe that the basic logistics industry still needs a large amount of heavy asset investment as the basis. Chuanhua Zhaopin is the only company with logistics parks all over the country, and the park warehousing network has formed a solid competitive barrier. At present, Chuanhua has laid out 70 highway ports, and 12 are still under construction. While providing stable operating profits for the company, the highway port can also be used as a high-quality carrier for small and medium-sized logistics enterprises to provide high-sticky potential customers for the company's digital freight business. It is optimistic that the revenue and profits of highway ports will continue to grow steadily in the future.
The layout of digital freight business has been upgraded again, and the network freight platform has ushered in explosive growth. In recent years, the company has made great efforts to develop the online freight platform, and the business has ushered in an explosive period in 2021. The annual operating income of the platform reached 17.205 billion yuan, an increase of 154.24% over the same period last year, an operating profit of 446 million yuan, an increase of 163.72% over the same period last year, and a gross profit margin of 2.59% over the same period last year. Thanks to the scale effect and the improvement of product service capacity, the online freight platform may gradually enter the profit cashing period. Under the background of the strict supervision of the network freight platform and the concentration of market clearance, Chuanhua Zhaopin, which has park business and excellent background qualifications, should enjoy a larger market share. At the same time, the company continues to enrich digital freight products, develop less than a load, cloud warehouse business and open the market, forming a warehouse transportation and distribution capacity, focusing on the industrial logistics supply chain service system. After years of efforts, the company has formed stickiness with many major customers in five major industries, creating benchmarking projects that are expected to replicate quickly in the same industry.
Investment suggestion: under the background of the steady growth of the national logistics market, the company's revenue scale maintains a high growth rate, and the company's profitability is gradually improved. While the highway port business steadily contributes profits, it will form a synergistic effect with the network freight platform. In the future, the market will continue to concentrate to the head, and the industry space is huge.
Although the epidemic situation in some areas will have a certain impact on the demand for highway logistics, the core competitiveness of the company remains unchanged and the valuation is on the low side. It is estimated that the EPS of the company from 2022 to 2024 is 0.71, 0.80, 0.89 yuan respectively, corresponding to 8.13, 7.22, and 6.51X, which is rated as "over-holding".
Risk hint: the epidemic continues to affect the highway logistics freight volume, and the development speed of the network freight platform is not as fast as expected.
