The double main business operation of "logistics + chemistry", and the contribution of logistics revenue continues to improve. Chuanhua Zhaopin is a listed company controlled by Chuanhua Group, which is committed to building an intelligent logistics platform for the service industry. Under the double main business mode of "logistics + chemistry", the gross profit margin of chemical business is stable in recent years, the contribution of gross profit is high, the proportion of logistics business income is increasing year by year, and there is a lot of room for growth. In 19-20-21, the annual logistics business accounted for 68.9% of revenue, 72.0% and 77.5% respectively, which is in a trend of sustained growth and is the key development direction of the company in the future. At present, the income of logistics business mainly comes from network freight platform business, logistics supply chain business, after-car business, intelligent highway port business, payment insurance and other businesses.
The scale of online access is emerging, and the business of online freight platform is growing at a high speed. In terms of online platform, the company has long focused on the pain points of carriers, such as difficult management, uncontrollable capacity and imperfect compliance, actively creating different product portfolios to form systematic network freight services. At present, the company has also integrated and upgraded the transport products and warehousing products in the original network freight service and logistics service business, further refined the formation of the three major business systems of the whole vehicle, zero load and cloud warehouse, and continuously optimized the product layout of Chuanhua freight network. In the future, with the transformation and upgrading of China's manufacturing industry, there will be higher requirements and more demand for the improvement of efficiency, so we continue to be optimistic about the layout and development of the company in digital freight transportation, with the continuous application of digitization in the field of logistics, business scale and corresponding revenue are expected to further grow.
The base of the highway port line is solid, and the linkage supply chain business is developing. The highway port city logistics center, which is the first in the industry, is a large park that provides one-stop comprehensive services, serving manufacturing enterprises, logistics enterprises, truck drivers and so on. The highway port also uses the agglomeration effect to co-ordinate internal and external resources to connect value-added services such as network freight transport, rear cars, oil products and oil card sales, and financial services, so as to further build an integrated product system of the park. In addition, at the present stage, the original parking area and trading center of the highway port are being gradually replaced, more around the warehouse allocation function, and the base warehouse, regional warehouse, front warehouse and other areas are gradually increasing, which has become a solid offline foundation for the cloud warehouse of Chuanhua freight network. As the highway port matures and enters the profit period, its aggregation effect promotes more flow convergence, which will bring room for the improvement of value-added service income, and with the gradual improvement of highway port warehouse allocation function, we are also optimistic about synergy to promote the sustainable development of logistics supply chain business.
Main profit forecasts and assumptions: we expect the company's net return profit from 2022 to 2024 to be 2.271cm 2.333pm 2.405 billion and EPS 0.74x0.76max 0.78 respectively, valuing the company at 10 times PE in 2022, corresponding to a target price of 7.39RMB, and giving it an "better than the market" rating for the first time.
Risk hint: macroeconomic recovery is not as expected, business development is not as expected, and industry policy has changed.
