Main points of investment
The proportion of external customers has increased, and the effect of the open model is beginning to show: 2022Q1 achieved revenue of 27.35 billion yuan, an increase of 22.0% over the same period last year, mainly due to the increase in customer volume and price in the external integrated supply chain under the industry layout and customer base expansion. According to the source of customers, the income from JD.com Group and other related parties was 11.39 billion yuan, accounting for 41.6%, and the income from other parties was 15.96 billion yuan, accounting for 58.4%, an increase of 3.8% over the same period last year. Non-IFRS 's net loss was 800 million yuan, while the net loss narrowed by 570 million yuan compared with the same period last year. Under the company's continuous exploration of the open model, the number of externally integrated customers continues to rise, reaching 58818 during the reporting period, an increase of 19.9% over the same period last year. ARPC (average income per customer) reached 107000 yuan.
Continue to build logistics infrastructure and strengthen cross-border logistics layout: in 2022, Q1 Company operates 1400 warehouses and the total area of logistics facilities (including cloud warehouses) is 25 million square meters. The company intends to acquire Debon Logistics in order to expand its customer base, enhance its end-to-end service capacity and further expand its scale advantage. In addition, the company operates cargo routes in major regions such as the United States, Canada, the United Kingdom, Europe and Southeast Asia, and on the basis of opening all-cargo flights between China and Southeast Asia and China-Britain, two new intercontinental routes have been opened between Hong Kong, China, Sao Paulo, Brazil, and Zhengzhou, Henan, and Cologne, Germany.
Scale effect led to an increase in gross profit margin, and a decline in R & D and management expenses: in 2022, Q1 achieved a gross profit of RMB 1.46 billion, an increase of 533.5% over the same period last year, and a year-on-year increase of 4.3%. The substantial improvement in gross profit margin is due to the company's fine management, customer structure adjustment and economies of scale. The sales expense rate, management expense rate and financial expense rate are 3.5%, 2.7% and 2.3%, respectively. The increase in sales expenses is mainly due to the increase in the number of sales and marketing personnel and the development of promotional activities; the reduction in management expenses is due to the scale effect brought about by the company's business expansion.
Our point of view: the company is based on an integrated supply chain solution, and the revenue of relevant customers accounts for more than 60%. If the promotion of integrated supply chain products targeted at the middle and lower end of the industry is effective, the company's customer structure and revenue situation are expected to be further improved and enhanced. The company is still in a period of business expansion, external business exploration is beginning to show results, with the continuous expansion of external customer resources, business independence will be gradually enhanced, contributing to the healthy and sustainable development of the overall model.
Risk tips: 1) the opening of business is not as expected; 2) the adjustment of customer structure is not as expected; 3) the impact of the epidemic continues.