Event
According to the semi-annual report of 2022, the company's operating income in the first half of the year was 38.7561266 billion yuan, an increase of 16.99 percent over the same period last year, and the operating cost was 37.8753066 billion yuan, an increase of 17.46 percent over the same period last year. The net profit attributable to shareholders of listed companies was 442.3173 million yuan, an increase of 182.56% over the same period last year, and the net profit belonging to shareholders of listed companies after deducting non-recurrent gains and losses was 179.6637 million yuan, an increase of 27.61% over the same period last year. The company's performance in the second quarter increased significantly, in line with expectations.
Core ideas:
The commodity supply chain business is sound, and the online business continues to grow. The super reserve steel shows a good momentum of development, obvious advantages in resources, and more frequent regional linkage. In the first half of the year, the online trading volume of supply chain business was about 1.48 million tons, with a transaction volume of about 7.18 billion yuan, an increase of 6.5% and 0.01% respectively over the same period last year. Non-aluminum non-ferrous sector achieved substantial growth, with China Chengtong Commodity Trading Co., Ltd. as the core plate business to achieve a net profit of 16.1286 million yuan, an increase of 50.09% over the same period last year. Relying on its own advantages of warehousing and logistics resources, China Storage has significant advantages in the direction of stable control and transparency of cargo control and online trading process, and the penetration rate of online trading of commodities is still low. We believe that the industry has broad room for growth and is still in the early stage of development. Long-term optimistic about the stable development of online chemical products in China Reserve supply chain.
Benefiting from the rapid development of the network freight industry, Zhongchu Zhiyun has become a bright spot for the company's growth. As the company's network freight platform, 2022H1 maintained high growth, with a total operating income of 15.388 billion yuan, an increase of 22.68% over the same period last year; the total transaction tonnage of 142.9216 million tons, an increase of 10.65% over the same period last year; the total number of transaction orders of 340.87 million, an increase of 3.61% over the same period last year; the total number of new roles of the platform was 208500, including shippers, senior carriers, carriers, car owners, individual ships, unit ships, and so on. Benefiting from the resource integration after the restructuring of central enterprises, China Reserve Zhiyun stepped up the development of state-owned central enterprises, with a transaction volume of 748 million yuan in the first half of the year, an increase of 66 per cent over the same period last year. At the same time, China Reserve Wisdom actively contributed to its development, successfully completing the financing of D-round in the first half of the year, with a financing amount of 761 million yuan. We believe that China Reserve Zhiyun enjoys the dividend of the rapid development of network freight transport, holds the two core resources of upstream shippers and downstream transport capacity, and has unique advantages in the context of the continuous clearance of small and medium-sized platforms in the industry and the gradual concentration of market share to the head enterprises. it is expected to further promote the sustained growth of the company's performance.
Profit forecast and investment suggestion
CNS shares enjoy high-quality warehousing and logistics resources, the bulk supply chain business is sound, and CNS Zhiyun continues to grow at a high level, which has become the highlight of the company's development. The company received a total of 169 million yuan in tax refund in the first half of the year, which also improved the cash flow of business activities to a certain extent. We estimate that the net profit of homing in 2022-2024 is estimated to be 1.353 billion yuan, which is + 14% of the same period last year. The EPS of the company in 2022-2024 is 0.46, 0.54, and the closing price on August 25 corresponds to 8.9 times of 11.8, 10.1, and is given a "recommended" rating for the first time.
Risk hint
The global economic recovery is not as expected; the business expansion of China Reserve is not as expected.
