Event: in the first three quarters of 2022, the company's operating income was 958 million yuan, up 3.41% from the same period last year; gross profit was 29.83%, up 0.38% from the same period last year; and net profit was 163 million yuan, up 1.67% from the same period last year.
22Q3 revenue has been steadily repaired and gross profit margin continues to rise. In the third quarter of 2022, the company's operating income was 335 million yuan, up 1.42% from the same period last year; gross profit was 31.04%, up 0.17% from the same period last year; affected by the interest on convertible bonds in the current quarter, the net profit was 57 million yuan, down 3.47% from the same period last year. Specifically, the epidemic led to short-term pressure on the company's manufacturing supply chain business, but benefited from the gradual release of capacity from Jiacheng International Port (Phase II), the company's cross-border e-commerce business continued to grow.
In the future, the logistics center will also build a cloud wisdom storage center for auto parts, which is expected to enrich business diversity and expand the profit model.
Funds in place to promote superimposed cooperation to speed up the development of cross-border e-commerce business. Recently, the company's convertible bonds have been issued and listed, raising a total of 800 million yuan, mainly for "cross-border e-commerce smart logistics center and supporting construction projects." In recent years, the company relies on the operation of Tianyun Logistics Center and Jiacheng International Port (Phase II) to provide cross-border e-commerce logistics services. On this basis, combined with the existing supply chain advantages, this fund-raising project will improve the comprehensive strength of cross-border e-commerce business. At the same time, the company has reached cooperation with Huamao Logistics, BAIC and other enterprises to optimize the operation and integration of cross-border logistics resources and improve the efficiency of full-link services with the help of new technologies such as the Internet of things, blockchain and self-driving. Promote the construction of brand image and the improvement of profitability.
Profit forecast: as a leading third-party supply chain service provider, the company highly benefits from the high prosperity of cross-border e-commerce relying on BABA's long-term cooperative relationship. There are barriers to the production scale of high-standard warehouses and gain growth flexibility with production expansion. At the same time, the company pays close attention to the market demand and cuts into the automobile manufacturing, and is expected to give full play to the synergy advantage of customer resources and open up the growth space in the medium and long term. It is estimated that the net profit from 2022 to 2024 will be 218 million yuan, 269 million yuan and 326 million yuan, and the PE of the corresponding stock price will be 13, 11 and 9 times, maintaining the "buy" rating.
Risk hint: the epidemic situation is repeated, cross-border e-commerce is blocked, the progress of project construction is not as expected, and the demand is not as expected.