Main points of investment
The business has improved steadily, and the provision of convertible bonds affects the expression of short-term performance:
The company achieved revenue of 958 million yuan (yoy+3.4%) in the first three quarters, gross profit of 29.8%, up 0.4 pct over the same period last year, and net profit of 163 million yuan (yoy+1.7%), deducting 155 million yuan (yoy+2.2%) of non-net profit. Q3 alone has an income of 335 million yuan (yoy+1.4%), a gross profit margin of 31.0%, a year-on-year increase of 0.2 pct, a net profit of 57.35 million yuan (yoy-3.5%), and a non-net profit of 54.86 million yuan (yoy-4.5%). The growth rate of performance has slowed down this quarter due to the provision of interest on convertible bonds. The company has successfully issued convertible bonds and listed on the market, further ploughing the construction of intelligent logistics business system, and striving to continuously optimize the company's own operational integration capability by speeding up the layout of cross-border e-commerce logistics.
The second phase of Jiacheng International Port is ready to start, and the operation of automobile spare parts logistics is valued, which may be a new increment of business:
During the reporting period, the main structure of Jiacheng International Port Phase II has been completed, the current 1-4 floors are for the company's core customers, the current Cainiao, Lazada, Panasonic have been settled, business climbing time. The rest of the area will be dedicated to building a cloud wisdom storage center for auto parts to provide highly intelligent and automated logistics supply chain services for mainframe factories and related auto parts manufacturers. The project has been highly valued by the municipal government and provides a series of related support to encourage the company to further develop its business.
In addition, Jiacheng International (Hainan) Multi-functional Digital Intelligence Circulation Center is also under close construction, the company's forward-looking layout of intelligent logistics system, lock in the demand of duty-free enterprises, profit increment synchronously help the company's overall development.
Join hands with Huamao Logistics to complement each other to improve the value requirements of aviation supply chain:
On August 19, Ka-shing International and China Trade Logistics announced that they planned to set up a joint venture airline, Guangdong Ka-shing International Aviation Co., Ltd., with a registered capital of 500 million yuan, of which China Trade Logistics invested 275 million yuan to hold 55% of the shares. Ka-shing International contributed 225 million yuan to hold 45% of the shares, jointly developing the air cargo logistics market and plotting the "369" development plan. The development of airlines is expected in the future.
Profit forecast and valuation:
Through the layout of sea, land and air three-dimensional intelligent logistics parks in the national and even global important transportation hub cities, the company sets up a national / global network and improves the logistics link. for manufacturing and cross-border e-commerce customers to better provide customized integrated logistics services in the whole supply chain. Our optimism about the company is based on: (1) the broad prospect of certainty in the cross-border e-commerce logistics industry; (2) the integrated supply chain service capability of the company's leading industry; and (3) a series of core location scarce logistics assets acquired by the company's ability advantage. This convertible bond meeting has strengthened the certainty of the company's future growth, and the company will also protect the company's long-term strategic goals through the combination of endogenous business cash flow and a variety of financing tools. In the past three years, we estimate that the company's annual revenue in 22-23-24 is 16.10 million yuan, an increase of 26.9 percent, 53.8 percent, 25.6 percent, and a year-on-year growth of 33.0 percent, 81.6 percent, 32.2 percent, and 7.1X, respectively. As an investment target with both growth and certainty, the company's annual revenue in 22-23-24 is estimated to be 16.10 percent, up 53.8 percent, 25.6 percent, and 583 million yuan, respectively. Significantly underestimate and maintain "buy"
Rating.
Risk Tips:
The prosperity of cross-border e-commerce is declining; the progress of project construction is not as expected.