The C-end Internet dividend is disappearing, and the enterprise Internet era is coming.
The C-end traffic dividend is basically over, and the user traffic has basically been carved up by BAT. From the business layout of BAT, the ecological aspects such as C-end life, payment, e-commerce and so on have been completely distributed by BAT. After the vigorous development of the B2C model from 2008 to 2014, the trust of enterprise users on the Internet has increased, while the needs of enterprise-end users have been upgraded: fine management, supply chain optimization, procurement of e-commerce and auxiliary information, etc., forcing enterprises to upgrade, the B2B era is coming.
As the current development direction of B2B model, supply chain finance model has three modes: accounts receivable, confirmed positions and chattel pledge financing. The financing market of small and medium-sized enterprises is huge, and the traditional banking industry is difficult to meet their financing needs. In the face of large financing gap and high financing cost, China's B2B industry is still in the blue ocean market.
Running through the transformation mode to build the financial leader of the supply chain
Shengbao pioneered the "alliance + small portal" model, which has many professional websites such as China Chemical Industry Network, Global Chemical Network, China Textile Network, Pharmaceutical Network and so on. The business model is to provide information flow services, gather the information of manufacturers, middlemen and end-users on the platform, and charge membership fees + advertising fees.
After the listing, the company firmly transformed, and now the company has formed a new trinity model of B2B commodity trading platform, Internet financing platform (Internet financing) and online payment platform (business access). To provide comprehensive inclusive financial services for small and micro enterprises to solve the financing pain points of small and medium-sized enterprises.
The supply chain financial platform constitutes the core barrier of the company: 1. The construction of computer platform is very complex, there are dozens of platforms behind, across trade, circulation, logistics, finance and other fields; 2. The technical access requirements of banks are higher; 3. It is difficult to obtain credit from national banks.
Closed-loop solutions mature, cooperative banks and lending flows accelerate
After more than 20 years of development, Shengbao has accumulated a large number of customer and industrial data resources; the company has docked with Bank of Communications, Pudong Development Bank and other major banks, and more and more banks hope to cooperate with Shengbao. The capital problem of the great development of supply chain finance will not be the bottleneck. At the same time, the financial flow of the company's supply chain is accelerating, with monthly loans reaching hundreds of millions of yuan. The business treasure supply chain finance industry is deeply rooted and has more card position advantages, so it has a great advantage in providing supply chain funds for many small and medium-sized enterprises. B2B supply chain financial closed loop is beginning to take shape. the future extends to the direction of logistics, logistics finance, warehousing and transportation, and the realization space is expected.
Coverage for the first time, giving a "buy" rating
We are optimistic about the company's B2B model, cash into the acceleration period, broad market prospects. We expect the company to make a net profit of 0.22, 0.98 and 1.14 million, respectively, with an EPS of 0.09, 0.39 and 2019, respectively, with a "buy" rating for the first time.
Risk hints: policy risk; recession in the bulk economic cycle; increased competition
