The leading commodity supply chain service provider in the industry
Founded in May 2003, Shanghai Yashi is a full-process supply chain service provider mainly engaged in supply chain logistics and supply chain executive trade business, providing customized services to industrial customers. The equity of the company is relatively concentrated, and the controlling shareholder is Yashi Group, which holds 51% of the shares of the company. Sun Wangping, the actual controller, indirectly holds 68% of the shares of the company through Shanghai Chuying and Yashi Group. From 2015 to 2017, the company achieved operating income of 15.9,13.3 and 1.7 billion yuan respectively, an increase of + 9.6%,-16.6% and + 28.33% respectively over the same period last year. Revenue reached 386 million yuan in the first quarter of 2018. Revenue and return net profit increased steadily except for 2016, while the consolidated gross profit margin declined slightly in the past three years.
The supply chain industry develops steadily as a whole, subdividing the market into heroes.
In recent years, thanks to the rapid and stable economic growth, the overall stable development of China's logistics industry, industrial logistics is the main driving force of logistics scale growth, the average annual compound growth rate is higher than the same period GDP growth rate. At the same time, because improving the efficiency of supply chain logistics requires enterprises to operate efficiently in the supply chain process and have a unique and accurate view to deal with the development of the industry, the industry as a whole shows the characteristics of large dispersion and small centralization. most service providers specialize in one or a few industries, with outstanding achievements in the target industry, and few supply chain management service providers serve many fields at the same time.
Supply chain logistics is the core, implementing trade assistance to promote development
By integrating the service resources of all aspects of logistics, the company provides customers with one-stop and customized supply chain logistics services. Around the production and operation of customers, the company provides industrial enterprises with services for the import and export of raw materials and finished products, and one-stop to solve the transportation problems of enterprises. At the same time, after establishing the industry-leading supply chain logistics system in parathion chemical industry and non-ferrous metals industry, the company selectively carries out the trade of some advantageous varieties such as parathion, chemical fertilizer and non-ferrous metals, and makes a profit by making commodity price difference.
Fund-raising projects: liquid chemical tank area project, multimodal transport and information upgrading
The company's IPO public offering of 33 million shares, accounting for 25% of the company's total share capital after the completion of the issue, 305 million yuan will be used for the following projects: Lianyungang Banner Taiwan operation zone liquid chemical tank area project, supply chain logistics multimodal transport project and supply chain logistics information upgrading project.
Profit forecast
We believe that as the company expands its scale in the parathion chemical, non-ferrous metals and coal industries, develops more supply chain products, accelerates the application of mobile Internet technology, upgrades and opens the industrial logistics information platform, and after IPO raises funds in place, the company consolidates its advantages of container multimodal transport and invests in the industrial logistics information upgrading project, its performance is expected to meet significant growth. It is estimated that the 18/19/20EPS of the company is 0.68,0.76 and 0.89 yuan respectively. Taking into account the 18-year average valuation of supply chain sector 20.4x, and the average valuation of secondary IPOs 30.0x, calculate its value range of 13.9-20.4 yuan. For the first time, the coverage gives a "hold" rating.
Risk tip: the risk of gross profit margin decline, the company's business expansion and new product development are not as expected.
