公司数字物流业务收入为23.5 亿元，同比大幅增长119%，其中运输/增值服务分别为22.9/0.62 亿元，同比+121%/53%，公司加快推进“我找车”数字物流平台业务推广应用，已在公司内部成员企业、中建材集团所属部分企业以及其他外部企业推广使用，截至上半年末，公司“我找车”数字物流已覆盖 31 个省份，平台累计注册车辆 133 万辆，数字物流业务尚处外部推广阶段，毛利率仅0.17%，利润贡献相对有限。In the first half of the year, the company achieved net profit of 152 million yuan, a year-on-year decrease of 60.49%. The company released its 23 annual report. In the first half of the year, it achieved revenue/net profit of 4263/152 million yuan, or 22.24%/-60.49%, compared to 22.24%/-60.49%. In the first half of the year, it achieved net profit of 138 million yuan, a year-on-year decrease of -62.98%. Among them, Q2 achieved revenue/net profit of 3123/145 million yuan in a single quarter, 24.62%/-60.67% year-on-year, after deducting non-attributable net profit of 140 million yuan, or -61.45% year-on-year.
Revenue from basic building materials is declining, and digital logistics continues to rise
The company's building materials sector achieved revenue of 1.89 billion yuan, down 16.09% year on year. Among them, 23H1 cement and clinker achieved sales revenue of 1,669 billion yuan, down 14.91% year on year, greatly dragged down by the price drop. 23H1 sales volume was 6.16 million tons, down 3.4% year on year. We calculated the average tonne price/cost/gross profit of 271/223/48 yuan, 36.7/-2.5/34.2 yuan year on year. The company's 23H1 aggregate/concrete revenue was 0.38/186 million yuan, or -37.24%/-20.53% year-on-year, of which sales volume was 2.122,700 tons/5714,000 square meters, respectively, -19.22%/-8.87%. The gross margin of the 23H1 building materials sector fell 8.83 pct year-on-year to 18.19%.
The company's digital logistics business revenue was 2.35 billion yuan, a sharp increase of 119% over the previous year. Of these, transportation/value-added services were 22.9/062 million yuan, +121%/53%. The company accelerated the “I'm looking for a car” digital logistics platform business promotion and application. It had been promoted and used by the company's internal member enterprises, some enterprises belonging to China Building Materials Group, and other external enterprises. By the end of the first half of the year, the company's “I'm looking for a car” digital logistics digital logistics had covered 31 provinces. The platform had a cumulative total of 1.33 million vehicles. The digital logistics business was still in the external promotion stage, and gross margin was only At 0.17%, the profit contribution is relatively limited.
China Construction Information's revenue for the first half of the year declined slightly year on year, and net profit increased. China Construction Information, which is to be restructured by Ningxia Building Materials, achieved revenue of 6.903 billion yuan in the first half of the year, -4.58% over the same period. Among them, software and hardware product sales and services/cloud and digital services revenue was 5.487/513 billion yuan, respectively, -11.6%/-21.63%. The company's gross profit margin for the first half of the year was 9.68%, -0.91 pct, of which gross margin for software and hardware product sales and services/cloud and digital services was 10.8%/8.04%, respectively, and +1.3/-15.2 pct. Benefiting from reduced credit impairment, the first half of the year finally achieved net profit of 128 million yuan, +25.49% year-on-year.
The prototype of digital transformation is here, and collaborative development is worth looking forward to
The company plans to exchange shares to absorb and merge China Construction Information Technology Co., Ltd., and also plans to sell cement assets to Tianshan Co., Ltd. The company itself has certain reserves in terms of digitalization. The data center it has built (the first phase of the company's Internet Industrial Park data center project was completed in the first half of '23 and is still in the functional testing stage) is an upstream business of China Construction Information Cloud and digital services, providing infrastructure for the restructured listed company. Horse racing IoT, which is controlled by Ningxia Building Materials, mainly focuses on ecological operations such as smart logistics. As well as intelligent application services such as intelligent visual assistance and intelligent management provided by China Construction Information, it is also a SaaS-level digital service centered around industrial enterprises. The downstream customers of the two sides have a high degree of homogenization and have a good synergistic effect in terms of sales. In the future, after the company absorbs information from the merger of China Construction, we expect the two sides to give full play to the synergistic effects of their respective businesses and form a healthy interaction to promote each other and share resources. “New Ningxia” will be positioned as a digital solution provider in vertical markets such as the building materials industry. Using the advantages of the Group's platform, it will gradually achieve epitaxial growth. The digital transformation is worth looking forward to.
Lower profit forecasts and maintain “buy” ratings
Without considering absorption and mergers and sales of major assets for the time being, considering the slow recovery in demand in the cement industry, the net profit forecast for 23-25 was lowered to 398/5.16/599 million yuan (previous value: 596/647/680 million yuan), corresponding to 1.05/1.00/0.95 times PB, maintaining the “buy” rating.
Risk warning: Demand for cement falls short of expectations, price increases during peak season fall short of expectations, rising coal costs, absorption and mergers, and sales of major assets fall short of expectations, etc.
