上海钢联(300226):受益于数据产业发展 数据板块高增

Shanghai Steel Union (300226): Benefiting from the development of the data industry and the rise in the data sector

華泰證券 ·  08/30/2023

Industrial data service revenue increased by 31%, maintaining the “buy” rating company's semi-annual report. In 2023, H1 achieved revenue of 39.041 billion yuan (yoy +1.89%) and net profit of 119 million yuan (yoy +28.96%), excluding the impact of share payment expenses, an increase of 11.03% over the same period last year, after deducting non-net profit of 88.45 million yuan (yoy +4.05%). Among them, Q2 achieved revenue of 21,530 billion yuan (yoy -5.50%, qoq +22.96%) and net profit of 64.32 million yuan (yoy +20.22%, qoq +17.72%). 23H1 industrial data services benefit from the efficient development of offline business and drive performance growth. Segment valuation, 23E industry data service sector revenue was 926 million yuan, comparable companies had an average of 23E8.6xps (Wind), giving 23E 8.6xps; it is expected that steel and silver e-commerce contributed 182 million yuan in net profit to listed companies in 23 years. Comparable companies averaged 23E 35.1 xPE (Wind), gave 23E 35.1xPE (Wind), with a target price of 44.71 yuan, maintaining “buying”.

Offline business has recovered well, and revenue from industrial data services has increased

By business, industrial data service revenue was 396 million yuan, an increase of 31.0%. Among them, data subscription revenue was 220 million yuan, an increase of 6.6%, business promotion revenue was 188 million yuan, an increase of 93.2%, conference training revenue was 50 million yuan, an increase of 169.7%, research and consulting revenue was 33 million yuan, an increase of 38.4%, and offline business recovered well. The subsidiary Longzhong Information's energy and chemical sector had revenue of 79 million yuan, a year-on-year increase of 65.1%.

The revenue of steel trading services was 38.644 billion yuan, an increase of 1.7%, and the settlement volume of the 23H1 Steel Bank platform was 28 million tons, an increase of 8.1%. Consignment transaction revenue was 918 million yuan, a decrease of 55.6%, and supply chain service revenue was 37.689 billion yuan, an increase of 4.9%. We believe that the importance of the company's industrial data service business is expected to continue to increase and become an important driving force for the company's growth.

The data industry has good card slots, or companies that benefit from opportunities in the data element industry have good card slots in the data industry. As of 23H1, the Steel Union database has built 21 major databases, more than 150 segmented databases, and involved more than 8000 types of segments. In 2023, more than 90 data sources, 160,000 indicators, and 800 million data volumes were added, an average of 4.5 million pieces of data were added every day, creating financial databases, local economic databases, and new enterprise databases. The company actively grasps opportunities in the data element industry. As of 23H1, the company has signed separate strategic cooperation agreements with the Shanghai Digital Exchange and the Shenzhen Data Exchange to further develop the commodity data element market. We believe that the company is expected to rely on a good card slot in the data industry, and SS will fully benefit from the opportunities in the data element industry.

Actively embrace new technology, AI technology continuously optimizes products and services. Companies continue to use LLM and AIGC technology to optimize products and services. The main positioning of the “Xiaogang robot” to be launched by the company is based on LLM and AIGC technology, and uses interactive methods to provide users with requirements such as searching for prices, data, information, reports, meetings, etc., and generating and obtaining services. As of the end of 23H1, internal technical testing has been completed, and analysts have been invited to conduct professional tests. The company actively seizes the opportunities brought by AI technology, optimizes products and services, and continuously improves product usage experience.

Risk warning: The risk that the expansion of industrial data services is lower than expected, and the risk that e-commerce transaction volume of steel and silver will decline.

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