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上海钢联(300226):Q3业绩符合预期 重视数据入表机遇

Shanghai Steel Federation (300226): Q3 results are in line with expectations, focus on opportunities for data entry

中郵證券 ·  10/24/2023

Q3 performance has grown steadily, and various businesses have developed steadily.

In 2023, the company will actively face the changing market environment and various risks and challenges, promote all kinds of work in an orderly manner, and strive to achieve the expected goals for the whole year. In the first three quarters, the company achieved an operating income of 66.547 billion yuan, an increase of 12.77% over the same period last year; a net profit of 167 million yuan, an increase of 21.04% over the same period last year; and a net profit of 181 million yuan before share payment, an increase of 5.66% over the same period last year.

1) Industrial data service section: in the first three quarters, the company's industrial data service business achieved revenue of 598 million yuan, an increase of 19.00% over the same period last year, including 202 million yuan in the third quarter.

Shandong Longzhong Information Technology Co., Ltd., an important subsidiary, achieved an operating income of 116 million yuan, an increase of 43.27% over the same period last year, and a net profit of-7.3819 million yuan, reducing losses by about 59% over the same period last year.

2) Steel trading service plate: supported by service quality control norms, operation management norms and service evaluation and improvement, the company covers the futures and options contracts based on the 62% Australian powder forward price index issued by Mysteel. In the first three quarters, the settlement volume of the company's steel, silver and steel spot trading platform was 46.33 million tons, an increase of 16.56 per cent over the same period last year. Among them, the settlement volume in the third quarter was 18.6447 million tons, an increase of 10.90% from the previous quarter, and an increase of 31.81% over the same period last year.

Starting from next year, data resources will be officially included in the table to increase performance flexibility.

As a leading data service provider for commodities and related industries, the company makes full use of its own advantages and resources to serve the real economy, excavates the industry application depth of data element resources, and with the help of digital technologies such as big data, cloud computing and artificial intelligence, deepen the application of data elements in the business process of industry development, and promote process innovation, model innovation and efficiency change in the development of traditional industries. Cultivate a new scene supported by data elements, new business type. According to the development strategy of the rapid expansion of the company's industrial data service business, the company increased the recruitment of industrial data service personnel in an orderly manner. By the end of the third quarter, the number of industrial data service personnel was 3267, which was basically the same as that at the end of the first half of the year. There was an increase of 164people over the same period last year; the company's R & D expenditure in the first three quarters was 92 million yuan, an increase of 4.55% over the same period last year. The interim regulations on Accounting treatment of Enterprise data Resources will enter into force on January 1, 2024. Prior to the implementation of the regulations, the expenses related to the company's data resources have been expended and included in profits and losses; after the implementation of the regulations, the related expenditure on the production and processing of the company's data products will be included in the relevant assets, which is expected to optimize the operating results shown in the company's financial statements.

Investment advice and profit Forecast

The company is one of the world's leading data service providers for commodities and related industries, has a 100 billion-level B2B steel trading smart service e-commerce platform, and actively develops the commodity data factor market. to provide a practical basis for the construction of a multi-level data element market system. It is estimated that the EPS of the company from 2023 to 2025 is 0.75,1.01,1.33 yuan respectively, and the corresponding PE of the current stock price is 32.20,23.92,18.06times respectively, maintaining the "buy" rating.

Risk hint

The promotion of data factor policy is not as expected; the research and development of AIGC technology is not as expected; the competition in the industry is intensified.

The translation is provided by third-party software.


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