Shanghai Iron and Steel Federation released the third quarter report of 2023: from January to September, the company achieved operating income of 66.547 billion yuan, an increase of 12.77% over the same period last year, and its mother's net profit was 167 million yuan, an increase of 21.04% over the same period last year. In the third quarter, the company realized operating income of 27.506 billion yuan, an increase of 32.91% over the same period last year, and its net profit was 48 million yuan, an increase of 5.04% over the same period last year.
Main points of investment
The performance of industrial data service is sound, and the brand influence continues to improve. The company clings to the annual theme of "growth". Iron and steel trading service business and industrial data service business are "hard with both hands". (1) in terms of industrial data services, the company is the leader in the field of commodity data services, and the performance of industrial data services is growing steadily. From January to September 2023, the company's industrial data service sector 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. In addition, based on the advantage of data collection, the strength of overseas service products continues to improve. In September 2023, the Australian FEX Global Futures Exchange officially launched futures and options contracts based on the 62% Australian spot price index of iron ore issued by Mysteel. (2) in terms of steel trading service, the product structure and system risk control ability of the company's holding subsidiary Steel Silver e-commerce have been continuously improved, which has laid a solid foundation for the performance of Q3 steel trading service business. In the third quarter, the settlement volume of the company's steel silver steel spot trading platform was 18.6447 million tons, an increase of 10.90% from the previous month and 31.81% over the same period last year. In the first three quarters, the settlement volume was 46.33 million tons, an increase of 16.56% over the same period last year.
The era of data assets has opened in an all-round way, and the advantages of data resources continue to highlight that the country attaches great importance to the development of data elements. National top-level design and local practice explore two-handed and two-wheel drive, gradually solve the key problems of the industry, and promote the data elements to move forward from policy-driven to market-driven. With the "interim regulations on Accounting treatment of Enterprise data Resources" (August 21) and the official listing of the State data Bureau (October 25) and other important policy measures have been launched, indicating that China has officially entered the era of data assets, the governance system of data elements is constantly improved, and the economic value of data resources will be substantially realized. The company has a significant advantage in data resources, with a data collection team of 3000 people, and has built one of the most comprehensive, complete and authoritative commodity databases in China. The company actively cooperates with the Shanghai data Exchange and has successively completed the listing of five commodity index series, eight commodity industry big data series and commodity data application services (data terminals). The customers include banks, securities, futures and other financial institutions and industrial customers. With the formal implementation of the data asset entry policy in January 2024, the company may usher in a comprehensive revaluation.
Profit forecast
The forecast company's income from 2023 to 2025 is 894.97 yuan, 104.75 yuan and 12.262 billion yuan respectively, and the EPS is 0.72,0.95,1.28 yuan respectively. The current stock price corresponding to PE is 34.6,26.2,19.6 times respectively.
Risk hint
Macroeconomic pressure, policy promotion of data elements is not as expected, new technologies and product research and development are not as expected, market competition is intensified, and so on.