There will be an inquiry from China Post Technology, a listed company of Science and Technology Innovation Board, next Monday (October 30).
China Post Technology (688648): the company's products mainly include intelligent sorting system, intelligent transmission system, multi-type, high value-added special vehicles, products used in express logistics, e-commerce, tobacco, automobiles, airports and other fields. From 2020 to 2022, the company achieved operating income of 1.425 billion yuan / 2.058 billion yuan / 2.219 billion yuan, YOY of 16.39%, 44.36%, 7.86%, and a compound annual growth rate of 21.92%. The net profit of homing was 44 million yuan / 94 million yuan / 79 million yuan, and the YOY was-13.35%, 114.14%, 15.57%, and 16.14%, respectively. During the latest reporting period, the company's operating income from January to June 2023 was 846 million yuan, down 3.64% from the same period last year, and the net profit was 35 million yuan, up 117.31% from the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 60 million yuan to 68 million yuan in 2023, down 14.04% to 24.15% from the same period last year.
Investment highlights: 1. The company is the forerunner in the field of domestic intelligent logistics system, relying on the Postal Group and leading the country in technology reserve. The Post Group, which holds 65.17% of the shares of the company through China Post Capital, is the actual controller of the company. In 2018, the company integrated the logistics equipment plate originally affiliated to the Academy of Post Sciences, as well as three units of Shanghai Research Institute, Shanghai Post and Guangdong Xinyuan, condensing the core strength of logistics equipment under the Postal Group.
Guangdong Xinyuan, a wholly owned subsidiary, was founded in 1970, formerly known as the first batch of state-owned manufacturing enterprises in Guangdong Province, and has become the largest logistics solution provider for China Post. The company is the forerunner in the field of domestic intelligent logistics system, the bottom technology reserve is solid, the total number of patents in the patent pool based on intelligent logistics is leading in China, and the technology is malleable; the key technical indicators such as stable running speed, sorting efficiency and accuracy of the products have outstanding competitive advantages. 2. Downstream binding leading customers, with experience in implementing major projects. In addition to maintaining close business cooperation with the real controller Post Group, most of its customers cover industry leaders. Since 2020, the top three customers have been Shun Feng, Postal Group and JD.com. The company's intelligent logistics system product system is relatively rich, which is widely used in express delivery, e-commerce, logistics, airport, tobacco, cold chain and other fields, among which express e-commerce sorting and transportation automation equipment is the leading in China. After long-term accumulation of project practice, the company has become one of the few enterprises in China that can achieve the full delivery of hundreds of millions of projects; it has undertaken overseas projects such as the Cameroon National Post complete information system construction project, as well as JD.com Asia No.1 unmanned sorting warehouse project and other influential major projects in the industry, with a peak of 200,000 parcels per day.
Comparison of listed companies in the same industry: comprehensively considering business and product types, select Zhongke Weizhi, Kejie Intelligence, Dema Technology, Lanjian Intelligence, Today International, Dongjie Intelligence, Kunchuan Intelligence, Huachangda and Tianqi shares as comparable listed companies of China Post Technology; from the above comparable companies, the average income in 2022 is 2.22 billion yuan, and the sales gross profit margin is 20.81%. Comparable PE-TTM (arithmetic average / exclusion maximum) is 34.07X; comparatively speaking, the revenue scale of the company is close to the industry average, and the gross profit margin is lower than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.