Industry data service leader, maintaining a “buy” rating
The company released its 2023 annual report, and revenue and profit increased steadily. Considering the impact of rising costs, we lowered 2024-2025 and added 2026 profit forecasts. We expect the company's net profit for 2024-2026 to be 2.92, 3.53, and 426 million yuan (originally 3.22 billion yuan and 420 million yuan), respectively, corresponding to EPS of 0.91, 1.10, and 1.32 yuan (originally 1.00 and 1.30 yuan), respectively. The company's strategic blueprint is clear, and the data and industry model values are expected to continue to be released and maintained “Buy” rating.
The company released its 2023 annual report, and revenue and profit increased steadily
The company released its 2023 annual report, achieving revenue of 86.31 billion yuan, an increase of 12.73% over the previous year, and a net profit of 240 million yuan to mother, an increase of 18.30% over the previous year.
(1) By business: a. Industrial data services: achieved revenue of 80 billion yuan, an increase of 15.99% over the previous year, of which data subscription revenue was 4.4 billion yuan, an increase of 4.79% over the previous year. The number of mobile paying users increased 14.77% year over year, and the number of paying data terminal users increased 42.17% year over year. Overseas revenue was 31.18 million yuan, an increase of 9.63% over the previous year, and the company's international brand position and market share continued to increase. b. Steel trading services: The settlement volume of the steel and silver platform was 63.64 million tons, an increase of 20.14% over the previous year. Steel and silver e-commerce achieved revenue of 85.5 billion yuan, up 12.70% year on year, and realized net profit of 320 million yuan, up 17.28% year on year.
(2) Gross profit margin: The company's overall gross margin was 1.47%, down 0.15 percentage points from the previous year. The gross margin of industrial data services was 57.02%, down 4.30 percentage points year on year, mainly due to rising costs. The gross margin of steel trading services was 0.91%, down 0.14 percentage points year on year, mainly due to the decline in industry profit margins.
(3) Expense ratio: The company's sales, management, and R&D expenses were 0.52%, 0.17%, and 0.15%, respectively, down 0.05, 0.03, and 0.01 percentage points from the previous year, respectively, and the company's overall cost ratio was optimized.
The company's strategic blueprint is clear, and the value of data and industry models is expected to continue to be released (1). In terms of data elements, the company clarifies a three-stage strategy for basic data collection, data asset integration, and integration into decision-making scenarios, and continues to make breakthroughs based on data and scenario advantages. The data asset registration is expected to be implemented within the year, which is expected to further demonstrate the value of the company's data resources and improve the quality of financial statements. The future can be expected. (2) In terms of the industry model, the company released the “Grandmaster of Steel Union” commodity industry general language model and the “Xiaogang” digital intelligent assistant. It continues to advance in accordance with the “three-step” strategy, and future commercialization is worth looking forward to.
Risk warning: business promotion falls short of expectations; increased market competition; risk of fluctuations in the steel industry.