Event: In 2020, the company's total operating revenue was 48,830 million yuan, up 20.95% year on year, net profit of 567 million yuan, up 102.75% year on year, net profit after deduction of 64 million yuan, up 111.03% year on year; 2021Q1 company achieved operating income of 13.178 billion yuan, an increase of 78.01% year on year, and Guimo's net profit of 52 million yuan, up 40.78% year on year, after deducting net profit of 48 million yuan, up 46.68% year on year.
Various business lines have developed side by side, and the transformation of the commodity supply chain into an online platform has achieved remarkable results. In the commodity supply chain business, the company is actively developing an online platform model, and the scale and customer range of various commodity businesses are constantly expanding. Among them, the “China Steel Storage Super” platform effect in the steel sector continues to increase. Since the launch of the “China Steel Storage Super” phase II system, the market retail business has sold 152,000 tons online, achieving sales of 530,000 tons. Foreign port operating outlets have covered 10 regions, and the business scale has continued to grow; in the non-ferrous sector, the company launched China Storage Cloud Chain “Cloud Warehouse” and “Easy to Color”. In 2020, the platform's aluminum ingot throughput was 2.31 million tons, an increase of 18% over the previous year. ; In the plasticizing sector business, China Reserve Jingke's “cargo to treasure” platform was officially launched, with an annual plasticization throughput of 700,000 tons, an increase of 25%. In terms of futures delivery business, the company has a high share of warehouse orders in the national futures market in terms of aluminum ingots, copper, lead, rebar, stainless steel, ferrosilicon, etc. In terms of consumer goods logistics business, the company is vigorously developing e-commerce, cross-border e-commerce logistics and other businesses to achieve intelligent cloud warehouse full warehouse operation.
China Storage Smart Transport has increased its business layout and has become a new engine for performance growth. China Storage Smart Transport is developing related ecological diversification around the two core platforms of the “Logistics Capacity Trading Sharing Platform” and the “Online Freight Platform”. It has now covered 30 provinces and autonomous regions across the country, covering as many as 450 cities across the country, an increase of 35%. It covers 102,200 transportation routes, with a single daily traffic volume of over 782,900 tons, and a monthly transaction amount exceeding 2.4 billion yuan. In 2020, China Reserve Smart Transport's revenue reached 20.463 billion yuan, an increase of 39.11% over the previous year, becoming a new engine for the company's performance growth.
Investment suggestion: As the largest warehousing state-owned enterprise, the company has a nationwide warehousing and logistics network, and the expansion model of the online bulk supply chain and China Storage Intelligent Transport have further exploited the company's resource advantages, formed organic and efficient collaboration of resources, and a strong trend of continuous business expansion. We expect the company's 2021-2023 EPS to be 0.31 yuan, 0.36 yuan, and 0.41 yuan respectively, corresponding to PE 17.74x, 15.17x, and 13.14x respectively, covering it for the first time and giving it an “increase in holdings” rating.
Risk warning: Macroeconomic downturn, business development falls short of expectations
