23H1 turned its net profit from 30.31 million yuan to profit for the first time, and the fine management reduced costs and increased efficiency significantly 23H1: the company's revenue was 5.749 billion yuan, with an increase of 28.8%. The net profit of continuing business (city business) reached 44.58 million yuan, with a net interest rate of 0.8%. The net profit of returning to its mother reached 30.31 million yuan for the first time, thanks to the technology-driven efficient operating chassis and the optimization of transport network efficiency.
23H1: the company's gross profit margin is 6.7%, an all-time high with an increase in 2.7pct. Mainly adopts the strategy of digitalization and fine management, and the operation ability is significantly improved.
The number of active riders increased by 23% to more than 860000. Under the strong performance ability, the growth rate of the same city business is bright. The 2B business of the same city distribution service is resilient, and the 2C business performance is eye-catching. The revenue of 23H1's 2B/2C distribution in the same city was 2.42 billion / 970 million yuan, which increased by 12% and 25% respectively, accounting for 42% of the total revenue. Mainly due to the continuous increase in the number of merchants and consumers under high-quality performance capacity, the number of annual active merchants in 23H1 reached 380000, an increase of 27.2 percent, and the number of annual active consumers exceeded 19 million, an increase of 50.3 percent. And thanks to the abundant supply of riders, the average distribution distance of the company has increased, the time limitation rate is about 95%, the average delivery time of orders within 3 km has been reduced to 22 minutes, and the number of 23H1 active riders has continued to expand by more than 860000, an increase of 23.3%.
The non-food category and sinking market are growing at a considerable rate. Under the trend of local life and the prevalence of real-time retail, consumers' WYSIWYG habit has accelerated. The revenue of 23H1 non-food scenario was 1.26 billion yuan, an increase of 20%, and the proportion of revenue in 2B city distribution business increased to 52%. Deepening cooperation with brands such as pharmacists, nature hall and Zhou Shengsheng, 23H1 tea revenue increased by 80%, while retail income such as medicine, beauty makeup, mother and child, pets and jewelry increased by more than 100%. Sinking distribution network encryption, 23H1 sinking market revenue of 1.24 billion yuan, an increase of 20%.
Flexible transport capacity of the last kilometer of service to meet the immediate capacity needs of merchants. The distribution revenue of the last kilometer of 23H1 was 2.36 billion yuan, an increase of 54%, accounting for 41% of the revenue.
Douyin + BABA + Wechat + DiDi Global Inc. and other multi-leader strategic cooperation to improve multi-user ecological services 1) the first batch of access to Douyin group purchase and distribution, has fully covered Douyin supermarket, live e-commerce and other scenarios.
2) cooperate with BABA Ecology, 23H1 Tmall supermarket "hourly arrival" and "half-day" service revenue have doubled.
3) deepen Wechat cooperation and continue to expand cooperation cities with Wechat store express.
4) access to DiDi Global Inc. Express, and the same city parts service covers more than 300 cities.
Profit forecast and valuation
The turnround of 23H1 is mainly due to the effect of network economies of scale and the improvement of resource input-output efficiency, and the rate of gross profit expense continues to improve. Considering that consumption is still gradually recovering and the company's profitability continues to improve, the revenue forecast is cautiously given and the 23-year profit forecast is raised. From 2023 to 2025, we expect the company to achieve an operating income of 1.57 billion yuan, an increase of 24%, 21% and 21%. With the dilution of the cost caused by the scale effect, the company is expected to achieve a net profit of 0.59 pound, 145,000,000 yuan. The high-end and neutral position of Shun Feng in the same city benefits from the high prosperity of the ready-to-use industry and the privatization of consumption. as an industry leader, its performance has high growth and certainty, has both β and α, and maintains a "buy" rating.
Risk tips: rising labor costs, intensified competition in the industry, and so on.