Modern logistics service provider focusing on integrated supply chain management. The company's main business mainly provides integrated supply chain management solutions. Deeply cultivate IT manufacturing logistics services, and gradually expand the automotive and spare parts industry, intelligent manufacturing equipment industry, precision instrument industry, medical device industry and express consumer goods industry and other fields. Initially formed the company's six target industry solutions. A 5a-level integrated logistics service enterprise dedicated to providing integrated supply chain solutions for intelligent manufacturing enterprises. The company's 2021Q3 realized revenue of 4.888 billion yuan (YOY+91.43%), net profit of 162 million yuan (YOY+678.83%), and net profit of 53 million yuan (YOY+1148.7%). The sharp increase in revenue is mainly due to the continued growth of ① 's domestic port business and the low base of ② last year.
In the first three quarters, the comprehensive gross profit margin was 7.26%, down 1.8 percentage points from the same period last year. Mainly affected by the epidemic, warehousing demand is lower than expected, some warehouses are vacant, and the gross profit margin of warehousing business is affected.
Smart manufacturing drives the company's long-term growth. The company is committed to becoming a "data technology-driven intelligent manufacturing supply chain management expert". After more than 20 years of intensive cultivation in the field of logistics services in the IT manufacturing industry, the company has a very deep understanding of the logistics needs of the electronic manufacturing industry and accumulated rich experience and resources. at present, it has formed a relatively mature logistics solution and a large number of successful cases in the electronic manufacturing industry, and accumulated high-quality customer resources. Such as acer, Asustek, XIAOMI, Yin, Dyson, Corworth, Lance, Great Wall Motor, Geely, Porsche and Volvo and other well-known customers. With the transformation and upgrading of China's manufacturing industry to intelligent manufacturing, the market demand for Chinese manufacturing supply chain management services in the future will be very huge, and the development prospect of China's manufacturing supply chain management service industry will be worth looking forward to in the future.
The company has formed a unique competitive advantage, can provide customers with omni-directional, integrated manufacturing supply chain logistics solutions, has a strong intelligent manufacturing logistics information technology development and application capabilities, has a large number of rich manufacturing logistics supply chain quality service resources, a large number of high-quality customers and suppliers, good brand reputation and rich operation and management experience.
The "5G+ Intelligent Manufacturing" unmanned supply chain sharing and coordination platform has been built, which will help the company's digital transformation and upgrading, and can be expected in the future. The platform is located in Chongqing Lianglu Cuntan Comprehensive Insurance Zone, and it is the first L4 (self-driving vehicle level 4) + I4 (Smart Road level 4) automatic driving intelligent logistics commercial distribution system in the country. it has created a new integrated logistics and transportation system of zero inventory, zero turnover and automatic distribution and scheduling for production enterprises. After the operation of the project, the operation efficiency is increased by 30%, the operation accuracy is increased by 100%, and the customer's inventory turnover is increased by 20%. In the future, we will expand smart cities, intelligent transportation, intelligent logistics, intelligent manufacturing and other industries. In the future, the company will gradually copy the experience model, continue to build intelligent logistics parks in East and South China, establish shared logistics centers, and speed up digital transformation.
Investment advice. The 5a integrated logistics service enterprise, which is committed to providing integrated supply chain solutions for intelligent manufacturing enterprises, has built the first unmanned supply chain system in China based on 5G technology. We are optimistic that with the continuous upgrading of intelligent manufacturing in our country, we are optimistic about the application of 5G in the field of logistics. It is estimated that the income in 2021-2023 is 6.74 billion, 8.84 billion and 11.63 billion, the net profit of homing is 179 million, 111 million and 141 million, and the corresponding PE is 16-26-21.
Cover for the first time, giving a "buy" rating.
Risk tips: shipping costs remain high; downstream smart logistics business expansion is not as expected; the rising price of raw materials leads to lower-than-expected gross profit margin.
