The company released its semi-annual report for 2022: 1) the company's operating income was 18.4 billion yuan, an increase of 15% over the same period last year, of which logistics business accounted for 76% and chemical business accounted for 24%. The net profit was 450 million yuan, down 18% from the same period last year. Of this total, the operating income of 22Q2 was 10.1 billion yuan, up 14% from the same period last year; the net profit from return to home was 300 million yuan, down 27% from the same period last year; and the net profit from non-return was 240 million yuan, down 39% from the same period last year. 2) the GTV of 22H1 intelligent logistics platform is 46.3 billion yuan, an increase of 4% over the same period last year, the operating income is 15 billion yuan, an increase of 10% over the same period last year, and the operating profit is 115 million yuan. 3) the rate of expenses during the period: 22H1 is 6.3%, down 1.1% from the same period last year; 22Q2 is 5.7%, down 1.2% from the same period last year. 4) other income:
22H1 reached 234 million yuan, down 40% from the same period last year. 22Q2 was 160 million yuan, down 37% from the same period last year, mainly due to the decrease in government subsidies received in the current period.
Network freight business: manufacturing customer business is developing rapidly. 1) Digital transportation services: mainly provide vehicle and truckload services for manufacturing enterprises. The cumulative waybill volume of 2022H1 is 2.34 million, an increase of 40% over the same period last year. Among them, the transportation products for manufacturing enterprises have achieved rapid development, with a total of 320,000 waybills in the first half of the year, with an average monthly compound growth rate of 25%. The GTV of the 2022H1 vehicle business is 10.5 billion yuan, and the revenue is 9.4 billion yuan, an increase of 32% over the same period last year; the GTV of the truckload business is 180 million yuan. 2) Port and warehouse service: take the warehouse as the core and expand the major customers of the industry. 2022H1 realized revenue of 260 million yuan and gross profit margin of 5.4%, an increase of 1.54% over the same period last year. There are a total of 80 major customers, an increase of 70% over the same period last year, including Otis, Geely, Ningde Times and so on.
Intelligent highway port service: the asset scale continues to grow, actively promoting the building of an asset management platform. 1) the revenue in the first half of the year was 640 million yuan, an increase of 4.8% over the same period last year, and the gross profit margin was 66.6%, an increase of 0.87% over the same period last year.
2) by the end of the first half of the year, the company has arranged 74 highway ports, with an operating area of 5.39 million square meters, and the overall occupancy rate of highway port properties is 89%. 3) the company said that it is actively promoting the building of an asset management platform and reconstructing the standardized operation of the park for the public offering of REITs standards, so as to lay the foundation for the subsequent opening of highway port asset securitization operation.
Investment suggestions: 1) profit forecast: we slightly adjust the 22-24 profit forecast to realize the expected return net profit of 21.1,23.4 and 2.53 billion yuan (the original forecast is 22.9,24.8 and 2.69 billion yuan), corresponding to the 2022-24 EPS is 0.75,0.83 and 0.90 yuan respectively, and the PE is 8, 7 and 6 times respectively. Note: due to the unfulfilled performance commitment, the company announced on June 16, 2022 that the repurchase of 268 million shares held by Chuanhua Group at a total price of 1 yuan was completed and cancelled, and the company's share capital decreased by 8.7% after the cancellation was completed. 2) valuation: we maintain the way of valuing the division of the company, that is, the online freight platform, traditional logistics business and chemical business give different PE valuations according to their respective attributes, giving Changhua Zhaopin an one-year target market value of 23.1 billion yuan, corresponding to the target price of 8.25 yuan, which is expected to have 42% growth over the current price. 3) Investment suggestion: the company's offline highway port has gradually entered the performance release period, while the exploration and implementation of online platform is expected to be flexible, and online and offline coordination is expected to promote Hong Kong network integration to a new stage. Maintain the recommended rating.
Risk hint: the epidemic led to a sharp decline in highway port traffic, business expansion is not as expected.