Feilida (300240): net profit after 22H1 deduction increased by 31.70% over the same period last year to continue to deepen the development of data science and technology.

海通國際 · Aug 23, 2022 00:00 · Researches

　　事件

　　公司发布2022 年半年报，上半年公司营业收入 36.37 亿元，同比增长23.66%；归母净利润 0.64 亿元，同比降低51.06%；扣非后净利润0.55 亿元，同比增长31.70%；公司流动比率1.25 倍，资产负债率 57%，整体保持平稳。

　　点评

　　上半年公司收入稳步增长，盈利能力有所提升。22H1 公司实现营业收入 36.37 亿元，同比增长23.66%，其中Q2 收入15.90 亿元，同比增长0.21%；22H1 实现归母净利润 0.64 亿元，同比下降51.06%，主要系去年同期处置子公司股权对损益的影响，剔除相关因素后，22H1 归母净利润及扣非后净利润分别较去年同期增长27.43%、31.70%，盈利能力有所提升。分业务看，上半年尽管多有疫情扰动，但公司各项业务均处于增长态势，综合物流服务/国际货运代理业务分别实现营业收入 8.28 / 28.09 亿元，分别较上年同期增长 4.73/ 30.62%。

　　新能源及智能制造行业物流业绩突出。公司将自身优势与市场需求相结合，持续深耕电子信息制造、汽车制造、新能源以及智能制造等行业主赛道，通过强大的运输网络资源，以及专业的IT 制造业物流服务能力，为品牌商持续提供高附加值的供应链服务，同时也不断提升自身的综合服务能力和抗风险能力。上半年公司智能制造业及新能源行业客户营收同比均有大幅增长，我们看好公司未来继续拓展服务链条和范围，不断打开新的增长空间。

　　继续深化数据科技驱动战略，为发展注入新动能。目前公司与阿里云已展开持续合作，共同为数字化建设努力，此外公司的智能化仓库也在同步推进中。随着公司数据科技能力的不断深入，我们认为其可作为充分的底层推动力，不断助力公司各项业务高效快速发展，助力公司成为数据科技驱动的智造供应链管理专家。

　　主要盈利预测及假设：维持此前盈利预测和投资评级。我们预计公司2022-2024 年归母净利润分别为1.25/1.79/2.55 亿元，EPS 分别为0.34/0.49/0.69 元，继续给予2022 年35 倍PE 估值，维持目标价为11.90 元，维持“优于大市”评级。

　　风险提示：宏观经济恢复不及预期，业务开展不及预期，行业政策发生变化。

Event

According to the company's semi-annual report for 2022, the company's operating income in the first half of the year was 3.637 billion yuan, an increase of 23.66% over the same period last year; the net profit from its parent was 64 million yuan, down 51.06% from the same period last year; the net profit after deducting 55 million yuan was up 31.70% over the same period last year; the company's current ratio was 1.25%, and the asset-liability ratio was 57%. The overall stability.

Comment

In the first half of the year, the company's revenue increased steadily and its profitability improved. 22H1 realized operating income of 3.637 billion yuan, an increase of 23.66% over the same period last year, of which Q2 revenue was 1.59 billion yuan, an increase of 0.21% over the same period last year. 22H1 achieved a net profit of 64 million yuan, down 51.06% from the same period last year, mainly due to the impact of the disposal of shares in subsidiaries on profit and loss in the same period last year. Excluding relevant factors, 22H1's net profit and net profit after deduction increased by 27.43% and 31.70% respectively over the same period last year, and the profitability was improved. In terms of business, although there were many epidemic disturbances in the first half of the year, all the businesses of the company were growing, and the operating income of integrated logistics services / international freight forwarding business reached 8.28 / 2.809 billion yuan respectively, an increase of 4.73 / 30.62% over the same period last year.

The logistics performance of new energy and intelligent manufacturing industry is outstanding. The company combines its own advantages with market demand, continuously ploughs the main races of electronic information manufacturing, automobile manufacturing, new energy and intelligent manufacturing, and provides brands with high value-added supply chain services through strong transportation network resources and professional IT manufacturing logistics service capability. at the same time, it also continues to improve its comprehensive service ability and risk resistance. In the first half of the year, the company's intelligent manufacturing and new energy industry customer revenue increased significantly compared with the same period last year, we are optimistic that the company will continue to expand the service chain and scope, and continue to open up new growth space.

We will continue to deepen the strategy driven by data technology and inject new momentum into development. At present, the company and Aliyun have carried out continuous cooperation to make joint efforts for digital construction, in addition, the company's intelligent warehouse is also being promoted at the same time. With the continuous deepening of the company's data technology capabilities, we believe that it can be used as a sufficient underlying driving force, continue to promote the efficient and rapid development of the company's business, and help the company become an intelligent supply chain management expert driven by data technology.

Major earnings forecasts and assumptions: maintain previous earnings forecasts and investment ratings. We estimate that the company's 2022-2024 homing net profit will be 125 million yuan for 179max and 0.34 million for EPS, respectively. We will continue to value the company at 35 times PE in 2022, maintaining the target price of 11.90 yuan and maintaining the "better than the market" rating.

Risk hint: macroeconomic recovery is not as expected, business development is not as expected, and industry policy has changed.

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飞力达(300240)：22H1扣非后净利润同比增长31.70% 继续深化数据科技发展

Feilida (300240): net profit after 22H1 deduction increased by 31.70% over the same period last year to continue to deepen the development of data science and technology.

Risk Disclaimer

Statement