Main points of investment
Ka-shing international port trial operation, cross-border e-commerce business effectively drive up gross profit margin; convertible bond issuance is coming to an end:
The company's 22H1 revenue is 623 million yuan (yoy+4.5%), the gross profit margin is 29.2%, up 0.5 pct from the same period last year, and the gross profit level is an all-time high; the return net profit is 105 million yuan (yoy+4.7%), deducting 99.76 million yuan (yoy+6.3%) from non-net profit. Q2 alone has an income of 340 million yuan (yoy-1.7%) and a gross profit margin of 31.2%, an increase of 2.2pct over the same period last year, with a net profit of 63.8 million yuan (yoy+3.3%) and 60.31 million yuan (yoy+6.9%) deducted from non-net profit.
The gross profit margin of cross-border e-commerce business is higher, and the gross profit margin of the company has increased significantly. The repeated epidemic situation has a disturbing impact on the company's business development. in recent months, the company's business has returned to the fast track of development, and the update project cooperation announcement has been reported frequently. The company plans to issue 800 million yuan of convertible bonds, the funds raised are mainly used for the "cross-border e-commerce intelligent logistics center and supporting construction" project, and actively layout the "outbound" business. at present, the company's convertible bond issuance work is nearing completion.
The main structure of Ka-shing International Port (Phase II) has been completed, deeply binding high-quality core customers:
Jiacheng International Port (Phase II) has 5 5-storey logistics centers, of which the 1st floor and most of the 3rd floor are used for Cainiao's warehouse business, customs service business and 9610 South China export business and Southeast Asia full-link supply chain integration business of the Lazada cross-border e-commerce platform. All of the second floor and part of the third floor are used by Panasonic (South China) Global Distribution Center. The rest of the floor will create a highly intelligent and automated cloud intelligence warehousing center for auto parts, dedicated to serving mainframe factories and auto parts manufacturers. The company has established long-term and good cooperative relations with a large number of enterprises such as Panasonic, Hitachi chillers, General Motors, Guangdong Hongtu and Japan AGC Group, and maintained close long-term business cooperation with Ali-based e-commerce platform.
Cross-border e-commerce logistics business upgrading, aviation logistics, self-driving multi-dimensional expansion of the company's business base:
(1) the company provides warehousing services for SHEIN and has signed an agreement, which is expected to generate more than 10% of the non-net profit deducted in 2021.
(2) the company and Huamao Logistics plan to set up a joint venture cargo airline-Guangdong Huamao Jiacheng International Aviation Co., Ltd., to give full play to the advantages of resource integration of all parties, and operate aviation logistics warehousing, transportation, international freight forwarding and other businesses. At the same time, it is planned to invest in the construction of Jiacheng International Super World Port in the Great Bay area, positioning to build a large international aviation logistics hub, and provide the distribution and distribution of goods and parcels for Jiacheng International Airlines.
(3) the company signed a cooperation agreement with BAIC Foton Motor Co., Ltd., which will cooperate for self-driving projects and realize self-driving for park logistics, port operation, district-port linkage and other application scenarios.
Profit forecast and valuation:
Through the layout of sea, land and air three-dimensional intelligent logistics parks in the national and even global important transportation hub cities, the company sets up a national / global network and improves the logistics link. for manufacturing and cross-border e-commerce customers to better provide customized integrated logistics services in the whole supply chain. Our optimism about the company is based on: (1) the broad prospect of certainty in the cross-border e-commerce logistics industry; (2) the integrated supply chain service capability of the company's leading industry; and (3) a series of core location scarce logistics assets acquired by the company's ability advantage. This convertible bond meeting has strengthened the certainty of the company's future growth, and the company will also protect the company's long-term strategic goals through the combination of endogenous business cash flow and a variety of financing tools. In the past three years, we estimate that the company's annual revenue in 22-23-24 is 17.62 million yuan, an increase of 38.9%, 53.4%, 24.0%, and a year-on-year increase of 66.3%, 66.3%, 74.2%, 29.7%, respectively. The current market capitalization corresponds to a price-to-earnings ratio of 17.66x10.14x7.82X, which is an investment target with both growth and certainty. Significantly underestimate and maintain a "buy" rating.
Risk Tips:
The prosperity of cross-border e-commerce is declining; the progress of project construction is not as expected.
