Event: League of Nations shares released three quarterly reports in 2022. The operating income of 22Q1~Q3 is 46.286 billion yuan, the net profit of yoy+97.17%; is 683 million yuan, and the net profit of yoy+101.57%; deducting non-return is 621 million yuan, yoy+102.81%. In a single quarter, 22Q3 achieved revenue of 18.392 billion yuan, yoy+94.81%; single-quarter return net profit of 255 million yuan, yoy+108.38%; deduction non-return net profit of 237 million yuan, yoy+122.67%.
Comments:
Benefiting from the rapid growth of platform trading volume, the scale effect appears. 22Q1~Q3 achieved operating income of 46.286 billion yuan, yoy+97.17%; net profit of 683 million yuan, yoy+101.57%, net interest rate of 1.5% (yoy+0.03pct); deduction of non-return net profit of 621 million yuan, yoy+102.81%, deduction of 1.3% (yoy+0.04pct).
22Q3 achieved revenue of 18.392 billion yuan in a single quarter, yoy+94.81%. The net profit of single quarter is 255 million yuan, the net interest rate of yoy+108.38%, is 1.4% (yoy+0.09pct), the net profit of non-return is 237 million yuan, and the net interest rate of yoy+122.67%, is 1.3% (yoy+0.16pct). With the rapid growth of transaction scale, the scale effect appears, the cost rate is optimized, and the growth rate at the profit end is higher than that at the income end.
Many e-commerce companies can efficiently empower the upstream and downstream, promoting the rapid growth of revenue. Among them, 22Q1~Q3, Tuduo / Weiduo / Boduo / Paper Duoduo / Feiduoduo / Grain and Oil Duoduo realized income of 266.2, 76.0, 40.0, 32.0 and 3.88 billion respectively, accounting for 57.5%, 16.4, 16.4, 1.6, 6.9, 8.4, respectively. If you dismantle Q3, Tuduoduo / Weiduoduo / Boduoduo / Paper Duoduo / Feiduoduo / Grain and Oil Duoduo will achieve an income of 108.8, 23.5, 18.2, 1.7, 14.6 / 1.64 billion yuan, respectively, accounting for 59.1%, 12.8, 9.9, 0.9, 8.0, 8.9, and 2.8% gross profit, respectively, with a gross profit margin of 2.8%, 3.0%, 2.6, 2.6, 1.8, respectively. Among them, Feiduo / Boduoduo / Paper Duoduo / Grain and Oil Duoduo 22Q3 quarterly gross profit margin decreased compared with 22H1, respectively decreased 0.48/0.47/0.13/0.13pct.
The trading volume of the "double Ten" e-commerce festival has increased rapidly, laying the foundation for the high growth of Q4 performance. In 2022, the total order volume of the "double Ten" e-commerce festival reached 17.228 billion yuan, a year-on-year growth rate of 90.21%. Double ten e-commerce orders are an important source of Q4 performance. According to the rhythm and data of order confirmation in previous years, the transaction volume of "double ten" e-commerce festival contributes about 65% of Q4 performance. Therefore, the bright performance of this double ten e-commerce festival is expected to bring strong certainty to the company's Q4 performance.
Profit forecast and investment rating: as a domestic industrial B2B e-commerce and industrial Internet leader, the growth logic of each main business is clear, and revenue and profits have achieved rapid growth for many consecutive quarters. According to the consensus forecast of Wind on October 31, the company's revenue from 2022 to 2024 was RMB 703, 1204, 194.1 billion, an increase of 88.81%, 71.31% and 61.22%, respectively, and the net profit from its mother was RMB 10.29, respectively, an increase of RMB 17.07 million, an increase of 77.87%, 65.94% and 58.21%, respectively. It is recommended to pay attention to it.
Risk factors: increased competition in the B2B industry, declining gross margin fluctuations, large fluctuations in major commodity prices, and so on.