上海钢联(300226):AI赋能数据服务产品 数据要素市场深度受益者

Shanghai Steel Federation (300226): AI empowers deep beneficiaries of data service products and data element markets

銀河證券 ·  03/31  · Researches

The company's main business has focused on industrial data services and steel trading services. In terms of industrial data services, the company “expanded horizontally and vertically”, increased variety coverage horizontally and opened up incremental space; exploited the depth of data collection vertically to improve the granularity and dimension of data. Currently, the industry covers various fields such as ferrous metals, non-ferrous metals, energy and chemicals, building materials, agricultural products, new energy, new materials, renewable resources, etc., covering more than 100 industrial chains and more than 900 commodity varieties, which has basically achieved full coverage of commodities. In terms of steel trading services, the company has built a smart ecological service system for the entire steel industry chain integrating transaction settlement, supply chain products, data information, warehousing and processing, logistics and distribution, and SaaS services.

With data accumulation+scenario advantages, the company uses AI to empower data service products, which is expected to enhance user experience and drive revenue growth. AI technology has been accumulated in the company's data service products, such as knowledge mapping, NLP, and deep learning in the “Steel Link Data” terminal products. Currently, it is mainly used for search functions. At this stage, the company is actively exploring the application of GPT technology, experimenting with GPT's AI technology in functional modules and scenarios such as information, search, report production tools, big data prediction systems, and customer service.

The data element market has ushered in a period of explosion, and companies have profoundly benefited. Cooperation between the company and the Shanghai Digital Exchange is expected to enhance data monetization capabilities and protect data property rights. Up to now, the company has successively listed three series of products on the Shanghai Stock Exchange: Class 5 Commodity Index Series, Class 8 Commodity Industry Big Data Series, and Commodity Data Application Service (Data Terminal). At the same time, the application of the new data factor accounting regulations is expected to increase the company's gross profit margin, reduce the expense ratio, increase the company's profits, and release customer demand.

Benchmarking international giants, the company has huge potential for growth. The company's revenue in 2021 was 600 million on an accrual basis and over 700 million on a pay-as-you-go basis, ranking third in the world. The company aims to be second. Currently, the second-ranking company in the industry is Argus Argus, which has revenue of around RMB 1.5 billion in 2021. With revenue of nearly 6 billion US dollars in 2021, the company's development potential is huge.

Investment advice: We expect the company to achieve revenue of 755.47/847.37/950.068 billion yuan in 2022-2024, an increase of 14.86%/12.17%/12.19% over the previous year; achieve net profit of 1.89/2.63/358 million yuan, an increase of 5.94%/39.42%/36.37% over the previous year; the current stock price corresponds to PE is 57.32/41.11/30.15 respectively, maintaining the “recommended” rating.

Risk warning: risk of fluctuations in the steel industry; risk of increased competition in the industry; risk of policies falling short of expectations; risk of credit default for steel and banking platform customers.

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