上海钢联(300226):产业数据服务高增 与上数所达成战略合作

Shanghai Steel Federation (300226): The rise in industrial data services and the strategic cooperation reached by the top companies

國聯證券 ·  04/26  · Researches


On the evening of April 26, the Shanghai Steel Federation released its report for the first quarter of 2023. Achieved revenue of 17.510 billion yuan, an increase of 12.72% over the previous year; realized net profit of 55 million yuan, an increase of 41.01% over the previous year; realized net profit after deducting non-return to the mother was 37 million yuan, an increase of 0.65% over the previous year; and basic earnings per share were 0.20 yuan, an increase of 40.97% over the previous year.

Industrial data services have increased rapidly, and the daily turnover of steel has reached a record high

In terms of industrial data services, the company continues to implement the development strategy of “One Hundred Chains, One Thousand Sails of Competition”.

In the first quarter of 2023, the company's industrial data service business achieved revenue of 189 million yuan, an increase of 24.87% over the previous year. Shandong Longzhong Information Technology Co., Ltd., an important subsidiary, achieved operating income of 38.73 million yuan, an increase of 65.71% over the previous year, and turned a loss into a profit. In terms of steel trading services: Steel and Silver e-commerce continues to improve the platform's risk control management capabilities and operational efficiency. In the first quarter of 2023, the settlement volume of the Steel Bank platform was 108.7727 million tons, an increase of 6.16% over the previous year. On March 13, the platform's daily trading volume exceeded 410,000 tons, a record high.

Strategic cooperation agreements were signed with several companies to support the construction of industry data trading platforms. On April 21, the Shanghai Data Exchange signed strategic cooperation agreements with the company. The two sides will further deepen strategic cooperation in jointly building a multi-level data element market, exploring data capitalization, researching index systems, data product supply, and active trading, etc., to collaborate and empower each other, improve infrastructure related to data transactions, accelerate the cultivation of the data element market, and promote the development of the digital economy. According to the cooperation agreement, the Shanghai Digital Exchange supports the company to build a data trading platform for the steel industry, jointly promote data circulation transactions in the steel industry, and reach consensus on regulations, standards, systems, etc., and interconnect with the Shanghai Digital Exchange platform to accelerate the construction of a multi-level data element market.

Profit Forecasts, Valuations, and Ratings

We expect the company's revenue in 2023-2025 to be 896.63/1050.58/123.187 billion yuan, corresponding growth rates of 17.10%/17.17%/17.26% respectively, net profit of 2,70/395/570 million yuan respectively, corresponding growth rates of 33.00%/46.39%/44.21% respectively, EPS is 1.01/1.47/2.13 yuan/share, and the 3-year CAGR is 41.08%, given that the company is the world's leading commodity and related industry data One of the service providers continues to improve data capabilities, explore the application of AI technology, and benefit from the promotion of market-based construction of data elements. We gave the company 65 times PE in 2023, with a target price of 65 yuan to maintain the “buy” rating.

Risk warning: systemic risks, policy implementation falling short of expectations, products and technology falling short of expectations, risks of increasingly fierce market competition, risk of fluctuations in the steel industry, credit management risks of e-commerce platforms, etc.

This page is machine-translated. Futubull tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.

    Write first comment