The net profit in the first three quarters is 124 million, which can fulfill the performance commitment and has the possibility of exceeding expectations. After the transformation, the first report card is in line with expectations, and there is a high probability of exceeding commitments for the whole year. After completing the magnificent transformation of supply chain finance, the company handed over its first report card, with revenue of 1.7 billion yuan and net profit of 124 million yuan in the first three quarters, up 462% and 266% respectively over the same period last year. In the third quarter, the net profit was 83 million per quarter, of which the supply chain management business is expected to make a profit of about 40 million, and the supply chain financial business corresponds to a profit of 3500-40 million. Considering that the actual operation of the financial business is less than two months, and the capital has not been fully invested, the effect of the company's transformation is obvious, and it is possible to meet the performance promise and exceed expectations.

There is still a lot of room for flexibility in the improvement of profitability, and there is still much room for improvement in the scale of financial business. The volume of supply chain financial business is the main driving force of performance growth. Due to the completion of the capital increase of the corresponding supply chain management and supply chain financial subsidiaries in August, the profitability of financial business has not been fully shown. At present, the company's account capital of 3.16 billion yuan, the future business expansion flexibility is still large, it is expected that the company's net profit will continue to grow rapidly.

5 billion yuan corporate bond plan, the southwest supply chain leader 5 billion yuan corporate bond plan, the capital advantage is obvious. Dazongpin supply chain business is capital-intensive business, the company announced on August 26 5 billion yuan corporate bond plan, has been approved by the shareholders' meeting to expand the capital advantage. Up to now, the company's asset-liability ratio is 32.6%, leaving room for leverage or capital operation.

Risk hint

If the economy slows sharply, it will affect the profitability of the company's supply chain finance and big goods trade.

The expansion of the bulk category is interesting, maintaining the "buy" rating.

We believe that the corporate supply chain financial model still has great potential in the replication of bulk products such as cement, steel and so on. At the same time, the efficiency of the use of funds has not yet been fully reflected. To maintain the previous profit forecast, the EPS for 15-17 years is 0.27pm 0.70max 1.04 yuan, corresponding to PE is 41Universe 16max 11X, maintaining the "buy" rating.