上海钢联(300226):数据要素市场方兴未艾 大宗商品数据服务龙头蓄势待发

Shanghai Steel Federation (300226): The data element market is on the rise, and the leading commodity data service leader is poised to go

東方證券 ·  03/25  · Researches

The company is a data service leader in the domestic commodity industry, and has a domestic e-commerce platform for intelligent services for B2B steel transactions. The company focuses on steel trading services and industrial data services. The company's steel spot trading platform is a domestic 100 billion B2B steel trading smart service e-commerce platform. It innovatively created a “platform+service” business model, and built a smart ecosystem service system for the entire steel industry chain with consignment transactions as the core. In terms of industrial data services, the company has established a standard data process method, covers more than 100 industrial chains, more than 900 product varieties, has comprehensive data collection capabilities, and is a leading domestic commodity industry data service provider.

The process of marketization of data elements is on the rise, and data resources are expected to be the first to benefit. According to estimates by the National Center for Industry and Information Technology Safety, China's data element market will reach 54.5 billion yuan in 2020, and will exceed 174.9 billion yuan during the “14th Five-Year Plan” period. Future data will be the core driving force for social and economic development. On December 19, 2022, the State Council issued the “Twenty Data Rules”, which is the first national-level special policy document on the high deployment of factors of production to release the value of data elements, marking a new stage of development in China's data element marketization process. China's Ministry of Finance issued the “Interim Provisions on Accounting Processing Related to Enterprise Data Resources (Draft for Comments)” on December 9, 2022, making it clear that data can be listed as intangible assets. As a typical representative of the data resource side of the commodity industry, the company has a large number of data assets and is expected to benefit first from the data asset listing reform.

The company is deeply involved in the data element market, and the prospects for industrial data services are broad. As a leading industrial data service provider, the company actively participated in the market-based construction of data elements, and the company's various data products were listed and traded on the Shanghai Data Exchange. The company's industrial data service is centered on data subscription services. The subscription service model has been recognized by the market and has high potential for revenue growth. In 2021, the company's industrial data service revenue was 609 million, of which data subscription revenue reached 333 million, an increase of 26.99% over the previous year. The number of paying users for the company's data service reached 236,600, an increase of 29.7% over the previous year. Customer stickiness is high, which is an important driving force for the company's future profit growth. The company benchmarked international energy information giant Pratt's Energy Information. Compared with leading foreign commodity data service companies, the company's revenue volume is still small. As the company's domestic and international brand influence continues to expand, the company still has plenty of room for growth to explore.

We forecast the company's earnings per share for 2022-2024 to be 0.78/0.94/1.12 yuan, respectively. Based on the valuation of comparable companies, the company was given a price-earnings ratio of 47 times in 2023, corresponding to a reasonable stock price of 44.18 yuan, giving an increase in holdings rating for the first time.

Risk warning

Policy implementation fell short of expectations; market competition increased risks; risk of fluctuations in the steel industry; risk of credit management.

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