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上海钢联(300226):业绩稳中向好 数据服务业务有望进一步释放

Shanghai Steel Federation (300226): The data service business is expected to be further released due to steady, moderate performance and improvement

民生證券 ·  Apr 14, 2023 14:22  · Researches

The company's performance has increased steadily, and the cash flow situation has improved. Shanghai Iron and Steel Federation released the 2022 annual report on April 13, 2023. In 2022, the company realized operating income of about 76.567 billion yuan, an increase of 16.41 percent over the same period last year. The net profit of returning to the mother was about 203 million yuan, an increase of 14.13 percent over the same period last year. The net profit of deducting non-return is about 170 million yuan, an increase of 14.09 percent over the same period last year. Earnings per share are 0.76 yuan per share, up 13.43 percent over the same period last year. In terms of cash flow, the net cash flow generated by the company's operating activities in 2022 was about 1.154 billion yuan, an increase of 59.06% over the same period last year.

The strategy of "hundred chains into a thousand sails" has been steadily advanced, and the industrial data have been widely recognized. The company's industry data services sector achieved revenue of about 691 million yuan, an increase of 13.51% over the same period last year, of which data subscription revenue was about 419 million yuan, an increase of 21.97% over the same period last year. The company continues to focus on the five major industries of ferrous metals, non-ferrous metals, energy and chemical industry, building materials and agricultural products. In terms of data sources, the company has added 119 data sources, more than 330000 new indicators and more than 1.2 billion pieces of data, continuously strengthened the collection system of nearly 3000 people, and creatively labeled satellite remote sensing, shipping flow and other alternative data.

Shanghai Steel Union price index is widely written into long-term agreements (settlement basis) and spot bulk order transactions (reference standards). In addition to domestic spot transactions, Shanghai Steel Union price index has also successfully participated in the international trade settlement system. In the over-the-counter derivatives market, the Shanghai Ganglian Steel Price Index is used by the Singapore Exchange and CME Group Inc, and the Iron Ore Price Index by the Shanghai Clearing House and FEX Global Futures Exchange as the settlement index for swap contracts. Compared with the end of last year, the number of registered users on the web side of the company's data service increased by 20.46%, the number of mobile users increased by 22.92%, and the data terminal increased by 113.89% compared with the same period last year. The black section's main column, "Steel City knows early in a week," filmed and produced more than 300 issues, with a cumulative broadcast volume of 13 million, and users approved 130,000 likes. "Iron and Steel Chief monthly" has the highest number of users in a single field, with 1400 direct drainage.

Steel and silver e-commerce "consignment + supply chain" core business model lays a good foundation for business. The total transaction value of the steel trading service platform (including tax) is about 240.488 billion yuan; the settlement volume of the platform is 52.9715 million tons, an increase of 14.8% over the same period last year. Focusing on the core business model of "consignment + supply chain", steel and silver e-commerce takes high-quality development as the main line, strives to promote the construction of "one body and two wings", consolidate the foundation of digital risk control and management, and maintain a stable and healthy development trend. the operating income was about 75.872 billion yuan, an increase of 16.44% over the same period last year, and the net profit was about 273 million yuan, a decrease of 15.77% over the same period last year. At present, there are more than 160000 registered users of steel silver e-commerce platform, more than 350 cooperative steel mills, more than 500 cooperative warehouses, 50 service sites and nearly 200 high-end Internet R & D personnel.

Investment advice: the company is one of the world's leading data service providers for commodities and related industries. With the opening of the data factor market in the future, the accumulation of the company's data field is expected to help it occupy a place in the market. We estimate that the company's operating income from 2023 to 2025 will be 875.21, 981.76 and 112.773 billion yuan, the net profit will be 2.31,2.74 and 327 million yuan, the EPS will be 0.86,1.02,1.22 yuan per share, and the corresponding PE will be 60,51,42 times.

Risk hint: the landing of the data factor market is not as expected; the progress of the company's data business development has been thwarted.

The translation is provided by third-party software.


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