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Jiangsu Guotai: Double increase in revenue and net profit, initial success in supply chain management

Key investment points:

Revenue increased by 19.52%, net profit attributable to parent company increased by 33.03%

The company announced its semi annual report, with a revenue of 3.479 billion yuan in the first half of the year, an increase of 19.52% year-on-year (with growth rates of 43.87% and 3.71% in the first and second quarters of the year, respectively); The net profit attributable to the parent company was 160 million yuan, a year-on-year increase of 33.03% (with growth rates of 35.53% and 31.79% in Q1 and Q2, respectively), with an EPS of 0.29 yuan. The important reason for the double increase in revenue and profit is that on the one hand, foreign trade business has risen against the trend, with a year-on-year increase of 19.98% in total import and export volume. The focus of export has gradually shifted to clothing products with high added value (accounting for 73.3% of export volume), and the business structure has been further optimized; On the other hand, Huarong Chemical continued to increase R&D investment and strengthen deep cooperation with customers. During the reporting period, it achieved revenue of 444 million, a year-on-year increase of 93.38%, and net profit of 74.5468 million, a year-on-year increase of 70.45%. The company expects a net profit attributable to the parent company in the range of 203 to 240 million yuan from Q1 to Q3, a year-on-year increase of 10% -30%.

Make efforts in the three major sectors of "supply chain management+financial sector+chemical new materials"

Firstly, the advantages of supply chain management are highlighted, and we aim to create an international comprehensive trading house. The company is positioned as a deep organizer of the supply chain, integrating nearly 10000 supplier resources to provide customers with one-stop personalized value-added services throughout the entire supply chain. Relying on the strong supply chain advantage of the backend, the company may increase its focus on the front-end in the future and focus on mergers and acquisitions of overseas channels and brands. Secondly, acquire financial assets and create an engine for financial capital operation. Acquire financial investment companies such as Zijin Technology, improve internal fund management efficiency, and lay the foundation for subsequent strategic mergers and acquisitions such as the overall listing of the group; By leveraging the international settlement advantages of financial companies, integrating financial resources has yielded good economic benefits. Thirdly, the electrolyte leader consolidates its leading position through endogenous rise and epitaxial expansion. As a pioneer in lithium battery electrolytes in China, Huarong Chemical has advantages in customer, technology, and scale. Currently, its production capacity reaches 10000 tons, and the annual production of 2800 tons of electronic chemicals by Guotai Chaowei is accelerating.

First coverage, given a buy rating

The company mainly engages in two major businesses: foreign trade and chemical new materials, and its diversified development strategy has achieved certain results.

We expect EPS of 0.53 yuan, 0.67 yuan, and 0.78 yuan from 2016 to 2018, corresponding to PE of 27 times, 21 times, and 18 times, giving us a buy rating.

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