Jianfa shares (600153) issued a notice on November 3, 2021, saying: Guotai Junan Securities, China International Capital Corporation, Tianfeng Securities, China Merchants, Huachang Securities, Zhejiang Securities, Pacific Capital Management, Jianxin Fund, Boshi Fund, China Merchants Fund, Jiutai Fund, Zhongbing Investment, Oriental Wealth Securities, Boya Fund, Green Bong assets, Gou Chen assets, Heyong Investment, Shanghai Kaisi Investment, Shandong High-tech Venture Capital investigated our company on November 2, 2021.
The main contents of this survey are as follows:
Q: the operating income of the company's supply chain business continued to grow at a high rate in the first three quarters of this year, of which the increase in commodity prices accounted for a large proportion or the growth in business volume accounted for a large proportion?
A: in the first three quarters, relying on the "LIFT" supply chain integrated service platform, the company actively grasped the market opportunity, was guided by customer demand, continued to promote supply chain service innovation, increased the volume and price of core advantage categories, and reached a record high in scale and efficiency in the same period. The company has always attached great importance to the quality of business development, from the contribution ratio, price growth and operating volume growth accounted for about half of the contribution. In the first three quarters, the volume of major commodities such as black, non-ferrous metals and minerals, agricultural products, pulp and paper, and energy products exceeded 124 million tons, a year-on-year growth rate of more than 40 per cent.
Q: there has been a misunderstanding about the business model of commodity supply chain operators, that supply chain operators need to bear a lot of price risk. As investors who follow the company for a long time, we can see that the company has achieved steady development in all previous price fluctuations. Ask the company leader to introduce the operation of the company's risk control system to other investors.
A: the ability of risk management and control is the core competitiveness of the company to maintain the healthy development of supply chain operation business for many years. Based on decades of industry experience, the company has formed a risk management and control system of "specialization, grading and flow", and is committed to providing professional supply chain services for terminal manufacturing enterprises. In the face of price risk, goods right risk, credit risk and so on, the company has established a strict risk control system with strong risk resistance. The company's supply chain operation business provides customers with professional services such as business, logistics, information, finance, etc., and earns certain service fees and price differences under the premise of controllable risk; for the price risk of commodities, the company can pass it on in a variety of ways. The company has set up an industry research team, which has dozens of researchers who are familiar with both the industry and financial instruments such as futures and options, in order to formulate a more in-depth price service plan for the supply chain. The company's goods are mainly stored in self-managed warehouses or large state-owned warehouses, and the risk of goods rights is relatively small; at the same time, the company has been deeply cultivated in the industry for many years, has a strict customer credit qualification review mechanism, and the risk of receivables is small. The company continues to optimize the risk control system, adjusts its responsibilities, authorization and risk control indicators accordingly according to the actual business development and changes in the management model, connects business data, management data and risk control, strengthens the early warning function of the internal big data analysis system and the information exchange and linkage between management departments, and strengthens the daily monitoring of major risks.
Q: what is the current financial situation of the company? Is the financing quota adequate? What is the level of financing interest rate?
A: at present, the company has unobstructed financing channels and diversified financing methods, and banks and other financial institutions have ample lines of credit to the company, which can meet the capital needs brought about by business development. According to the rating report issued by United Credit rating Co., Ltd., the company's long-term credit rating and debt rating have maintained the AAA rating for many years in a row. The financing rates of the company's two main businesses (supply chain operations and real estate business) are at a low level in their respective industries.
Q: what new developments have the company made in developing its consumer goods business?
A: the company is actively expanding cross-border e-commerce business, B2B and B2C mode two-wheel drive. On the one hand, it sets up supply chain barriers with "goods" as the center, providing supply chain services for large cross-border platforms such as Tmall International, koalas and JD.com International and well-known overseas brands; on the other hand, "flow" sets up a diversified sales system with proprietary stores on mainstream platforms, and carries out distribution cooperation with head and shoulder anchors of Douyin, Kuaishou Technology and Taobao Live. The company makes full use of its own resources integration ability, join hands with high-quality upstream enterprises, has built a number of its own brands. The Consumer goods Division has joined hands with Guizhou Maotai Liquor time-honored Distillery to create its own Maotai-flavor liquor brand, which comes from the core production area of Maotai Town and launched the first batch of products at the end of May. By the end of September, there were more than 100 offline cooperation channel dealers, covering 14 provinces and two municipalities directly under the Central Government, with a total contract amount of more than 100 million yuan.
Q: the company's vision is to become a leading international supply chain operator. Please introduce the company's progress in internationalization.
A: adhering to the concept of "becoming an international leading supply chain operator", the company actively participates in the transformation and upgrading of China's manufacturing industry, constructs a global supply chain service system, and integrates into the new development pattern of domestic and international double cycle. In the international market, the company has seized the business development opportunities brought about by the "Belt and Road Initiative" initiative, actively integrated into the signatories to the RCEP agreement, accelerated its international layout, and actively expanded its partners in Russia, the Philippines, Indonesia, Vietnam and other places. In the first three quarters, the total volume of imports, exports and international trade exceeded 26 billion US dollars, equivalent to more than 160 billion yuan, an increase of more than 90 percent over the same period last year and accounted for more than 40 percent of the supply chain business turnover.
Q: what progress has the company made in the construction of industrial Internet?
Answer: the company cooperates with Tencent to create "Jianfa pulp and paper industry Internet platform", upgrade and transform "paper source network" and "pulp Yitong", take the product as the orientation and the service as the core, and build the digital ecosystem of the pulp and paper industry. at present, the project has been launched and has entered the stage of blueprint design. Jianfa Yungang, a digital collaborative platform for the iron and steel industry chain, has been independently developed and constructed by the company. At present, the first phase of the project has been put online, which can realize the functions of customer self-service delivery, independent countersigning of documents and intelligent settlement and reconciliation, which improves the business efficiency and promotes the coordinated development of the iron and steel industry chain.
Q: what progress has the company made in the new energy business?
A: in terms of new energy business, the company establishes business cooperation with industry leaders to give full play to the advantages of all parties and provide value-added services for many links of the industrial chain. In September this year, we formally reached a strategic cooperation with St ä Ubli, the world's leading provider of electrical connection solutions. The company's new energy business categories include new energy mines, lithium power products, photovoltaic products, new energy vehicles, etc., with an operating income of more than 5 billion yuan in the first three quarters, an increase of about 67% over the same period last year.
Q: how much reserve does the company still have in the first-class land development business, and how is the progress of the development?
A: by the end of September 2021, the remaining land area of the company's first-level land development business is about 330000 square meters, and the corresponding planning capacity building area is about 1 million square meters. Among them, the Houpu site covers an area of about 200000 square meters, the construction area is about 600000 square meters, the Zhongzhai site covers an area of about 130000 square meters, and the planned capacity area is about 400000 square meters. The auction of the remaining plots depends on the government's land promotion plan, and the company will actively cooperate with the government's request.
Jianfa shares main business: import and export and agency business; processing trade business; entrepot trade business; foreign trade consulting business and technology exchange business; wholesale and retail; real estate development and management; automobile transportation; undertake joint ventures, contractual joint ventures and "three to one supplement" business.
According to the third quarterly report of Jianfa shares in 2021, the company's main income was 471.144 billion yuan, up 78.24% from the same period last year; the net profit was 3.384 billion yuan, up 17.95% from the same period last year; and deducting 2.709 billion yuan from non-net profit, up 19.91% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 180.332 billion yuan, up 68.87% from the same period last year; and net profit in a single quarter was 826 million yuan, up 38.91% from the same period last year. The non-net profit in a single quarter was 214 million yuan, down 46.46% from the same period last year; the debt ratio was 81.99%, the investment income was 879 million yuan, the financial expenses were 1.276 billion yuan, and the gross profit margin was 2.61%.
A total of six institutions have rated the stock in the last 90 days, five have bought ratings and one has increased their holdings; the average institutional target price has been 10.88 in the past 90 days; the net outflow of financing has decreased by 34.3562 million in the past three months; and the net outflow of securities has decreased by 4.849 million. The balance of securities lending has decreased. According to the Securities Star valuation analysis tool, Jianfa shares (600153) has a good company rating of 3 stars, a good price rating of 4 stars, and a comprehensive valuation rating of 3.5 stars.