Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 20.251 billion yuan in Q3 2024, a year-on-year decrease of 26.38%, with a net profit attributable to shareholders of 43 million yuan, down 10.02% year-on-year [5] - The decline in profit is primarily due to increased taxes and impacts related to government subsidies [5] - The company is transitioning to recognize data resources as intangible assets, which is expected to enhance the value of its data elements [6] - The company has received recognition for its innovative applications in data elements, winning first place in a national competition [7] - Future profit forecasts for the company are 203 million yuan, 263 million yuan, and 307 million yuan for 2024, 2025, and 2026 respectively, with expected growth rates of -15.5%, 29.7%, and 16.4% [8] Financial Performance - The company’s total revenue for 2023 is projected at 86.314 billion yuan, with a slight decrease to 81.792 billion yuan in 2024, and a further decrease to 81.679 billion yuan in 2025 [9] - The net profit for 2023 is estimated at 240 million yuan, with a forecast of 203 million yuan for 2024, and an increase to 263 million yuan in 2025 [9] - The earnings per share (EPS) for 2024 is expected to be 0.63 yuan, increasing to 0.82 yuan in 2025 and 0.95 yuan in 2026 [12] Business Segmentation - The industrial data service segment reported revenue of 198 million yuan in Q3 2024, a year-on-year decrease of 1.98%, while the steel trading service segment generated revenue of 20.053 billion yuan, down 26.56% year-on-year [5][11] - The overall revenue for the company is projected to grow at a rate of 12.73% in 2023, followed by a decline of 5.24% in 2024, and a slight recovery in subsequent years [11] Market Comparison - The company’s stock closed at 25.88 yuan, with a market capitalization of 83.29 billion yuan [1] - The company’s P/E ratio is projected to be 36-40 times for 2025, with a reasonable value range of 29.52-32.80 yuan [8]

Investment Rating - The investment rating for the company is "Buy" [2][4][6] Core Insights - The company reported a revenue of 64.146 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.61%, and a net profit attributable to the parent company of 127 million yuan, down 23.84% year-on-year. Despite these declines, the company’s data service segment remains stable, and the trading settlement volume of steel increased year-on-year. The company has been recognized as a leading global provider of commodity and related industry data services, winning the national first prize in the "Data Element ×" competition, which is expected to benefit from the development of the data element industry [2][6][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 64.146 billion yuan, a decrease of 3.61% year-on-year, and a net profit of 1.27 billion yuan, down 23.84% year-on-year. The gross profit margin was 1.40%, an increase of 0.02 percentage points year-on-year. In Q3 2024, the revenue was 20.251 billion yuan, a decrease of 26.38% year-on-year, with a net profit of 43 million yuan, down 10.02% year-on-year [6][4]. Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 86.319 billion yuan, 90.675 billion yuan, and 95.298 billion yuan, respectively, with year-on-year growth rates of 0.01%, 5.05%, and 5.10%. The net profit attributable to the parent company is expected to be 223 million yuan, 299 million yuan, and 388 million yuan for the same years, with growth rates of -7.29%, 34.29%, and 29.79% respectively [6][7]. Market Position and Recognition - The company has been awarded the national first prize in the "Data Element ×" competition, highlighting its leading position in the industry data service sector. The company is gradually incorporating its steel database as a data asset, valued at approximately 830,000 yuan, and plans to advance the management of other databases [6][4].

证券代码： 300226 证券简称：上海钢联 上海钢联电子商务股份有限公司投资者关系活动记录表 编号：2024-006 | --- | --- | --- | --- | |--------------|------------------------------------------------|---------------------|--------------| | | | | | | 投资者关系活 | 特定对象调研 | 分析师会议 | | | 动类别 | 媒体采访 | 业绩说明会 | | | | 新闻发布会 | 路演活动 | | | | 现场参观 | 其他 | | | 参与单位名称 | 招商证券股份有限公司 | 刘玉萍、林语潇 | | | | 天风证券股份有限公司 | 王屿熙 | | | 及人员姓名 | 中信建投证券股份有限公司 | 应瑛、张敏 | | | | 海通证券股份有限公司 | 朱瑶 | | | | Pictet Asset Management 百嘉基金管理有限公司 | Wangyang XU 黄艺明 | | | | 创金合信基金管理有限公司 | 周志敏 | | | | 淡水泉（北京） ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 34.06 [4][6]. Core Views - The company reported a revenue of RMB 641.46 billion for Q1-Q3 2024, a year-on-year decrease of 3.61%, and a net profit attributable to shareholders of RMB 1.27 billion, down 23.84% year-on-year. The third quarter saw a revenue of RMB 202.51 billion, a significant year-on-year decline of 26.38% and a quarter-on-quarter decrease of 23.16% [1][2]. - The decline in revenue from industrial data services is expected to recover gradually as downstream demand improves. The company’s industrial data services revenue for Q1-Q3 2024 was RMB 5.79 billion, a decrease of 3.1% year-on-year [1][2]. - The company is advancing the recognition of data assets on its balance sheet, which is anticipated to enhance the value of its data resources and benefit from opportunities in the data factor industry [1][2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of RMB 641.46 billion, with a net profit of RMB 1.27 billion. The third quarter alone contributed RMB 202.51 billion in revenue and RMB 43.17 million in net profit [1][2]. - The company’s revenue from industrial data services decreased to RMB 5.79 billion for Q1-Q3 2024, with Q3 revenue at RMB 1.98 billion [1][2]. Trading Services - The trading volume on the Steel Silver e-commerce platform decreased quarter-on-quarter, with a total settlement volume of 47.82 million tons for Q1-Q3 2024, reflecting a year-on-year increase of 3.2% [2]. - The company has improved its cash collection efforts, resulting in a significant increase in operating cash flow, which reached RMB 23.06 billion, up 865.5% year-on-year [2]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to RMB 0.70, RMB 0.94, and RMB 1.19 respectively [2][3]. - The estimated revenue for the industrial data services segment in 2024 is RMB 818 million, with a target price set at RMB 34.06 based on a price-to-sales ratio of 11.1x [2][3].

证券代码：300226 证券简称：上海钢联 公告编号：2024-068 上海钢联电子商务股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 上海钢联电子商务股份有限公司（以下简称"公司"）第六届董事会第九次会 议于2024年10月23日上午10:00以现场表决与通讯表决相结合的方式在公司会议 室召开，本次会议于2024年10月17日以电子邮件等方式送达了会议通知及文件。 应出席董事9人，实际出席董事9人。本次董事会出席人数和表决人数符合《中华 人民共和国公司法》和《公司章程》的规定。公司监事及高级管理人员列席会议， 会议由公司董事长朱军红先生主持，经逐项表决，审议通过以下议案： 一、审议通过《关于调整2021年限制性股票激励计划相关事项的议案》； 鉴于公司2022年、2023年利润分配方案已实施完毕，根据公司2021年第一次 临时股东大会对董事会的授权及《2021年限制性股票激励计划》的相关规定，董 事会对限制性股票的授予价格、授予/归属数量进行相应的调整。调整后，限制性 股票授予价格由33.86元/股调整为28.07元/股，首次授予数量由1,371 ...

证券代码：300226 证券简称：上海钢联 公告编号：2024-072 上海钢联电子商务股份有限公司 2021年限制性股票激励计划预留授予部分 第二个归属期符合归属条件的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 2021 年 2 月 22 日，公司召开 2021 年第一次临时股东大会，审议通过《关 于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。 公司 2021 年限制性股票激励计划主要内容如下： 1、本次激励计划采取的激励工具为限制性股票（第二类限制性股票）； 2、本次激励计划所涉标的股票来源为公司向激励对象定向发行的本公司人 民币 A 股普通股股票； 3、本次激励计划的激励对象包括公告本次激励计划时在本公司任职的董事、 高级管理人员、高层管理、中层管理、核心骨干及核心基础人员。其中，首次授 1 本次拟归属的限制性股票数量：50.5008 万股 限制性股票的授予价格：28.07 元/股 本次符合归属条件的激励对象人数：123 人 归属股票来源：公司向激励对象定向发行公司 A 股普通票 予的激励对象共 8 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 20.25 billion, a decrease of 26.38% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 43.17 million, down 10.02% year-over-year[2] - Total operating revenue decreased to 64.15 billion yuan from 66.55 billion yuan, a drop of 3.6%[15] - Operating profit declined to 272.19 million yuan from 385.51 million yuan, a decrease of 29.4%[16] - Net profit attributable to parent company shareholders fell to 127.14 million yuan from 166.93 million yuan, a reduction of 23.8%[16] - Basic earnings per share decreased to 0.3951 yuan from 0.5187 yuan, a decline of 23.8%[16] Asset and Liability Changes - Total assets as of the end of the third quarter were RMB 21.91 billion, an increase of 23.64% compared to the end of the previous year[2] - Total assets increased to 21.91 billion yuan from 17.72 billion yuan, a growth of 23.6%[13] - Total liabilities increased to 17.73 billion yuan from 13.43 billion yuan, a growth of 32.0%[13] - Total equity decreased to 4.18 billion yuan from 4.29 billion yuan, a decline of 2.5%[14] - Total liquid assets increased to RMB 21.34 billion from RMB 17.07 billion at the beginning of the period[12] - Monetary funds rose significantly to RMB 11.67 billion from RMB 5.55 billion[12] - Trading financial assets surged to RMB 783 million from RMB 11.1 million[12] - Accounts receivable decreased to RMB 1.05 billion from RMB 1.74 billion[12] - Prepayments dropped to RMB 5.20 billion from RMB 7.24 billion[12] - Inventory reduced to RMB 1.98 billion from RMB 2.16 billion[12] - Long-term equity investments decreased to RMB 33.71 million from RMB 117.80 million[12] - Fixed assets increased to RMB 204.09 million from RMB 155.14 million[12] - Construction in progress decreased to RMB 94.62 million from RMB 149.97 million[12] - Other receivables increased by 263.30% to 325,476,870.75 RMB due to supplier defaults and prepayments being converted to receivables[6] - Short-term borrowings surged by 188.42% to 6,983,337,199.42 RMB due to increased liabilities from unconfirmed receivables and notes[6] - Short-term borrowings surged to 6.98 billion yuan from 2.42 billion yuan, a significant increase of 188.4%[13] - Contract liabilities decreased to 4.14 billion yuan from 4.50 billion yuan, a decline of 7.9%[13] Cash Flow and Financial Activities - The company's cash and cash equivalents increased by 110.11% to RMB 11.67 billion compared to the beginning of the year[5] - Sales of goods and services received cash of RMB 181.25 billion, a decrease of 6.5% compared to the same period last year[17] - Operating cash inflow totaled RMB 182.11 billion, down 6.5% year-over-year[17] - Operating cash outflow was RMB 179.81 billion, a decrease of 7.5% compared to the previous year[17] - Net cash flow from operating activities increased significantly to RMB 2.31 billion, up 865.5% year-over-year[17] - Net cash flow from investing activities was negative RMB 1.02 billion, a 619% increase in outflow compared to the same period last year[17] - Net cash flow from financing activities was negative RMB 726.90 million, a 391% increase in outflow year-over-year[18] - Cash and cash equivalents at the end of the period were RMB 694.45 million, an increase of 161.5% compared to the beginning of the period[18] - The company received RMB 429 million in borrowings, a decrease of 14.2% compared to the same period last year[18] - The company repaid RMB 927 million in debt, an increase of 59.7% compared to the previous year[18] - The company paid RMB 140.93 million in dividends, interest, and profit distributions, a decrease of 6.1% year-over-year[18] Shareholder and Share Repurchase Information - The company repurchased 3.1 million shares, representing approximately 0.96% of the total shares, during the reporting period[5] - The company repurchased 3,100,094 shares, accounting for 0.96% of the total shares, and plans to cancel these shares[11] - The largest shareholder, Yadong Xingye Venture Capital Co., holds 25.12% of the shares, totaling 80,851,163 shares[7] - The National Social Security Fund 114 Portfolio holds 1.86% of the shares, totaling 6,000,000 shares[7] - The company's total number of ordinary shareholders at the end of the reporting period was 35,008[7] Industrial Data and Trading Performance - The steel trading platform's transaction volume in the third quarter was 15.65 million tons, a decrease of 23.51% quarter-over-quarter but an increase of 16.08% year-over-year[5] - The company's industrial data service revenue for the first nine months was RMB 579 million, a decrease of 3.11% year-over-year[5] - The company's industrial data service subsidiary, Shandong Longzhong Information Technology, achieved revenue of RMB 124 million, a year-over-year increase of 6.61%[5] Financial Expenses and Investment Income - Financial expenses increased by 72.20% to -2,760,875.08 RMB as interest expenses outpaced interest income[6] - Investment income rose by 207.07% to 3,030,083.55 RMB due to increased returns from financial products[6] - Income tax expenses decreased by 41.28% to 46,848,382.68 RMB due to lower profits[6] - Interest income rose to 115.19 million yuan from 37.20 million yuan, an increase of 209.6%[15] Fixed Assets and Construction Progress - Fixed assets grew by 31.55% to 204,086,368.37 RMB as part of the company's Phase II project was transferred from construction in progress[6] - Construction in progress decreased by 36.91% to 94,615,324.64 RMB due to the transfer of Phase II project to fixed assets[6]

证券代码：300226 证券简称：上海钢联 公告编号：2024-076 上海钢联电子商务股份有限公司 关于 2024 年第三季度计提资产减值准备及核销资产的公告 二、本次计提资产减值准备及核销资产的范围和总金额 公司（含合并报表范围内各级子公司，下同）对 2024 年 1-9 月应收账款、 应收票据、存货、其他应收款计提坏账准备及资产减值准备的总金额为 65,367,355.23 元，收回或转回总金额为 17,340,831.52 元。具体如下： | 项目 | 年初余额 | 本期增加 | | 本期减少 | | 期末余额 | | --- | --- | --- | --- | --- | --- | --- | | | | 计提 | 其他 | 收回或转回 | 核销 | | | 坏账准备 | 249,893,200.24 | 63,925,909.92 | | 15,315,668.26 | | 298,503,441.90 | | 其中：应收账款 | 238,751,801.75 | -31,532,876.12 | 15,315,668.26 | 191,903,257.37 | | --- | --- | ...

证券代码：300226 证券简称：上海钢联 公告编号：2024-073 上海钢联电子商务股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 上海钢联电子商务股份有限公司（以下简称"上海钢联"或"公司"）于 2024 年 10 月 23 日召开的第六届董事会第九次会议、第六届监事会第八次会议审议通 过了《关于作废部分已授予尚未归属的限制性股票的议案》，现将相关事项公告 如下： 一、本次限制性股票激励计划已履行的决策程序和信息披露情况 1、2021 年 2 月 3 日，公司分别召开了第五届董事会第九次会议、第五届监 事会第七次会议，审议并通过《关于公司<2021 年限制性股票激励计划（草案）> 及其摘要的议案》、《关于公司<2021 年限制性股票激励计划实施考核管理办法> 的议案》、《关于提请股东大会授权董事会办理 2021 年限制性股票激励计划相 关事宜的议案》，公司独立董事对本次激励计划的相关事项发表了独立意见。 2、公司对授予的激励对象名单的姓名和职务在公司内部进行了公示，公示 期为自 2021 年 2 ...

一、激励计划简述及已履行的相关审批程序 （一）本次激励计划简述 证券代码：300226 证券简称：上海钢联 公告编号：2024-071 上海钢联电子商务股份有限公司 2021年限制性股票激励计划首次授予部分 第三个归属期符合归属条件的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 2021 年 2 月 22 日，公司召开 2021 年第一次临时股东大会，审议通过《关 于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。 公司 2021 年限制性股票激励计划主要内容如下： 1、本次激励计划采取的激励工具为限制性股票（第二类限制性股票）； 2、本次激励计划所涉标的股票来源为公司向激励对象定向发行的本公司人 民币 A 股普通股股票； 3、本次激励计划的激励对象包括公告本次激励计划时在本公司任职的董事、 高级管理人员、高层管理、中层管理、核心骨干及核心基础人员。其中，首次授 1 本次拟归属的限制性股票数量：352.2739 万股 限制性股票的授予价格：28.07 元/股 本次符合归属条件的激励对象人数：658 人 归属股票 ...