Shanghai Ganglian(SZ:300226) Guolian Securities·2024-08-28 10:03Investment Rating - The investment rating for Shanghai Steel Union is "Buy (Maintain)" [5] Core Views - In the first half of 2024, Shanghai Steel Union achieved revenue of 43.895 billion yuan, a year-on-year increase of 12.43%, while the net profit attributable to shareholders was 0.84 billion yuan, a decrease of 29.41% [2][7] - The company’s data subscription revenue grew by 4.76% year-on-year, indicating a strong increase in the number of data terminal users [7] - The steel trading settlement volume increased by 16.23% year-on-year, but net profit was impacted by a significant reduction in other income [7] Financial Performance Summary - For the first half of 2024, the company reported a gross profit margin of 1.36%, down 0.20 percentage points year-on-year [2][7] - The second quarter of 2024 saw revenue of 26.353 billion yuan, a year-on-year increase of 22.40%, but net profit fell by 45.87% [2][7] - The company’s operating cash flow turned positive, reaching 6.03 billion yuan, due to improved collection of accounts receivable [7] Revenue and Profit Forecast - Revenue projections for 2024-2026 are adjusted to 95.716 billion yuan, 105.284 billion yuan, and 115.852 billion yuan, with year-on-year growth rates of 10.89%, 10.00%, and 10.04% respectively [7][8] - Net profit forecasts for the same period are 2.18 billion yuan, 2.80 billion yuan, and 3.45 billion yuan, with year-on-year growth rates of -9.34%, 28.30%, and 23.44% respectively [7][8] - The earnings per share (EPS) are projected to be 0.68 yuan, 0.87 yuan, and 1.07 yuan for 2024, 2025, and 2026 respectively [8] Market Position and Future Outlook - Shanghai Steel Union is recognized as a leading global provider of commodity and related industry data services, benefiting from the development of the data factor industry [7] - The company was selected as one of the first 20 "data factor ×" typical cases by the national government, indicating its strategic importance in the industry [7]