上海钢联：受益于数据要素产业机遇

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].