Shanghai Ganglian(300226) 国联证券·2024-04-10 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 30.56 CNY, compared to the current price of 20.89 CNY [3][6]. Core Insights - The company's main business is steadily developing and is expected to benefit from the growth of the data factor industry. In 2023, the company achieved a revenue of 86.314 billion CNY, a year-on-year increase of 12.73%, and a net profit attributable to shareholders of 240 million CNY, up 18.30% year-on-year [3][4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 86.314 billion CNY, with a year-on-year growth of 12.73%. The net profit attributable to shareholders was 240 million CNY, reflecting an 18.30% increase. The gross profit margin was 1.47%, a decrease of 0.15 percentage points year-on-year [3][4][11]. - For the fourth quarter of 2023, the company achieved a revenue of 19.767 billion CNY, a year-on-year increase of 12.61%, and a net profit of 73 million CNY, up 12.52% year-on-year [3]. Business Segments - The industrial data service segment generated revenue of 800 million CNY in 2023, a growth of 15.99% year-on-year, with a three-year CAGR of 18.90%. The data subscription revenue was 439 million CNY, increasing by 4.79% year-on-year [4]. - The steel trading service saw a settlement volume of 63.64 million tons on the Steel Silver platform, a year-on-year increase of 20.14%. The e-commerce segment generated revenue of 85.508 billion CNY, up 12.70% year-on-year [4]. Strategic Developments - On April 9, 2024, the company announced plans to use 172 million CNY of its own funds to acquire a 37.21% stake from minority shareholders of its subsidiary, Longzhong Information. This subsidiary reported a revenue of 15.6 million CNY in 2023, with a year-on-year growth of 38.02% [4][5]. - The acquisition aligns with the company's strategy to expand its investment in the energy and chemical sectors, enhancing its competitive edge in the rapidly growing industrial data service market [4]. Future Projections - The company is expected to benefit from the opportunities presented by the data factor industry, with projected revenues of 95.836 billion CNY, 105.508 billion CNY, and 116.221 billion CNY for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 11.03%, 10.09%, and 10.15% [6]. - The net profit attributable to shareholders is projected to be 289 million CNY, 379 million CNY, and 477 million CNY for the same years, with growth rates of 20.35%, 31.05%, and 25.87% respectively [6].