The mid -term net profit increased nearly 19%.

In the first half of 2022, the new crown epidemic, tight geopolitical situations, and inflation pressure continued to test the global economy. The downturn in the consumer market and the high level of raw material fluctuations caused all walks of life to pressure. However, just as the catering company has contributed to the changes in the retail market, home improvement companies make a customary home to resist the risks of the community business. On the one hand, they take the initiative to change under the situation of poor economic environment, and on the other hand, while the external environment and market demand changes, they adjust their strategies in a timely manner to conform to the development of the times. As the so -called "poor changes, change is general, and passing for a long time." Under the dilemma of the same way, only those who take the initiative to take the initiative can the flow of the flow be upside down.

Recently, Qixin Group (002301.SZ) released the 2022 semi -annual report. The report shows that in the first half of 2022, the company achieved a slight decline in operating income, achieving a net profit of RMB 85 million in net profit, an increase of 18.69%year -on -year. At the same time, the company's B2B business gross profit margin and overall gross profit margin have increased to a certain extent, and the accounts receivable and inventory have decreased. It shows that while the company maintains strong profitability, the overall business quality is also improved.

It is not easy to achieve such achievements. As mentioned earlier, dilemma often gives birth to new machines. In recent years, Qixin Group has taken the initiative to conform to the tide of the digital economy, actively participate in the development of the digital economy, and deeply cultivate the two major industries of the B2B office material collection business and the SaaS cloud video business. , Customers, technology and delivery have accumulated outstanding advantages, and have established high competitive barriers, thereby continuously improving the company's anti -risk capabilities and core competitiveness. Related analysis pointed out that the digital procurement market has broad space, and the "digital new infrastructure" and digital construction of government -enterprise will also bring huge market opportunities. As the epidemic improves and the external environment is gradually recovered, the company will also rely on core competitive advantages to step into enters. Steady growth channel.

1. Digital empowerment: Create an integrated digital platform to help digital procurement reform of government and enterprises

Under the tide of digital economy, the digitalization of enterprises was mentioned to the national strategic height. At the beginning of 2022, the national "Fourteenth Five -Year Plan" Digital Economic Development Plan was officially issued. The "Planning" proposed to coordinate the promotion of digital industrialization and digitalization of industries, empower the transformation and upgrading of traditional industries, and cultivate new industries and new formats. In our country, although digital procurement is still in a very early stage of development, it has shown huge market potential and development prospects. It is expected that by 2025, the digital economy will move towards a comprehensive expansion period. Essence

According to the "2022 Digital Procurement Development Report", the nationwide digital procurement penetration rate is about 7.5%. For the size of the million -dollar procurement market, the digital rate will bring trillion levels to the digital procurement market for every one percentage point. Market space. Specifically, the e -commerce collection scenarios such as office materials, MROs, employee benefits and marketing materials that are currently focused on the company are all trillion -level digital collection markets.

At present, the effectiveness of digital reform in the public procurement field has begun to show, and the state -owned enterprises have become my country's digital procurement "locomotives". In April 2022, the China Logistics and Procurement Federation released the "China Public Procurement Development Report (2021)". According to the report, the total public procurement of my country's public procurement in 2021 exceeded 45 trillion yuan. The total purchase volume exceeded 13 trillion yuan, and the management system for procurement transactions continued to improve.

As early as 2013, Qixin Group joined the IBM to launch the SAP system to develop digital transformation first, and gradually created an integrated digital platform with business characteristics. From many years of deep cultivation to deep layout, the integration effect of the company's enterprise service platform is prominent. With one -stop enterprise integration service advantages, brand advantages, customer resource advantages, digital operating platform technical advantages, commodity supply chain and delivery advantages, etc. Help many government -enterprise digital procurement reforms.

In the first half of 2022, severe challenges in many domestic industries have occurred. Under the changes in the overall economic environment and the customer industry environment, the gross profit status, delivery costs, account receivables and risks of some categories of customers have changed. This type of business is actively and moderately avoided, improves business quality, strengthens risk management and control, and does not grow fast growth in the sacrifice of business quality and business risks. The B2B business focuses on high -quality large -scale customers such as central enterprises and abandon some customer sales business. In the first half of 2022, B2B achieved revenue of 4.139 billion yuan, operating costs 3.758 billion yuan, and a gross profit margin of 9.19%, an increase of 0.9 percentage points year -on -year; net profit achieved net profit; net profit achieved net profit; net profit achieved net profit; net profit achieved net profit. 119 million yuan, a year -on -year increase of more than half.

In the future, the company's B2B business will still focus on high -quality customers, increasing the ability to take orders and performance services for high -quality customers, stabilize and see, follow the trend, focus on core customers, core scenarios, and comprehensively promote the steady development of the core business.

2. Differential competition: Strategic abandonment of small and medium -sized customers, focusing on head customers such as government central enterprises

Faced with the increasingly fierce market competition, we have a good attention to the development and implementation of the development of "cloud+end+industry" and "5G+Xinchuang+domesticization" with industry friends and major Internet giants. Strategy, focusing on the core sector, promoting cloud integration, creating core competitiveness, improving the online office ecosystem of the mind service platform, and providing core capabilities with "nationwide production" for "digital new infrastructure". In terms of cloud video technology, as well as well -known brands in the segment, relying on the accumulation of technical accumulation in the field of audio and video fields, lock the video cloud platform and intelligent terminal full scene solution capabilities, audio and video bottom -level core algorithms and artificial intelligence fusion technology capabilities, large, large, large, large, large, large, large, large The customer industry's deep cultivation capabilities and ecological partnership capabilities four core capabilities. Realize ability.

In terms of customers, strategic abandonment of small and medium -sized customers, focusing on the market and medium and large enterprises, focusing on expanding smart government affairs, smart education, smart party building, smart medical care and other industries, and obtained more than 60,000 government, energy, transportation, construction , Medical, Education, Finance and other industries such as the recognition of high -quality customer markets in industries to achieve customer focus.

In terms of business, based on the in -depth understanding and service capabilities of large customers and in -depth industries, facing the normal competition of cloud video "free cakes" in the industry Internet giants, focusing on focusing on expanding intelligent government affairs, smart education, smart medical care and other industry scene applications. To meet the differentiated and professional needs of different fields for deep integration, and to create a smart cloud video ecological chain that combines hard and hard. Realize business focus and difference.

Zhejiang Commercial Securities pointed out in the research report that the company's B2B business income end pressure under the epidemic disturbance, the company strictly controls risks to actively avoid risk customers, focus on steady and high -quality customers, and continue to force the original Southern Network, State Grid, Postal Savings and other original originals Customers, expand new customers such as Agricultural Bank of China, COFCO, and Pacific Insurance. At the same time, focus on the in -depth operation of office collection, and continue to expand higher value -added services such as MRO. The company also strictly controls the risk of bad debt receivables, and the accounts receivable will be reduced to 3.389 billion yuan, a decrease of -13.97%from the beginning of the period; the inventory decreases slightly by RMB 110 million to 296 million yuan, and the prepaid accounts are 321 million yuan, an increase from the beginning of the year, an increase of the earlier year. 140 million yuan, mainly the company's prepaid supply of goods in advance to ensure the supply of goods in advance. In summary, operating cash flows decreased from 140 million yuan to 74 million yuan compared with the same period last year.

Brand development: Focus on the product matrix and cultivate the core competitiveness of the brand

As the "old name" of the stationery industry, the unity brand has a high popularity in the industry, providing reference for more traditional enterprises to achieve digital transformation. In July 2022, Qixin Group was selected into the 2022 "China 500 Most Valuable Brand" list released by the World Brand Lab. The brand value was selected for the first time, ranking 435th. Also selected together are leading companies in various industries such as Haier, Huawei, Tencent, China Resources, and Ant Group.

On the basis of continuously promoting product innovation, Qi Xinwen Innovation has been digitally empowering production and sales research through digitalization, and is committed to creating a brand -oriented development path with high quality and high -quality differentiated products, and cultivating the core competitiveness of the brand. In the new era of industry development, the company focuses on new stationery categories such as office supplies, smart office, student stationery and other brands, and is committed to creating differentiated products with high quality and high prices. Cultural and creative products with a refreshing and high premium, in accordance with the new consumption habits and trends of young people, inherit and carry forward the cultural value. Affected by the epidemic, the company's offline office stationery's own brand sales sales have been greatly affected.

Conclusion:

Since its establishment, Qixin Group has been focusing on and continuously enriching the product matrix, improving the product system, optimizing the product experience, and cultivating the core competitiveness of the brand. The group takes the company's operation and maintenance materials collection as its core. The brand new stationery and brand cloud videos are the moat, and the high value -added commodity supply chain and full -link digitization are turned into the base. By continuously superimposed the product category and services One -stop purchasing demand.

In the first half of 2022, under the context of the continued high fluctuations of production factors such as raw materials such as raw materials such as raw materials at home and abroad, the Group has taken the initiative to adjust the business structure, and achieved the core strategies of digital empowerment, differentiated competition, and brand development. The revenue is basically the same as that of the same period last year, the profit has remained steady, the cash flow continues to be stable, and the gross profit margin of B2B has risen slightly. After the financial report was announced, Duo brokerage research report stated that it would increase its holdings and buy rating.

According to the Research Report of Zhejiang Business Securities, the group actively adjusted the customer structure, the SaaS business continued to transform, reduce costs and increase efficiency, improve B2B profitability, and maintain a "buy" rating.

Anxin Securities Research reported that the company's B2B office collection business has steadily developed and continued to open up the refined operation and digital construction of SaaS cloud video service business, and its profitability is expected to retreat and maintain an investment rating of -A.

Huatai Securities Research reported that the 2022H1 revenue declined slightly, and the profit margin was repaired year -on -year; the B2B business was under pressure under the epidemic disturbance, and the cost control and product iterative gross profit margin improved year -on -year; focusing on the digital transformation of the "cloud industry", and the increase in R & D investment plus Large; the office collection adopts a faucet to maintain the "buy" rating.

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