Zhuhai Port (000507) Company In-depth Research Report: Energy Sector Contributes Stock Profits Port and Shipping Business Will Bring Performance Increase
Operating in four major business segments, the energy and environmental protection business contributed major profits.
At present, the company is mainly engaged in four major business sectors: port and shipping logistics, energy environmental protection, logistics trade, and port city construction. Among them, the energy and environmental protection business and related investment income are the main sources of profit for the company.
The company’s energy and environmental protection business is dominated by wind power and gas business. The revenue from the energy and environmental protection business segment in 2016-2018 was 3 respectively.
100 million, gross profit is 1.
600 million, gross profit ratio was 35.
1% / 34.
8% / 32.
In addition, from 2016 to 2018, the investment income of the energy and environmental protection sectors such as Guangzhu Power, CNOOC Zhuhai Gas and Xinyuan Thermal Power were 0.
90,000 yuan, accounting for 30% of the company’s profit budget.
3% / 35.
7% / 37.
Promoting the Xijiang strategy, the port and shipping business may be the growth point of the company’s future performance.
The company’s port and shipping business mainly includes logistics transportation and port operation business in the Xijiang River Basin and Zhuhai Gaolan Port. It also provides port and shipping supporting services such as shipping agency, freight forwarding, tally, tugboat, customs declaration.
In terms of port operations, the company has now completed the deployment of Yunfu New Port, Wuzhou Dalikou Terminal and Guiping Xinlong Terminal. In 2018, Yunfu New Port and Wuzhou Dalikou Terminal have completed carbonization of cargo 475 respectively.
12 Initially, container bombs 23 were completed 杭州龙凤网 separately.
In the future, the construction of Wuzhou Berths 3-6 and Xinlong Wharf Berths 2-3 will be promoted.
In terms of progress, the company’s current fleet capacity is 33.
7 nominal, of which own capacity 8.
Level 7 and plans to purchase 2 ships 2.
There are 58 ship-class sea vessels and 25 3500-ton inland multipurpose vessels. It is expected that the company’s fleet capacity will increase to about 46 in the future.
Basically, affected by factors such as environmental protection and limited production, high labor and raw material costs, a large number of heavy chemical and light industrial manufacturing enterprises plan to transfer part of their production capacity to the factor cost and resource-rich southwestern regions, and the Xijiang River basins such as Wuzhou and Yunfu,With the 南京桑拿网 lowest cost water transportation, cities like Guigang can connect to resource-rich areas such as Guangxi and Guizhou to the west, and to the major markets such as the Pearl River Delta, Hong Kong and Macao to the east, and have alternative geographical advantages.
The company’s Xijiang strategy promotes the integration of industry development opportunities brought by industrial transfer, and the port and shipping business is expected to become the company’s future performance growth point.
Covered for the first time, giving the company a “Buy” rating.
It is expected that the company’s net profit attributable to its parent in 2019-21 will be approximately 1.
3 trillion, +3 for each year.8% / + 17.
6% / + 13.
3%, the corresponding EPS is 0.
25 yuan, according to 6 December 6, 2019.
The closing price of 24 yuan / share, corresponding to PE is 33/28/25 times.
We believe that while the energy sector brings stable profits to the company, the port and shipping business is expected to benefit from the industry development and changes brought about by the industrial transfer in the Xijiang River Basin. The rapid growth will bring the company’s performance increase. For the first time, it will give the company a “buy” rating.
Risks suggest that the macro economy is down, and the growth of port and shipping business is less than expected; competition in the port and shipping business in the Xijiang River Basin has intensified; changes in the performance and dividends of Guangzhu Power, CNOOC Zhuhai Gas and Power; and changes in port charging policies.