In the first half of the year, the operating income was 596 million, an increase of 19.7% over the same period last year, and the net profit was 101 million (pre-increase data was 0.98-103 million), an increase of 23.9% over the same period last year. Deducting the non-return net profit of 93.84 million yuan (pre-increase data was 9130-96.3 million), an increase of 58.0% over the same period last year, of which the income in the second quarter was 346 million, an increase of 1.24% over the same period last year, and the net profit was 6177 million, an increase of 3 The non-return net profit was 56.41 million yuan, an increase of 35.4% over the same period last year.
Double increase in revenue and profit, relatively stable expense rate, single-quarter deduction of non-profit record high Ka-shing International Port Phase II realized trial operation in the first half of the year, the company's comprehensive logistics revenue increased significantly compared with the same period last year, driving the rapid growth of the company's revenue. Gross profit improved significantly, with 171 million in the first half of the year, up 40% from the same period last year, of which the gross profit in the second quarter was 100 million, up 25.0% from the same period In the first half of the year, the company's gross profit margin broke through the history of about 24%, reaching 28.67%, an increase of 4.32pct over the same period last year, and a year-on-year increase of 5.52pct of 29.0% in the second quarter. The cost side is stable as a whole. Thanks to the rapid growth of revenue and the improvement of profit margin, the company's performance reached an all-time high before and after deducting non-profit in a single quarter.
The inflection point of capacity release has emerged, and endogenous epitaxy contributes to growth.
The second phase of Jiacheng International Port is about to be fully put into production, the third phase of the project has already been carried out, and the Hainan project and the Greater Bay area (South China) international e-commerce port project will be launched one after another. In addition, the company's expansion area is not limited to Guangzhou and Hainan, the layout may consider extension to open up long-term growth space.
Risk hint: the project does not advance as expected, and the profit margin of the project is not as expected.
Investment advice: maintain a "buy" rating
With the trial operation of part of the area of Guangzhou Jiacheng International Port, the company's 2Q performance shows a significant inflection point. We judge that all 52,000 square meters (with a stock capacity of 150,000 square meters) will be put into operation at the end of the third quarter and begin to accelerate the release of performance. Hainan 210000 level warehousing, which locates duty-free + cross-border logistics, will also be put into operation in the fourth quarter of 2022. It is estimated that the net profit from 2021 to 2023 will be 220 million, 382 million and 472 million respectively, an increase of 36.4%, 73.4% and 23.5% respectively over the same period last year, and an annualized growth rate of 43%. Maintain the "buy" rating, give the reasonable share price 53.2-58.5 yuan, and the reasonable median share price 55.85 yuan correspond to the PE valuation of 2021-2023 EPS is 38.1X, 22.0X, 17.8X respectively.