Event: in 2021, H1 Company realized operating income of 15.948 billion yuan, an increase of 83.08% over the same period last year; the net profit belonging to shareholders of listed companies was 546 million yuan, an increase of 12.76% over the same period last year.
Intelligent highway port services have grown steadily, and high-quality logistics assets have built a solid foundation. In the first half of the year, the business income of the company park was 610 million yuan, an increase of 26.12% over the same period last year, while the turnover of the platform in the port reached 32.8 billion yuan, an increase of 19.27 The overall rental of properties in highways and ports nationwide reached 90 percent, an increase of 2pct compared with the previous month. There were 9969 enterprises stationed in highways and ports, and the vehicle flow reached 22.42 million, an increase of 46.8 percent over the same period last year. We believe that Chuanhua's highway port resources all over the country is the stable foundation of its business. as a high-quality carrier for small and medium-sized logistics enterprises, highway ports provide high stickiness potential customers for other businesses. Chuanhua Highway Port has gradually passed the climbing period in the past two years and began to make a profit, and the business profit margin of the park has a lot of room for improvement.
Network freight platform business has become a new increment, the integration of upstream and downstream resources to achieve full-link logistics services.
The company carries out online freight services based on the Land Transport platform. The transaction volume of the platform in the first half of the year was 8.7 billion yuan, an increase of 342% over the same period last year and 31.08% month-on-month growth. Among them, the expansion scale outside Hong Kong is more than 60%, and the waybill is 1.75 million. Land Express can realize the integration of logistics resources and attract transport capacity and logistics enterprises to complete transactions on the platform through standardized business models and preferential policies. At the same time, Chuanhua actively expands its upstream manufacturing customers, forms a complete bridge connecting manufacturing, logistics enterprises and transport capacity through the integration of easy transportation platform, and provides full-process transport management and value-added services for source shippers. we believe that Chuanhua is expected to become a supply chain platform that integrates business flow, real logistics, information flow and capital flow in the future.
The three main businesses achieve a year-on-year increase in gross profit margin, and changes in investment income and fair value affect current profits. In the first half of the year, the company realized a gross profit of 1.643 billion yuan, an increase of 48.64% over the same The gross profit margin of the three main businesses increased year-on-year. The gross profit margin of the intelligent highway port business reached 65.69%, up 8.05% on the pct; network freight platform, up 1.37% on the same period last year; and the gross profit margin of the supply chain business reached 2.2%, an increase of 1.27pct over the same period last year. The gross profit margin of chemical industry and after-car business declined slightly. The company's current investment income and fair value change income decreased by about 320 million compared with the same period last year, which has a certain impact on net profit. We believe that the company's overall profitability will gradually improve in the future, and we are optimistic that the transmission model and its own high-quality assets will complement each other.
Investment suggestion: optimistic about the scale effect of Chuanhua highway port logistics network, the network freight platform has strong growth, and the company's profitability will be gradually improved. It is estimated that the company's EPS from 2021 to 2023 will be 0.57, 0.69 and 0.84 respectively, corresponding to a PE of 14.96, 12.35 and 10.11X, which will be upgraded to a "buy" rating.
Risk hint: the profitability of the highway port is not up to expectations, and the growth rate of land express business revenue is lower than expected.
