Main points of investment
COSCO Shipping Holdings's Q1 performance in 2022 maintains the growth trend. COSCO Shipping Holdings released financial data for the first quarter of 2022, Q1 Company realized operating income of 105.53 billion yuan in 2022, an increase of 62.75% over the same period last year; realized net profit of 27.62 billion yuan, up 78.73% over the same period last year; and realized net profit of 27.48 billion yuan, up 78.36% over the same period last year.
The freight rate of the container transportation market is high, and the revenue of the company's collection and transportation business continues to grow. In the first quarter of 2022, the global epidemic situation continued to repeat, the bottleneck of the supply chain still existed, and the freight rates of trunk routes were basically stable.
In terms of freight volume, the company collected 616.17 TEU in the first quarter of 2022, down 9.17% from the same period last year, with a capacity of 294.19 TEU. On the revenue side of the collection and transportation business, the company's airline revenue totaled 99.299 billion yuan, an increase of 63.56 percent over the same period last year. Split unit benefit, the company Q1 international route per box revenue of 2975.14 US dollars / TEU, an increase of 1366.36 US dollars / TEU over the same period last year.
The wharf plate benefits from the pick-up in throughput, and the operation continues to be sound. In the first quarter of 2022, the total throughput of the container terminal of the group's COSCO shipping port was 30.2916 million TEUs, an increase of 0.34% over the same period last year.
Among them: 7.4874 million TEUs in the holding terminal, up 39.55% from the same period last year; 22.8042 million TEUs in the shareholding terminal, down 8.13% from the same period last year.
Investment suggestion: we maintain the company's profit forecast and estimate that the 2022-2024 net profit will be 1015.63 million yuan, 498.68 billion yuan, 10.528 billion yuan, corresponding to the company's 2022-2024 EPS of 6.34 million yuan 3.11 prime 0.66 yuan, based on the company's closing price on April 29, 2022 (14.43 yuan), corresponding to the company's 2022-2024 PE is 2.3 million 4.6pm 21.9 times, maintaining the company's "prudent overweight" rating.
Risk hint. 1) the risk of transportation operation. 2) the competition in the industry is intensified. 3) fuel cost disturbs profit.