Event: in 2021, the company realized revenue of 6.38 billion yuan (+ 80.5%) and net profit of 446 million yuan (+ 69.6%). In 2022, Q1 realized revenue of 1.34 billion yuan (+ 10.3%) and net profit of 58 million yuan (- 31.3%).
The throughput of the terminals in the Xijiang River Basin continues to improve: in 2021, Yunfu New Port steadily increased its stone import market share, vigorously expanded the domestic bulk cargo handling business, and achieved cargo throughput of 6.69 million tons (+ 20.5%) and container throughput of 210,000 TEUs (+ 10.7%). Wuzhou Port has made great efforts to develop the business of grain and building materials, achieving a cargo throughput of 5.615 million tons (+ 128%) and a container throughput of 148,000 TEUs (+ 62%) for the first time since the opening of the port.
The acquisition of assets contributed to the main profit increment: the company acquired Xinghua Port in the second half of 2020, completed the acquisition of Xiuqiang shares and equity investment in Tianlun Gas in 2021, and added Q1 to Hong Kong Wharf in 22. At present, the related assets acquired in the past two years have performed well.
Xinghua Port is the second largest pulp distribution and distribution center in East China, with a cargo throughput of 16.68 million tons (+ 1.1%) and a container throughput of 106 million TEUs (+ 5.2%), setting a new high and achieving a net profit of 132 million yuan.
The company became the controlling shareholder of Xiuqiang shares in April 21, holding 25% of Xiuqiang shares. In 2021, the net profit of 2022Q1 Xiuqiang shares was 137 million yuan (+ 12.5%) and 60 million yuan (+ 233%) respectively. The sharp increase in net profit in the first quarter was mainly due to the increase in the company's market share and the fluctuation of major raw materials during the reporting period, and the average operating cost decreased compared with the same period last year.
In 2021, Tianlun Gas achieved a net profit of 1 billion yuan, which was slightly lower than that in 2020. In mid-July 21, the company acquired 11.96% of Tianlun Gas, a listed Hong Kong stock company, at a price of HK $920 million, and achieved an investment income of 58 million yuan in the second half of the year.
The profits of the wind power sector continue to grow: benefiting from the good wind resources and access to the Internet in the region, as well as the annual consolidation of Anhui Tianyang Wind Power, the total installed capacity of the company's wind power enterprises has been increased to 410000 kilowatts, realizing 700 million kilowatts of online electricity, an increase of 27% over the same period last year, and operating profit of 116 million yuan, an increase of about 37% over the same period last year.
The epidemic situation in the Yangtze River Delta and the rise in raw material prices may affect the performance in the first half of the year: the company's net profit in the first quarter decreased by about 30% compared with the same period last year, mainly due to the rise in the prices of oil, natural gas and other raw materials during the reporting period, resulting in a decline in net profits during the reporting period of subsidiary Gangxing Gas and Zhuhai Port Shipping. At the same time, under the influence of a series of domestic policies such as coal supply and price limit, the demand for coal procurement declined, and the unloading volume of the subsidiary Ganghong wharf decreased in the same period, resulting in a decline in net profit. The epidemic in the Yangtze River Delta in the second quarter is expected to have a negative impact on Xinghua Port, which is located in Changshu.
Company profit forecast and investment rating: the company has recently expanded and strengthened the dual main business of port logistics and clean energy through project acquisition. At present, the enterprise is in good condition. However, due to the impact of the epidemic and rising energy prices can not be ignored, we revised the company's profit forecast, the company's 21-23 net profit is expected to be 4.1,5.1 and 560 million yuan, EPS is 0.44,0.55 and 0.61 yuan respectively. We believe that short-term external factors do not affect the long-term positive trend of the company's operation and maintain the "recommended" rating.
Risk hints: macro-economy is not as expected; shipping rates fluctuate sharply; the performance of participating companies fluctuates.
