Event
Zhuhai Port (000507) released its 2021 annual report, with an annual operating income of 6.38 billion yuan, an increase of 80.5% over the same period last year. The net profit of shareholders belonging to listed companies was 460 million yuan, an increase of 69.6% over the same period last year, and earnings per share was 0.48 yuan. In particular, the rate of return on net assets is 8.33%, the best operating performance since listing.
In 2022, Q1 achieved a 10.3% year-on-year increase in revenue, a 21% year-on-year increase in total profits, a 31% year-on-year decrease in net profit from home, and a substantial increase in minority shareholders' profits and losses by 334.8%. The main reason is the merger and acquisition of Xiuqiang shares and other companies after April 2021.
Comment
1. The 21-year report redefines the company's business. With "port shipping logistics, new energy, investment" three categories to replace the 20 annual report of "industry, commerce, property", the business classification is more clear and accurate.
The company's new energy business increased by 205% compared with the same period last year, contributing 30% to the company's revenue; the company's port logistics industry accounted for 61% of revenue in 21 years, down from 67% in 20 years. We expect the new energy sector to continue to increase its share in 22 years.
2. The company has formed a parallel model of "double main business". From the perspective of business:
Port, shipping and logistics plate is the company's main business. Because of the continuous acquisition of high-quality port companies over the past few years, which has led to a substantial increase in revenue. The company has gradually formed the combined advantages of multimodal transport, such as river-sea or sea-rail or waterway transfer, relying on the mother port of Gaolan in Zhuhai and the four holding inland river terminals located in the Xijiang River Basin and the Yangtze River Basin. Benefiting from the high-quality linkage of the Xijiang-Yangtze River strategy, the gross profit margin of the port business is 11.6%. The possibility that the company will continue to buy the port will not be ruled out in the future.
New energy sector, including wind power, photovoltaic power generation, pipeline gas, natural gas power generation and other new energy, clean energy investment, operation and services. The company has invested and controlled seven onshore wind farms throughout the country, and its business has also entered the field of offshore wind power. The Xiuqiang shares acquired are the layout of the upstream photovoltaic, while the Hong Kong Shipping Company is the main operator of the wind power business, and the acquisition of Tianlun Gas participation is a layout of gas in other places, so the revenue of the new energy sector increased by 205% year-on-year, with a gross profit margin of 23.5%. The future layout of new energy can pay attention to Xiuqiang shares.
Investment and other sectors, mainly the production of Coca-Cola Company drinks, the rest is some property management, not the company's core business, revenue accounts for less than 10%, gross profit margin 33%.
3. Recent developments of the company.
On January 24, 2022, 100% equity of Hong Kong Terminal completed delivery and completed the relevant industrial and commercial change registration procedures, and Hong Kong Terminal became a wholly-owned subsidiary of the company. As a result, the deep-sea home port and the existing terminals along the Xijiang River are connected by points, and a good business linkage is formed with Xinghua port and the company's shipping resources, so as to create a perfect collection and distribution network. However, the Q1 quarterly report more than two months later shows that due to the decline in demand for coal procurement, the unloading volume of the subsidiary Ganghong wharf decreased in the same period, and the net profit also decreased in the same period.
On April 22, 2022, the company disclosed its adjustment plan to subscribe for additional shares of Xiuqiang shares, participating in 25% of the maximum amount raised, and maintaining its position as the largest shareholder. The additional offering is expected to be completed within this year. When the implementation is completed, the company will take advantage of high-end glass to cut into the photovoltaic building integration (BIPV) industry.
Investment rating
It is estimated that in the next 3 years, the EPS is 0.45,0.51 and 0.58respectively, and the corresponding PE is 11.7,10.2 and 9.1 respectively. We continue to recommend and maintain the "overweight" rating.
Risk hint
The epidemic situation has been affected for too long.
