The construction of the island-wide customs closure operation of Hainan Free Trade Port has started, and the demand for port construction is expected to be released in 22-23 years. As the inspection leader of the domestic intelligent port, the company has won a number of projects one after another, and is expected to usher in a new round of take-off in the future.
Event: the company announced at noon that the consortium as the leader won the bid for Haikou New Port and Nangang "second-tier Port".
(passenger transport) tendering for the general contract for the design, procurement and construction of inspection facilities and equipment (the bid price is about 353 million yuan, of which the equipment fee is about 284 million yuan).
The construction project of the customs closure operation of Hainan Free Trade Port has been launched, and Shengshi has won a number of "second-line ports" one after another.
Project. According to public news, the first batch of construction projects for the island-wide customs closure operation of Hainan Free Trade Port began on July 29, with a total of nine projects with a total investment of 1.417 billion yuan. This project starts with "second-line port"
The main projects (including infrastructure renovation, inspection equipment procurement, etc.), among which, according to the Open Information Company, the bid has been won for the opening port of Nanshan Port area of Sanya Port and the on-site inspection capacity building project of the second-tier port (separately won the bid, the amount of 97 million yuan), as well as Haikou Xiuying Port opening port upgrading project and "second-line port" inspection facility equipment renovation project (the consortium as the leader won the bid. Among them, the equipment fee is 99 million yuan), coupled with the project announced this time, the company has won the bid for three Hainan "second-line port" projects.
The construction of Hainan Port will reach a peak during the 14th five-year Plan period, and the list requires hardware conditions for customs closure operation in 2023. The "General Plan for the Construction of Hainan Free Trade Port" clearly proposes to set up a "first line" between Hainan free trade port and the international market, set up a "second line" with the mainland, and implement "first line" liberalization and "second line" control. The "Hainan Free Trade Port layout Plan" clearly established eight open ports to meet the "first-line" entry and exit needs, and set up 10 "second-tier ports" to ensure the "second-line" access needs.
According to the 14th five-year Plan for the Construction of Hainan Free Trade Port (2021-2025),
During this period, there are a total of 10 ports with clear project construction plans, with a total investment of about 11.5 billion yuan. According to the "three lists" of customs closure operation on the whole island of Hainan, it is necessary to have the hardware conditions for customs closure operation in 2023 and to complete various preparations for customs closure in 2024. Accordingly, it is expected that Hainan port construction, especially the "second-line port", will be built in 22-23 years.
The demand for construction will be released centrally.
Shengshi has an obvious competitive advantage in the field of intelligent port inspection, and the rebound in inland business demand after the superimposed epidemic of Hainan free trade port is expected to meet the inflection point of medium-term performance. The intelligent port inspection system involves the whole process inspection of passengers, means of transport, goods, etc., which involves many objects and high entry and exit supervision requirements, so the threshold for entry into the field is very high. The company is one of the earliest domestic enterprises to enter the port field, and firmly occupies a leading position in the industry by virtue of the advantages of the overall solution. Since the epidemic, most of China's ports have been closed, most of the entry and exit business is at a standstill, and the project undertaken by the company has been delayed in delivery and acceptance many times, which has dragged down the performance growth to a certain extent. We believe that on the one hand, the customs closure operation of Hainan Free Trade Port in the past two years will focus on releasing the demand for port construction; on the other hand, with the gradual elimination of the impact of the epidemic and the liberalization of the epidemic, the construction of inland ports will also gradually resume, and the company's main port business is expected to usher in a medium-term growth inflection point.
Maintain the "highly recommended" investment rating. Taking into account the impact of the epidemic and the landing of business in Hainan, the net profit in 22-24 years is adjusted to RMB 2.54 billion, which corresponds to PE 30max, 23max 17x. Maintain a strong recommendation.
Risk hints: the port investment in the relevant areas is lower than expected, the epidemic situation is repeated, and the policy risk in overseas markets.