Company announcement 2022 mid-report: 1) performance: first-half revenue 20.09 billion yuan, year-on-year + 15.7%; return to the mother net profit 10.81 billion, year-on-year + 24.0%; deduction of non-return net profit 10.5 billion, year-on-year + 29.8%.
2022Q2 revenue 7.68 billion, year-on-year-20.6%; return net profit 5.32 billion, year-on-year-7.7%; deduct non-return net profit 5.11 billion, year-on-year-2.4%. 2) cost: the operating cost in the first half of the year is 11.29 billion, + 17.6% compared with the same period last year; the three-fee ratio (sales + management + financial expenses) is 10.3%, year-on-year-0.9pts. 2022Q2 operating cost 4.91 billion, year-on-year-12.4%; three-fee ratio 14.7%, year-on-year + 4.3pts. 3) return on investment:
In the first half of the year, it was 6.53 billion, + 33.3% compared with the same period last year; the net profit of associated enterprises increased, of which OOCL's net profit was 5.66 billion US dollars, + 101% compared with the same period last year; Postal Savings Bank of China's net profit was 47.1 billion, + 15% compared with the same period last year; and the net profit of Bank of Shanghai was 12.67 billion, + 3% compared with the same period last year. The return on investment of 2022Q2 is 4.21 billion, which is + 12.5% compared with the same period last year. 4) profit margin: the gross profit margin in the first half of the year is 43.8%, year-on-year-0.9pts; net return rate is 53.8%, + 3.6pts; deduction of non-return net interest rate is 52.3%, year-on-year + 5.7pts. 2022Q2 gross profit margin 36.0%, year-on-year-6.0pts; net return rate 69.2%, year-on-year + 9.7%; deduction of non-return net profit rate 66.5%, year-on-year + 12.4pts. 5) composition of gross profit of income: in the first half of 2022, the proportion of containers, bulk cargo, port logistics and port services was 37.9%, 3.5%, 30.8%, 5.4%, respectively, compared with the same period last year. The proportion of gross profit was 41.8%, 0.8%, 23.5%, 4.6%,-8.1%,-0.7%, + 5.3%,-1.7pts.
Container business rates continue to rise, and the epidemic affects the performance of Q2 containers. 1) Container sector, first-half revenue 7.62 billion, year-on-year + 3.9%; gross profit 48.3%, year-on-year-4.6 PTS; container division net profit 3.11 billion, year-on-year-18.9%. In terms of volume, the cargo throughput in the first half of the year was 243 million tons, compared with-9.9% of the same period last year. The cargo throughput of Q2 was 109 million tons, and-23.4% compared with the same period last year. The container throughput in the first half of the year was 2254.5 TEU,-1.7% compared with the same period last year. Q2 container throughput was 1028.2 TEU,-11.4% compared with the same period last year, mainly due to the impact of the epidemic. Since July, with the resumption of production in eastern China, the monthly container throughput has returned to 430.3 TEU, + 16.2% year-on-year and + 13.5% month-on-month, close to the highest level in history. In the first half of the year, water conversion reached 1235.3 TEU, + 6.6% compared with the same period last year, and the proportion of water conversion reached 54.8%. In terms of price, the revenue per container in the first half of the year was 338.0 yuan / TEU, + 5.7% compared with the same period last year. The company's actual rates continued to rise, and the logic of price increases in loading and unloading charges continued to be realized. However, due to the rising rigidity of terminal operating costs and costs such as epidemic prevention, the gross margin per container of container business is-3.4% compared with the same period last year.
2) Port logistics sector, first-half revenue 6.19 billion, year-on-year + 38.7%; gross profit 33.4%, year-on-year + 1.8 PTS; port logistics division net profit 1.68 billion, year-on-year + 35.2%. 3) Port service sector, first-half revenue 1.08 billion, year-on-year-1.4%; gross profit 37.5%, year-on-year-7.2pts; and port service division net profit 260 million, + 9.9% year-on-year. 4) bulk goods sector, revenue in the first half of 2022 was 700 million, year-on-year + 10.4%; gross profit margin 9.5%, year-on-year-7.8pts; bulk goods division net loss of 99 million, an increase of 63 million over the first half of 21.
Investment suggestions: 1) profit forecast: we maintain the forecast of 2022-2024 net profit of 159.5, 144.4 and 15.12 billion yuan respectively, corresponding to the corresponding three-year EPS of 0.69,0.62,0.65 yuan, corresponding to the current PE of 8, 9 and 8 times, respectively. 2) Investment suggestion: with reference to the company's PE hub in the past three years, give a valuation of 12 times PE in 2023, corresponding to an one-year target price of 7.44 yuan, an increase of 38% over the current stock price, and maintain the "recommended" rating.
Risk hint: the impact of the epidemic on the throughput of the port industry is greater than expected, and the increase in actual handling charges is lower than expected.
