Comments: 1. "Increment + price increase", the gross profit margin of loading and unloading business increased by 2 percentage points.
In 2011, the company raised port usage fees and storage fees three times, and raised 10% rates for some goods, such as coal and grain. In terms of cargo volume, there were 97 new customers, 3.5 million tons of new sources of goods, and the annual coal throughput exceeded 23 million tons for the first time. The transit volume of grain in domestic trade ranked first in northeast ports for eight consecutive years.
In the case of a simultaneous increase in volume and price, the company's main business income in 2011 was 1.188 billion yuan, an increase of 37% over the same period last year. The net profit was 250 million yuan, an increase of 15% over the same period last year.
two。 The throughput of coal has increased by more than 37%, and the position of "the first port of lignite in China" has been consolidated day by day.
Jinzhou Port is the nearest outlet of coal in eastern Inner Mongolia, which occupies a unique regional advantage and the resource advantage of Mengdong Coal Mine. Through the market cultivation and development in recent years, lignite has been recognized by the power plant because of its cost advantage, and gradually gained a foothold in the southern market. The southern power plant has an increasing demand for lignite, which currently accounts for about 75% of the coal throughput of Jinzhou Port.
By the end of 2013, the Jinchi-White Railway will be completed. At that time, Jinzhou Port will become an important energy transport base for the transportation of coal from the north to the south in China, and the annual transfer of coal to Jinzhou Port can reach 35 million-50 million tons. The joint venture coal terminal company matching the railway line, China Power Investment Jinzhou Port Co., Ltd., has been announced on May 4, 2011, and the China Resources Power Holdings coal terminal cooperation project has also been approved by the National Development and Reform Commission. Jinzhou Port is increasingly consolidated as the "first transfer port of lignite in China". It is expected that Jinzhou Port will soon join the ranks of 100 million tons after the completion of the coal terminal and Jinchi railway in 2013.
3. Profit Forecast and Investment suggestion We expect the company's EPS to be 0.18 yuan and 0.22 yuan respectively from 2012 to 2013. The investment of large-scale port construction puts great pressure on the company's capital in the short term, which is conducive to the sustainable development of the port in the long run. Considering the explosive growth of coal throughput after the completion of the coal transport channel and the commissioning of the company's coal berths in 2013, we give the company 25 times the PE,6 monthly target price of 4.50 yuan to maintain the "buy" rating.
4. Risk hint: the project was put into production later than expected; the government subsidy did not arrive in time.
