Announcement / News: Yantian Port announced its results in 2012. during the reporting period, the company realized operating income of 320 million yuan and net profit of 410 million yuan belonging to shareholders of listed companies. At the same time, it is proposed to pay a cash dividend of 1 yuan (including tax) for every 10 shares on the basis of 1.9422 billion shares.
During the reporting period, the attributable net profit was 410 million yuan, down 3.8% from the same period last year; slightly lower than expected. During the reporting period, the company realized operating income of 320 million yuan, down 12.3% from the same period last year, and realized net profit of 410 million yuan, down 3.8% from the same period last year.
Corresponding to the realization of earnings per share of 0.211 yuan, slightly lower than we expected (0.235 yuan).
The lower-than-expected investment income contributed by the toll reduction of Huiyan highway and bridge and the lower-than-expected investment income contributed by Caofeidian are the main reasons for the company's performance slightly lower than expected. (1) the traffic volume of Huiyan Expressway in the reporting period increased by 6.8% to 28.303 million vehicles compared with the same period last year, but due to the introduction of preferential measures for road and bridge toll reduction, business income decreased by 12.2% to 250 million yuan in the same period.
It is estimated that road and bridge tolls will be reduced by 35 million yuan (our expected operating income is 350 million yuan). (2) Caofeidian Port Co., Ltd. contributed 77 million yuan in investment income in 2012 (we had expected to be 130 million yuan). Due to the increase in depreciation charges, financial expenses and labor costs, the company's profit in the reporting period decreased by 27.8% compared with the same period last year (when the business volume increased by 54.9%).
Slightly cut the 2013-2015 earnings forecast to maintain the "neutral" rating. In view of the long-term nature of the road and bridge toll reduction policy, we slightly reduced the company's earnings per share from 2013 to 2014 to 0.21,0.22 yuan, respectively. The EPS in 2015 is expected to be 0.23 yuan (the original forecast for 2013-2014 is 0.24,0.25,11.3% and 9.8%), and the PE corresponding to the latest stock price is 20.2X, 19.3X and 18.7X.
Due to persistent asset injection expectations, the company's PE valuation is 61.6 per cent higher than the A-share port industry's 12.5X.
We believe that due to the greater uncertainty in the timetable and with reference to the performance impact of the asset injection of port infrastructure companies (usually between 15% and 20%), we maintain the company's "neutral" investment rating.
The core assumption is that the risk comes from the faster-than-expected progress of the company's asset restructuring.
