Main points of the report
The only domestic business model is a comprehensive listed bulk trader for a period of time.
The company's main assets are 52% equity of Broad products, which is a comprehensive group integrating trade, logistics and investment in China, with annual sales of nearly 50 billion. The group is mainly engaged in petrochemical, metal, agricultural products and other commodities trade and light industrial products export business. At present, it has formed a pattern of spot combination of main business period, complementary import and export, and linkage of domestic and foreign trade. It is the first domestic company with a good operation.
Comparing the development paths of the four major grain merchants in the world (referred to as "ABCD", ADM, Bongie, Cargill and Louis Dreyfus), we can find that the four grain merchants pay more attention to the comprehensive utilization of trade, entities and financial instruments on the road of development. We think that the company's business model is outstanding and is expected to copy the giant company path.
The gradual improvement of the variety of futures is beneficial to the improvement of the future industry chain.
With the gradual increase of domestic futures varieties, we think it is beneficial for Broad products to improve the spot futures industry chain, and with the introduction of domestic crude oil futures, we think the company will play a great role in oil products trade.
Ningbo Port has obvious location advantages and strong warehousing capacity, which is conducive to business development.
Ningbo Port is an important port of domestic commodities, mainly dealing with container, ore, crude oil, coal, liquid chemical products and other cargo loading and unloading, the regional transportation, logistics, warehousing and e-commerce business is developed; with the "Belt and Road Initiative" national strategy put forward, Ningbo Port will further expand its advantages, at the same time, the surrounding chemical products are more concentrated downstream, which is conducive to the company to carry out future-to-present business.
Give a recommended rating for the first time.
We expect the company to earn 0.95 and 1.17 yuan per share from 2014 to 2015. We believe that the company's business model is distinct. With the gradual improvement of futures varieties in the future, the company is expected to improve the commodity industry chain with the help of financial instruments and give it a recommended rating for the first time.
