share_log

【民族证券】南京港(002040):发展趋平稳遥待入龙潭

民族證券 ·  Nov 21, 2007 00:00  · Researches

  The company is mainly engaged in the storage and transit of pipeline crude oil and domestic and foreign trade seaborne crude oil, liquid chemical products and refined oil products. It has now developed into a comprehensive port area with various types of petroleum and chemical transfer storage. It is an ideal petroleum and liquid chemical raw material collection and replacement base in the middle and lower reaches of the Yangtze River. The company's main business as a whole shows a stable trend. Starting in 2007, the handling volume of crude oil and refined oil products will remain stable. The liquefaction market is growing relatively rapidly, but the market competition is fierce. Nanjing Ganglongtan Container Co., Ltd., with 25% of the company's shares, will bring investment income to the company. The company achieved net profit of 24 million yuan in 2006 and is expected to reach 36 million yuan in 2007. According to the company's share of equity, it is expected to bring 9 million yuan in investment income. In addition to the crude oil and chemical business currently operated by listed companies, Nanjing Port Group Co., Ltd. also has port-related assets such as bulk bulk cargo, specialty coal, miscellaneous goods, Ro-Ro operations, and port machinery production. Among them, Foreign Trade Bulk and Port Machinery achieved net profits of about 30 million and 20 million respectively in 2006. Meanwhile, the Longtan port area under construction is a top priority for the development of Nanjing Port, and it is also an important source of profit for Nanjing Port in the future. Currently, container business revenue accounts for about 20% of Nanjing Port Group's total revenue, and this share will reach 40%-50% in the next few years. Longtan is the best port area in Nanjing Port. When the 7th phase of the Longtan Port Area Project is completed, the asset size of the Nanjing Port Group will more than double compared to now. If the company cannot actively participate in the construction and operation of the port area, then the company may be marginalized in the development of Nanjing Port in recent years, which will not be conducive to the company's growth. Therefore, asset injection is required by the company's development situation, and the injection of assets and timing will be important uncertainties. The company's current business development is at a bottleneck. An important means to open this bottleneck is epitaxial development, and we will closely monitor the progress of related matters. In the absence of asset injections, the company's earnings per share in 2007 are expected to be 0.10 yuan. We are taking a wait-and-see attitude for the time being.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment