In the first half of the year, the company merged to achieve a main business income of 85044452.77 yuan and a total profit of 26195340.58 yuan. The net profit attributed to the owner of the parent company was 21041204.76 yuan, of which the investment income of the participating company was 9.55 million yuan, an increase of 16.1%, 69.5% and 63% respectively over the same period last year. The company's crude oil and liquid chemical business increased, while the revenue of oil products increased by 76.70% over the same period last year, and the gross profit margin increased by 4.66%.
The growth of the company's performance depends on two aspects: one is the improvement of the performance of Nanjing Port Longtan Container Company in the first half of the year, and the other is the growth of the company's own performance, such as the increase in the proportion of crude oil on a ship with higher loading and unloading rates. it ensures the income level of crude oil, oil products benefit from the substantial increase in transit volume of the holding subsidiary, and the performance increases substantially compared with the same period last year.
The return on investment is still an important factor affecting the company's performance. We believe that the holding and shareholding of Nanjing Huiyang, Nanjing Port Longtan Container Company and Sinochem Yangzhou Storage Terminal will continue to maintain good performance, and the commissioning of other projects will also bring considerable profits to the company.
The company's business profit margin is high, customers are relatively concentrated and stable, from the first half of this year, the company's throughput growth exceeded the industry average. In addition, after the restructuring and reorganization of Nanjing Port Bureau, Sinotrans Changhang Group was introduced. We believe that Sinotrans Changhang, as one of the four major domestic carriers, has potential benefits to the company's future business development, but does not have a direct impact on the company.
Investment advice: we believe that the company will still benefit from investment in equity participation or holding companies in the future, and the company's crude oil business has improved, and the refined oil business has grown well, but the current valuation is on the high side, and the company is also facing a complex external environment. We estimate that the company's EPS in 2011, 2012 and 2013 is 0.14,0.16 and 0.18 yuan, respectively, and the corresponding PE is 54.21,47.44 and 42.17 times respectively. And give the company a "wait-and-see" rating.