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【德邦证券】长航凤凰:凤凰涅槃 期待腾飞

德邦證券 ·  Aug 17, 2007 00:00  · Researches

  In 2006, the company successfully backed out of Wuhan Phoenix and placed petrochemical assets into shipping assets. Starting in the second half of the year, the company's main business was transformed into inland waterway cross-provincial bulk transportation and domestic river-sea dry bulk transportation. The company is the only enterprise that can meet the transportation needs of major customers along the Yangtze River with strong timeliness, large batches, large batches, long transportation distances, and a high degree of mechanization of handling. After the asset was replaced, it was reborn, and the company's performance increased dramatically. In 2006, the company's net profit increased by 263% compared with the same period last year; in the first half of 2007, net profit is expected to increase by 400%. Investment advice: The company is expected to earn about 0.20 yuan per share in 2007. The current valuation basically reflects the impact of the huge investment income of subsidiaries participating in celebrity real estate (22.3 million shares, current stock price 15.28 yuan, cost price 2.3 yuan). Short-term suggestion: “wait and see”, but given the expectation of integration in the shipping industry and the company's unique competitive advantage in river-sea intermodal transport, give it a long-term rating of “increased holdings”.

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