Main points of investment
Event: the company announced its 2016 semi-annual report, with operating income of 8.67 billion yuan, net profit loss of 840 million yuan, equivalent to-0.072 yuan EPS, net profit loss of 1.27 billion yuan after deducting non-profit, and EPS of-0.11 yuan after deducting non-profit.
The main business has changed and transformed into a comprehensive financial service platform. The company carried out a major asset restructuring, withdrew from the original container liner operation business, acquired some financial and leasing assets of the group as a whole, and transformed into a comprehensive financial services platform based on diversified leasing businesses such as ship leasing, container leasing and non-aviation financial leasing. At present, most of the restructuring has been completed, and after the completion of the reorganization, the company's container leasing business is the second largest in the world. Non-aviation financial leasing will devote itself to the development of financial leasing business in many areas, such as health care, education, energy, construction and industrial equipment. In addition to diversified leasing business, the company will also be committed to the development of other integrated financial services business.
The performance loss in the first half was mainly affected by the liner business and the expenses of the restructuring period. The company's first-half results included the performance of liner operations from January to February. The collection market was in the doldrums in the first quarter, and the company's liner business suffered a gross profit loss of 850 million yuan. In addition, the expenses incurred during the restructuring resulted in a gross profit loss of 1.29 billion yuan. The company's leasing and financial business achieved good profits, with a gross profit of 920 million yuan for shipping leasing business, 270 million yuan for non-aviation leasing business, and 77 million yuan for container manufacturing business, 129 million yuan for financial services business and-116 million yuan for financial investment business. After the reorganization, the company's main source of profit is the shipping leasing business for the time being, the company has a container fleet of 842,000 TEU, which is leased to Cosco for rental income, and the container holding capacity is 3.5 million TEU, which provides leasing services to container shipping companies, including Cosco.
Profit forecast and rating. The company's transformation from a container liner company to a financial services company dominated by leasing business can make a good profit by relying on the existing shipping leasing business. however, the future growth depends on the layout and development of the company in shipping leasing, non-aviation leasing and other comprehensive financial services, which needs to continue to follow up and not to make profit forecasts and ratings for the time being.
Risk hint. The development of financial business is slow and the transformation effect is lower than expected.