Summary of the report:
In the first half of 2016, the company achieved operating income of 8.669 billion yuan, down 52.37% from the same period last year; net profit from home was-841 million yuan, down 200.86% from the same period last year; non-return net profit was-1.265 billion yuan, down 257.49% from the same period last year. The company realized EPS of-0.07 yuan in the first half of the year and 0.07 yuan in the same period in 2015. The non-recurring profit and loss of 425 million yuan mainly refers to the current net profit and loss of the assets restructuring and consolidation subsidiary.
The transport business has been spun off and revenue has declined significantly. The global macroeconomic downturn has led to a downturn in the container market, mainly due to the restructuring of container transport divestiture, which only comes from January to February. The operating income of the transportation business reached 3.682 billion yuan, down 76% from the same period last year. The transport volume was 1.059 million TEU, down 73% from the same period last year. The company's shipping-related leasing business achieved operating income of 4.152 billion yuan, an increase of 119% over the same period last year. Under the background of low demand in the transport market and oversupply of transport capacity, the container ship leasing market will remain weak. The company's container manufacturing business achieved an operating income of 484 million yuan, down 44% from the same period last year.
The reorganization of central shipping enterprises and the transformation of shipping financial platform. After the reorganization, it will sell port assets such as container transportation supporting business and China Shipping Port, and acquire leasing and financial assets of China Shipping and China Shipping Group. After this reorganization, the focus of business will be shifted from container liner operation to shipping-related asset leasing industry, with ship leasing, container leasing, non-shipping leasing and other leasing business as the core, a comprehensive financial service platform characterized by shipping finance. The size of the company's fleet is 115, with a total capacity of 84.2 million TEU. Among them, there are 74 self-owned ships with a total capacity of 582,000 TEU. After the completion of the transaction, the scale of the company's container leasing business is the second largest in the world, with significant scale advantages. Shares in Minmetals financial control platform, transformation and development challenges and opportunities coexist. The company uses 1.5 billion cash to participate in the fixed increase project of * ST Jin Rui, accounting for about 3.96% of the total share capital after the fixed increase. This is the company's first large-scale foreign investment after restructuring and transformation, and this participation in the financial control platform can make the investment and financing business of the company's future shipping financial platform more smoothly. Continue to pay attention to the follow-up of similar asset mergers and acquisitions and financial sector business team building. The company will be in the adjustment period of transformation, loss reduction and efficiency improvement for some time in the future. It is estimated that the EPS of 2016-2018 will be-0.08 yuan and 0.04 yuan respectively, with a "neutral" rating.
Risk hint: the macro-economy continues to be depressed, and the management risks brought by the transformation.