From January to June 2013, the company realized operating income of 143 million yuan (- 10.99%), gross profit of 84 million yuan (- 14.7%), investment income of 155 million yuan (+ 2.4%), and net profit of 182 million yuan (+ 1.22%) belonging to shareholders of listed companies. Realize EPS0.0937 yuan per share (0.0926 yuan per share in the same period).
The income of the main business fell due to the policy in the first half of the year, and is expected to reverse the situation in the second half of the year.
The decline in main business income and gross profit mainly comes from the Huiyan Expressway which is still affected by the policy. The reduction of road tolls by the government since June 1, 2012 and the implementation of the policy of waiving minibus tolls on major holidays since the National Day of 2012 have led to a 17.13% year-on-year drop in revenue from the Huiyan Expressway. The charging policy in the second half of the year is the same as that of last year, and the year-on-year decline is expected to be reversed.
The increase in investment income compared with the same period last year is mainly due to the rapid growth of shares in bulk terminals.
Caofeidian Port Company completed cargo throughput of 35.58 million tons in the first half of 2013, an increase of 51.42% over the same period last year. The company achieved 42 million yuan in investment income, an increase of 29% over the same period last year, which is the main source of the company's investment income growth.
Weak demand growth and rising costs have led to a decline in investment returns in container ports. From January to June 2013, the company's investment income from Yantian International Terminal decreased by 2.84% compared with the same period last year.
It is expected that the future performance will continue to improve compared with the previous month.
(1) continuous improvement in quarter-on-quarter. The company's net profit in the second quarter improved by 30% compared with the first quarter. The main reason is that the container throughput and the month-on-month increase in China's iron ore imports have led to an improvement in the income of the participating companies, resulting in a 28% increase in investment income. The third quarter is the peak season for container exports, the bulk cargo throughput has increased steadily under the guidance of China's stable growth policy, and the company's performance in the third quarter will be further improved compared with the previous quarter.
(II) the performance in 2014-2015 has improved year by year. The main investment income of the company comes from Yantian container port. With the recovery of PMI and consumer information index in Europe and the United States, especially in Europe, container throughput is expected to recover further from 2014 to 2015.
We expect the results in 13-15 to be 0.19 yuan per share, 0.20 yuan per share and 0.22 yuan per share respectively.
Risk hint: economic downside risks, further increase in labor costs
