Main points of investment
Event: Antong Holdings released its third-quarter report of 2017, with operating income of 4.47 billion yuan in the reporting period, an increase of 70.6% over the same period last year; net profit of 370 million yuan, an increase of 41.4 yuan, equivalent to 0.34 yuan in EPS; and net profit after deducting 320 million yuan, an increase of 33.5% over the same period last year. Of this total, Q3 income was 1.9 billion yuan, up 102% from the same period last year, and the net profit was 140 million yuan, up 37% from the same period last year. The net profit after deducting 100 million yuan was 12% higher than the same period last year.
Comments:
Q3 revenue is growing at a high speed compared with the same period last year and month-on-month. Looking at the 2017 Q1-Q3 by quarter, the company's operating income was 11.6,14.1 and 1.9 billion yuan, an increase of 61%, 47% and 102% respectively over the same period last year. The net profit of Q1-Q3 was 1.2,1.1 and 140 million yuan respectively, up 124%, 3% and 37% over the same period last year. The net profit of Q1-Q3 Company after deducting non-profit was 1.4,0.8 and 100 million yuan respectively, with a year-on-year change of + 165%,-16% and + 12%. The non-recurrent profit and loss of Q3 company is 35 million yuan, mainly due to the subsidy received for dismantling ships and the reward for the completion of container volume.
Great efforts will be made to develop sea-rail intermodal transport and continue to open railway trains, bringing rapid revenue growth quarter by quarter. Since the beginning of this year, the company has made great efforts to develop sea-rail intermodal transport and continue to open railway trains. The rapid development of the sea-rail intermodal transport business has led to a high growth of the company's revenue, while the initial investment in the opening of the train is relatively large, and the company's costs have also risen sharply this year. In the first three quarters, the company's revenue increased by 71% compared with the same period last year, and the operating cost increased by 85% compared with the same period last year. Therefore, the growth rate of net profit is slower than that of income, deducting non-net profit by 34% compared with the same period last year. It is expected that as the sea-rail intermodal transport business continues to mature, profitability will continue to improve. Judging from the information disclosed by the company, Since the beginning of this year, the company has successively opened "Dongjiakou-Shantou-Meizhou", "Rizhao-Heze", "Wuhan-Chengdu", "Kunming", "Russia-Manzhouli-Jinzhou", "Shuozhou-Jingtang", "Zhanjiang-Guizhou Dalong", "Qiqihar-Henan Nanyang", "Qingdao-Ningxia", "Guizhou Fuquan-Zhanjiang Port-Thailand", "Qingyuan Yuantan-Zhuhai Gaolan", "Yantai Fushan-Huangdao Port Station", There are more than ten trains, such as "Jingtang-Xinjiang", "Huangpu Laogang-Hengyang, Hunan", "Qingdao Jimo Port District-Huangdao Port Station" and so on.
Q3 coastal container freight rates fell month-on-month. According to the coastal container freight index released by Tianjin International Trade and Shipping Service Center, the average value of Q1-Q3 index is 855,696,640,640 respectively. The level of Q3 coastal container freight fell 2% from the same period last year and 8% month-on-month. Generally speaking, the fourth quarter is the peak season for domestic trade, and freight rates are expected to pick up somewhat.
Investment advice. Multimodal transport has broad prospects and is now ushering in development opportunities. As a private leading enterprise of multimodal transport, the company will obviously benefit and have broad growth prospects. From 2017 to 2019, the company's EPS is expected to be 0.52,0.65,0.82 yuan, corresponding to PE of 45,36,28 times, maintaining the "overweight" rating.
Risk hint. The relationship between supply and demand of domestic trade collection and transportation has deteriorated, and the development of multimodal transport is lower than expected.
