Events:
The company announced that from January to September, the operating income was 5.531 billion yuan, up 6.48% over the same period last year; the net profit was 104 million yuan, down 13.02% from the same period last year; and the earnings per share was 0.15 yuan. Main points of investment:
Business data continues to decline, in-depth mining of customers to ensure the overall smooth operation.
Affected by the factors such as the hindrance to navigation during the inspection and repair of the three Gorges Shiplock, the high freight rate of the Lanzhou-Chongqing Railway and the implementation of the ban on solid waste imports, the cycle of container water transport has been prolonged, the railway price of hot metal intermodal transport has risen, and the ship capacity has been tight. The company faces some difficulties in production and operation in the first three quarters. The main business indicators such as loading and unloading natural tons, cargo throughput and container throughput have all decreased to varying degrees compared with the same period last year. In particular, both cargo throughput and container throughput have declined by more than 10%. In the face of the complex and changeable market environment, the company pays close attention to the market trends, adjusts the relevant arrangements in time, and takes a series of effective measures, such as multi-party coordination to ensure the smooth flow of waterway transport channels, and strive to open up the container multimodal transport market. actively guide and promote the "loose change set" and "roll change set" work; rely on the advantages of port multimodal transport resources to innovate the whole logistics business model. Adhere to the key customer strategy as the core, in-depth mining of new customers with resource demand in the western region, and finally achieved the set target in terms of business revenue, ensuring the overall stable operation of the company during the year.
Investment suggestion
On the whole, the production and operation of the company is gradually changing from the traditional single port loading and unloading mode to the whole logistics mode, the service value chain has been greatly extended, the control over the port logistics market is obviously enhanced, and the operation scale is constantly expanding. at present, the annual container throughput of the company has accounted for more than 85% of the annual container throughput of Chongqing waterway, and the company's performance is expected to achieve sustained and steady growth under the support of the national strategy. It is estimated that the company's EPS from 2018 to 2020 is 0.19,0.27,0.35 yuan respectively, and the corresponding PE is 20.63,14.68 and 11.25 times respectively, and the current stock price is only 0.75 times corresponding to PB, maintaining the "recommended" rating.
Risk hint
The escalation of the international trade war led to a decline in port throughput, and the expansion of capacity of regional ports led to intensified competition.