Event: the company announced that the signing ceremony of Yantai bonded Port Management Committee and Bohai Ferry to jointly build cross-border e-commerce supply chain platform was held in Yantai Comprehensive Free Trade Zone. The two sides decided to establish a comprehensive cooperative relationship in cross-border e-commerce, shipping logistics, intelligent warehousing, supply chain finance, system support and other fields. Yantai bonded Port area was established in September 2009 with the approval of the State Council. On April 27, 2020, it was approved by the State Council to transform into Yantai Comprehensive Free Trade Zone, with a planned area of 6.18 square kilometers. Enjoy the special preferential policies granted by the state in terms of customs supervision, trade taxation, foreign exchange control, etc. Relying on Yantai Port and Foxconn Industrial Park, it has cultivated and formed advantageous industries such as bonded processing, bonded display, supply chain logistics, foreign trade integrated services and so on. The total value of imports and exports was 71.41 billion yuan in 2019.
Cross-border e-commerce business promotes the realization of passenger flow. According to the company's announcement, the average annual passenger volume by sea in Yantai is nearly 5 million.
The total passenger volume of Bohai ferry, cruise ships and international ferries between China and South Korea is more than 3 million per year. At the beginning of the launch, considering that the spending power of Yanda ferry passengers is weaker than that of the airport, according to the net interest rate of 10% and the passenger unit price of 100 yuan, it is expected that in the first year of the project, it is expected to contribute 300 million in cross-border e-commerce revenue and 30 million in additional profit.
The comprehensive tax system is only 9.1%, and commodity prices are competitive. With reference to the company announcement, the vast majority of cross-border e-commerce goods in Yantai Comprehensive Free Trade Zone adopt a comprehensive tax system (duty-free, import value-added tax and consumption tax, temporarily levied at 70% of the legal tax payable) for 9.1% of the commodity price, with outstanding price advantages. and consumers can buy with ID card registration of personal information. For goods purchased centrally abroad and directly supplied by manufacturers, consumers can enjoy a lower purchase price than in overseas duty-free shops because of the higher level of dealers.
Coordination of resources to reduce transportation costs. With reference to the company's announcement, Bohai Ferry plans to open up cross-border e-commerce express lines between South Korea and Japan to achieve the optimal price and the fastest time limit for cross-border e-commerce cargo transportation. The company's box rolling ship "Sea Blue Whale" operates the route between China and South Korea, and its own transport capacity can effectively reduce costs. In terms of domestic express delivery, Bohai Ferry maintains a long-term cooperative relationship with more than a dozen domestic first-line express companies, and the express cost advantage is obvious.
Build cross-border commodity distribution centers and distribution centers between Japan and South Korea. Adopt the new mode of "display transaction + cross-border e-commerce" to carry out comprehensive services such as bonded display, off-line pick-up of cross-border e-commerce products, international procurement of cross-border products, bonded import, direct mail import, etc., committed to building a domestic Japan-South Korea cross-border commodity distribution center and distribution center, to create a cross-border e-commerce industry landmark platform for domestic Japan and South Korea goods. The company's luxury cruise ship "China Taishan" has operated the route between China, Japan and South Korea for many years, and there are duty-free shops on board. The company has a long-term cooperative relationship with Korean duty-free shops, which helps to expand cross-border e-commerce categories and reduce procurement costs.
Maintain earnings forecasts and maintain "overweight" ratings. Considering that the framework agreement has just begun and the actual landing time is still uncertain, the profit forecast is maintained temporarily, and the estimated return net profit from 2020 to 2022 is 265 million, 503 million, 545 million, corresponding to PE18 times, 10 times, 9 times. Under the influence of COVID-19 's epidemic and high-speed free peers, the performance was under pressure in the first half of the year, and the company is expected to continue to improve month-on-month. The company carries out cross-border e-commerce to promote the realization of traffic to form a stock price catalysis and maintain the "overweight" rating.
