Rizhao Port (600017): steady growth in cargo throughput deducting a big increase in non-net profit compared with the same period last year

華西證券 · Aug 29, 2020 00:00 · Researches

　　事件概述

　　2020 年8 月26 日公司发布半年报，报告期内公司完成货物吞吐量1.33 亿吨，同比+6.36%；实现营收28.39 亿元，同比+12.50%，归母净利润3.96 亿元，同比+7.3%，扣非后归母净利润3.89 亿元，同比+17.53%。

　　国内外经济逐渐复苏背景下，公司Q2 货物吞吐量增速环比回升；不同货种吞吐量表现分化：煤炭及其制品、矿石等大宗货物吞吐量同比大增；木材、钢铁、水泥等货物吞吐量下降；Q2外贸货物吞吐量大幅增长。

　　日照港Q2 实现货物吞吐量6782 万吨，同比+8.4%，增速较Q1 的+4.4%的增速环比提高4 个百分点，增速环比大幅回升。

　　分货物来看，受港口补库存需求等因素的影响，Q2 公司完成金属矿石吞吐量4033 万吨，同比+17.3%，上半年完成吞吐量7752 万吨，同比+11.3%；煤炭及其制品方面，随着疫情的稳定控制和企业的复工复产，Q2 全国发电量同比增长，港口下水煤增加，公司完成煤炭及其制品吞吐量1316 万吨，同比+16.0%，上半年煤炭及其制品吞吐量为2532 万吨，同比+9.5%。其他货物：2020 年Q2 公司木材、粮食、非金属矿石吞吐量分别为503/366/264 万吨，同比分别为-18.1%/ +27.5%/-1%，2020 年H1 公司木材、粮食、非金属矿石、钢铁、水泥吞吐量分别为1019/ 633/669/165/245 万吨，同比分别为-14%/+8.3%/+22%/-40%/-34%。

　　分贸易类型来看，Q2 日照港完成外贸货物吞吐量5367 万吨，+10.5%，较Q1 的+0.1%的增速环比提高10.4 个百分点，上半年公司完成外贸货物货物吞吐量10458 万吨，同比+5.2%；内贸方面，Q2 吞吐量为1415 万吨，同比+0.7%，增速较Q1 环比下降22.6 个百分点，上半年公司完成内贸货物吞吐量2835 万吨，同比+10.9%。上半年整体来看，日照港外贸货物吞吐量增速低于内贸货物，外贸、内贸货物吞吐量占比分别为78.6%/21.4%，较2019 年底分别-0.9/+0.9 个百分点。

　　受吞吐量同比增长及港内铁路运输业务模式调整等因素影响，2020 年H1 公司营收同比+12.50%，毛利率及净利润同比提高，公司扣非后归母净利润同比大幅增长。

　　2020 年H1 公司营收同比大幅增长，主要原因为：1）货物吞吐量同比增加；2）港内铁路运输业务模式由代收代付调整为列收列支。分业务来看，2020 年H1 公司港口服务、物流代理、及其他业务收入分别为26.27/0.19/1.93/亿元。

　　2020 年H1 公司营业成本为19.94 亿元，同比+10.67%，毛利率为29.76%，较去年同期提高1.16 个百分点，主要原因为报告期内公司调整分支机构管理模式，将其原计入成本的部分内容调整至管理费用核算所致，该原因也导致报告期内公司管理费用同比增加。

　　费用方面，2020 年H1 公司管理费用为1.3 亿元，同比+29.1%；财务费用为1.5 亿元，同比+11.73%，主要原因为公司为调整债务结构，2019 年 10 月办理了融资租赁售后回租业务置换存量短期借款，同时新增短期借款用于偿还 2020 年 1 月到期的短期融资券所致，截至2020 年6 月30 日公司资产负债率为42.95%，较去年同期提高3.01 个百分点。

　　2020 年H1 公司净利率为16.10%，较去年同期提高0.11 个百分点。

　　报告期内公司归母净利润、扣非后归母净利润同比分别为+7.3%/+17.53%，存在差异的主要原因为去年同期公司确认非流动资产处置收益0.49 亿元（税前），导致当期归母净利润基数较高。

　　投资建议：根据公司最新财务报告，我们将公司2020-22 年盈利预测由6.7/6.9/7.2 亿元，调整至6.9/7.3/7.8 亿元，公司作为北方主要的矿石、煤炭等大宗货物枢纽港，吞吐量及业绩增长稳定，当前PB 仅为0.72，低于行业平均估值，存在被低估，我们重申对公司的“买入”评级。

　　根据公司半年报和最新财务报告，我们调整公司2020-22 年盈利预测。预计2020-22 年公司营收分别为56.7/59.0/61.5 亿元（原预测为54.9/57.4/60.0 亿元），归母净利润分别为6.9/7.3/7.8 亿元（原预测为6.7/6.9/7.2 亿元），对应EPS 分别为0.23/0.24/0.25 元，按照8 月28 日2.86 元/股的收盘价，对应公司20-22 年PE 分别为12.70/12.04/11.34 倍，重申“买入”评级。

　　风险提示

　　宏观经济存在下行超预期可能；疫情持续时间；复工情况。

Overview of events

The company released a semi-annual report on August 26, 2020. During the reporting period, the company completed a cargo throughput of 133 million tons, + 6.36% compared with the same period last year, realized revenue of 2.839 billion yuan, + 12.50% year-on-year, and net profit of 396 million yuan, + 7.3%, deducting non-return net profit of 389 million yuan, + 17.53% year-on-year.

Under the background of gradual economic recovery at home and abroad, the growth rate of Q2 cargo throughput rebounded month-on-month; the throughput of different types of goods was different: the throughput of bulk goods such as coal and its products and ores increased greatly compared with the same period last year; the throughput of goods such as wood, steel and cement decreased; and the throughput of foreign trade goods of Q2 increased significantly.

Q2 of Rizhao Port achieved a cargo throughput of 67.82 million tons, + 8.4% compared with the same period last year, which was 4 percentage points higher than the + 4.4% growth rate of Q1, and the growth rate rebounded sharply.

In terms of goods, affected by factors such as port replenishment demand, Q2 completed a metal ore throughput of 40.33 million tons, + 17.3% year-on-year, and 77.52 million tons in the first half of the year, + 11.3% last year. In terms of coal and its products, with the stable control of the epidemic and the resumption of production, Q2 national power generation increased compared with the same period last year, the port water coal increased, and the company completed the throughput of 13.16 million tons of coal and its products, + 16.0% compared with the same period last year. The throughput of coal and its products in the first half of the year was 25.32 million tons, + 9.5% of the same period last year. Other goods: in 2020, the throughput of timber, grain and non-metallic ores of Q2 company was respectively 503%, 366.26 million tons, and-18.1% / + 27.5%, respectively, compared with the same period last year. The throughput of wood, grain, non-metallic ores, iron and steel, and cement of H1 company in 2020 was 1019 / 633, 669, 669, and 2.45 million tons, respectively, and-14%, 8.3, 22, 40, and 34 percent, respectively, year-on-year.

According to the type of trade, Q2 Rizhao Port completed foreign trade cargo throughput of 53.67 million tons, + 10.5%, 10.4% higher than the growth rate of + 0.1% of Q1. In the first half of the year, the company completed foreign trade cargo throughput of 104.58 million tons, + 5.2% of the same period last year. In terms of domestic trade, the throughput of Q2 was 14.15 million tons, + 0.7% compared with the same period last year, and the growth rate was 22.6% lower than that of Q1. The company handled 28.35 million tons of domestic trade goods in the first half of the year, + 10.9% of the same period last year. In the first half of the year as a whole, the growth rate of foreign trade cargo throughput of Rizhao Port was lower than that of domestic trade goods, and the proportion of foreign trade and domestic trade cargo throughput was 78.6% and 21.4% respectively, which was 0.9 percentage points higher than that at the end of 2019.

Affected by factors such as the year-on-year increase in throughput and the adjustment of the railway transport business model in Hong Kong, H1 company's revenue in 2020 was + 12.50% year-on-year, gross profit margin and net profit increased year-on-year, and the company's net profit after deducting non-profit increased significantly compared with the same period last year.

In 2020, the revenue of H1 company increased significantly compared with the same period last year, mainly due to: 1) the increase in cargo throughput compared with the same period last year; and 2) the adjustment of the business mode of railway transport in Hong Kong from collection and payment to revenue and expenditure. From the point of view of business, the income of H1 company from port service, logistics agency and other business in 2020 is 26.270.1939 / 100 million respectively.

In 2020, the operating cost of H1 Company was 1.994 billion yuan, + 10.67% compared with the same period last year, and the gross profit margin was 29.76%, an increase of 1.16% over the same period last year. This is mainly due to the fact that the company adjusted its branch management model during the reporting period and adjusted part of its original cost to management expense accounting, which also led to an increase in company management expenses during the reporting period.

In terms of expenses, the management expenses of H1 company in 2020 was 130 million yuan, which was + 29.1% compared with the same period last year. The financial cost was 150 million yuan, + 11.73% compared with the same period last year, mainly due to the fact that in order to adjust the debt structure, the company handled the financial lease after-sale and leaseback business to replace the stock of short-term loans in October 2019. At the same time, the new short-term loans were used to repay the short-term financing bonds due in January 2020. As of June 30, 2020, the company's asset-liability ratio was 42.95%, an increase of 3.01 percentage points over the same period last year.

The net interest rate of H1 company in 2020 was 16.10%, an increase of 0.11 percentage points over the same period last year.

During the reporting period, the company's net profit and net profit deducted from non-return were + 7.3% and 17.53% respectively compared with the same period last year. The main reason for the difference was that the company recognized 49 million yuan (before tax) from the disposal of non-current assets in the same period last year, resulting in a higher base of net profit in the current period.

Investment suggestion: according to the company's latest financial report, we have adjusted the company's profit forecast for 2020-22 from 67 million yuan to 690 million yuan. As the main ore, coal and other bulk cargo hub port in the north, the throughput and performance growth is stable. The current PB is only 0.72, which is lower than the industry average valuation, and it is undervalued. We reaffirm our "buy" rating on the company.

According to the company's semi-annual report and the latest financial report, we adjust the company's profit forecast for 2020-22. In 2020-22, the company's revenue is estimated to be 590,61.5 billion yuan (the original forecast is 5.494200,000,000 yuan), and the net profit of return to the mother is 690,000,000 yuan (originally predicted to be 690,000,000 yuan). The net profit of return to the mother is 780 million yuan (the original forecast is 690.72 million yuan), and the corresponding EPS is 0.23240.25 yuan respectively, according to the closing price of 286 yuan per share on August 28. The corresponding company's PE for 20-22 years is 12.70 PE 12.04 Universe 11.34 times, reiterating the "Buy" rating.

Risk hint

There is a possibility that the macroeconomic downturn may exceed expectations; the duration of the epidemic; resumption of work.

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日照港(600017)：货物吞吐量稳定增长 扣非净利同比大增

Rizhao Port (600017): steady growth in cargo throughput deducting a big increase in non-net profit compared with the same period last year

Risk Disclaimer

Statement

日照港(600017)：货物吞吐量稳定增长扣非净利同比大增