The world's leading logistics equipment and energy equipment supplier. The diversified, global and steady development company is the world's leading supplier of logistics equipment and energy equipment. Currently, the container industry continues to maintain its leading position in the global industry, and road transport vehicles, energy/chemical/liquid food equipment, and offshore industries have also formed strong competitiveness.
The company's performance has fluctuated in recent years due to the impact of the epidemic, etc., in the first three quarters of this year, there were -13% and -84% year-on-year differences, respectively. However, we believe that with the restorative growth of the “container” + incremental business, the company is expected to solidify its performance this year and begin a period of performance recovery next year.
Global container industry leader. Industry recovery may drive the company's performance to pick up. Looking at the current situation, industry inventories are being steadily digested, and container demand is entering a recovery path; market expectations for transportation demand have changed from negative to positive and future expectations are clearly on the rise. We expect that a steady recovery in global trade may provide strong support for the recovery of future container demand.
The company has always adhered to the container manufacturing business as the core. As the leader in the global container manufacturing industry (42% production share in 2020), we believe it is expected to fully benefit from the sharp rise in volume and price brought about by the recovery of the industry, which in turn will lead to a significant increase in performance.
The non-box business is improving steadily, and future growth is worth looking forward to
The company has now formed an industrial cluster focusing on key equipment and solutions for the logistics and energy industries. In addition to the container manufacturing business, the future growth of other non-container businesses is also worth looking forward to.
1) In the field of logistics, the company also extends the road transport vehicle business, the airport and logistics equipment, fire and rescue equipment business, and relies on the logistics service business, and is complemented by the recycling vehicle business to jointly provide first-class products and services for modern transportation logistics; 2) In the energy industry, on the one hand, it develops energy, chemical and liquid food equipment business based on land energy; on the other hand, it uses marine energy as a starting point to carry out marine engineering business; in addition, it also has the service company's own financial and asset management business.
Profit forecast: We expect the company's revenue for 2023-2025 to be 130/146/169 billion yuan, YOY is -8%/12%/16% respectively; net profit of the mother is 11/21/28 billion yuan, and YOY is -67%/99%/33% respectively; we are optimistic about the company's future growth, covering it for the first time and giving it a “buy” rating!
Risk warning: risk of economic cycle fluctuations, financial market fluctuations and exchange rate risk, market competition risk, employment and environmental pressure and risk, risk of price fluctuations of major raw materials, etc.