occurrences
Recently, Qingang Co., Ltd. released its 2023 annual report. During the reporting period, it achieved total operating income of 7.06 billion yuan, an increase of +2% over the previous year; net profit of 1.53 billion yuan, an increase of +17% over the previous year; a cash dividend of RMB 0.83 yuan (tax included) was distributed to all shareholders for every 10 shares based on the total share capital ending at the end of the year, for a total cash dividend of RMB 4.6 billion. Based on yesterday's closing price, the dividend rate was about 2.5%.
reviews
The company is an operator of a large bulk cargo public terminal. It implements a cross-port management strategy between Qin, Tang, and Cang. The Qinhuangdao Port it operates is an important coal launch port in the country. During the reporting period, the company achieved a total cargo throughput of 391.95 million tons, an increase of 8.12 million tons over the same period in 2022 (383.83 million tons), an increase of 2.1%. Looking at the throughput of the split territory, Qinhuangdao Port, Caofeidian Port, and Huanghua Port accounted for 47.1%, 31.2%, and 21.7%, respectively.
If you look at the throughput of broken goods, coal, metal ore, other groceries, containers, and liquid chemicals account for 55.3%, 33.7%, 6.8%, 3.7%, and 0.5%, respectively. Among them, there was a 12.8% year-on-year increase in metal ore handling services. The main reason was the significant increase in demand for steel exports this year, and the lifting of the steel production limit set by the government led to strong demand for iron ore and a significant increase in throughput.
Among the products that declined year on year were coal, which decreased by 2.95% year on year, and containers decreased by 11.6% year on year.
The company's investment income contributed 310 million, an increase of 32.4% over the previous year, mainly due to the increase in the net profit of the company's joint ventures. For example, Tangshan Caofeidian Industrial Port Co., Ltd. had a net profit of 940 million yuan in 23, and Qin Gang held 35% of the shares. The share of investment income according to the shareholding ratio accounted for 21.5% of the net profit attributable to the mother.
In addition, the drastic reduction in company reimbursements led to a 10.6% year-on-year reduction in management expenses, which also contributed to the increase in net profit.
Investment ratings
Looking forward to the future, with the integrated layout of the Hebei Port Group, the renovation and expansion of the company's own terminals are put into operation one after another, and the trend of integration of Hong Kong industry and city is gradually showing. We are optimistic about the future collaborative development of the company's three ports. We covered it for the first time and gave it an “gain” rating.
Risk warning
In the context of a green and low-carbon transition, the pace of elimination of backward production capacity is accelerating; the macroeconomy falls short of expectations.