Event Overview
According to Zhuhai Port 2020 Annual report, the company achieved operating income of 3.54 billion yuan, year-on-year + 6.4%; return net profit 263 million yuan, year-on-year + 18.4%; deduction of non-return net profit 262 million yuan, year-on-year + 24.0%; basic earnings per share 0.2826 yuan, year-on-year + 12.5%.
In the first quarterly report of 2021, the company achieved operating income of 1.16 billion yuan, + 96.6% compared with the same period last year; net profit of 77 million yuan, + 565.8%; net profit of 77 million yuan, + 676.66%; and basic earnings per share of 0.083 yuan, + 569.4% of the same period last year.
After the acquisition of Xinghua Port, the gross profit share of the company's terminal operation sector increased to 15% from 4% in 2019, the gross profit share of logistics services slightly increased to 22% from 21% in 2019, and the share of the company's main port and shipping industry increased. The share of new energy gross profit fell slightly to 32% from 34% in 2019, and the company's business of two-wheel drive developed steadily.
In 2020, the proportion of revenue from terminal operation, logistics services, integrated energy, beverage and food, logistics trade and property management was 7%, 25%, 16%, 11%, 36%, 5%, 15%, 22%, 32%, 18%, 18%, 2%, 11%, respectively, and the gross profit was 38%, 16%, 35%, 27%, 1%, 38%, respectively. After the acquisition of Xinghua Port, the gross profit share of the company's terminal operation increased significantly to 15% from 4% in 2019, the gross profit share of logistics services increased from 21% to 22%, and the share of the main port and shipping industry increased. The share of comprehensive energy gross profit decreased slightly from 234% to 32%, steadily supporting the development of the company.
The listed ports of the company are mainly located in Yunfu, Guangdong, Guigang / Wuzhou, Guangxi, and Xinghua Port, Changshu in the Yangtze River Basin. According to the 2020 annual report, the company Yunfu Porto Novo stabilized the market share of imported stone and expanded the loading and unloading business of domestic bulk cargo. the annual cargo throughput was 5.55 million tons, + 5% compared with the same period last year, of which the domestic trade throughput was 4.15 million tons, + 25% compared with the same period last year. Container throughput 190,000 TEUs, year-on-year-21%. Wuzhou Port has vigorously carried out grain and building materials business, with a total cargo throughput of 2.46 million tons, + 42.5% year-on-year, and container throughput of 90,000 TEUs, + 9% year-on-year. Guiping Xinlong Wharf opened up the supply of goods in the upper reaches of the Qianjiang River, with an annual cargo throughput of 1.33 million tons, + 25.5% compared with the same period last year, and container throughput of 37, 000 TEUs, + 108% over the same In the form of a comprehensive cash offer to acquire Xinghua Port, a Hong Kong listed company, to achieve the strategic layout of the Yangtze River Basin, the annual cargo throughput is 16.49 million tons, + 32% year-on-year, and container throughput is 100,000 TEUs,-13.5% compared with the same period last year.
In the shipping sector, the initial non-public offering of A-shares is progressing smoothly. Two 12500-ton and two 22500-ton coastal bulk carriers were put into operation during the year. At present, their own transport capacity has reached 200000 tons, with a total control capacity of more than 1 million tons.
The logistics supply chain plate centers on Gaolan mother port. At present, 25 multimodal transport channels have been opened. The volume of containers transported through sea-rail intermodal transport mode in the whole year is 3.73 million TEUs, which is + 4% compared with the same period last year. This will promote the construction of "Sichuan-Guizhou-Guangzhou-South Asia International Logistics Channel".
In terms of the new energy sector, Zhuhai Port Sheng acquired a 100% stake in Anhui Tianyang and 49% in Suqian Xiehe, with a total installed capacity of about 350000 kilowatts. The seven wind farms independently operated by the power sector achieved 552 million kilowatt-hours of online electricity throughout the year, and the operation remained stable.
In Q1 in 2021, the company achieved revenue of 1.16 billion yuan, year-on-year + 96.6%, operating cost of 1.07 billion yuan, year-on-year + 87.9%, gross profit of 8.4%, an increase of 7.8% over the same period last year, and gross profit of 98 million yuan. The high growth in revenue and profits is mainly due to 1) the low base of the epidemic in 2020 and 2) the acquisition of Xinghua Port. Q1 tax and additional 5.88 million yuan, + 105.6% compared with the same period last year; sales expenses 23 million yuan, + 32.9% year-on-year; management expenses 53 million yuan, + 35.76% year-on-year, mainly due to the increase in mergers and acquisitions of subsidiaries; financial expenses 39 million yuan, + 64.06% year-on-year, mainly due to the increase in bank loans and inter-bank debt financing instruments issued to foreign countries during the reporting period.
The company takes the port shipping logistics industry as the foothold of the development, the joint development of the Xijiang River and the Yangtze River Basin. Comprehensive energy sector good and stable profits as an important support for the development of the company, the coordinated development of the two main industries.
The company takes the port shipping logistics industry as the foothold of development. Zhuhai Port is an important sea gateway for Guangdong-Hong Kong-Macau Greater Bay Area to connect the Xijiang River Basin. The company relies on Gaolan Mother Port in Yunfu, Wuzhou and Guiping, an important node in the Xijiang River Basin, as well as Xinghua Port in Changshu, the Yangtze River Basin, which was acquired in 2020, forming a linkage development pattern between the two rivers. at the same time, it has its own fleet engaged in inland river barges and coastal bulk cargo transport. Business hinterland covers Guangdong-Hong Kong-Macau Greater Bay Area, Xijiang Economic Belt and Yangtze River Economic Belt, expanding to Hunan, Jiangxi, Guizhou and other inland areas; through mergers and acquisitions, cooperation to strengthen Haihe shipping, put into their own transport capacity.
Comprehensive energy sector good and stable profits as an important support for the development of the company. The company has built a comprehensive energy plate based on wind power, photovoltaic, thermal power, pipeline natural gas and natural gas power generation. in the future, the company will focus on photovoltaic power generation, expand new energy projects, create more benefits and enhance new momentum. The coordinated development of double-main industry is conducive to disperse business risks and create the business foundation and system advantages of two-wheel drive development.
It is estimated that the company's 2021-23 return net profit will be 327, 359, 372 million respectively, compared with the same period last year, which is + 24%, 10%, 3%, respectively, and the "buy" rating will be maintained.
Considering that Xinghua Port only merged the table for four months last year, and conservatively estimated that terminal and logistics service revenue will grow by 10% in the next three years, the estimated operating income in 2021-23 will be 100 million yuan in 40-44-48 (the original forecast in 2021 amp 22 is 45,000,000 yuan). Year-on-year + 14%, 9%, 9%, 9%, 9%, 9%, 9%, 9%, 9%, 9% and 9% respectively. It is estimated that the net profit of returning to the mother is 327,000,000 yuan (the original forecast in 2021) is 278,000,000 yuan (295 million yuan), and the year-on-year net profit is + 24%, 10%, and 3%, respectively. The current PE is 16-15-14 times, maintaining the "buy" rating.
Risk hint
Macroeconomic systemic risk; recurrent epidemic risk; goodwill impairment risk and so on.