Event: in 2020, the company realized revenue of 3.53 billion yuan (+ 6.43%), net profit of 263 million yuan (+ 18.4%) and earnings per share of 0.283 yuan. In the first quarter of this year, the company achieved a revenue of 1.164 billion yuan (+ 96.6%) and a net profit of 77 million yuan, a significant increase from 12 million yuan in the same period last year.
The synergy effect of the acquisition of Xinghua Port is beginning to show, with steady growth in throughput and profit: last year, the company acquired Xinghua Port, a Hong Kong listed company, at a comprehensive cash offer of 1.87 billion yuan, and completed the major strategic layout of the Yangtze River Basin on September 1 last year. Through the synergy of port and shipping supporting services, whole-process logistics and supply chain business, the throughput of Xinghua Port increased steadily, with a cargo throughput of 16.49 million tons in 2020, an increase of 31.7% over the same period last year. Xinghua Port achieved revenue of 155 million yuan and net profit of 37 million yuan from September to December.
The shipping business will effectively connect the two-line layout of the Xijiang River and the Yangtze River: the company will make every effort to promote the construction of its coastal and inland river ship capacity through mergers and acquisitions and cooperation. at present, the total control capacity of the fleet exceeds 1 million tons, of which its own transport capacity exceeds 200000 tons. Has begun to take shape. Inland shipping business helps to strengthen the network radiation effect of Gaolan mother port on the Xijiang River basin, while coastal route operation helps to connect the company's two-line layout of Xijiang and Yangtze River, and provide more perfect and convenient comprehensive logistics services for cities along the river.
The energy sector continues to grow through epitaxial mergers and acquisitions and actively expand its photovoltaic business: Zhuhai Port is the company's new energy development platform based on wind power, with a profit of 82 million yuan in 2020, an increase of 25.8% over the same period last year. Last year, the company successfully acquired 100% stake in Anhui Tianyang (main wind power plant) and 49% equity in Suqian Xiehe (main photovoltaic power generation), with a total installed capacity of about 350000 kilowatts. While expanding the company's main wind power business, the company began to expand photovoltaic business and cultivate new business growth points. The company intends to strengthen its investment in the photovoltaic industry and is currently promoting the acquisition of a controlling stake in Xiuqiang, a listed company on gem (with photovoltaic glass manufacturing business), in order to achieve the layout to the upper reaches of the photovoltaic industry chain.
Company profit forecast and investment rating: the company has brought new performance growth points through the acquisition of Xinghua Port, and the profit is expected to improve significantly this year compared with the same period last year. In the medium term, the logistics layout of Xijiang + Yangtze River + shipping will bring continuous synergy and promote the growth of the company's performance. We expect the company's 21-23 net profit to be 3.72,4.20 and 461 million yuan, with EPS of 0.40,0.45 and 0.50 yuan respectively, maintaining a "recommended" rating.
Risk hints: macro-economy is not as expected; shipping rates fluctuate sharply; the performance of participating companies fluctuates.