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大连港(601880)年报点评:业务整体表现亮眼 关注港口优化整合
Comments on Dalian Port (601880) Annual report: the overall business performance is eye-catching, focusing on port optimization and integration.

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  大连港发布2016 年年报。2016 年公司实现营业收入128.14 亿元(+44.2%),毛利率下降至10.83%(-5.5pct),归属于母公司净利润5.31亿元(+9.6%),EPS 为0.04 元。公司拟每10 股派发现金红利0.15 元(含税)。   贸易业务上涨拉动营收大幅上涨。2016 年公司实现营业收入128.14亿元,同比上涨44.2%,主要原因是公司贸易类业务同比上涨了101.8%。公司毛利率下降5.6 个百分点,主要原因是是贸易业务成本上涨,剔除贸易业务的影响后,公司毛利率下降幅度仅为1.8 个百分点,主要原因是部分费率下降导致油品、杂货以及增值服务的毛利率较去年有所下降。   公司业务整体表现亮眼,客运滚装业务略有下滑。2016 年公司业务整体表现亮眼,其中油品吞吐量同比上涨11.2%,集装箱吞吐量同比上涨2.5%,汽车整车业务量同比上涨18.7%,矿石吞吐量同比上涨26.7%,杂货部分吞吐量同比上涨7.6%,散粮吞吐量同比上涨10.7%。客运滚装业务略有下滑,实现客运吞吐量同比下滑2.9%,滚装吞吐量同比下滑3.6%。在此情况下,公司最终实现营收同比上涨44.2%。   公司运营港口或受益港口整合。大连港作为东北第一大港,目前已经与全球300 多个港口和地区互通。考虑到公司运营港口经营货种全面,业务外延能力强,同时我国主要港口正在加快转型审计,实现港口资源的整合,我们预计公司港口有可能成为东北地区港口资源整合的核心,提高整体竞争力,实现协调发展。   投资建议:我们预计公司2017-2018年EPS分别为0.049元和0.053元,给予“增持-A”评级,六个月目标价3.30元。   风险提示:港口吞吐量下滑。

Dalian Port publishes 2016 Annual report. In 2016, the company achieved an operating income of 12.814 billion yuan (+ 44.2%), a gross profit margin of 10.83% (- 5.5pct), a net profit of 531 million yuan (+ 9.6%) belonging to the parent company, and an EPS of 0.04 yuan. The company plans to pay a cash dividend of 0.15 yuan (including tax) for every 10 shares. The rise in trade business led to a sharp rise in revenue. The company's operating income reached 12.814 billion yuan in 2016, up 44.2% from the same period last year, mainly due to a 101.8% increase in the company's trade business compared with the same period last year. The company's gross profit margin decreased by 5.6 percentage points, mainly due to the rising cost of trade business. Excluding the impact of trade business, the company's gross profit margin fell by only 1.8 percentage points. The main reason is that the gross profit margin of oil products, groceries and value-added services decreased compared with last year as a result of the decline in some fees. The overall performance of the company's business is eye-catching, and the passenger ro-ro business has declined slightly. In 2016, the company's overall business performance was outstanding, including 11.2% year-on-year oil throughput, 2.5% year-on-year container throughput, 18.7% year-on-year vehicle business, 26.7% year-on-year ore throughput, 7.6% year-on-year throughput of groceries and 10.7% year-on-year bulk grain throughput. Passenger ro-ro business declined slightly, achieving a 2.9% year-on-year drop in passenger throughput and 3.6% drop in ro-ro throughput. In this case, the company finally achieved a 44.2% year-on-year increase in revenue. The company operates ports or benefits from port integration. As the largest port in Northeast China, Dalian Port has interconnected with more than 300 ports and regions around the world. Considering that the company operates a comprehensive range of ports and strong business extension capabilities, and at the same time, China's major ports are speeding up the transformation and audit to realize the integration of port resources, we expect that the company's ports may become the core of the integration of port resources in the northeast region. improve overall competitiveness and achieve coordinated development. Investment suggestion: we expect the company's EPS from 2017 to 2018 to be 0.049 yuan and 0.053 yuan respectively, with a "overweight-A" rating and a six-month target price of 3.30 yuan. Risk hint: Port throughput is declining.

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