Company profile:
The company provides customers with highly integrated port services, including loading and unloading, storage, warehousing, transportation and logistics services, mainly engaged in coal, metal ores, oil and liquid chemicals, containers, groceries and other goods.
The controlling shareholder of the company is Hebei Port Group, which holds 70.11% of the shares before the issuance of the company; the actual control is the Hebei State-owned assets Supervision and Administration Commission, which controls 65.34% of the shares before the issuance of the company.
Current situation and prospect of the industry
Port enterprises have developed into integrated logistics enterprises, and port integration has been further accelerated. Integrated logistics center is not only the basic feature of modern port, but also the direction of modern port function expansion. In order to meet the requirements of the development of economy, trade, shipping and logistics, and with the development of port and shipping information technology, Chinese port enterprises have begun to develop from a single terminal operator to an integrated logistics operator. to provide customers with multi-faceted logistics value-added services, including cargo transportation, freight forwarders, cargo packaging, assembly, distribution, labeling, etc., at the same time, the scope of the port is further expanded, not only including the port area. It also includes the logistics center area, in order to realize the network logistics transportation organization mode, and promote the rapid development of the coastal industry. The construction and operation of the port has the characteristics of large investment and long construction cycle, as well as competitive, so it is an industry with obvious economies of scale. In recent years, the expansion of port capacity in China has improved the degree of competition among ports in the same region, which has further increased the necessity of regional port integration. With the promotion of transportation management departments and local governments, port integration in China will be further accelerated.
Highlights of the company:
The world's largest public terminal operator for bulk bulk cargo. Through the cross-port business strategy, the company integrates the port resources in the region, expands its business scope to Tangshan and Cangzhou, and realizes the diversification of cargo structure and the synergistic effect of the port area. at present, the company mainly has three major business areas: Qinhuangdao Port, Caofeidian Port and Huanghua Port. Qinhuangdao Port, operated by the company, is the largest public coal terminal in the world. The company accounts for about 60% of the metal ore throughput in Caofeidian Port area, and has an absolute advantage in Huanghua Port area. The total cargo throughput of the company in 2016 is about 313 million tons, of which coal throughput is about 177 million tons, metal ore throughput is about 112.74 million tons, oil and liquid chemical industry throughput is about 3.31 million tons, container throughput is about 1.12 million TEU, and grocery and other goods throughput is about 6.42 million tons. The company's customers are mainly large-scale coal, power and iron and steel enterprises, including China Coal Group, Shenhua Group, Zhejiang Energy Group, Yitai Group, Tong Coal Group, Shougang Corporation, Hebei Iron and Steel Group and so on.
Fund-raising project
1. It is proposed to raise 382 million yuan for the purchase of local equipment in Qinhuangdao.
2. It is proposed to raise 819 million yuan for the first phase of the ore terminal project in the bulk cargo area of Huanghua Port.
3. It is proposed to raise 40 million yuan for the transformation of high and low pressure cabinets and belt conveyor control system in Qinhuangdao Port Coal Phase I.
Main potential risks
The risk of macroeconomic fluctuations. The port industry is an important basic industry of the national economy, and its development level is closely related to the macroeconomic situation. The overall operation and development trend of the global economy, including China's economy, is one of the important factors affecting the company's business performance. The decline in macroeconomic growth may adversely affect the company's throughput and performance.
The risk of economic fluctuations in the hinterland. The economic growth rate, industrial structure and trade level of the hinterland are important factors that affect the port cargo throughput. The company is located in the center of the Bohai economic circle, the hinterland includes North China, Northeast, Northwest and other provinces in northern China, the above areas are China's important coal, iron and steel and petrochemical industry base. If the economic development of the aforementioned region fluctuates in the future, the company's operating performance may be affected to a certain extent.
Valuation
The issuer works in the water transport industry, and as of July 11, 2017, the average static price-to-earnings ratio for the most recent month released by the CSI was 30.86 times earnings. It is estimated that the company's earnings per share in 2017 and 2018 are 0.17 yuan and 0.19 yuan respectively, combined with the current market conditions, the initial pressure is expected to be 5 yuan-6 yuan.