On January 27, Loctek Ergonomic Technology Corp(300729) announced that in order to further enhance the company's competitiveness and accelerate the development of the company's overseas business, the company plans to sign a 1800teu container ship construction contract with China's first-class shipyard, with a total construction price of US $32.6 million (a total of about 207 million yuan).
In this regard, at an institutional research meeting near the Spring Festival, Loctek Ergonomic Technology Corp(300729) responded for the first time that shipbuilding has been studied repeatedly and planned for a long time at the strategic level, not on impulse. The high cost of chartering is the most important reason. According to the company's calculation, the ship can be bought at the rent of three years.
three years rent is enough to buy a boat
Why spend a lot of money on shipbuilding? At the above research meeting, Loctek Ergonomic Technology Corp(300729) calculated an economic account for institutional investors: first, the cost of chartering is very high, and the short-term rent quotation for half a year to one year is close to 100000 US dollars / day, generally more than 50000 US dollars / day; The quotation for long-term rent of more than three years is 30000-40000 US dollars / day. The annual rent is more than 10 million US dollars. Based on the ship cost of 32 million US dollars, the ship can be bought after three years of rent.
Secondly, the shipbuilding cost is low. Express ships are used from Ningbo to Los Angeles, and the operating cost of a single high cabinet is about 2500 US dollars. For the same route, if you talk with the shipping company, the one-year contract high counter price in the United States and Western Europe is about $8000 and the two-year contract high counter price is about $7000.
Finally, the clipper is fast. In the past, the normal US west route also required one month of shipping and two months of preparation time. Now, during the epidemic period, large ships docked at many ports need two months of shipping time. Cross border e-commerce enterprises have to prepare the inventory for three months, which increases the rental cost and capital cost of overseas warehouses. According to the 2-month shipping cycle plus 3-month inventory, the single container rent plus capital cost exceeds 4000 US dollars; One month shipping cycle plus two months of inventory also costs about $2800. In contrast, the Clippers built by the company can reach the west American warehouse in half a month. According to the 15 day shipping cycle of the Clippers plus one month's inventory, the single container rent plus capital cost is only US $1300-1400.
As for the capital source of shipbuilding, Loctek Ergonomic Technology Corp(300729) said that it mainly comes from the net profit of normal production and operation and moderate bank loans.
Because the overseas market share is large and the products are mainly large pieces, sea freight accounts for a high proportion in the revenue and profit of Loctek Ergonomic Technology Corp(300729) . Affected by the continuous rise of sea freight, Loctek Ergonomic Technology Corp(300729) the situation of "increase in volume and decrease in profit" occurred in the first three quarters. According to the third quarterly report of 2021, the company's main revenue in the first three quarters was 2.1 billion yuan, a year-on-year increase of 72.27%, and the net profit attributable to the parent company was 124 million yuan, a year-on-year decrease of 23.46%; Deduct non net profit of 96.5994 million yuan, a year-on-year decrease of 32.12%.
can only meet half of the current demand
In addition to the main ergonomic workstation series products, the layout of innovative services such as cross-border e-commerce public overseas warehouses is also the focus of Loctek Ergonomic Technology Corp(300729) in recent years. Xiang Lehong, chairman of Loctek Ergonomic Technology Corp(300729) said frankly that lege shipbuilding is actually an extension of overseas warehouse business, accelerating cargo going to sea and enterprise capital flow.
"Now lege public overseas warehouse business has more than 300 customers. The problem we often face is that there is no position, and shipping companies will not sign long-term agreements with these small and medium-sized enterprises." Xiang Lehong said that it is a trend for a large number of SME brands to go to sea, Loctek Ergonomic Technology Corp(300729) in the future, it will focus on the integrated development of "cross-border e-commerce + point-to-point international shipping + overseas warehouse".
It is noteworthy that Loctek Ergonomic Technology Corp(300729) said that after the shipbuilding was put into operation, there was no need to worry too much about the subsequent supply problems. The storage capacity of lege's American warehouse was 320000 square meters, and 18000 high containers were put in and out of the warehouse according to the turnover four times a year. The warehouse continued to expand this year. If the clipper is put into operation in the second quarter of next year, it can only meet half of the current demand.
Loctek Ergonomic Technology Corp(300729) also revealed that the possibility of increasing shipbuilding in the later stage is not ruled out. With the increase of customers, the overseas warehouse and sea transportation will expand steadily in the future, and the increased warehouse will be owned or leased according to the operation. For example, ships can take multiple routes in the future. After the price falls, they can rent ships or rebuild them.
