Xingtong Co., Ltd. (603209)
Key investment points
There is an inquiry from a listed company on the main board on Wednesday.
Xingtong Co., Ltd.: the company is mainly engaged in the water transportation of bulk liquid chemicals and refined oil along the coast of China. After years of accumulation, the company has developed into a leading enterprise in China’s coastal bulk liquid chemical shipping industry, occupying a leading position in the market segment. The company’s transportation routes are accessible to the coastal areas of the country and the middle and lower reaches of the Yangtze River and Pearl River, forming a transportation network system radiating China’s major chemical industry bases such as Bohai Bay, Yangtze River Delta, Pearl River Delta and Beibu Gulf. From 2019 to 2021, the company achieved operating revenue of 292 million yuan / 386 million yuan / 567 million yuan respectively, yoy was 8.57% / 32.36% / 46.7%, and the compound annual growth rate of operating revenue in the three years was 28.2%; The net profit attributable to the parent company was 87 million yuan / 123 million yuan / 199 million yuan, yoy was 90.72% / 42.25% / 61.21%, and the compound annual growth rate of the net profit attributable to the parent company in three years was 63.5%. According to the prediction of the company, the net profit attributable to the shareholders of the parent company after deducting non profits in the first quarter of 2022 was 46 million-50 million yuan, a year-on-year change of 1.54% to 10.37% compared with 2021.
Investment highlights: 1. The company has obvious transportation capacity advantages in the field of chemical water transportation, and has established a good market reputation. As of the first half of 2021, the bulk liquid chemical transportation capacity of the company accounted for 10.19% of the total transportation capacity of China’s coastal chemical ship market, accounting for the main share. Meanwhile, since the Ministry of transport adopted the macro-control of transport capacity, since 2012, the company has accumulated 95500 DWT of new transport capacity of chemical ships, accounting for 22.32% of the new transport capacity in the market in the same period, ranking first in the industry. 2. With many large-scale refining and chemical integration projects in China entering the centralized production period, relying on China to have a huge global chemical consumption market, China’s independent chemical trade will be significantly enhanced, so as to promote the growth of water transportation demand for bulk liquid chemicals along China’s coast. Hengli Petrochemical Co.Ltd(600346) Zhejiang Petrochemical has successively completed large-scale refining and chemical integration projects and put them into full operation in 2019, marking the beginning of the era of large-scale private refining in China. 3. The ship capacity structure of the company has the characteristics of large-scale, which can better meet the needs of the downstream petrochemical industry to improve freight efficiency and reduce transportation costs. In terms of large-scale, at present, the proportion of ships above 5000 DWT in the company’s fleet is 64.29%; Compared with the transportation capacity of chemical ships along China’s coast, ships of 5000 DWT or above account for less than 30%. 4. The company will enter the field of crude oil transportation and liquefied petroleum gas transportation, and the relevant ships are expected to be put into use in 2022; Bring new business growth points and business collaboration.
Comparison of Listed Companies in the same industry: from the perspective of business similarity, the company’s competitors in the same industry mainly include Nanjing Tanker Corporation(601975) , Cosco Shipping Energy Transportation Co.Ltd(600026) , Junzheng shipping, Shanghai Dingheng, Nanjing Shenghang Shipping Co.Ltd(001205) . From the perspective of Listed Companies in the same industry, excluding unlisted haichanghua, the current average income scale of the industry (the first three quarters) is 4.177 billion yuan and the average market value is 12.65 billion yuan; The average pe-ttm (excluding negative values / arithmetic mean) is 30.87x. In comparison, Xingtong shares is more similar to Nanjing Shenghang Shipping Co.Ltd(001205) in terms of income scale, but the company’s gross profit margin and roe are significantly higher than the average level of the same industry and Nanjing Shenghang Shipping Co.Ltd(001205) with similar scale and volume.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
