Event: the all China Federation of supply and marketing cooperatives issued the special plan for the development of public Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics of national supply and marketing cooperatives during the 14th five year plan.
Policy level: since the end of 2021, the heavy policies of the cold chain logistics industry have been implemented continuously. According to Xinhua news agency, the all China Federation of supply and marketing cooperatives issued the special plan for the development of public Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics of national supply and marketing cooperatives during the 14th five year plan, which made it clear that during the 14th Five Year Plan period, the national supply and marketing cooperative system will build 600 County origin Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics centers, 100 Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics hub bases 200 urban land sales Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics centers. The plan proposes that during the 14th Five Year Plan period, the national supply and marketing cooperative system will build a public Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics service network of supply and marketing cooperatives based on backbone network, provincial network, regional network and information platform. By 2025, the whole system cold chain logistics infrastructure will be improved, the service capacity will be significantly enhanced, and the industry influence will be significantly improved, playing an active role in the development of national cold chain logistics. We sorted out the policies in the field of cold chain logistics since December last year: 1) on December 12, 2021, the general office of the State Council issued the “14th five year plan” for the development of cold chain logistics, requiring the layout and construction of about 100 national backbone cold chain logistics bases, the construction of a number of production and marketing cold chain centralized distribution centers, focusing on the “first kilometer” of origin and the “last kilometer” of cities, Supplement the short board of cold chain logistics facilities at both ends, and basically build a three-level cold chain logistics node facility network with the national backbone cold chain logistics base as the core, production and marketing cold chain centralized distribution center and cold chain logistics facilities at both ends as the support. 2) On January 11, 2022, the national development and Reform Commission issued the implementation plan for the construction of national backbone cold chain logistics bases, making systematic arrangements for the layout and construction of national backbone cold chain logistics bases during the 14th Five Year Plan period. 3) On February 18, 2022, the general supply and Marketing Cooperative released the special plan for the development of public Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics of national supply and marketing cooperatives in the 14th five year plan. Heavy policies at the central level continued to be implemented, and the cold chain logistics industry ushered in major development opportunities.
Industry level: the prosperity continues to be high, and the orders of equipment manufacturers are full. 1) Epidemic situation catalysis: Wuhan south China fresh food market and Beijing Xinfadi are cold chain fresh food concentration places, and the catalysis of epidemic situation puts forward higher standards for cold chain logistics; 2) Policy promotion: before 2021, the investors of cold chain logistics are generally industrial and commercial customers. After 2021, driven by the central and local policies, many government customers (including supply and marketing cooperatives) invest in the construction of cold chain logistics as the owner; 3) Consumption upgrading: after the epidemic, many ordinary residents have changed their consumption habits and put forward higher requirements for the quality of cold chain logistics; 4) Technology promotion: at the technical level, the improvement of safety and environmental protection standards and the accelerated promotion and application of new technologies provide a sustainable driving force for the rapid development of the industry; Boosted and catalyzed by multiple positive factors, the prosperity of the industry is expected to continue to improve.
Target level: leading enterprises [ Moon Environment Technology Co.Ltd(000811) ] are expected to benefit fully. It is suggested to pay attention to the target of the industrial chain [ Fujian Snowman Co.Ltd(002639) ]. Key recommendation [ Moon Environment Technology Co.Ltd(000811) ]: as an old state-owned enterprise with strong technical strength and deep cultivation in the field of temperature control: 1) core technology application scenario 1: multiple factors improve the prosperity of cold chain logistics, and the leading position of the company is becoming more and more obvious; 2) Application scenario 2 of core technology: carbon capture, utilization and storage. Several demonstration projects in the petrochemical field of the company have been implemented; 3) Core technology application scenario 3: hydrogen energy equipment, fuel cell air compressor and hydrogen circulating pump have been certified. We expect the company’s EPS to be 0.46, 0.59 and 0.73 yuan respectively from 2021 to 2023, and the corresponding PE (2022.2.20) to be 26, 20 and 16 times respectively, maintaining the “buy” rating. It is recommended to pay attention to [ Fujian Snowman Co.Ltd(002639) ].
Risk tips: raw material prices, intensified industry competition, and the development of cold chain logistics industry does not meet expectations.
