Last year, it was difficult to find a container, the freight rate rose sharply, and the shipping leader Cosco Shipping Holdings Co.Ltd(601919) ( Cosco Shipping Holdings Co.Ltd(601919) . SH) reaped excess profits.
the performance express on March 10, Cosco Shipping Holdings Co.Ltd(601919) 3 shows that in 2021, the company achieved an operating revenue of 333694 billion yuan, a year-on-year increase of 94.85%; The net profit attributable to shareholders of listed companies was 89.296 billion yuan, a year-on-year increase of 799.52%; The basic earnings per share is 5.59 yuan.
Cosco Shipping Holdings Co.Ltd(601919) 7 was listed in 2007. By 2020, the accumulated net profit attributable to the parent company was 20.686 billion yuan, which was 3.3 times more than the sum of the past 14 years in only one year last year.
Last year, the profitability of Cosco Shipping Holdings Co.Ltd(601919) has been catching up with the bank Last year’s operating income was RMB 119.9 billion, with a net profit of about RMB 3.6 billion Cosco Shipping Holdings Co.Ltd(601919) ‘s revenue scale is basically the same, and the net profit attributable to the parent company is not much worse.
Cosco Shipping Holdings Co.Ltd(601919) in the first three quarters of last year, the gross profit margin and net profit margin of sales were 43.74% and 33.71% respectively, which was not far from the 37.53% net profit margin of China Merchants Bank Co.Ltd(600036) . You know, Cosco Shipping Holdings Co.Ltd(601919) in the past, the gross profit margin of long-term sales fluctuated around 10%
Good performance is inseparable from the international environment. In 2021, under the influence of multiple factors such as repeated epidemics, increased demand and limited supply, the global logistics supply chain continued to be challenged and impacted by complex situations such as port congestion, container shortage and inland transportation delay, and the relationship between supply and demand of container transportation continued to be tense.
therefore, the growth of freight volume of Cosco Shipping Holdings Co.Ltd(601919) is limited, and the performance growth is mainly due to the rise of freight rate
In terms of freight rate, during the reporting period, the average value of China’s export container freight rate composite index (CCFI) was 261554 points, with a year-on-year increase of 165.69%.
On a year-on-year basis, this data growth is even more amazing. The low value of CCFI in May 2020 was 834.24 points, and 334424 points had passed by December 31, 2021. The range rose as much as three times.
In terms of traffic volume, Cosco Shipping Holdings Co.Ltd(601919) preliminary accounting shows that during the reporting period, the freight volume (TEUs) of the company’s container shipping business was about 26.912 million TEUs, an increase of about 567500 TEUs, an increase of about 2.15% compared with the same period of last year.
Cosco Shipping Holdings Co.Ltd(601919) said that the company increased efforts to sign long-term service agreements with strategic customers and direct customers, and gradually increased the proportion of direct customers.
However, judging from the single quarter, the Cosco Shipping Holdings Co.Ltd(601919) data is mixed. The company’s operating revenue in the fourth quarter was 102215 billion yuan, and the net profit attributable to the parent company was 21.706 billion yuan.
On the one hand, this is the first time in the history of Cosco Shipping Holdings Co.Ltd(601919) that the scale of single quarter revenue has exceeded 100 billion yuan; However, it is worth noting that fourth quarter net profit attributable to parent decreased by nearly 30% month on month . The reasons for the decline in net profit still need to be disclosed in the specific annual report.
Up to now in 2022, Cosco Shipping Holdings Co.Ltd(601919) shipping business cycle has not wavered, and the freight rate has reached a new high.
The interface news reporter found that China’s export container freight rate composite index (CCFI) further rose in 2022, reached 358791 points on February 11 , and then fell back. The latest data show that the CCFI was still at a high of 338859 on March 4.
Cosco Shipping Holdings Co.Ltd(601919) also said that the major ports in Europe and the United States continued to be congested, and the freight rates of main routes were stable. The export flights of the east-west trunk line of the company remain fully loaded, the production and operation are normal, and the financial situation is good.
Huatai Securities Co.Ltd(601688) research report believes that the high prospect of container transportation market in 2022 is expected to continue, mainly due to the decline of supply chain turnover efficiency and port congestion, which are difficult to alleviate in the short term; On the other hand, the price of the association is expected to rise further in 2022, which will support Cosco Shipping Holdings Co.Ltd(601919) profits.
In the secondary market, before the second half of 2021, Cosco Shipping Holdings Co.Ltd(601919) share price converges with CCFI. Its share price also started in May 2020 and rose eight times by the end of the first half of 2021. However, since the second half of the year, CCFI is still rising, and Cosco Shipping Holdings Co.Ltd(601919) share price has come out of shock.
Based on the good early expectation of the company, the controlling shareholder of Cosco Shipping Holdings Co.Ltd(601919) COSCO Shipping Group Co., Ltd. (hereinafter referred to as COSCO Shipping Group) increased its holdings.
On October 18, 2021, COSCO Shipping Group increased its holdings of 7.9 million A-Shares for the first time in recent years, and plans to increase its holdings by no less than 1 billion yuan and no more than 2 billion yuan within six months.
In that month, COSCO Shipping Group accumulatively increased its holdings of Cosco Shipping Holdings Co.Ltd(601919) a shares by 45.4 million shares, accounting for about 0.284% of the total share capital, with an increase of more than 500 million yuan; Later, it increased its holdings of 62.487 million H shares in December.
In the A-share shipping sector, the performance growth of Nanjing Shenghang Shipping Co.Ltd(001205) ( Nanjing Shenghang Shipping Co.Ltd(001205) . SZ) and Hainan Strait Shipping Co.Ltd(002320) ( Hainan Strait Shipping Co.Ltd(002320) . SZ) in the disclosed annual report was limited, with a year-on-year increase of 16.23% and 6.61% respectively.
The previous performance forecast shows that many shipping stocks have achieved high growth, but much less than Cosco Shipping Holdings Co.Ltd(601919) Cosco Shipping Development Company Limited(601866) ( Cosco Shipping Development Company Limited(601866) . SH) is expected to make a profit of 5.8-6.8 billion yuan, an increase of about 2 times year-on-year Shanghai Zhonggu Logistics Co.Ltd(603565) ( Shanghai Zhonggu Logistics Co.Ltd(603565) . SH) net profit was 2.404 billion yuan, a year-on-year increase of 135.95% Cosco Shipping Specialized Carriers Co.Ltd(600428) ( Cosco Shipping Specialized Carriers Co.Ltd(600428) . SH) is expected to make a profit of RMB 282 million-307 million, doubling year-on-year Chang Jiang Shipping Group Phoenix Co.Ltd(000520) ( Chang Jiang Shipping Group Phoenix Co.Ltd(000520) . SH) due to its low base, the net profit is expected to be 197211 million yuan, with a year-on-year increase of 6.60 times to 10.39 times.
