Recently, the Ministry of transport and the Ministry of science and technology jointly issued the outline of medium and long-term development plan for scientific and technological innovation in the field of transportation, which is the first medium and long-term development plan for scientific and technological innovation in the field of transportation jointly issued by the two departments.
The document points out that by 2025, basic research and applied basic research will be significantly strengthened, important breakthroughs will be made in key core technologies, and a scientific and technological innovation system suitable for accelerating the construction of a transportation power will be preliminarily constructed. By 2030, important progress will be made in basic research and applied basic research, and the level of autonomy of key core technology products will be significantly improved. By 2035, the level of scientific and technological innovation in transportation will be in the forefront of the world, the ability of basic research and original innovation will be comprehensively enhanced, the key core technologies will be independent and controllable, and a scientific and technological innovation system suitable for the needs of powerful transportation countries will be basically built.
Specifically, the outline lays out six R & D tasks from the three element dimensions of transportation infrastructure, transportation equipment and transportation services and the three value dimensions of wisdom, safety and green. It emphasizes a number of important tasks, such as promoting the digital upgrading of infrastructure, R & D of new transport tools, comprehensively improving the development level of intelligent transportation and green environmental protection transport services.
transportation industry
business situation gradually recovers
In 2020, due to the repeated impact of the epidemic, the overall operation of the transportation industry declined. With the gradual improvement of China's epidemic prevention and control policies, many segments of the transportation industry have ushered in recovery.
According to the statistics of securities times · data treasure, among the transportation stocks that have published the performance forecast for 2021, taking the median value of the forecast net profit, about 65.26% of the companies achieved profit growth compared with 2019 before the epidemic, while only about 49.47% in 2020.
The profitability of 23 transportation stocks improved in 2021, from a decline in net profit growth in 2020 to a significant growth, mainly concentrated in the expressway, logistics and public transport sectors, of which the expressway segment accounts for the highest proportion, and half of the stocks belong to this sector Shanxi Road&Bridge Co.Ltd(000755) , Sichuan Expressway Company Limited(601107) , Jilin Expressway Co.Ltd(601518) it is estimated that the profit growth rate is the highest relative to that in 2019.
Shanxi Road&Bridge Co.Ltd(000755) performance forecast shows that the company expects to realize a net profit attributable to the parent company of 380 million yuan to 420 million yuan in 2021, turning losses into profits year-on-year. After the elimination of policy reasons, the toll revenue of Yuhe Expressway Company and Pingyu expressway company affiliated to the company has increased significantly.
The express sector has performed well this year. According to the data of the State Post Office, from January to February, the business volume of national express service enterprises totaled 15.69 billion, a year-on-year increase of 19.6%. In February, the business volume of national express service enterprises reached 6.91 billion, a year-on-year increase of 49.7%. According to the data disclosed by the company, among the listed companies, the revenue and business completion of Yunda Holding Co.Ltd(002120) , Shentong shares and 6 Zhejiang Xianju Pharmaceutical Co.Ltd(002332) express products all increased by more than 70%.
Everbright Securities Company Limited(601788) believes that the government work report issued in 2022 emphasizes that various supporting policies for passenger transport and other industries should be tilted, and passenger transport companies such as airports are expected to benefit; At the same time, it continues to emphasize the development of rural e-commerce and express logistics distribution, and proposes to speed up the construction of international logistics system. The leading express logistics companies are expected to assume more social responsibilities and promote the development of the company.
industry wide valuation
in lower range
Recently, affected by multiple factors such as epidemic situation, oil price and accidents, the transportation industry has experienced a significant retreat. Since March 4, the industry index has fallen by 12.12% in total, ranking the top six in all Shenwan industries. 39 shares have fallen by more than 15% in total, and 6 shares including Jiayou International Logistics Co.Ltd(603871) , S.F.Holding Co.Ltd(002352) , Antong Holdings Co.Ltd(600179) have fallen by more than 20%.
After this round of withdrawal, the valuation of the transportation sector has been in a low range. According to the statistics of the overall method, the latest rolling P / E ratio of the transportation sector is 19.97 times and the P / B ratio is 1.51 times, all of which are the lowest since 2021. The latest rolling P / E ratio of 28 shares is less than 10 times, and Pegasus international, Cosco Shipping Holdings Co.Ltd(601919) , Xiamen Itg Group Corp.Ltd(600755) valuations are the lowest, 0.81 times, 2.89 times and 4.5 times respectively.
Among the transportation stocks with a valuation of less than 10 times, the latest price of 8 stocks retreated by more than 10% from the high point of the year, and Pegasus international, Sinotrans Limited(601598) , Antong Holdings Co.Ltd(600179) retreated by more than 20%.
