\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 919 Cosco Shipping Holdings Co.Ltd(601919) )
Performance
On March 30, 2022, Cosco Shipping Holdings Co.Ltd(601919) issued the annual report for 2021. In 2021, the operating revenue was 333694 billion yuan, a year-on-year increase of 94.85%, and the net profit attributable to the parent company was 89.296 billion yuan, a year-on-year increase of 799.52%. 4q2021's operating revenue was 102215 billion yuan, a year-on-year increase of 90.88%, and the net profit attributable to the parent company was 21.706 billion yuan, a year-on-year increase of 257.77%. Basically in line with our previous expectations.
Analysis
The epidemic situation is repeated, the supply and demand of centralized transportation is tight, and the freight rate remains high. Affected by global port congestion, container shortage, inland transportation delay and other factors, the supply-demand relationship of container transportation continues to be tense, and the container shipping market continues to improve. In 2021, 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%. The revenue of container shipping business was 327927 billion yuan, a year-on-year increase of 97.54%. The company has continuously improved the operation efficiency of dual brand fleet. In 2021, the average weekly capacity of cross The Pacific Securities Co.Ltd(601099) routes increased by about 26% year-on-year, and the average weekly capacity of Asia Europe routes increased by about 6% year-on-year; The company strengthened the development of third country markets, emerging markets and regional markets, and the box volume of dual brands in emerging markets increased by 9% year-on-year. The freight volume of container shipping business was 269119 million TEUs, a year-on-year increase of 2.15%. Benefiting from the rise in freight rates, the company's gross profit margin increased by 28.09% to 42.3%.
Dividends take into account sustainable development and shareholder returns. After making up the losses of previous years and withdrawing the statutory reserve fund, the distributable profit of the parent company in the current year is 27.78 billion yuan. A cash dividend of 0.87 yuan (including tax) is distributed per share, which is 50.15% of the distributable profit of the parent company in 2021. The company's profit distribution plan for 2021 takes into account the company's long-term sustainable development and shareholder return.
Continue to promote the end-to-end and digital construction of shipping. The company continues to promote the development of the whole process end-to-end logistics supply chain business, the smooth operation of Hunan Guangdong non railway sea combined transport, Dawan district - western land and sea new channel, and the market influence of service channels such as China Europe land and Sea Express, China Europe train and western land and sea new channel is increasing. The company promotes the digital transformation of business, provides customers with full process, multi-channel and visual online shipping services and products, continuously shortens the distance between upstream and downstream, and continues to expand the coverage.
Investment advice
The net profit of the parent company is expected to increase by 15.937 billion yuan in 20232022, which is expected to benefit from the increase of the "purchase price" of the parent company by 45.727 billion yuan in 20232023, and the net profit of the "central company" is expected to increase by 45.727 billion yuan in 2022.
Risk tips
Risk of significant expansion of transport capacity of aviation enterprises; Risk of sharp rise in oil prices; There is a risk that the global economy will decline more than expected.
