On April 13, China Central Television News learned from the Ministry of transport that in the first quarter of this year, the national port cargo throughput and container throughput continued to maintain stable growth. All localities and port units take multiple measures to smooth the logistics chain and fully ensure the orderly operation of the port. Among them, in the first quarter of 2022, Ningbo Zhoushan port completed a cargo throughput of 303 million tons, a year-on-year increase of 3.4%; The container throughput was 7.91 million TEUs, a year-on-year increase of 2.9%. In addition, from January to March this year, Tangshan Port Group Co.Ltd(601000) Hong Kong completed a cargo throughput of 178.87 million tons, a year-on-year increase of 2.73%.
According to the data of the Ministry of transport, China's port cargo throughput in 2021 was 15.55 billion tons, a year-on-year increase of 6.8%, of which the port foreign trade cargo throughput was about 4.7 billion tons, a year-on-year increase of 4.5%. Last year, the port handled 280 million standard containers, an increase of 7% year-on-year.
It can be seen that with the economic recovery of various countries, various trade demands have been activated accordingly, driving the profit growth of relevant enterprises in the port and shipping industry. According to the data, as of the closing on April 13, a total of 26 listed companies in the port and shipping industry disclosed their annual performance in 2021, and 21 companies achieved a year-on-year increase in net profit during the reporting period, accounting for more than 80% The annual net profits of six companies including Chang Jiang Shipping Group Phoenix Co.Ltd(000520) , Cosco Shipping Holdings Co.Ltd(601919) , Jiangsu Lianyungang Port Co.Ltd(601008) , Cosco Shipping Development Company Limited(601866) , Cosco Shipping Specialized Carriers Co.Ltd(600428) , Shanghai Zhonggu Logistics Co.Ltd(603565) , etc. doubled year on year.
The port and shipping industry not only performed well in 2021, but also generally performed well in the first quarter of this year. Statistics show that as of the closing of April 13, six companies, including China Merchants Energy Shipping Co.Ltd(601872) , Cosco Shipping Holdings Co.Ltd(601919) , Shanghai International Port (Group) Co.Ltd(600018) , Xiamen Port Development Co.Ltd(000905) , Xingtong shares, Qingdao Port International Co.Ltd(601298) and others, have disclosed the performance forecast for the first quarter of 2022, and the performance of all six companies is expected to be happy.
In this regard, sun Enxiang, a private placement network researcher interviewed by the reporter of Securities Daily, said, "Optimistic about the investment value of this year's port and shipping sector: on the one hand, under the influence of tight supply and demand, superimposed global inflation, repeated epidemics and geopolitical factors, the annual performance and quarterly performance of port and shipping companies are good, indicating that the prosperity of the port and shipping industry is high, and this high prosperity is expected to continue under the condition of intensified port congestion and the recovery of cargo import and export demand this year; on the other hand, port and shipping companies The valuation of the transportation sector is low and has a high margin of safety. "
Boosted by multiple positive factors, the port and shipping sector has performed well since April, with an overall rise of 8.29%, outperforming the Shanghai Composite Index (a cumulative decline of 2.01% in the month). Among them, the Beibu Gulf Port Co.Ltd(000582) , Jinzhou Port Co.Ltd(600190) and other eight stocks also increased by more than 10% in the past month.
It is worth mentioning that the valuation of the port and shipping sector is at the bottom, with significant valuation advantages. Statistics show that up to now, the latest dynamic P / E ratio of A-Shares is 16.52 times, and the latest dynamic P / E ratios of 14 port shipping concept stocks are lower than this level, accounting for nearly 50%. Among them, the latest valuations of 6 concept stocks, including Cosco Shipping Holdings Co.Ltd(601919) , Antong Holdings Co.Ltd(600179) , Cosco Shipping Development Company Limited(601866) , Tangshan Port Group Co.Ltd(601000) , Qingdao Port International Co.Ltd(601298) , Shanghai International Port (Group) Co.Ltd(600018) , are less than 10 times.
In the last 30 days, some institutions have expressed optimism about the concept stocks of port and shipping. Specifically, seven concept stocks have been given optimistic ratings such as "buy" or "overweight". Among them, Cosco Shipping Holdings Co.Ltd(601919) has received optimistic ratings for 10 times, and four concept stocks such as Shanghai International Port (Group) Co.Ltd(600018) , Shanghai Zhonggu Logistics Co.Ltd(603565) , China Merchants Energy Shipping Co.Ltd(601872) , Cosco Shipping Energy Transportation Co.Ltd(600026) have also received optimistic ratings for 3 times or more.
Liu Yan, chairman of anjue assets, told reporters about the investment logic of port shipping concept stocks, "Recently, the port and shipping sector has performed prominently, which is mainly driven by the unified big market strategy proposed by the state and the implementation of green channels, one ship one policy and preferential berthing and departure by relevant departments for ships transporting key materials such as grain, oil and energy. The new policy has accelerated the turnover speed and improved the throughput of the port. Especially under the background of the low popularity of the overall stock market, the port and shipping sector has a relatively high margin of safety and better operational stability. Coupled with the construction of China's coastal ports, since 2012, the infrastructure expansion of coastal ports has entered the final stage, the industry as a whole has entered a new normal of steady growth, and the container rates have been raised one after another, resulting in the rising profit margin of ports. Therefore, the port shipping sector has a good risk aversion effect and is expected to maintain a high degree of attention in the future. "
Table: port and shipping companies that have disclosed the performance forecast for the first quarter of 2022 p align = "center" prepared by Ren Shibi
