Since this week, stimulated by a series of good news, the logistics sector has continued to strengthen against the market. On April 13, the A-share logistics sector again welcomed the “rising limit tide”. As of the closing of the day, China Railway Materials Company Limited(000927) , Zhangjiagang Freetrade Science & Technology Group Co.Ltd(600794) , San Yang Ma (Chongqing) Logistics Co.Ltd(001317) , etc. rose limit one after another. Among them, Jiangsu Xinning Modern Logistics Co.Ltd(300013) , Guanghui Logistics Co.Ltd(600603) and other more than ten stocks have achieved four consecutive rises in the near future.
According to the news, the Ministry of transport, the State Railway Administration, the Civil Aviation Administration of China, the State Post Office and China National Railway Group Co., Ltd. recently jointly issued the implementation opinions on accelerating the high-quality development of cold chain logistics transportation (hereinafter referred to as the “opinions”), which put forward clear requirements from the aspects of improving the network of production and marketing cold chain transportation facilities, cultivating backbone enterprises of cold chain transportation and improving the supervision system of cold chain transportation. Institutional sources pointed out that the promulgation of the “opinions” is based on the “14th five year plan” cold chain logistics development plan issued in December last year, which is intended to promote the construction of local cold chain transportation facilities and networks.
In recent years, the scale of cold chain hardware facilities in China has maintained a rapid growth trend. According to the data from the cold chain Committee of China Federation of things, from 2015 to 2021, the capacity of China’s cold storage increased from 37.1 million tons to 74.98 million tons, and there is still much room for development. For example, in terms of cold chain circulation rate, the current cold chain circulation rate of meat and vegetables in China is less than 30% and 20%, with an average of more than 90% in developed countries; In terms of per capita cold storage capacity, in 2018, China’s per capita cold storage capacity was 0.13 m3 / person, while the average in developed countries was 0.437 m3 / person; In addition, the cold storage is relatively concentrated in East China, the number of cold storage in other regions is relatively lacking, and the imbalance between regions still exists.
Since the end of 2021, the heavy policies of the cold chain logistics industry have been implemented continuously. In January this year, the national development and Reform Commission issued the implementation plan for the construction of national backbone cold chain logistics bases, which made systematic arrangements for the layout and construction of national backbone cold chain logistics bases during the 14th Five Year Plan period; In February, the special plan for the development of public Shenzhen Agricultural Products Group Co.Ltd(000061) cold chain logistics in the “14th five year plan” of the National Federation of supply and marketing cooperatives was released to lay out the cold chain logistics in the Shenzhen Agricultural Products Group Co.Ltd(000061) field. In addition, many places in Zhejiang and Shandong have also issued policies to vigorously develop cold chain logistics, and proposed to actively cultivate industry leading enterprises.
Soochow Securities Co.Ltd(601555) pointed out that the opinions released this time will accelerate the construction of cold chain logistics, focus on improving infrastructure and promoting equipment upgrading, and cover the “first kilometer” of Shenzhen Agricultural Products Group Co.Ltd(000061) origin, the “last kilometer” of cold chain centralized distribution center at the place of sale, and then the front warehouse of urban cold chain. To B (merchant end) and to C (consumer end) core equipment manufacturers will take the lead in benefiting.
Shenyin Wanguo Securities Research Institute pointed out that accelerating the construction of upstream infrastructure network proposed in the opinions will contribute to the long-term sustainable development of the cold chain industry. In terms of strengthening infrastructure construction and upgrading of technical equipment, it is also expected to drive the demand for cold chain equipment. The cold chain equipment involved in cold chain infrastructure and transportation includes quick freezing equipment, refrigerated truck, refrigerated cabinet, low-temperature container, refrigerated display cabinet, etc. in addition, the refrigeration compressor is the core of the refrigeration system and runs through the whole cold chain industry chain. Infrastructure construction maintains the high outlook of the cold chain industry, technical equipment upgrading promotes the upgrading of cold chain equipment, and jointly drives the demand for relevant cold chain equipment.
According to the 2021 annual report released by several cold chain logistics stocks, the overall performance of the sector is bright. Among them, the annual net profits of China International Marine Containers (Group) Co.Ltd(000039) , S.F.Holding Co.Ltd(002352) exceeded 1 billion yuan, and the net profits of Shanghai Jiao Yun Group Co.Ltd(600676) , Changhong Meiling Co.Ltd(000521) and others doubled. In the performance forecast for the first quarter of 2022, companies such as S.F.Holding Co.Ltd(002352) , Cmst Development Co.Ltd(600787) , China Railway Tielong Container Logistics Co.Ltd(600125) , etc. are all performance forecasts China Merchants Securities Co.Ltd(600999) said that with the increase of policy support, the cold chain logistics industry began to enter the golden development period. Shenyin Wanguo Securities Research Institute stressed that under the multiple stimulation of policy catalysis, high industry outlook and improvement of technical standards, cold chain equipment suppliers with high professionalism and strong brand effect and binding Chinese foreign customers are expected to benefit fully.
