\u3000\u3 Shengda Resources Co.Ltd(000603) 128 Cts International Logistics Corporation Limited(603128) )
Events
Cts International Logistics Corporation Limited(603128) ( Cts International Logistics Corporation Limited(603128) ) released its annual report. In 2021, it achieved a revenue of 24.668 billion yuan, a year-on-year increase of 75%, a net profit attributable to the parent company of 837 million yuan, a year-on-year increase of 57.74%, and an earnings per share of 0.65 yuan, a year-on-year increase of 58.54%. On the same day, the company released its first quarterly report. The operating revenue increased by 40.33% year-on-year, and the net profit attributable to the parent company increased by 36.04% year-on-year.
Comments
1. During the reporting period, the company mainly engaged in air freight forwarding and sea freight forwarding.
The air transportation business volume was 354400 tons, with a year-on-year increase of 2.63%, and the operating revenue was 6.847 billion yuan, with a year-on-year increase of 20%. The ranking of global air freight forwarders rose 1 to 14th in 2021.
The shipping business volume was 1035400 TEUs, with a year-on-year increase of 1.91%, and the operating revenue was 11.73 billion yuan, with a year-on-year increase of 142.7%, mainly due to the impact of high shipping prices in 2021.
The two accounts for about 75% of the company's total revenue, and the gross profit of the two businesses totals 1.6 billion, accounting for 65% of the company's total gross profit of the main business.
2. The third business is cross-border e-commerce logistics, with an operating revenue of 3.775 billion yuan, a year-on-year increase of 98.9% and a gross profit of 493 million yuan. This business accounts for 15.3% of the company's total revenue and 19.9% of the total gross profit. The increase was mainly benefited from the results of the layout of Shenzhen and Hangzhou companies in 2021.
3. With its own advantages of air freight forwarding, the company strives to expand the round-trip transportation capacity and customs clearance capacity of the global air transport hub. While building a small amount of air transport capacity, it also carries out complementary cooperation in overseas transportation with Eastern Air Logistics Co.Ltd(601156) and China Post; The company vigorously develops cross-border businesses such as China Europe Kaban and China Europe railway freight forwarding trains. These new directions have been strongly supported by new shareholders.
Investment rating
The short-term epidemic situation will not change and will grow in the long term. It is estimated that the EPS in the next three years will be 0.73, 0.86 and 1.03 respectively, and the corresponding PE will be 11.8, 10.1 and 8.5 respectively, which will be rated as "overweight".
Risk tips
Shanghai Port Logistics recovered slowly, and the epidemic continued to affect foreign trade import and export.
