Under the influence of factors such as the repeated global covid-19 epidemic and the reconstruction of the global supply chain, the container shipping market was “hard to find a box” last year, and the port stocks experienced the best time in recent years in 2021.
China’s largest port stock Shanghai International Port (Group) Co.Ltd(600018) (600018. SH) ended its performance decline for three consecutive years and increased significantly and positively in 2021. Taking advantage of this good opportunity, the company also put forward a spin off listing plan and plans to spin off its holding subsidiary Shanghai Jinjiang shipping (Group) Co., Ltd. (hereinafter referred to as Jinjiang shipping) for independent listing.
According to the annual performance express of 2021 disclosed on January 13, the company exceeded the objectives and tasks set at the beginning of the year. During the reporting period, the company achieved a total operating revenue of 34.38 billion yuan, a year-on-year increase of 31.6%; The net profit attributable to the shareholders of the listed company was 14.5 billion yuan, an increase of 6.190 billion yuan over the previous year, a year-on-year increase of 74.50%; The basic earnings per share is 0.6258 yuan.
Shanghai International Port (Group) Co.Ltd(600018) the net profit attributable to the parent company in the first three quarters was RMB 11.742 billion, with a year-on-year increase of 95.39%, which means that the net profit attributable to the parent company in the fourth quarter was RMB 2.758 billion, down from the previous quarter.
Shanghai International Port (Group) Co.Ltd(600018) the main reason for the significant increase in performance is that the cargo throughput and container throughput of the company’s home port have increased greatly, and the profit contribution of the main business of the port has increased steadily.
According to the business data disclosed by Shanghai International Port (Group) Co.Ltd(600018) , the company handled 539 million tons of goods last year, a year-on-year increase of 5.69%; The container throughput reached 47.033 million TEUs, a year-on-year increase of 3.53 million TEUs, a year-on-year increase of 8.11%.
At the same time, Shanghai International Port (Group) Co.Ltd(600018) holding and participating shipping companies are expected to have a substantial increase in profits. Real estate sales profits of Shanghai International Port (Group) Co.Ltd(600018) subsidiaries Shanghai International Port (Group) Co.Ltd(600018) Ruitai Development Co., Ltd., Shanghai International Port (Group) Co.Ltd(600018) Ruixiang Real Estate Development Co., Ltd. also increased.
In addition, Shanghai International Port (Group) Co.Ltd(600018) the previous three quarterly reports showed that the company’s investment income also contributed a lot of profits last year. The investment income in the first three quarters increased by 152%, mainly from Orient Overseas International (0316. HK), Bank Of Shanghai Co.Ltd(601229) (601229. SH) and Postal Savings Bank Of China Co.Ltd(601658) (601658. SH).
Among them, the share price of OOCL recently hit a new high again, and the investment income of Shanghai International Port (Group) Co.Ltd(600018) rose accordingly.
Last year, the shipping market was highly prosperous, and the contribution of shipping business to Shanghai International Port (Group) Co.Ltd(600018) performance increased. The company also intends to take advantage of the situation to expand this business.
Jinjiang shipping, a wholly-owned subsidiary, is the main carrier of Shanghai International Port (Group) Co.Ltd(600018) shipping business. According to the announcement, Shanghai International Port (Group) Co.Ltd(600018) deliberated and passed the proposal on planning the spin off and listing of subsidiaries.
Jinjiang shipping is a subsidiary with a long history of nearly 40 years. It is mainly engaged in international container transportation, shipping professional services and shipping logistics. It is mainly engaged in container liner transportation in East and Southeast Asia.
Jinjiang shipping, with a registered capital of 1.1 billion yuan, was established in 1983. At present, the equity structure is that Shanghai International Port (Group) Co.Ltd(600018) directly holds 98% equity, and Shanghai International Port (Group) Co.Ltd(600018) wholly-owned subsidiary Shanghai Port International Passenger Transport Center Development Co., Ltd. holds 2% equity.
In the shipping year of 2021, container freight rates soared and Jinjiang shipping performance surged. The net profit of Jinjiang shipping from 2018 to 2020 was RMB 271 million, RMB 395 million and RMB 398 million respectively. In the first three quarters of 2021, the profit reached RMB 903 million.
The spin off and listing is still in the preliminary planning stage, and there will still be various uncertain factors in the process of project implementation.
In the secondary market, Shanghai International Port (Group) Co.Ltd(600018) share prices fluctuated significantly in the fourth quarter of last year, falling by more than 20% first and then recovering. On January 13, the company’s share price fell slightly by 0.17% to close at 5.94 yuan / share, still at a high level in recent two years.
