\u3000\u30 Shenzhen Fountain Corporation(000005) 07 Zhuhai Port Co.Ltd(000507) )
Event: in 2021, the company achieved a revenue of 6.38 billion yuan (+ 80.5%) and a net profit attributable to the parent company of 446 million yuan (+ 69.6%); In 2022, Q1 achieved a revenue of 1.34 billion yuan (+ 10.3%), and a net profit attributable to the parent company of 58 million yuan (- 31.3%).
The throughput of terminals in the Xijiang River Basin continued to increase: in 2021, Yunfu new port steadily increased the market share of stone import, vigorously expanded the domestic bulk cargo handling business, and achieved a cargo throughput of 6.69 million tons (+ 20.5%) and a container throughput of 210000 TEUs (+ 10.7%); Wuzhou port vigorously developed its grain and building materials business, achieving a cargo throughput of 5.615 million tons (+ 128%) and a container throughput of 148000 TEUs (+ 62%), making a profit for the first time since the opening of the port.
The acquisition of assets contributed to the main profit increment: the company acquired Xinghua port in the second half of 2020, completed the acquisition of Jiangsu Xiuqiang Glasswork Co.Ltd(300160) and equity investment in Tianlun gas in 2021, and added consolidated ganghong Wharf in Q1 of 22. At present, the related assets acquired in recent 2 years have performed well.
Xinghua port is the second pulp distribution and distribution center in China and the first in East China. The annual cargo throughput is 16.68 million tons (+ 1.1%) and the container throughput is 106000 TEUs (+ 5.2%), reaching a new high, and the net profit is 132 million yuan.
The company became the controlling shareholder of Jiangsu Xiuqiang Glasswork Co.Ltd(300160) in April 21, holding Jiangsu Xiuqiang Glasswork Co.Ltd(300160) 25% shares and realizing consolidation. In 2021 and 2022q1 Jiangsu Xiuqiang Glasswork Co.Ltd(300160) respectively, the net profit was 137 million yuan (+ 12.5%) and 60 million yuan (+ 233%). The sharp increase in the net profit in the first quarter was mainly due to the increase of the company’s market share and the downward fluctuation of main raw materials during the reporting period, and the average operating cost decreased compared with the same period of the previous year.
In 2021, Tianlun gas achieved a net profit of 1 billion yuan, slightly lower than that in 2020. In mid July, the company acquired 11.96% equity of Tianlun gas, a Hong Kong listed company, at a price of HK $920 million, and realized an investment income of 58 million yuan in the second half of the year.
The profits of the wind power sector continued to grow: benefiting from the good wind resources and Internet access in the region where the wind farm is located, and the annual consolidation of Anhui Tianyang wind power, the total installed capacity of the company’s wind power enterprises increased to 410000 kW, realizing 700 million kwh of online power, a year-on-year increase of 27%; The operating profit was 116 million yuan, a year-on-year increase of about 37%.
The epidemic situation in the Yangtze River Delta and the rise in the price of raw materials may affect the performance in the first half of the year: the net profit attributable to the parent company of the company decreased by about 30% year-on-year in the first quarter, mainly due to the rise in the price of oil, natural gas and other raw materials during the reporting period, resulting in the decrease in the net profit of the subsidiary Gangxing gas and Zhuhai Port Co.Ltd(000507) shipping during the reporting period; At the same time, affected by a series of policies such as China’s coal supply guarantee and price limit, the demand for coal procurement decreased, and the unloading volume of the subsidiary ganghong wharf decreased in the same period, resulting in a decline in net profit. The epidemic situation in the Yangtze River Delta in the second quarter is expected to have a certain negative impact on Xinghua port in Changshu.
Profit forecast and investment rating of the company: the company has recently expanded and strengthened the dual main businesses of port logistics and clean energy through project acquisition. At present, the enterprise is in good operation. However, as the impact of the epidemic and the rise in energy prices cannot be ignored, we revised the company’s profit forecast. It is estimated that the company’s net profit in 21-23 years will be 410 million yuan, 510 million yuan and 560 million yuan, and EPS will be 0.44 yuan, 0.55 yuan and 0.61 yuan respectively. We believe that short-term external factors will not affect the long-term good trend of the company’s operation, and maintain the “recommended” rating.
Risk warning: the macro economy is not as expected; The shipping price fluctuates greatly; The performance of participating companies fluctuates.
