Recently, central enterprises and subordinate listed companies have handed over the annual performance forecast of 2021, Petrochina Company Limited(601857) and China Tourism Group Duty Free Corporation Limited(601888) are expected to increase the annual net profit by 374% – 395% and 54% – 66% respectively.
At the same time, all central enterprises have held annual work meetings one after another to hang the development “welcome new alliance” for the ambitious year 2022. on the one hand, reform actions such as mixed reform and reorganization have been vigorously tackled; On the other hand, scientific and technological innovation has been continuously strengthened, green transformation and upgrading have been accelerated, and new kinetic energy and new business forms have been cultivated and expanded.
“Promote with stability and consolidate with progress.” Hao Peng, party secretary and director of the state owned assets supervision and Administration Commission of the State Council, said at the recently held meeting of heads of central enterprises that in 2022, central enterprises should closely focus on the goal of “two increases, one control and three improvements” and combine the task of achieving steady growth with promoting high-quality development.
Petrochina Company Limited(601857) : rooted in oil and gas “burst” performance
“the operating performance has created a new milestone, and the net profit has reached the best level in recent seven years.” Petrochina Company Limited(601857) recently proud of the 2021 performance forecast of “Zhangbang” company.
How to achieve a performance growth rate of nearly 4 times? Petrochina Company Limited(601857) said it benefited from the following:
first, in 2021, the international crude oil price continued to fluctuate upward, China’s macroeconomic recovered stably, and the demand for oil and gas products increased year-on-year;
second, the company vigorously strengthened oil and gas exploration and development and promoted refining and chemical structure adjustment, transformation and upgrading;
third, make overall plans to optimize the allocation of natural gas resources and steadily promote the business layout of new energy and new materials;
fourth, strengthen marketing and give play to the synergy of business sectors;
fifth, strengthen lean cost management and consolidate asset quality.
The more significant development momentum comes from PetroChina’s forward-looking layout in the field of energy transformation. In 2021, the company will explore the “three steps” of clean substitution, strategic succession and green transformation; Focus on new energy, new materials and new business, and establish three research institutes in Shanghai, Shenzhen and Dubai; Oil, gas, hydrogen and electricity are not multi-channel parallel and multi-point flowering. Geothermal heating in xiong’an new area has run out of development acceleration, and several hydrogen refueling stations have appeared in the Beijing Winter Olympics
in addition, in terms of collaborative R & D, PetroChina uses the scientific research platform to integrate and share professional software and other elements to improve the efficiency of multi-disciplinary and cross unit collaborative R & D, and uses artificial intelligence digital tools to help new product R & D and improve the success rate of scientific research.
As for the future, Petrochina Company Limited(601857) chairman and party secretary Dai Houliang proposed at the 2022 work conference, “we should firmly grasp the general tone of seeking progress while maintaining stability, put steady growth and risk prevention in a more prominent position, and make every effort to create a new situation of high-quality development.”
China Tourism Group Duty Free Corporation Limited(601888) : focus on duty-free expansion
In January this year, Weng Jieming, member of the Party committee and deputy director of the state owned assets supervision and Administration Commission of the State Council and vice chairman of the all China Federation of trade unions, pointed out that China tourism group should give full play to the role of tax-free business in stimulating consumption return, constantly innovate the operation mechanism and strive to build a world-class tourism retail operator.
as an important listed entity engaged in tax-free business under China Tourism Group, China Tourism Group Duty Free Corporation Limited(601888) it is estimated that the net profit attributable to the parent company in 2021 will be about 9.4 billion yuan to 10.1 billion yuan, with a year-on-year increase of 54% to 66%.
Focusing on the main business + policy dividend, what benefits has China Tourism Group Duty Free Corporation Limited(601888) brought?
specifically, during the reporting period, the company paid close attention to the tax-free market of Hainan outlying islands, and the tax-free business of outlying islands increased significantly year-on-year; Some subsidiaries of the company in Hainan can enjoy the preferential corporate income tax rate of 15% from January 1, 2020; In addition, the company’s subsidiaries and capital airport reached an agreement on the rent concession of the third contract year and signed a supplementary agreement.
Becoming the leader of the golden track also depends on the “territory expansion” of China Tourism Group Duty Free Corporation Limited(601888) over the past decade.
In terms of airport channels, China Tourism Group Duty Free Corporation Limited(601888) successively acquired 51% equity interests in RISHANG China and RISHANG Shanghai in 2017, thus controlling the duty-free business of Pudong Airport and capital airport, the two airports with the highest traffic in China.
In terms of outlying channels, Hainan’s outlying island duty-free policy was officially implemented in 2011, and China tax exemption took the lead in operating China’s first outlying island duty-free store in Sanya. In the past 10 years, the tax-free scale of Hainan outlying islands has increased nearly 10 times, and the business area of China Tourism Group Duty Free Corporation Limited(601888) has also expanded from 7000 square meters in Sanya to about 120000 square meters.
In May 2020, China Tourism Group Duty Free Corporation Limited(601888) successfully acquired 51% of the equity of Hainan duty-free, greatly increasing its strength in the tax-free field of outlying islands, making its overall market share in China’s tax-free industry more than 90%.
In December 2021, China Tourism Group Duty Free Corporation Limited(601888) in order to solve the problem of horizontal competition with the controlling shareholders, it plans to purchase 100% equity of Hong Kong China Travel asset company held by a wholly-owned subsidiary of China tourism group with RMB 126 million in cash. The latter has the qualification to operate duty-free foreign exchange commodities and can operate foreign exchange duty-free shops, that is, local duty-free shops that return home for supplementary purchase.
Baoshan Iron & Steel Co.Ltd(600019) : seek breakthrough based on innovation
in the first three quarters of 2021, Baoshan Iron & Steel Co.Ltd(600019) completed a cumulative iron output of 33.132 million tons, steel output of 37.048 million tons and commodity billet sales of 35.777 million tons; The consolidated profit was 29.13 billion yuan, a year-on-year increase of 161.6%, a record high in the same period.
“Wisdom”, “innovation” and “green” have become high-frequency words in Baoshan Iron & Steel Co.Ltd(600019) 2021.
In terms of technology research and development, in the third quarter of last year, the company’s “coated iron for bottle type cans” and “heat-resistant scoring product b23p080” achieved global launch; Breakthroughs have been made in five landmark technologies such as “technology of injecting hydrogen rich gas into large blast furnace to reduce CO2 emission”.
From January to September 2021, the company launched 12 products globally, made breakthroughs in 26 landmark technologies, and made great progress in 13 key technologies. Among them, the pilot production line of heat-resistant scoring of oriented silicon steel reached monthly production.
in terms of smart manufacturing, company accelerated the construction of smart production line and put into operation the centralized control center of the first and second smart factories of silicon steel in Baoshan base; Dongshan base has initially built three intelligent production lines for blast furnaces and realized unmanned operation of 1#, 2# coke oven and four trucks; Breakthroughs have been made in the construction of the basic platform of the big data center to realize the interconnection of the four bases.
in terms of green and low carbon, company has established a work promotion system of “carbon peak and carbon neutralization”, and orderly implemented carbon information management projects and low-carbon metallurgical technology development; The compliance rate of organized ultra-low emission in Dongshan and Meishan reaches more than 90%; Continue to promote the work of “solid waste does not leave the factory”, Baoshan and Dongshan bases achieve 100% solid waste does not leave the factory, and the comprehensive utilization rate of solid waste in Qingshan and Meishan bases exceeds the annual target.
Cosco Shipping Holdings Co.Ltd(601919) : integrate into the “double cycle” and become the “Sea King”
In 2021, Cosco Shipping Holdings Co.Ltd(601919) won the reputation of “Sea King” because of its amazing profit data and increasingly prominent scarcity attributes.
a powerful comparison is that Cosco Shipping Holdings Co.Ltd(601919) had a net profit of 67.421 billion yuan and an average daily profit of nearly 250 million yuan in the first three quarters of last year. In the same period, the average net profit of nearly 3400 A-share listed companies in the first three quarters was less than 250 million yuan.
From January to September 2021, under the influence of multiple factors such as demand growth, repeated epidemics and limited supply, the global logistics supply chain continued to be challenged and impacted by complex situations such as port congestion, container shortage and inland transportation delay, and the supply-demand relationship of container transportation continued to be tight.
Both danger and opportunity. Cosco Shipping Holdings Co.Ltd(601919) actively “plunge” into China’s international double cycle construction, give play to the supporting role of container logistics supply chain, and fully ensure global transportation services through measures such as increasing transportation capacity, ensuring container supply and providing services.
According to the data of , from January to September 2021, the average value of China’s export container freight rate composite index (CCFI) was 2398.80 points, an increase of 168.50% compared with the same period of the previous year; The freight volume of Cosco Shipping Holdings Co.Ltd(601919) container shipping business was 20.4471 million TEUs, an increase of about 8.03% compared with the same period of the previous year, realizing the simultaneous rise of volume and price.
Looking back on the past and present lives of “Haiwang”, no matter whether it spends a lot of money to control OOCL in the low cycle or spends a lot of money to build a new ship under the soaring performance, its mission of “building channels and ensuring commerce and trade” has never changed, and becomes more important at the moment of “blocking one place and paralyzing all”.
On the other hand, with the stability of the centralized transportation industry, service and efficiency have become the mainstream of industry development. How to provide efficient and low-carbon end-to-end logistics services for complex customer groups with the help of digital technology is not only a problem that Cosco Shipping Holdings Co.Ltd(601919) is trying to solve, but also the common expectation of the majority of foreign trade enterprises.
Aluminum Corporation Of China Limited(601600) : equity incentive gathers people
As an important part of the three-year action of state-owned enterprise reform, equity incentive, a market-oriented medium and long-term incentive method, is being responded by more and more listed companies controlled by central enterprises.
Take Aluminum Corporation Of China Limited(601600) as an example, the company just “presented” a new draft of equity incentive plan in December last year. No more than 1192 incentive objects were granted for the first time, including directors, senior executives, middle-level managers and core technology (business) backbone of the company.
The price of restricted shares granted for the first time is 3.08 yuan per share, which is not small compared with the latest closing price of 5.97 yuan.
in order to give full play to the incentive effect, Aluminum Corporation Of China Limited(601600) has set up quite high standards in the formulation of performance evaluation objectives: Based on the deduction of non parent net profit in 2020, the compound growth rate of non parent net profit from 2022 to 2024 should not be less than 110%, 75% and 60% respectively.
According to this calculation, in order to exercise the right, the incentive objects need to ensure that the net profit returned to the parent after deduction from Aluminum Corporation Of China Limited(601600) 2022 to 2024 is not less than 1.733 billion yuan, 2.106 billion yuan and 2.576 billion yuan respectively.
This goal is not “out of reach” for Aluminum Corporation Of China Limited(601600) in the business cycle. As a holding subsidiary of Chinalco group, Aluminum Corporation Of China Limited(601600) is the largest alumina production supplier in the world. Its main products include alumina, electrolytic aluminum and carbon. Its performance fluctuates greatly and has strong periodicity.
In 2021, affected by the recovery of demand and the rise of aluminum price, Aluminum Corporation Of China Limited(601600) performance ushered in an outbreak. In the first three quarters, the net profit deducted from non parent company reached 7.126 billion yuan, a year-on-year increase of more than 45 times, a new high since 2008.
Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) : asset replacement for transformation
At the beginning of the year, the “first son” of the reorganization of central enterprises fell on Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) . On January 6, Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) announced that in order to properly solve the problem of horizontal competition, the company plans to replace the assets of the real estate sector held by the company with the assets related to high-quality power grid auxiliary industry held by the power construction group, the controlling shareholder of the company.
Thus, Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) will be placed in 18 high-quality power grid auxiliary assets under the power construction group, which is conducive to further optimizing the company’s assets and improving the industrial structure; “Check out to power” means that the overall profitability of invested assets is higher than that of purchased assets, which is also conducive to improving the profitability and asset quality of the company.
Specifically, the assets to be placed have a lot of highlights in the field of new energy. For example, Shanghai Electric Power Co.Ltd(600021) Design Institute has become a member of China electric power planning and Design Association and the top ten units with newly signed new energy contracts for two consecutive years in 2019 and 2020; Sichuan Electric Power Design Consulting Co., Ltd., Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) group Guizhou electric power design and Research Institute Co., Ltd. have obtained the general contracting business of power grids in Guizhou, Guangxi and other places; As original stakeholders, many other companies have successfully issued green ABS with the theme of “carbon neutralization”.
Recently, Ding Yanzhang, Secretary of the Party committee and chairman of Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) said at the inaugural meeting of Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) New Energy Group Co., Ltd, “The implementation of new energy business restructuring is Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) a major strategic practice to promote China’s energy revolution, ensure energy security and build a green and low-carbon development system. It is also Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) a major strategic deployment to implement the new development concept, seize the historic opportunity of new energy, adjust the business structure and realize the transformation of the group company from construction oriented to ‘investment, construction and operation’ integration.”
It is reported that after the establishment of Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) new energy group, the installed capacity of new energy will exceed 7 million KW.
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