COSCO SHIPPING (601919) Quarterly Report Commentary: Single Box Revenue Contrarian Growth
Event: COSCO Haikong disclosed Q3 results and achieved operating income of 1116.
1.7 billion, an annual growth of 35.
9%; net profit attributable to mother 21.
1.6 billion, a significant increase of 145 every year.
3%; net profit deducted from non-attributed mother 18.
900 million, a year of 武汉夜网论坛 losses.
The freight rate significantly outperformed the market, and the operating capacity advantage was fully displayed!
In Q3 2019, the freight rate of the container shipping market was weak, with an average CCFI of 822 points, a year-on-year decrease of 1.
72%, with an average SCFI of 790.
5 points, down 9 each year.
However, benefiting from the control of Haikong’s grasp of the global economic structure and the early shift of capacity to emerging markets, Q3 recorded a container volume of 664 in a single quarter.
320,000 TEUs, an increase of 1 in ten years.
92%; flight revenue 355.
1.6 billion, an annual increase of 7.
12% outstanding results.
In terms of freight rate, the Group’s Q3 single-season single-container shipping revenue reached 5,346.
22 yuan, compared with 5086 in the same period last year.深圳桑拿网
65 yuan increased by 5.
10%, even excluding RMB depreciation2.
The impact of 82% still significantly outperformed the market.
The completion of Long Beach Wharf on October 24 is expected to bring high one-time income and abundant cash flow to the company, which is the basis for the subsequent business development potential.
During the company’s acquisition of OOCL, OOCL, COSCO Haikong and the U.S. Department of Homeland Security and the Ministry of Justice concluded a national security agreement near OOCL’s US Long Beach terminal and announced the sale of the asset on April 30 this year.Book value 104.
500 million yuan.
On October 25, COSCO SHIPPING announced that the delivery was completed on October 24, and the high cash income is expected to be reflected in the 2019 annual report.
The country vigorously promotes the blockchain, GSBN advances beyond expectations, consolidating the leading position of the industry.
On October 24th, the Political Bureau of the CPC Central Committee conducted the eighteenth collective study on blockchain technology. Chairman Xi Jinping’s profound explanation of the significance and development direction of the development of blockchain technology has changed and replaced the development achievements of blockchain technology.Important deployment.
COSCO controls gradually integrates the GSBN, a blockchain alliance, to promote the formulation of digital standards and information sharing in the industry, and improve the efficiency of industry operations and the quality of customer service.
In the first half of 2018, JD.com and Jianong jointly completed the Ecuadorian banana origin tracing project, enabling consumers to scan the QR code to convert it to the origin of food. This is the first commercialization of blockchain technology in the shipping industry.application.
Based on national industry support, we believe that Haikong is expected to be at the forefront in the application of blockchain technology, thus increasing customer stickiness and consolidating the industry’s leading position.
Investment suggestion: The IMO sulfur restriction order will be officially implemented early next year. Starting from the fourth quarter, some ships will begin to switch to low-sulfur oil, leading to rising fuel costs, while the industry’s long-term oversupply pattern has led to low freight rates and insufficient cost passing capacity.
This round of shocks may push the industry into a period of de-capacity production, and high-yielding alternative companies are expected to be the final winners. Haikong Q3’s own operating capacity has completed the contrarian growth of single-box revenue, showing outstanding performance; quantification, the promotion of digital technology applicationsIt is expected to accelerate with industrial support to further strengthen customer stickiness.
Regardless of the assets disposal income of Long Beach Terminal, the company’s net profit for 2019-2021 is expected to be 29.
7 billion yuan, corresponding to 19-21PE19.
2X, 9.6X, maintain “Buy” rating.
Risk reminder: Macroeconomic downturn unexpectedly, fuel oil costs up unexpectedly, industry competition pattern exceeds expectations, security accidents, etc.