Port stocks rose across the board. What are the port stocks?

Port stocks rose across the board. What are the port stocks?

Port stocks rose across the board today. As of press time, Yantian Port rose for the second consecutive day, Dalian Port rose by nearly 9%, Lianyungang Port and Yingkou Port both rose by more than 5%, and Jinzhou Port and Rizhao Port were also among the top gainers.

20 15 summary of interim report of shipping port: distribution deteriorated, oil transportation became prominent, and the port declined periodically.

Plate performance: the transportation of bulk goods deteriorated, the transportation of oil was prominent, and the port periodically declined.

Shipping: The business environment has deteriorated again, and the oil transportation market stands out. In the first half of 20 15, the operating pressure of the shipping industry rose again. Although the continuous decline in oil prices has eased the pressure on the fuel cost side, the imbalance between supply and demand in the bulk cargo and container transportation industries continues, and the benefits brought by the decline in oil prices are basically swallowed up by the decline in freight rates. The freight rate in the bulk cargo market fluctuates at a low level, and it is difficult to improve; The container transportation market has been falling all the way, and it is a high probability event that the peak season is not prosperous; Only the oil transportation market stands out, and the freight rate fluctuates upward. The overall revenue of the shipping industry decreased by 0.48% year-on-year, ranking third from the bottom among all transportation sub-sectors. Operating profit and net profit increased by 183.47% and 390.4 1% respectively year-on-year, which was second only to the number one aviation industry. The main reason is that the industry's profit base was low last year, and at the same time, it further enjoyed non-operating income such as lower oil prices and ship dismantling subsidies.

Ports: The growth rate decreases periodically. Except cash flow, all the indicators of the port sector showed a negative growth trend, among which the operating income decreased by 16.6 1%, and the operating profit and net profit decreased by 2.84% and 7. 16% respectively, reflecting that the periodicity and rigid cost of industry profits are difficult to improve.

Comparative analysis of shipping companies: oil transportation profits continue to heat up, while bulk cargo transportation both falls.

1) revenue: the freight rates of shipping plate, dry bulk cargo and container transportation have obviously deteriorated compared with last year. Among them, the BDI index continues to hover at a low level, and the container transport index keeps falling. Only the freight rate in the oil transportation market has obviously improved, but it still fluctuates violently. 2) Profitability: Freight forwarders are dragged down by the contradiction between supply and demand in the industry, and their profitability is not ideal. The profitability of the oil transportation sector is further consolidated by low oil prices and high freight rates, and the sub-sectors of bulk transportation are not well managed, and the subsidies for ship dismantling promote losses. 3) Cash flow and financial pressure: the operating cash flow is improved and the financial pressure is reduced.

Comparative analysis of port companies: the decline in volume leads to a decline in profits and further increase in cash flow pressure.

Revenue: In the first half of 20 15, the national port cargo throughput and container throughput increased by 4.54% and 4.96% respectively, and the growth rate further narrowed. The income growth rate of major listed companies in ports has obviously deteriorated compared with last year. 2) Profitability: The growth rate of net profit of port listed companies is mixed, mainly because the periodic decline of freight volume is difficult to support income growth, and it is difficult to effectively reduce rigid costs such as depreciation and labor, which brings cost pressure. 3) Cash flow and financial pressure: The increase in accounts receivable brings cash flow pressure and financial expenses remain stable.

Capital proposal

Considering that most shipping companies are currently in the suspension stage, we recommend Zhonghai Haisheng, whose share price is only 5% higher than the safety line, and it is more likely to get involved in the insurance and medical industries. At the same time, considering the demonstration effect of Ningbo Port's suspension on other ports, Dalian Port, which is expected to integrate the northeast ports, and Rizhao Port, which is expected to inject major shareholder assets, are recommended. (changjiang securities)

A brief comment on the port data of seaport and service industry in August: the deterioration of exports still needs to be repaired, and Tianjin port is obviously limited.

Container foreign exchange collection: the growth rate continues to decline, and foreign trade repair needs to cross the "J curve effect". From the overall data, the year-on-year growth rate of container throughput in August dropped by 3.3 percentage points compared with the previous month, and the growth rate slowed down significantly, which was significantly lower than the cumulative year-on-year growth rate of 5.8% in the first seven months. In August, China's PMI index fell below the threshold again since March this year, dropping to 49.7. Although China tried to repair the competitiveness of export enterprises through the one-off devaluation of RMB, according to the classical international trade theory, the J-curve effect after devaluation may lead to the continuous deterioration of the current account, and then gradually recover. So we judge that the container throughput and export volume of the port have not yet entered the repair channel.

The growth rate of ports narrowed, and Tianjin Port led the decline. According to port data, the container throughput growth rates of Shanghai, Shenzhen and Ningbo, the three major foreign trade ports, were 1.6%, -0.2% and 3.8% respectively, and the overall growth rate was narrower than that of last month, still lower than the cumulative growth rate in the previous August. Among them, the growth rate of Shanghai Port was basically the same as that of last month; The year-on-year growth rate of Shenzhen Port has experienced negative growth for the first time in the past three months; The growth rate of Ningbo Port dropped by 2.6 percentage points, which further widened the gap with the cumulative year-on-year growth rate; By region, the year-on-year growth rates of ports around Bohai Sea, Yangtze River Delta and Pearl River Delta were -5.6%, 2.22% and 1.44% respectively. Among them, the growth rate of port throughput around Bohai Sea led the decline, mainly due to the explosion of Tianjin Port in mid-August, and the container throughput of Tianjin Port decreased by nearly 27.9% year-on-year.

Bulk cargo: the deterioration of mining transportation drags down the growth rate. In August, China's import and export environment deteriorated significantly compared with the same period last year. In August, China's total import and export value was 2.04 trillion, down 9.7% year-on-year. At the same time, the shipments of iron ore pallets have gradually decreased, and the hot momentum of the bulk shipping market has obviously cooled down compared with last month. In the end, the growth rate of national port cargo throughput decreased by 3.5 percentage points year-on-year to 2.2%.

Mining and coal transportation continue to decline. In terms of ports, the throughput of Qinhuangdao Port, the main loading and unloading port of coal, decreased by 6. 1% year-on-year, continuing the decline of last month, with a cumulative decrease of 5.2% in the first eight months. The decline of industrial electricity consumption caused by economic weakness, as well as the extrusion of thermal power by cold weather and hydropower, have seriously affected the port coal throughput; The throughput of the main ore loading and unloading ports is mixed: the throughput of Tangshan Port entered the downward channel, maintaining the decline last month, down 9.7% year-on-year. Qingdao Port further consolidated last month's increase, up 7% year-on-year. In terms of regions, the recovery momentum of ports around the Bohai Sea, the Yangtze River Delta and the Pearl River Delta has weakened, with year-on-year growth rates of-1.82%, 1.84% and 3.65% respectively, among which the growth rates of the Yangtze River Delta and the Bohai Sea have obviously decreased, dropping by 3.2 and 3.28 percentage points respectively from last month.