Ningbo Port (601018): The industry-leading integration advantage of the growth rate gradually highlights

Ningbo Port (601018): The industry-leading integration advantage of the growth rate gradually highlights

News / Announcements.

The company released the 2018 annual report, the report scale, the company realized operating income of 218.

80 ppm, an increase of 20 per year.

33%; net profit attributable to mother 28.

84 ‰, an increase of 7 per year.


Net profit after deduction to non-mother 25.

5.9 billion, an increase of 10 in ten years.

08%, achieving a basic income of 0.

22 yuan, the expected average ROE is 7.

75%, increasing by 0 every year.

24 shares per share, deducting unexpected average ROE is 6.

88%, increasing by 0 every year.

36 units.

Performance was basically in line with expectations.

Cargo tungsten carbide increased by 7.

8%, the growth rate maintained a leading position.

Reported volume, GDP growth by 6.

At 6%, China’s national economy as a whole is operating steadily, showing a steady and progressive trend.

The trade structure has been continuously optimized, the scale of imports and exports has reached a record high, and the import and export of goods have been gradually completed.

5 trillion, an increase of 9 in ten years.


The growth of cargo tungsten carbide in major ports across the country has been slow. Among them, the total length of cargo tungsten carbide in coastal ports above the national scale has been completed.

1.3 billion tons, an annual increase of 4.


According to the reported quantity, the company relies on a good geographical location and efficient operation to complete the cargo tungsten 7.

7.6 billion tons, an increase of 7 in ten years.

8%; 27.94 million TEUs of container explosions were completed, an increase of 7 per year.

6%, the growth rate ahead of the average level of major coastal ports.

The trading business contributed the main revenue 北京夜生活网 increase, and the main profit increase came from the container business and integrated logistics business.

In 2018, the company achieved main operating income of 216.

99 ppm, an increase of 20 in ten years.

25%, of which the sales revenue of trade sales reached 36.

460,000 yuan, an increase of 101 in ten years.

77%, contributing a major increase in operating income.

The reported fact that the company’s total gross profit was 53.
61 ppm, an increase of 15 in ten years.

38%, gross margin is 24.
24%, a slight decline in one year.

Among them, the container business achieved a gross profit of 20.

76 ppm, an increase of 23 in ten years.

7%, gross profit margin is as high as 44.

79%; gross profit from integrated logistics business16.

43 ppm, an increase of 20 in ten years.

3%, the two provide the main increase in company profits.

Continue to promote integrated operation management, advantages and effects gradually emerge.

The company’s integrated operation and management advantages gradually realized. The report broke through the Beilun Third Container Co., Ltd. container explosion again exceeded 10 million TEUs. Meishan Company achieved more than 4 million TEUs for the first time. Ningbo Beilun First Container Explosion exceeded 3 million TEUs for the first time. OreThe company’s cargo tungsten exceeded 1 for the first time.

100 million tons.

The cargoes of Wenzhou Port Group, which the company was entrusted to manage and operate, had container explosions each increased by ten years.

1% and 12.


Jiaxing Port cargo and container explosions increased by 17 each.

1% and 19.


Yiwu Port’s yard operation volume and dump truck volume have achieved leaping growth in half a year.

In addition, the integrated operation of the Yangtze River Delta has continued to deepen, and the successful implementation of integrated measures such as one-port-to-card permit, shared use of anchorages, and cancellation of passenger and vehicle licenses in restricted areas at ports will help replace container ship non-operating hours.

Adjust earnings forecast and maintain “overweight” rating.

Based on the company’s current operating conditions, we adjust the profit forecast for 19/20 and supplement the forecast for 2021. We expect that the net profit attributable to the mother will be 31 in 2019-2021.

7.4 billion, 35.

2.8 billion, 38.

5.3 billion (previous forecast for 19/20 was 32.

2.6 billion, 35.

3.3 billion), corresponding to the current expected PE is 18 times, 16 times, 15 times, maintaining the “overweight” level.

Risk reminder: Substantial breakthrough in economics brings carbonization to a lesser extent than expected.