COSCO Haikong (601919) 2018 Annual Report Comments: 18 Years of Operating Profit and Loss Focus on Consolidation Market

COSCO Haikong (601919) 2018 Annual Report Comments: 18 Years of Operating Profit and Loss Focus on Consolidation Market

Event: COSCO Haikong released its 2018 annual report, and its operating income in 2018 was 1,208.

30,000 yuan, an annual increase of 33.

6%; net profit attributable to mother 12.

3 ‰, 53 years average.

8%, equivalent to 0 EPS.

12 yuan; net profit after deduction 1.

9 trillion, a year-on-year decline of 80%, after deduction is 0.

02 yuan, performance in line with the notice.

Comments: The company’s container traffic in 2018 was 2179.

20,000 TEU, a growth of 29% in ten years.

Among them, the freight volume of COSCO SHIPPING was 1836.

60,000 TEUs, an increase of 8 in ten years.

7%; OOCL started consolidation in the third quarter of last year, and completed 342 freight in July-December.

60,000 TEU.

In terms of routes, the company’s trans-Pacific, Asia-Europe, Asian region, other international, and China routes have 387 traffic.

6, 383.

8, 627.

9,204.

9,574.

90,000 TEUs, each growing 36.

8%, 28.

7%, 47.

9%, 60.

3%, 3.

5%.

The company’s route revenue in 2018 was 1,060.

80,000 yuan, an increase of 36 in ten years.

3%.

Among them, COSCO Shipping revenue was 847.

1 ppm, a ten-year increase of 8.

8%.

In terms of air routes, the revenue from trans-Pacific, Asia-Europe, Asia, other international and Chinese routes was 326.

3, 224.

8, 249, 142.

3, 118.

4 trillion, an increase of 46 each year.无锡夜网

3%, 20.

6%, 52.4%, 51.

3%, 5.

9%.

In 2018, the average single container revenue of the company’s routes was 4,868 yuan / TEU, an increase of 5 in ten years.

6%.

In terms of air routes, the average single container revenue of trans-Pacific, Asia-Europe, Asia, other international, and Chinese routes is 8418, 5856, 3965, 6942, and 2060 yuan / TEU, respectively +6.

9%, -6.

2%, +3.

1%, -5.

6%, 2.

3%.

International routes are priced in US dollars. In terms of US dollars, the company’s average international container revenue for international routes in 2018 was 871.

USD 6 / TEU, 0 in ten years.

2%, the range is basically consistent with the CCFI index; the average single container revenue of domestic trade routes is 2060.

3 yuan / TEU, an increase of 2 in ten years.

3%.

In 2018, the average single container cost of the company’s routes was 4,586 yuan / TEU, an increase of 6 in ten years.

5%.

Among them, the value of single container shipping cost of COSCO Shipping was increased.

3%, after excluding fuel charges, the cost of freight per container decreases by 2 per year.

3%.

Profit forecast and rating.

It is expected that the capacity growth rate of the container shipping market in 2019-2021 will be 2.

8%, 2.

8%, 0

5%, demand growth is 4%, 4%, 4%.

In 2018, the operating industry has undergone a slight change. It is expected that the supply growth rate will decline significantly in 2019. If the demand growth rate does not appear prominent, the industry will advance again.

The company has completed the merger and acquisition of OOCL. Assuming that the company’s average single box revenue in 2019-2021 will increase by 2%, 2%, and 2%, the company’s EPS in 2019-2021 is expected to be 0.

2, 0.

38, 0.

59 yuan, corresponding to the company’s PE closing price on March 29, 2019 is 27, 14, 9 times, maintaining the “prudent increase” rating.

risk warning.

The outlook for the global economy and trade is worsening. The growth of container shipping demand exceeds expectations. The growth of container shipping supply exceeds expectations. Market vicious competition and changes in oil prices. The impact of the Sino-U.S. Trade war has exceeded expectations. The effects of OOCL integration are gradually expected. Goodwill impairment risks

Related Posts