Stable operation, large growth of special container and frei

来源:未知日期:2020-09-18 浏览:
Recently, the company disclosed that the long-term credit and corporate bonds "13 iron dragon 02" tracking rating were both AA +. In the first quarter, the company realized a revenue of 2.03 billion, an increase of 46.65% over the same period of last year. The net profit attributable to shareholders of listed companies was 88.21 million, an increase of 65.15% over the same period of last year.
Railway freight transport and port logistics business benefited from the recovery of freight volume and revenue in 2017.
Railway freight and port logistics business mainly refers to the railway freight transportation and related logistics extension services such as warehousing, loading and unloading, short distance transportation and so on. In 2016, the national railway freight stopped falling and stabilized, and the total freight arrival and departure volume of the company's Shaba railway increased. In 2016, the company completed 18.2664 million tons of railway delivery, an increase of 1.6764 million tons on a year-on-year basis, 20.419 million tons of railway arrivals, a year-on-year decrease of 365000 tons, and a port business of 4.7817 million tons, with a year-on-year increase of 443900 tons. In the first quarter of 2017, railway freight volume rose steadily thanks to the control of highway overload and the impact of economic recovery. It is expected to maintain a growth rate of 8-9% in the whole year, with operating revenue exceeding 1.15 billion.
Entrusted processing trade business, due to the rise in bulk steel in the first quarter, led to a big increase in revenue.
This processing trade business is similar to logistics supply chain project. In recent years, the company's customer type has gradually changed from freight type to trade type, so the number of additional trade customers has increased. The trade price of steel required by customers is included in the company's operating revenue. With the rise of steel price, the company's revenue increases. However, the gross profit margin of this sector is 1.5% lower, which makes limited contribution to the company's profits. Reference to other supply chain companies can achieve 2% gross profit margin, so Tielong has room for management improvement in its supply chain sector.
The gross profit rate of railway passenger transport is high, but at present, with the gradual maturity and withdrawal of trains, the proportion of its revenue and profit in the company has decreased year by year. In 2016, the company's gross profit accounted for less than 10% of all businesses, and it is expected that the proportion of gross profit will continue to decline to 8% in 2017. Real estate and hotel taxis: the revenue accounts for a high proportion, but faces the pressure of de stocking. In 2016, the total gross profit of the projects under construction accounted for 5.8%, mainly the cold chain base located in the food logistics park of puwan New Area in Dalian, which is expected to be completed by 2018. By the end of 2016, the project progress was 36%, and the accumulated investment at the end of the year was 300 million yuan. There were 18000 special boxes under construction, with the project progress of 90%, which was launched successively in 2017.
We believe that one belt, one road strategic layout and the possibility of floating price adjustment of railway companies, will be recommended as a supplement to the railway system, and the "Rail" logistics will be recommended as a "overweight" rating.