Reporter | Zhang Yi
Editor |
Last year, a container was difficult to find, and freight rates rose sharply. The leader of shipping China COSCO Shipping (601919.SH) has achieved excess profits.
China COSCO Shipping Control's performance report on the evening of March 10 showed that in 2021, the company achieved operating income of 333.694 billion yuan, a year-on-year increase of 94.85%; net profit attributable to shareholders of listed companies was 89.296 billion yuan, a year-on-year increase of 799.52%; basic earnings per share was 5.59 yuan.
China COSCO Shipping went public in 2007 and achieved a cumulative net profit attributable to shareholders of 20.686 billion yuan by 2020. Last year, it was 3.3 times more than the sum of the past 14 years in just one year.
Last year, China COSCO Shipping's profitability has been catching up with banks. China Merchants Bank (600036.SH) had an operating income of approximately RMB 330 billion last year and a net profit attributable to shareholders of RMB 119.922 billion. China COSCO Shipping's revenue scale is basically the same as that, and its net profit attributable to shareholders is not much inferior.
China COSCO Shipping's gross sales profit margin and net sales profit margin in the first three quarters of last year were 43.74% and 33.71% respectively, which is not much different from China Merchants Bank's 37.53% net sales profit margin. You should know that the long-term sales gross profit margin of China COSCO Shipping fluctuated around 10%.
Great performance is closely related to the international environment. In 2021, under the influence of multiple factors such as repeated epidemics, growth in demand, and limited supply, the global logistics supply chain continues to be challenged and impacted by complex situations such as port congestion, container shortage, and inland transportation sluggishness, and the supply and demand relationship between container transportation continues to be tense.
Therefore, the growth of freight volume of COSCO Shipping is limited, and its performance growth is mainly due to the increase in freight rates. In terms of freight rates of
, during the reporting period, the average of China's export container freight rate comprehensive index (CCFI) was 2615.54 points, an increase of 165.69% year-on-year.
, the growth of this data is even more amazing. The low CCFI value in May 2020 was 834.24 points, and by December 31, 2021, it had passed 3344.24 points. The range has increased by as much as 3 times. In terms of
transportation volume, COSCO Shipping Control initially calculated that during the reporting period, the company's container shipping business's freight volume (standard container) was about 26.912 million TEUs, an increase of about 567,500 TEUs compared with the same period last year, an increase of about 2.15%.
China COSCO Shipping said that the company has increased its efforts to sign long-term service agreements with strategic customers and direct customers, and gradually increased the proportion of direct customers.
However, from the single quarter, China COSCO Ocean Control data has both good and bad luck. The company's operating income in the fourth quarter was 102.215 billion yuan, and its net profit attributable to shareholders was 21.706 billion yuan.
On the one hand, this is the first time in the history of COSCO Shipping that a single quarter revenue scale exceeded 100 billion yuan; however, it is worth noting that the net profit attributable to shareholders in in the fourth quarter fell by nearly 30% month-on-month . The reason for the decline in net profit is still needed to disclose specific annual reports before knowing.
As of 2022, the economic cycle of China COSCO Shipping has not wavered, and freight rates have reached a new high.
Interface News reporter found that China's comprehensive export container freight index (CCFI) further rose in 2022, with the highest reaching 3587.91 points on February 11, and then fell. The latest data shows that CCFI was still at a high of 3388.59 points on March 4.
China COSCO Shipping also stated that major ports in Europe and the United States continue to be congested, and the freight rates of main routes are stable. The company's east-west trunk voyages remained full, production and operation were normal, and financial conditions were good.
Huatai Securities Research Report believes that the high prosperity of the container transportation market in 2022 is expected to continue, mainly due to the decline in supply chain turnover efficiency and port congestion problems in the short term; on the other hand, the further increase in the long-term contract price in 2022 is expected to support China COSCO Shipping's profits.
secondary market, before the second half of 2021, COSCO Shipping's stock price converged with CCFI trend. Its stock price also started in May 2020 and rose by 8 times by the end of the first half of 2021. However, since the second half of the year, CCFI is still rising, while COSCO Shipping’s stock price has emerged from the volatile market.
Based on the good early expectations of the company, China COSCO Shipping Group Co., Ltd. (hereinafter referred to as COSCO Shipping Group), the controlling shareholder of COSCO Shipping, took action to increase its holdings.
On October 18, 2021, COSCO Shipping Group increased its holdings of the company's A-share shares for the first time in recent years, and plans to increase its holdings by no less than 1 billion yuan, not more than 2 billion yuan within 6 months.
In the month, COSCO Shipping Group increased its holdings of COSCO Shipping A shares by 45.4 million shares, accounting for about 0.284% of the total share capital, with an increase of more than 500 million yuan; in December, it increased its holdings of the company's H shares by 62.487 million shares. Among the A-share shipping sectors, Shenghang Co., Ltd. (001205.SZ) and Haixia Co., Ltd. (002320.SZ), which have disclosed their annual reports, had limited performance growth, with year-on-year growth of 16.23% and 6.61% respectively.
's previous performance forecast showed that many shipping stocks have achieved high growth, but most of them are not as good as COSCO Shipping. COSCO Shipping (601866.SH) expects a profit of RMB 5.8 billion to RMB 6.8 billion, a year-on-year increase of about 2 times; Zhonggu Logistics (603565.SH) has a net profit of RMB 2.404 billion, a year-on-year increase of 135.95%; COSCO Shipping (600428.SH) expects a profit of RMB 282 million to RMB 307 million, a year-on-year doubling; Changhang Phoenix (000520.SH) is expected to have a net profit of RMB 197 million to RMB 211 million, a year-on-year increase of 6.60 to 10.39 times due to its low base.
