Tangshan Port (601000): Future development of energy and raw material hub port expected

Tangshan Port (601000): Future development of energy and raw material hub port expected

The beneficiary country’s transportation structure has been adjusted, and its competitive advantage is obvious. For the first time, Tangshan Port, a national large-scale port in Jingtang Port District of Tangshan City, has been given an “overweight” rating.

At present, the company has formed a diversified cargo layout mainly based on ore, coal and steel, supplemented by automobiles, timber and grain.

The port hinterland covers Beijing-Tianjin-Hebei and North China, a vast area in the northwest, and waterways to more than 70 countries and regions, and more than 200 ports. It is an important comprehensive transportation hub and modern logistics base around the Bohai Rim.

We believe that the company will benefit from the national “transit to rail” policy, taking advantage of railway transportation in the port area, and increasing cargo volume.

We predict that the company’s EPS for 2019/2020/2021 will be 0.

29, 0.

31 and 0.

34 yuan, based on 9.

4x-9.

8x 2020E PE estimate, corresponding to target price range 2.

90-3.

02 yuan, covering for the first time, give “overweight” rating.

The main hub port for bulk cargoes, the carbonization of goods ranks third in the country. The company’s main bulk cargo handling business enjoys high gross margins due to its scale advantages.

In 2018, the cargo tungsten mine in Tangshan Port ranked first in northern ports and third in the country.

More than 65% of the steel production capacity in Tangshan City is the company’s advantageous source hinterland, short transportation distance, low cost, and strong customer adsorption capacity.

According to the port planning of Hebei Province, Tangshan Port will focus on developing into a national strategic energy and raw material hub port, a comprehensive trade port and a bridgehead open to Northeast Asia.

The company’s loading and unloading business has a scale advantage, which highlights its high gross profit margin.

In 2018, the gross profit margin of the company’s handling business was 47.

5%, higher than the industry average, and strong profitability.

The port transportation network is convenient and the economic hinterland is large. The Jingtang Port District, where the company is located, is the closest point to the estuary of the Bohai Bay in the Tianjin-Hebei port group, and is one of the ports with the best conditions for distribution ports in the country.

The port is located in the center of the Bohai Rim Economic Circle and is an important part of the Greater Beijing strategy.

The company’s extended economic hinterland includes Shanxi, Inner Mongolia, Shaanxi, Gansu, Ningxia, Xinjiang and other central and western regions. Among them, the “three western regions” (Shanxi, Shaanxi, and western Inner Mongolia) are the main coal production bases, relying on the Tanggang Railway and DaqinThe advantage of the railway’s collection and distribution of the railway line, the restructuring of the Jingtang Port area, the annual coal explosion has remained above 100 million tons, and it is one of the main launching ports for the “North Coal Transport to the South”.

The integration of Hebei’s port resources is accelerating, and the port’s profitability is further enhanced. The Tangshan Jingtang Port District where the company is located is located on the northern shore of the Bohai Bay, 64 nautical 重庆耍耍网 miles from Qinhuangdao Port in the east and 70 nautical miles from Tianjin Port in the west. The coal production hinterland coincides with the surrounding area.There is a competitive relationship at the port.

At the same time, because Tangshan City has two port areas, Jingtang Port and Caofeidian, and there is no need for affiliation, there is also a competitive relationship between the two port areas.

Close to the surrounding ports, with the country’s “transit-to-rail” adjustment of the transportation structure, the company is conducive to the advantages of its railway network, and has undertaken some of the surrounding ports’ diverted cargo volume.

The first coverage is given an “overweight” rating with a target price range of 2.

90-3.

02 yuan We predict the company’s net profit attributable to mothers in 2019/2020/202117.

5 billion, 18.

300 million and 20.

1 ppm, a ten-year increase of 8.

4%, 4.

7% and 10.

1%.

We are based on 9.

4x-9.

8 times the 2020E PE estimate (the company’s three-year PE average of 10.
.
8x minus 0.
5 standard deviations.

0x, 2020E EPS is 0.

31 yuan), corresponding to the target price range 2.

90-3.

02 yuan, for the first time, give “overweight” rating.

Risk reminders: 1) the quantity of goods is lower than expected; 2) policy risks; 3) increased competition; 4) natural disasters.

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