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何國穎先生 (Paul Ho)
助理經理

現任職輝立助理經理,除了鑽研圖表和數據分析外,也著重股票基本分析面。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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中遠海運控股股份有限公司 - H股 (1919)

Friday, February 4, 2022 Views5728

中遠海控
集團主要從事提供集裝箱航運、集裝箱碼頭管理與經營服務。

業績:

中遠海控最近公布,預計截至去年12月31日止年度純利約892﹒8億元(人民幣.下同),同比增長7﹒99倍,每股收益約5﹒59元。預計扣除非經常性損益的淨利潤約891﹒4億元,同比增長8﹒29倍。期內預計集裝箱航運業務的貨運量約2691﹒2萬標準箱,同比增加約2﹒15%;預計息稅前利潤(EBIT)約1315﹒2億元,同比增加約6﹒29倍。

按照中國會計準則,截至2021年9月止九個月,集團營業額上升96﹒7%至2314﹒79億元(人民幣;下同),股東應佔溢利增長16﹒5倍至675﹒9億元。
期內業務概況如下:
(一)集裝箱航運業務:營業額增加99﹒6%至2271﹒73億元,EBIT增長12﹒9倍至928﹒22億元;1﹒期內,集團集裝箱航運業務的貨運量2044﹒7萬標準箱,較去年上升8%;2﹒於2021年9月30日,集團經營船隊包括517艘集裝箱船舶,運力達298萬標準箱;
(二)集裝箱碼頭業務:碼頭業務總吞吐量9643﹒1萬標準箱,增加5﹒9%;其中,控股碼頭公司總吞吐量上升4﹒9%至1728﹒2萬標準箱,參股碼頭公司總吞吐量增長6﹒1%至7914﹒9萬標準箱;
(三)於2021年9月30日,集團持有現金及現金等價物餘額為1441﹒36億元。


截至2021年6月止半年度,集團營業額上升88﹒1%至1392﹒64億元(人民幣;下同),股東應佔溢利大幅增長31﹒6倍至370﹒98億元。
期內,集團業務概況如下:
(一)整體毛利上升6﹒8倍至531﹒28億元,毛利率增加28﹒9個百分點至38﹒1%;
(二)集裝箱航運業務:營業額增加90﹒6%至1364﹒34億元,佔總營業額98%,分部利潤增長17﹒7倍至473﹒49億元;期內,集團集運業務完成貨運量1384﹒09萬標準箱,較去年增長16﹒8%;國際航線單箱收入上升83﹒2%至每標準箱1717﹒24美元;
(三)碼頭業務:營業額上升14﹒5%至28﹒3億元,分部利潤下降28﹒9%至6﹒81億元。碼頭業務完成總吞吐量6271﹒07萬標準箱;其中,
控股碼頭公司總吞吐量增長8﹒2%至1136﹒28萬標準箱,參股碼頭公司總吞吐量上升8﹒9%至5134﹒79萬標準箱;
(四)於2021年6月30日,集團的現金及現金等價物合計為1019﹒05億元,借款總額為864﹒77億元。

全球航運受世紀疫情影響下,運費居高不下,筆者相信這情況會維持一段不短的時間。而中遠為行內龍頭企業,股價有望繼續做好,領先同業。但航運股為週期性企業,即使在景氣下,中遠股價都常常大起大落,在衝量風險和回報的情況下,現可先小注一試,參考走勢再部署。

待股價回落至100天移動平均線支位附近作出吸納 = HK$13
目標價50天移動平均線為 = HK$14.50
止蝕價 = 12元>

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