Recently, TuSimple, the "world's first autonomous driving stock", announced that it voluntarily delisted from the NASDAQ in the United States, and if there is no accident, February 7 will be its last trading day. TuSimple believes that the benefits of maintaining its status as a listed company can no longer match the expenditure, and that maintaining its status as an unlisted company can better carry out the transformation. Since its listing in the U.S. in 2021, TuSimple has gone from a market capitalization of $18 billion at its highest point to less than $100 million when it fell to its lowest point, equivalent to a 99% evaporation of its market value, exceeding $10 billion.
Market value is considered to be an important indicator to evaluate whether a listed company is excellent and recognized by the market, which reflects the company's operating scale and development status, and also reflects the company's current strength and future development potential.
So, what is the market value performance of each listed logistics company in 2023?
The market value of listed logistics companies is T0P20
Judging from the statistical list data, the top 20 companies in China's logistics market value are: SF Holdings, COSCO Shipping Holdings, J&T Express, Zhongtong Express, SIPG Group, Daqin Railway, Orient Overseas International, Evergreen Shipping, Ningbo Port, Jingdong Logistics, Full Bang Group, YTO Express, China Merchants Port, Qingdao Port, Sinotrans, SITC International, CIMC, C&D Co., Ltd., Guangzhou Port, and China Eastern Airlines Logistics.
Note: As of December 29, 2023, companies listed in 2023, such as J&T Express, will calculate the annual rise and fall based on the data on the day of listing
There are a few highlights of this list:
First, in 2022, 4 logistics companies will be shortlisted for the 100 billion market value club, and in 2023, 6 companies will have a market value of more than 100 billion.
J&T Express and Daqin Railway are the two new companies on the list, among them, J&T was listed on the Hong Kong Stock Exchange in October last year, and its market value has been soaring, up 23.59% in December, and the total market value has jumped to surpass Zhongtong Express, becoming the second largest express company in terms of market value after SF Holdings. Daqin Railway is a railway cargo transportation business company, mainly coal transportation, since its opening, Daqin Railway has been undertaking the important task of energy supply, has a strong profitability, behind the strong profitability, is a strong capacity, huge volume in support, last year Daqin Railway completed a total of 422 million tons of cargo transportation, a year-on-year increase of 6.4% , hitting a 4-year high, and its market capitalization is also hitting a new high in 2023.
Second, SF's market value will fall by 30% in 2023, but it will still be the first on the list, and at the same time, SF and COSCO Shipping Holdings are the only two logistics companies to enter the top 100 listed companies in China in 2023.
Third, the number of shipping and port enterprises accounts for almost half of the list. According to data from the Shanghai Shipping Exchange, the annual average of China's export container comprehensive freight index in 2023 will be 937.29 points, down 66.43% year-on-year, and the annual average of Shanghai's export container comprehensive freight index will be 1005.79 points, down 70.51% year-on-year.
Therefore, judging from the rise and fall of the list, the market value of COSCO Shipping Holdings in 2023 will fall by 5.41% year-on-year, and the market value of OOIL International will fall by 13.46% year-on-year...... However, compared with the decline in 2022, the decline has been greatly narrowed. It is worth mentioning that the rapid rise in shipping rates caused by the Red Sea shipping crisis in December last year alleviated a year's decline in prices.
The market value of logistics companies increased by the top 20
On the whole, last year, the rise of various companies was relatively restrained, and Oriental Jiasheng, Changjiu Logistics, SF City, Sinotrans and other companies rose highly, all exceeding 30%.
Interestingly, among the top 20 logistics companies in terms of market value growth in 2023, the market value increase of many companies has a great correlation with the layout of new tracks.
Oriental Jiasheng is an integrated 4PL digital supply chain service provider, mainly around the world's well-known consumer goods brand customers and the world's head e-commerce platform customers, in September last year, its share price harvested a number of price limits, the reason, last year Oriental Jiasheng announced that the company has won the bid in early July, will cooperate with the international head chip lithography machine manufacturers, jointly build a bonded warehouse for consignment maintenance in Shenzhen, and provide all-weather rapid response lithography machine consignment maintenance services for integrated circuit manufacturing enterprises in South China. Subsequently, Oriental Jiasheng said that the future will focus on the layout of the semiconductor supply chain.
Changjiu Logistics, the first listed third-party automotive logistics company in China, also saw its share price rise nearly 52% last year. In May last year, Changchang Logistics executives said that in the future, they will focus on the troika of vehicle business, international business and new energy business, and the new energy business will be the second growth curve, with the goal of becoming a professional power battery recycling comprehensive utilization service provider and an integrated service provider of "optical storage, charging, inspection and discharging". It is understood that Changchang Logistics has set up a new energy division, focusing on the upstream and downstream of the new energy vehicle industry chain, and now it has begun to take shape, has started preliminary business exploration, to undertake the transportation of power batteries and related chemicals, with natural power battery recycling channels.
While Chinese concept stocks were suppressed last year, the trend of Shengfeng Logistics, which was listed in the United States last year, was very eye-catching, and its stock price rose against the trend. Shengfeng Logistics is a contract logistics service provider, which has basically completed the logistics layout in the new energy industry chain, and has extensive logistics cooperation with many leading companies in the new energy industry such as CATL, BYD, and JA Solar.
Sinotrans, whose share price rose by more than 50% last year, has also played a leading role in the green and low-carbon transformation of China's logistics industry.
In addition to the semiconductor and new energy tracks, logistics technology-based enterprises are also performing well, such as Damon Technology, Ruisheng Intelligence, Today International, Nuoli and other companies on the list.
In 2023, SF released its latest interim results, with revenue of RMB5.75 billion, up 28.8% year-on-year, gross profit of RMB380 million, year-on-year growth of 112.3%, and net profit of RMB30 million, turning losses into profits for the first time, compared with a net loss of RMB140 million in the same period last year. This means that SF City has become the first company in the ready-to-use industry to achieve profitability. According to industry insiders, it means that SF City has achieved self-hematopoiesis in business and entered a virtuous cycle stage.
The market value trend of Aneng Logistics is also very interesting. Last year, ANE carried out a series of changes, such as the restructuring of the organizational structure, the abolition of all provinces and regions, the rezoning of districts to establish operation areas, and the first in the industry to cancel the "mandatory chartering" policy and volume fines. In the first half of 2023, ANE's operating profit turned losses into profits, and recently, ANE released its 2023 annual performance forecast, with revenue expected to increase by about 6% for the whole year, gross profit is expected to increase by about 70% year-on-year, and the net operating profit for the year will not be less than 565 million yuan. In terms of market capitalization, compared with the lowest point, Aneng has increased nearly 3 times.
List of annual market value declines of listed logistics companies
Last year, the market fell below 3,000 points and 2,900 points one after another...... Almost all shareholders have the feeling of "big dreams". Last year, the market value of the entire logistics listed companies fell by more than 60%, and according to relevant information, the transportation index even underperformed the market last year. Judging from the foregoing, whether it is the top 20 logistics companies in terms of market value or the top 20 in terms of growth, the overall performance of the transportation and logistics industry is not satisfactory.
List of annual market value declines of listed logistics companies
According to G7 Yiliu data, the annual average of the 2023 consumer goods vehicle freight index is 53, the lowest average level in four years, and the price index of industrial products and equipment in the first half of 2023 is also much lower than that in 2022. This undoubtedly gave a blow to all logistics people who adhered to the principle of "everything will be fine" in 2023 at the beginning of the year.
Judging from the list of decliners, Kuaigou Taxi fell by 82% to rank first. At the same time as the market value has fallen, shareholders such as Alibaba Group have continued to reduce their stakes, and their shareholding has dropped from 14.97% to the current 7.93%. At the end of December last year, Chen Xiaohua resigned as chairman and executive director, and no longer served as a member of the company's nomination committee and any position in the group. A series of chain reactions are mainly attributed to its perennial loss, and it is difficult to save the declining market share with money-burning subsidies, and the days of money-burning do not know when it will be the end. Judging from the current market, even if its business has development prospects or may have disruptive innovation in the future, capital will not be optimistic about companies that burn money in the short term and have no hope of profitability.
The performance in the field of hazardous chemicals is also unsatisfactory, such as Milkyway and Yongyuntai. Last year, affected by weak domestic and foreign demand, shrinking exports in the terminal consumer goods market, and falling prices in the international market, most chemical products showed a significant decline, and some industry insiders even pointed out that the mainstream decline of chemicals exceeded 30%. And the upstream must be transmitted downstream.
Express delivery is also last year's logistics sector in the top of the decline in the sector, most of the head express delivery companies have suffered varying degrees of stock price market value decline, in the past, express delivery companies often enjoy a higher PE valuation, and last year some companies entered a low valuation state, corresponding to 23 years of PE in a longer period of less than 15x, the market for express companies profit linear growth is expected to end.
Yunda fell significantly last year. Since the beginning of 2022, Yunda has experienced a series of turmoil such as the turmoil of outlets and the decline in market share ranking, and last year, YTO's market share also began to surpass Yunda. At the same time, Yunda has also made a lot of adjustments, such as in order to reduce costs, in the Yangtze River Delta, the Pearl River Delta, Beijing-Tianjin-Hebei and other regions with a large number of end deliveries to promote the express grid warehouse model, which also deepens the interests of the headquarters and local franchisees, but many people in the industry are still optimistic about the model, and even think that "success or failure in this move".
In 2024, which logistics segments and which logistics listed companies are you optimistic about?
Author | Logistics Mahjong Hu
Source | Logistics Salon
This article is the author's personal opinion and does not represent the position of Logistics Salon