#头条创作挑战赛#
Let's first take a look at the shell Henderson Daxin, founded in 2000, the controlling shareholder is Zhuhai Shiyou Chemical, with a shareholding ratio of 67%, and the actual controller is Wang Qingyun, whose main business is petrochemical warehousing and logistics services
In the petrochemical logistics and warehousing industry, we have previously studied Hongchuan wisdom.
The subdivision of this field is roughly divided into: water transportation, railway transportation, road transportation, air transportation and rail transportation
Among them, the cost of water transportation is low, and the carrying capacity is large, so 90% of the international petrochemical trade is completed by water transportation.
Waterway transportation, after the ship arrives at the shore, it needs to realize the transfer and storage of goods at the wharf, because most of the petrochemical products have flammable, explosive, toxic and corrosive characteristics, so the storage and transportation requirements are extremely harsh
Therefore, the loading scale barriers of terminal resources and storage tanks determine that petrochemical logistics and warehousing is an asset-heavy operation and a high entry threshold.
Its upstream is the government, valve and pump parts suppliers that provide terminal resources, and the downstream is petrochemical product manufacturing enterprises, such as Shiyou Chemical (related parties account for 15%), Sinopec (Hong Kong), PetroChina (Hong Kong), etc
Its downstream is petroleum and petrochemical trading enterprises, and its performance is easily affected by the prosperity of downstream industries.
From 2015 to 2017, the operating income was 153 million yuan, 209 million yuan and 226 million yuan respectively, the net profit was 32 million yuan, 43 million yuan and 60 million yuan, the operating net cash flow was 28 million yuan, 110 million yuan and 127 million yuan, the gross profit margin was 34.64%, 45.68% and 43.40%, and the net profit margin was 20.94%, 20.38% and 26.51%
The three-year revenue compound growth rate was 22%, and the net profit compound growth rate was 37%
From the perspective of revenue structure, the main sources of revenue are warehousing business (50%) and loading and unloading business (44.32%), of which the gross profit margin of loading and unloading business is higher at 58.52%, and the gross profit margin of warehousing business is lower at 24.27%.
Warehousing business - refers to the transportation to the storage tank through a special pipeline connected to the wharf, providing customers with cargo warehousing services, and charging storage fees
The customer pays the storage fee on a monthly basis, and 40% of the storage fee is used as loading and unloading fee income, and 60% is used as storage fee income.
Loading and unloading business - refers to the use of its own wharf to provide customers with loading and unloading services, charging loading and unloading fees, charging 20 yuan per ton, and 40% of the loading and unloading service fees provided in warehousing business
From a fundamental point of view, despite the small size, the revenue and net profit are in a state of benign growth, why is it the turn to sell the shell? Throughout its history, we can divide it into two periods
The first stage - from 2010 to 2014 (industry prosperity declined);
The second stage - 2015 to the present (failed to sell the shell).
I don't know the follow-up, and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market