In the first quarter of this year, the mainland economy grew by 5.2 percent, the best performance among the world's major economies.
The rapid economic recovery has led to a surge in demand for sea freight.
Today, let's take a look at 3 companies in the shipping industry: China Merchants Shipping, COSCO Shipping Energy, and China Merchants South Oil:
In the first quarter of this year, the net profit of these three companies accounted for 11.4%, 10.2% and 5.56% of the industry respectively:
Since the beginning of this year, these three companies have risen by 55.4%, 40.1% and 40% respectively, far outperforming the three major indexes:
This article mainly includes 7 aspects: profitability, operating ability, solvency, growth ability, current valuation, shareholder situation, and summary.
If you're in a hurry, you can read the final summary first to get a quick overview of the overall situation of each company.
1. Profitability
1) Main business and proportion
The main business of these three companies includes oil tanker transportation, crude oil foreign trade and oil product transportation, etc., with moderate gross profit margins.
2) Revenue and net profit attributable to the parent company
In terms of revenue, China Merchants Shipping has the highest revenue, followed by COSCO Shipping Energy, and China Merchants South Oil is third.
The net profit attributable to the parent company was the highest among China Merchants Shipping, followed by COSCO Shipping Energy and China Merchants South Oil.
3) Gross margin
In terms of gross profit margin, China Merchants South Oil is the highest, followed by COSCO Shipping Energy, and China Merchants Shipping is the third.
4) Net profit margin
In terms of net profit margin, China Merchants South Oil is the highest, followed by China Merchants Shipping, and COSCO Shipping Energy is third.
5) Net cash flow from operating activities
In terms of cash flow from operating activities, China Merchants Shipping had the highest cash flow, followed by COSCO Shipping Energy and China Merchants Nanyou third.
6) The ability of net profit attributable to parent to be converted into cash flow from operating activities
In terms of the ability to accumulate cash, China Merchants Shipping is the strongest, followed by China Merchants South Oil, and COSCO Shipping Energy is third.
2. Operational capabilities
1) Total asset turnover
In terms of total asset turnover, China Merchants South Oil has the highest turnover, followed by China Merchants Shipping, and COSCO Shipping Energy is third.
2) Inventory and proportion
In terms of inventory, China Merchants Shipping has the highest, followed by COSCO Shipping Energy, and China Merchants South Oil is third.
The ratio of inventory to revenue is the highest among China Merchants South Oil, followed by COSCO Shipping Energy and China Merchants Shipping.
3) Accounts receivable and proportion
Accounts receivable, China Merchants Shipping is the highest, followed by COSCO Shipping Energy, and China Merchants South Oil is third.
The ratio of accounts receivable to revenue is the highest among China Merchants Shipping, followed by COSCO Shipping Energy and China Merchants Nanyou third.
4) Contract liabilities and proportions
China Merchants Shipping has the highest contract liabilities, followed by COSCO Shipping Energy and China Merchants South Oil.
The ratio of contract liabilities to revenue is the highest among China Merchants Shipping, followed by COSCO Shipping Energy and China Merchants South Oil.
5) Proportion of fixed assets
The ratio of fixed assets to total assets is the highest among China Merchants Shipping, followed by COSCO Shipping Energy and China Merchants Nanyou third.
3. Solvency
1) Debt-to-asset ratio
COSCO SHIPPING Energy has the highest asset-liability ratio, followed by China Merchants Shipping and China Merchants South Oil.
2) Interest-bearing liabilities
COSCO SHIPPING Energy has the highest interest-bearing debt, followed by China Merchants Shipping and China Merchants South Oil Co., Ltd. (the third).
3) Cash balance
In terms of cash balance, COSCO Shipping Energy has the highest, followed by China Merchants Shipping and China Merchants South Oil Co., Ltd. (third).
4) Interest-bearing liabilities as a percentage of cash balances
The ratio of interest-bearing liabilities to cash balance is the highest among COSCO SHIPPING Energy, followed by China Merchants Shipping and China Merchants Nanyou third.
5) Capital expenditure and its proportion
In terms of capital expenditure, COSCO Shipping Energy is the highest, followed by China Merchants Shipping, and China Merchants South Oil is third.
The proportion of capital expenditure to net profit attributable to the parent company is the highest among China Merchants Shipping, followed by China Merchants South Oil and COSCO Shipping Energy third.
4. Ability to grow
1) Revenue growth rate
COSCO SHIPPING Energy has the fastest revenue growth rate, followed by China Merchants South Oil and China Merchants Shipping.
2) Net profit growth
The net profit growth rate is the fastest among COSCO Shipping Energy, followed by China Merchants South Oil, and China Merchants Shipping is the third.
3) R&D investment and proportion
In terms of R&D investment, China Merchants Shipping has the highest, followed by COSCO Shipping Energy and China Merchants Nanyou third.
The proportion of R&D investment in revenue is the highest among China Merchants Shipping, followed by COSCO Shipping Energy and China Merchants South Oil.
4) Return on equity
The return on net assets is the highest among China Merchants South Oil, followed by China Merchants Shipping, and COSCO Shipping Energy is third.
5) Institutional earnings forecasts
The earnings of these three companies in the next 3 years are predicted by the agency as follows:
According to the forecast of the agency, COSCO SHIPPING Energy has the fastest growth rate, with an annualized growth rate of 35%; China Merchants South Oil has the slowest growth rate, with an annualized growth rate of 14%.
Of course, the forecasts of institutions are often optimistic and need to be viewed with caution.
5. Current valuation
1) Rolling P/E ratio
CMES Shipping currently has a rolling P/E ratio of 14, which is at the 10-year quantile of 39:
At present, COSCO SHIPPING Energy's rolling P/E ratio is 23, which is at the 57th percentile in the past 10 years:
At present, the rolling P/E ratio of China Merchants Nanyou is 10, which is at the quantile value of 36 in the past 10 years:
2) Price-to-book ratio
At present, the price-to-book ratio of CMES Shipping is 1.94, which is at the 79th percentile value in the past 10 years:
At present, COSCO SHIPPING Energy's price-to-book ratio is 2.29, which is at the 95th percentile in the past 10 years:
At present, the price-to-book ratio of China Merchants South Oil is 1.97, which is at the 35th percentile value in the past 10 years:
3) Market sentiment
At present, the A-share fear and greed index is 78, which is in the greedy stage:
The Graham Index is currently at 2.53, which is in the bottom zone:
At present, the price-to-book ratio of CSI 300 is 1.25, which is at the quantile value of 6.95 in the past 10 years:
6. Shareholders
The heartfelt words of the old stockholders: If you don't go to a place with a lot of people, it is easy for institutions to step on it.
1) Number of shareholders
2) Proportion of institutional holdings
7. Summary
Through the above comparative analysis, the overall capabilities of these three companies are shown in the following figure:
It can be seen that:
1) Profitability, on the whole, China Merchants Shipping > COSCO SHIPPING Energy > China Merchants Nanyou
2) Operational capacity: On the whole, China Merchants Nanyou> China Merchants Shipping > COSCO Shipping Energy
3) Solvency: On the whole, China Merchants South Oil > China Merchants Shipping > COSCO Shipping Energy
4) Growth capacity: On the whole, COSCO SHIPPING can > China Merchants South Oil > China Merchants Shipping
5) Current valuation, location, COSCO SHIPPING Energy > China Merchants Shipping > China Merchants South Oil
The current net profit and market capitalization of these three companies are compared as follows:
All of the above analysis is based on historical financial data and is for reference only and is not intended as any investment advice.
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