Group of the boat in regarding as (China's biggest shipbuilding group) a exclusive company that rent, chinese shipping will hand in place to appear on the market in harbor soon, investor or had pressed be unable to bear want to know this company.
Wisdom connect APP of finance and economics to understand, chinese shipping passed harbor to deliver place listen message recently. Chinese shipping held water 2012, basically do shipping to hire a service, was demand of contented business dilate 2014, shanghai of the boat in holding water respectively and in boat Tianjin two companies, from hold water to be made an appointment with at present 7 years time, this company has grown become global shipping to rent an industry lead company.
According to listen dispatch data, with income plan, this company was discharged in the global shipping industry that rent 2018 the 4th, market share 3.9% , in the whole world shipping of blame bank department rents an industry to discharge the first, market share 14.8% .
Chinese shipping already had dimensions advantage not only, and be being told with respect to gain level also is very pretty good. According to data of dispatch of this company listen, 2018 income 2.105 billion HK dollar, grow 58.3% compared to the same period, nearly 3 years of compound increase rate 42.8% , net profit 707 million HK dollar, grow 17.24% compared to the same period, nearly 3 years of compound increase rate 27.85% .
The outstanding achievement data with simple preceding part of the text not can deepness understands Chinese shipping, below we will be specific seeing this company is a what kind of company after all.
Grow reach profit is good
Wisdom connect APP of finance and economics to understand, chinese shipping basically manages business to include, it is the ship business that rent, this is core business, include to financing is rented and be managed rent, 2 it is loan loan business, 3 it is to pass shipping broker to serve collection commission income, afore-mentioned 3 business income occupied score to be 2018 71% , 24.2% with 4.9% . In addition, battalion of this company already keeps manage business, but this plan enter other income.
In light of fractionize, this company shipping rents business cent to financing is rented and be managed, and financing is rented after cent is rented for direct financing and can making work again, answer hire, manage the cent that rent to be rented for smooth boat with fixed chartering, business cent is loan loan to before paying, borrow money and assure loan. Look from historical data, financing of development of this company put forth effort is rented and loan loan business, income of these two business is occupied promote than year after year, and manage rent with commission business criterion year after year drops.
The following income of nearly 3 years of this company each fractionize business and occupy than the circumstance:
Each business occupies Chinese shipping to change than appearing, basically weigh the difference of the dot at developing side, but whole, besides commission, each business all has good growth. This company direct financing is rented, answer after carry out hire, smooth boat is rented, the fixed chartering, loan before paying, assure loan reachs brokerage business income nearly 3 years compound add fast it is respectively 114.2% , 54.7% , 3.8% , 96.1% , 37.1% , 106.2% reach - 17.8% .
In cost cost respect, of this company core is financing cost and bank cost, calendar year is occupied exceed 7 to become than total spending. This are occupied 2018 it is than income 49.7% , drop compared to the same period 5 percent, relatively dropped 2016 9.7 percent, core charge reduces the gain capacity that increased a company, durative 2018 management profit margin 27.7% , cry respectively 2016 reach increased 2017 5.3 reach 0.6 percent.
Notable is, the outstanding achievement that this company takes affiliated company appeared bigger glide, was 81 million HK dollar 2018, glide compared to the same period extent is amounted to 69% , profit contribution is led 11.5% , and was 2017 41.9% , as a result of affiliated company contributive rate glides range is bigger, rate of this company net profit was 2018 33.5% , glide compared to the same period 11.8 percent.
Look from whole management outstanding achievement, besides take smaller brokerage business, other business growing performance is good, core charge leads year after year to drop, can manage profit margin duratively to get promotion, the profit that should take affiliated company nevertheless falls substantially, weakened the gain ability of this company whole. But understand these returning far insufficient, we still must know how this company profits, and maintain increase an issue continuously.
Guest is spent centrally tall
Wisdom connect APP of finance and economics to understand, chinese marine financing is rented basically is lessor basis shipping operation business and supplier choice buy asset to rent or be buy from operation business first asset again group to operation business, former to be rented directly, latter is hired to be answered after carry out, income all is collection hire. According to data of dispatch of this company listen, be rented directly and lease is answered to be restricted to be 5-10 commonly after carry out year, charge pays by monthly and quarter.
The management of this company is rented basically is the rights and interests that business of operation of indrawn during the regulation shipping grants lessor use capital fund, hire of fixed collection, include smooth boat to rent with fixed chartering, deadline of means of these two kinds of chartering is very different, smooth boat is rented it is 9-15 commonly year, and fixed chartering is 0.5-1 only year time, be in nevertheless pay go up to perhaps all press a month to pay for half moon.
Shipping rents the core business that is this company, no matter be financing,manage rent, it is preemptive issue asset to be hired again, early days needs to have larger investment, gains is steady nevertheless, and during charge of this company collection shorter, capital circumfluence rate is rapidder.
2018, chinese shipping is mutual own 65 ship, among them financing rents 43, relatively increased 21 2016, manage rent 22, relatively increased 13 2016. On shipping type, this company core is bulk cargo boat, there are 25 2018, occupy than 38.5% , fluid cargoboat, container closes in all 24, occupy than 36.9% . 2018 value of this company shipping four billion and eighty-three million two hundred thousand dollar, nearly 3 years of compound increase rate 60% .
It is amount of this company shipping and type below:
According to listen dispatch data, this company shared 39 2018 already the shipping combination of contract, come loose among them cargoboat and fluid cargoboat mix 14 for 12 respectively, already contract shipping adds up to covalence to be worth one billion seven hundred and ten million five hundred thousand dollar, predict what delivered the goods 2019 to have 21, was 10 was 8 2020 2021. In addition, this company runs the ship that rent service life of average and odd economy all exceeds 25 years.
of this company objective is spent centrally very tall, it is client type is spent centrally tall, 2 it is guest portion is spent centrally tall, among them the type basically has 3 kinds, it is shipping operation business, dockyard and trading company respectively, core client is shipping operation business, nearly two years income is occupied than all exceeding 90% , income of 3 kinds of clients was occupied 2018 than amounting to 99.1% . Income of of before this company 5 big customers was occupied 2018 than 66.9% , among them income of the biggest client is occupied than 20.4% , all present the trend that year after year drops.
Or suffer an industry to expand restriction
On core business, this company future has sufficient shipping natural resources to develop in order to offer, and already some ship service life are long, the financing of this company is rented and manage rented smooth ship to rent contract deadline to grow, receive hire to make accrual ceaseless with every month or every season grow, but of this company objective is spent centrally taller, before 5 reach income of the biggest client to occupy greatly bigger, although be reduced a few this years somewhat, but still put in guest to depend on a risk.
In addition, what the loan of this company and loan business grow is faster also, development of emphasis of this company this business assures loan, assured 2018 loan income 357 million yuan, grow compared to the same period amount to 364% , occupy than loan and loan business 70.2% , occupy than income 17% , relatively increased 11.2 percent 2017. This company assures the guaranty value of loan occupies loan rate in former years to all exceed 120% , the risk is enclothed rate is higher.
Tell from the industry, shipping rented industry market dimensions 2018 4.9 billion dollar, nearly 5 years compound increase rate is 15.3% , the industry is spent centrally do not calculate too tall, with income computation, before 5 large portion 24.5% , among them share of Chinese shipping market the first, for 7.3% .
Do not pass ship of bulk cargo of type of shipping of this company core, from 2013-2016 year, the whole world receives order newly to show the trend that year after year glides, 2017 although restore somewhat, but integral trend still glides, and the whole world of fluid cargoboat receives order newly to begin to glide from 2015, receive order newly to 2018 almost cutting sb in two at the waist. Tell from this respect, although have share of Chinese shipping market the first, but face industry trend pressure quite big also.
Existence grows short-term debt pressure
Durative manage cannot leave dovish financial standing, so Chinese marine financial standing how?
This company serves as heavy asset to manage, asset is indebted rate is higher, was 2018 80.3% , maintain nearly 3 years in 80% right-and-left levels, net 2018 assets is 5.765 billion HK dollar, glide compared to the same period 8.1% , nearly 3 years of compound increase rate only 3.9% , this company net assets is added fast far add under income and net profit fast.
This company management cash flowed net specified number 2018 - 1.415 billion HK dollar, and was 1.508 billion HK dollar 2017, financing cash flows net specified number to be - 3.2 billion HK dollar, because sold two affiliated company acquire 6.419 billion HK dollar, investment cash reserve in a bank flows net specified number to be 4.58 billion HK dollar, also cannot enclothe manage reach financing gap of two big fund, flow into basically 2018 without only cash reserve in a bank, period end cash flows for 924 million HK dollar.
Wisdom connect APP of finance and economics to observe, what this company financing leased time of a year of less than 2018 is receivable have 1.873 billion HK dollar, loan loan expires one year have 1.01 billion HK dollar, the time deposit that has 3 months above additionally 1.58 billion HK dollar, structural sex bank deposit 312 million HK dollar, the golden financing that records other and overall income by evenhanded value produces 1.071 billion HK dollar, come of the cash on along with Zhang 6.77 billion HK dollar. And the time that needed to repay only 2018 has 7.16 billion HK dollar in loan of bank of 1 year of less than.
Chinese shipping existence is short-term reach long-term debt pressure, nevertheless this company serves as heavy asset to manage, core business is the hire earnings that chartering achieves stability, the ship that adds newly 2019 also will bring not small earnings contribution, group of the boat in this company back, seeing debt problem from this respect is not very intractable.
Look integratedly, although Chinese shipping is durative grow and profit performance is good, with the shipping of consign looked 2019, grow anticipate relatively Anacreontic also, but of this company objective is spent centrally taller, and suffer an industry to expand restriction, short the debt pressure with also exist for a long time constant. Look from the angle of investment, this company still needs time observation.
