The night before, CIMC released a high-growth annual report. The data shows that in 20021year, the company achieved revenue of 163696 billion yuan, up 73.85% year-on-year (compared with the same period last year), and the revenue exceeded 100 billion for the first time; The net profit attributable to shareholders and other equity holders of the parent company was 6.665 billion yuan, a year-on-year increase of 24.59%.
Benefiting from the strong recovery of global economy and commodity trade, as well as the rapid growth of China's foreign trade exports, the market demand for dry containers by sea increased greatly in 20021year.
The booming container transportation market has driven the rapid growth of CIMC container business. In 20021year, the revenue of this business was 65.967 billion yuan, up 65.438+097.64% year-on-year, accounting for 40% of the total revenue, and the net profit was 654.38+0132.7 billion yuan, up 46.94% year-on-year. In 2020, the container manufacturing business volume is second only to road transport vehicles, accounting for only 23.54% of the total revenue.
Based on the high growth performance, CIMC distributed an annual dividend of 0.69 yuan (including tax) to every 65,438+0 shares in cash, and transferred 5 shares to all shareholders by capital reserve. The total cash dividends amounted to 2,486,543.8 billion yuan, accounting for about 3.7% of the company's profits in that year.
However, why did this beautiful annual report data and dividend plan not cause positive response in the secondary market?
In terms of industries, the six sectors of CIMC, such as containers, vehicles, energy, Tianda, offshore engineering and logistics, contributed more than 90% to CIMC's total revenue last year.
In 20021year, CIMC container plate realized an operating income of 65.967 billion yuan, a year-on-year increase of 65.438+097.64%, and a net profit of 6.5438+01.327 billion yuan; Vehicle segment revenue was 27.648 billion yuan, a record high, and net profit was 988 million yuan. The revenue of energy, chemical and food equipment sector was19.528 billion yuan, up 46.92% year-on-year, and the net profit was 885 million yuan, up 145.57% year-on-year. Tianda Holdings, which mainly deals in airport and logistics equipment, fire fighting and rescue equipment, has an operating income of 6.842 billion yuan and a net profit of 65.438+0.93 billion yuan. The revenue of the logistics service sector was 2947 1 100 million yuan, up 65.438+0.77% year-on-year, and the net profit was 542 million yuan, both hitting record highs. As a newly established business unit of CIMC for only two years, CIMC achieved a revenue of over 6 billion yuan, up 98% year-on-year, and a net profit of 577 million yuan, up 565,438+02% year-on-year, breaking the historical record year after year.
Among them, the container business has become a pioneer in performance growth. Last year, global ports and inland transportation still maintained inefficient operation, resulting in the loss of effective global container capacity, poor return of empty containers, and a significant decline in container turnover efficiency.
The financial report shows that in order to alleviate the shortage of shipping space and containers in the container transportation market, the Group's container manufacturing business fully guarantees the supply of new containers by increasing resource input, improving production efficiency and fully releasing production capacity. With the continuous introduction of new boxes, the situation of "one box is hard to find" was alleviated by 10 last year.
In the eyes of many market participants, the period of high container demand may soon pass, and the performance of 20021year may become the peak of the stage.
In fact, CIMC's financial report also admits that container demand will be adjusted back from the historical high of 202 1 in 2022, but it will still be at a good level.
Specifically, in 2022, it is expected that the growth rate of supply and demand in the container transportation market will slow down to varying degrees, and the growth rate of supply and demand will tend to be balanced. Considering that the global supply chain crisis is difficult to cure in the short term, the effective capacity loss caused by congestion will continue. It is predicted that the container transportation market will remain tight in 2022, and the container transportation industry is expected to continue its high profit level and promote the willingness of shipping companies, logistics companies and shippers to buy containers.
In addition, due to the limited supply of containers from 2020 to 20021year, there are a large number of old containers in service in the market, and CIMC predicts that the demand for container elimination and renewal will remain high in 2022.
At the performance briefing on March 29th, Mai Liangbo, chairman of CIMC Group, pointed out: "In 2022, containers will fall back in such a special year as last year, and the quantity and price may be adjusted back, but we judge that they will still be at a high level in the industry, and the price of more than 4 million will be good, although it will be adjusted back compared with last year. By the second quarter of this year, our orders were full. This year we predict that containers will still be at a relatively high level. " Mai Liang Bo said.
According to the data of the annual report, although CIMC's annual performance has risen sharply, in the fourth quarter of 20021the company's net profit loss was 265,438+34 million yuan, mainly due to the provision for asset impairment and the loss of assets disposal in the company's offshore asset pool.
According to public information, the main business entities of CIMC financial and asset management business are CIMC financial leasing company, CIMC financial company and offshore asset pool management platform company. During the reporting period, the business realized an operating income of 3.763 billion yuan, a year-on-year increase of 72.81%; The net loss was 2.403 billion yuan, and the net profit in 2020 was 365.438+0.2 billion yuan, an increase of 869.30%.
According to the annual report, due to the fact that the rental level and utilization rate of the company's handheld leasing on the mobile platform were less than expected, the offshore asset pool made a substantial provision for asset impairment of 4.324 billion yuan on the stock platform.
"We conduct impairment tests on offshore assets every year. 202 1, the exploitation of offshore oil is not so active. Some of our own platforms do not have leases, and the rental level of platforms with leases is not as good as expected. Therefore, at the end of last year, we conducted some impairment tests on our offshore platforms according to this market situation and made relatively large provisions. " Ceng Hao, chief financial officer of CIMC, pointed out.
In Mai Liangbo's view, as the oil price continues to be high, orders for offshore engineering are expected to increase and prices are expected to improve. "We believe that with the increase of income, our future offshore business will gradually reduce losses or even stop losses."
In addition, according to Mai, CIMC has been promoting the introduction of strategic investors to invest in CIMC offshore and CIMC financial leasing. In June, 20021,Yantai state-owned assets planned to invest 835 million yuan in cash to acquire 6.7% equity of Yantai CIMC Raffles Marine Science and Technology Group/kloc-0, which was an important step to promote CIMC offshore engineering restructuring.
On June 5438+065438+ 10 last year, CIMC financial leasing successfully introduced strategic investors such as Shenzhen Capital Group and joined the state-owned financial services sector in Shenzhen. This move is conducive to improving CIMC's industrial focusing ability and is expected to continue to create good investment returns for CIMC.
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