The income of the transportation industry has grown steadily, and the decline in profitability has dragged down performance. Taking 55 A-share listed companies as statistical samples, on the whole, they benefited from the optimization of supply and demand structure (supply-side reform, new projects landing, demand upgrading, etc. ), the industry income remained stable at 20 18, with a year-on-year increase of15.9%; In terms of profit, the profitability of several sub-industries declined to varying degrees, and the overall performance was poor, down 8.9% year-on-year. The gross profit margin of the industry was 24.2%, down 0.95pct year-on-year, and the net profit margin was 7.5%, down 2.03 percentage points year-on-year.
Aviation: the optimization of supply and demand will promote income growth, and the impact of oil exchange is expected to ease. Revenue was 496.3 billion yuan, a year-on-year increase of13.2%; Affected by large fluctuations in oil prices and exchange rates, the net profit was 9.3 billion yuan, down 58.26% year-on-year. The shrinking performance of the aviation sector is the most important factor for the poor performance of the transportation industry. Operating cash is stable, investment expenditure is relatively conservative, and financing is in the stage of leverage contraction. 20 19 with the shortage of transportation capacity driving the fare increase, the impact of oil reform is weakened, and the industry profit is expected to recover obviously.
Express delivery: sustained high growth and improvement of market structure are expected to ease the pressure of price reduction. Revenue was 654.38+049.3 billion yuan, a year-on-year increase of 3654.38+0.3%; The net profit was 9.2 billion yuan, a year-on-year increase of 65,438+04.7%; Revenue maintained prosperity mainly because of the continuation of e-commerce dividend. The downward trend of single-ticket revenue led to a year-on-year decline of net profit margin of 0.9pct. Rigid growth of rent and salary squeezed operating cash, and industry expansion led to rapid investment growth and financial leverage amplification. At present, the leading companies in the market have taken the initiative (the share of CR8 exceeds 80%), and we expect that the pressure of price reduction will be eased in the future.
Railways and highways: freight is improving and passenger transport is differentiated. In 20 18, railway revenue 1 146 billion yuan, up 37.2% year-on-year, and net profit16.2 billion yuan, up 7.9% year-on-year. Expressway revenue was 77 billion yuan, flat year-on-year, and net profit was 654.38+09.7 billion yuan, down 3.5% year-on-year. In terms of freight transportation, the turnover of railway and highway freight transportation has rebounded simultaneously since 20 16, benefiting from the recovery of demand for bulk commodities such as coal, metal ore and steel. In terms of passenger transport, the railway has obvious diversion to the highway, showing a trend of one up and one down.
Port: Throughput growth slows down, and profitability may continue to be under pressure. 20 18 revenue171700 million yuan, a year-on-year increase of 10.8%, and a net profit of 21200 million yuan, a year-on-year increase of 14%. In 20 18, the year-on-year growth rate of domestic port throughput slowed down, which had a significant impact on the revenue of listed companies; Affected by the tight global trade situation, intensified industry competition and the expansion of low-profit business, the port profitability has weakened in recent years; With the reform of charging mode, it is expected that profitability will continue to be under pressure.
Key events in the transportation industry in April: 1) The collection of civil aviation development funds is halved, the cost of airlines is reduced, and the profit end is expected to increase substantially; 2) Tong Yuan and HNA have reached a strategic cooperation, and the two sides will form complementary advantages in business and break the shackles of aviation logistics development; 3) The cancellation of provincial toll stations on expressways is expected to greatly reduce logistics costs, improve logistics efficiency and boost regional traffic integration.