Tangshan Port: Rapid throughput growth towards modern port

The new shares Tangshan port in the market after the first day below the price of the pain, the plate was once quickly pulled up, driving Yingkou port, Lianyungang and other port stocks gradually strengthened.　　This is mainly by July China's main coastal port container throughput growth of 22% data to boost. Tangshan Port provides the main services are port handling, transportation, storage warehousing and other logistics business, the company since its establishment formed a steel, iron ore, coal three major cargo-oriented transport structure. The operating place of the company's port handling business is Tangshan Port Jingtang District, located in Tangshan Port economic development zone.　　2009 three major cargo species accounted for 97.16%, the throughput of more than tens of millions of tons. First-half results meet expectations according to the Mid-term research report, Tangshan Port 2010 first half of the performance in line with market expectations, the company's rapid growth in cargo throughput. In the first half of 2010, the port of Tangshan achieved main revenue of 1.31 billion yuan, an increase of 69%, to achieve net profit of 187 million yuan, the year-on-year growth of 27.92%, a full diluted earnings of 0.187 yuan per share. The company's cargo throughput increased 25.39%, a total of 38.1764 million tons of cargo throughput, of which the type of coking coal cargo volume ranked 1th in the national coastal ports, steel goods species hair volume ranked the national coastal Port 3rd.　　The company is expected to complete the total cargo throughput of 75.708 million tons a year, an increase of 13.09%. Coal unloading business is driven by strong domestic demand, mainly to domestic sewage coal mainly. The first half of the Jingtang region's coal throughput grew 42.2% per cent year-on-year, above the average growth rate of 20.3% of the country's major ports; the company's handling and stockpiling business gross margin grew 12% year-on-year, overall gross margin grew 22%, of which the non-loading and unloading operations increased the contribution to the gross margin of 50%, its gross　　Better than market expectations, but also a source of growth in performance. Regional competitive Advantage Obviously, Tangshan Port Jingtang District is located in the 80 km southeast of Tangshan Tangshan Port Economic Development Zone, located in the northern shore of Bohai Bay, along the Cape to the coast of Qinhuangdao, the great Qing River mouth and the Luanhe estuary. As early as 1919, the Democratic revolutionary pioneer, Dr. Sun Yat-sen, in his "nation-building strategy", proposed the "northern port" of "the Great and New York" and "the Gateway to World Trade", and the proposed port of choice is in the Jingtang district of today. After the reform and Opening-up, Hebei province Tangshan put the port construction on the important agenda, formulated and implemented the Tangshan coastal economic development strategy, the port construction was listed as Hebei Province one project, Tangshan "the leading project".　　Jingtang District is an important port in the Bohai Sea area, which is jointly invested and developed by Tangshan and Beijing, with excellent conditions for establishing Hong Kong, extensive state-owned tidal flat, unique location advantage and developed and convenient collection and transportation network. The Jingtang area has two outstanding features: First, the water depth conditions,-10 meters from the shore only 4.8 kilometers, the natural coastline of the construction of Hong Kong for up to 11 km; the second is a vast land, the recent planning of the port area of 30 square kilometers, are saline-alkali wasteland, engineering geological conditions are good, the construction of land does not occupyNo demolition, the rear land area of more than 100 square kilometers open and flat saline-alkali wasteland available for exploitation and development, has developed the geographical advantages of port-oriented industries.　　According to the master plan, Jingtang District Planning and construction of 5 port pools, can be built 100多个万 ton of deep water berths. The Jingtang area has already completed 70,000 ton class waterway, February 2010, Jingtang area 100,000 ton class waterway has passed the acceptance to put into use, further enhanced the harbor navigation ability, may satisfy 100,000 ton ships one-way, 50,000 ton below two-way navigation; Jingtang Area ships Route Tongda country, inside and outside 120 ports, Established business dealings with 50 countries and regions. 2009 to Port ship 6167 Shing, of which coal ship 2437 Shing, Ore ship 842 Shing, steel ship 1974 Shing.　　More than 35,000 DWT ship has 1103 Shing, accounting for the total Shing of 17.89%, more than 50,000 DWT ship has 674 Shing, accounting for the total Shing 10.93%. The land transport conditions in Jingtang area are good, and the railways and highways are the main transportation. Tang Hong Kong railway line from Jingtang District to Luan West station and Jingshan lines, and connected to the Beijing-Qin, Datong-Qin line, the existing transport capacity of 127.1 million tons/year.　　Jingtang District through the Tang and the railway and the National railway network Jingshan, Beijing-Qin, da Qin, Beijing Bao, Gyungwon, Fungshada, Baolan and other railways connected and radiation to the whole country. Port Road transport network in all directions, from Tangshan to the port of the Tang Port Expressway and Beijing-Shenyang, Karatsu, Tangshan outer ring high-speed in Tangshan formed a "x+o"-shaped highway network, and the National highway network connected to greatly shorten the port and hinterland transport time and distance.　　The Development Zone City Road is connected with the Tang Tong, the ping Qing Big, the Bohai Sea three provincial highway, the Tang Harbor, the Luan port, the Bohai Sea three highways respectively with 205, 102 National Road is connected; the harbor rear coastal expressway, directly connects with Qinhuangdao, Tangshan, Caofeidian and Tianjin port.　　Jingtang District is located in the central area of the Bohai Economic Circle, back to Beijing-Tianjin-Tangshan, Beijing-jin Golden Triangle Economic Zone, Hebei province is a strong coastal economic development strategy of the key development areas, a vast hinterland, abundant supply. Jingtang Area Direct Hinterland Tangshan is an important energy and raw material base in China. The indirect hinterland of Jingtang can cover north, northeast and northwest regions. With the implementation of the Western Development Strategy, the Jingtang district pays more attention to the communication with the western provinces and cities, and has established more close links with Shanxi, Shaanxi and Inner Mongolia, and expanded the service radius.　　After the "Pearl River Delta", "Yangtze River Delta", the Bohai Sea area has become the new bright spot of China's economic development, Jingtang in the central Bohai Sea region, the important role of its port will be significant. Tangshan industrial structure to heavy industry, heavy industry structure and energy, raw materials industry, iron and steel, building materials, energy, equipment manufacturing and chemical industry five advantages of the competitive strength significantly enhanced, this feature formed Tangshan industrial production volume of goods large characteristics. At present, Tangshan is speeding up the integration and reorganization of the iron and steel industry, promoting the product structure to high-end, fine, professional, deep processing upgrade, to create the domestic first-class steel productionIndustry base.　　Based on the Port economic Development zone, accelerate the promotion of quality steel, equipment manufacturing and fine chemical industry, such as the backbone of the development level. Tangshan City clearly put forward to the port as the leading, and further adjust and optimize the production layout, build and improve the regional opening of the new pattern of "Hong Kong Hing City, outward-driven" strategy. 2010, the gross domestic product will reach 370 billion yuan (in 2005 price level), an average annual growth of more than 13%, and strive to quadruple than 2000.　　2010, the total import and export of the city amounted to 8 billion U.S. dollars, five year average annual growth of 25.2%, of which exports 3.7 billion U.S. dollars, import 4.3 billion U.S. dollars. The perfect port service facility is another big advantage of Tangshan port. Jingtang District is an emerging port, has completed the initial accumulation stage, with a further accelerated development of the scale advantage. At present, the Jingtang district has completed the first to second port pool all and the third to fourth Port pool part berth, the fifth Harbor Pond Project Construction Smooth advancement, is forming 5 Harbor Pond Construction Operation overall pattern. The company has built miscellaneous, miscellaneous, multi-purpose, coal, cement and other functions of 18 berths, approved throughput capacity of 29.68 million tons. February 2010, the Jingtang area 100,000 ton class waterway has passed the acceptance to put into use, has further promoted the harbor navigation ability, may satisfy 100,000 ton ships one-way, 50,000 ton below ships two-way navigation, each kind of warehousing, the railroad, the guidance aid navigation, the auxiliary construction facility is complete.　　The rear has formed two highways, two sets of Shugang railway through the port's perfect collection and transportation environment. To improve the unloading capacity of the company's existing berth, to achieve potential and increase efficiency, the company plans to increase the layout of the door machine on the basis of existing berths to improve the efficiency of loading and unloading, to increase the procurement of tug, in order to improve the auxiliary operation capacity; At the same time, the joint-work units are encouraged to accelerate the upgrading of equipment in order to　　Accelerate the turnover of stockpiled goods, to provide customers with more convenient and thoughtful service. The shipping and unloading of goods is the most important production link of the company, and it is the main source of business income. The company's production unit is responsible for the main loading and unloading work, dispatching department and production unit dispatching department to form a ladder-type scheduling management system, coordinate management and unloading work. The department, untwisting, clearance, hook and other loading, the process of unloading the auxiliary operation process outsourced to the Joint Operations Unit, in the course of the operation by the company dispatching Coordination Unit to manage it.　　At the same time, according to the different kinds of goods, the company has built a storehouse of different kinds of stock, placing different goods in different storehouse, taking the mode of "single stacking and placing", which is more attractive to customers. Greater space for future growth China's iron and steel enterprises region distribution characteristics and regional economic development characteristics decided that domestic steel consumption depends mainly on waterway transport, therefore, the direct economic hinterland of Jingtang area has a large number of Sinotrans. With the transfer of Hebei Iron and steel industry to the coast, Jingtang district as Hebei to undertake the development of steel productionIndustry's port location advantage is more prominent, the company has a very broad prospects. The distance between the main steel mills in Jingtang area is more than that of Qinhuangdao port and Tianjin port, and it has advantages in land transportation cost.　　With the continuous expansion of the Jingtang area, the continuous improvement of the port function, the continuous improvement of service level, the company has strong market competition potential. Iron ore is the main raw material of iron and steel industry, because China's iron ore resources are relatively insufficient and dispersed, the grade of ore is low, the actual supply can not meet the recent needs of China's iron and steel industry.　　In order to supplement the domestic supply shortage, improve the quality of steel products and reduce production costs, the average annual increase of iron ore imports in the past more than 10 years has been greater than the increase in steel production. The development of iron and steel industry in Tangshan area formed a benign interaction with Jingtang area.　　With the production capacity of Hebei province mainly for the coastal development of Tangshan and Cangzhou region, the construction of steel base has increased dependence on the Jingtang area each year, and the demand for the ore throughput capacity of the port region will increase year by year. China's coal resources are mainly distributed in the economic hinterland of Tangshan, Shanxi, Hebei, Shaanxi and the western region of Inner Mongolia. Jingtang area is one of the 7 major coal ports on the northern coast.　　It is expected that the company's future coal throughput will be maintained at more than 10 million tons.　　Tangshan Port to the Bohai Sea Economic Circle and the "three northern" areas as the focus of service market, through the expansion of service scale, improve the comprehensive service of the company's comprehensive port services, iron ore, steel, coal and other bulk cargo handling, stacking for the main business, and actively to the modern port industry transformation. In the first half of 2010, the company self-financing speed up the construction of 20-22# berth, the current part of the berth has reached the intended use of the state, the next step will be to accelerate the construction of the rear berth to improve the storage capacity. In addition, the company bought a new tug and 6 40 tons of door machine into use, further enhance the company's handling capacity.　　The company's next three years of construction and acquisition of the project will rapidly increase the 120% ore throughput capacity and 40% of the steel throughput capacity, conducive to meet the demand for supply growth and attract the advantages of the hinterland source of Backflow. Everbright Securities Forecast, the company 2010-2012 PE is 25, 17 and 13 times times respectively. In view of the obvious advantages of the company's location and throughput capacity enhanced after a good growth, to give the company "overweight" rating.