Although the revenue accounted for the advantages of long navigation net profit against investment

China Merchants Steamship (601872) announced the three quarterly report, the company's first three quarters to achieve a total operating income of 1.973 billion yuan, belong to the listed company shareholders of the net profit of 549 million yuan.　　Long Aviation oil Transport (600087) the first three quarters operating income of 3.176 billion yuan, net profit is only 116 million yuan. Both are engaged in the main tanker transport, the scale of the tanker capacity is not large, the merchant steamer in the operating income is not the long voyage oil, but why the net profit is higher than long shipping oil transport a big cut?　　Comprehensive market view, the cost of long shipping oil than the merchant steamer high, investment will be part of the tanker rental, while its bulk carrier also contributed to some of the profits.　　The East China Sea Securities Zhanghui that, on the one hand, the merchant steamer owns some bulk carriers, while the profit level of the bulk carrier is better than that of the tanker; On the other hand, the merchant ships leased some of the tankers, avoiding the cost of fuel and manpower, which was a good measure during the downturn. Bohai Securities Majie said that long aviation oil transport in the cost than the merchant steamer much higher. The tanker is partly transformed by a single shell tanker and the tanker is built earlier.　　In contrast, the long aviation oil transport in recent years the rapid expansion of tanker capacity, the cost of the construction of the tanker is high, so the merchant ships in the operation has a very good cost advantage.　　This cost advantage is directly reflected in the level of Mao interest rates, the first three quarters of the merchant steamer 28.82%, long aviation oil Yun's gross profit margin of only 13.38%, the basic is half of the merchant's gross profit margin. The expansion of transport capacity in recent years has led to a high level of corporate financial costs and asset-liability ratios. The three quarterly financial data show that the first three quarters of the merchant steamer's financial cost is 34.079 million yuan, the asset-liability ratio is 38.17%, the long voyage oil before the three-quarter financial cost is 154 million yuan, the asset-liability ratio is 72.26%.　　The difference of financial cost is also the important reason of the difference between the two profits. Majie also pointed out that long aviation oil transport assets and liabilities and high financial costs, indicating that the company's high leverage ratio, the company only in the shipping market in the boom time through high leverage to obtain high returns, but the tanker transport market has been fluctuating, freight rates have always been difficult to lift, this financial lever also difficult to play a better role.