Ports, which are comprehensive transportation hubs and distributing centers of goods, are critical to the entire transportation system. Among five regional port clusters in China, three major clusters are Yangtze River Delta port cluster with Shanghai as its center and supported by Ningbo, Lianyungang, Nantong and Zhangjiagang; Bohai Rim port cluster with Dalian, Tianjin and Qingdao as its centers and supported by Yingkou, Qinhuangdao and Yantai; Pearl River Delta port cluster with Hong Kong, Guangzhou and Shenzhen as its centers.

By the end of 2015, there were 31,259 berths for production, decreasing by 446 over 2014. There were 5,899 berths at sea ports, increasing by 65; there were 25,360 berths at river ports, decreasing by 511. There are 2,221 berths of 10,000 tons or above, increasing by 111 over 2015.

Total throughput in 2015 was 12.75 billion tons, increasing by 2.4% over 2014. Among them, 8.147 billion tons were completed at sea ports and 4.603 billion tons were at river ports, increasing by 1.4% and 4.2%, respectively. Total passenger throughput was 185 million, increasing by 1.3%. About 82 million were at sea ports and 104 million were at river ports.

According to CRI, the growth rate of the throughput of Chinese ports has been tumbling since 2014, affected by sluggish downstream infrastructure investment and import and export trade. Some ports even experienced a decreased throughput. The revenues and profits of the port industry have stepped into the downward trend. As the growth of China’s economy will continue to slow down and international trade will not be improved in the short term, the throughput of ports will keep growing at a low rate.

In this report, CRI analyzes 17 port enterprises listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1) financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders’ equity.

(1) Financial Indexes

  • Earnings per Share
  • Book Value per Share (BPS)
  • Sales per Share (SPS)
  • Net Cash Flow per Share from Operations
  • Net Cash Flow per Share (CNY)
  • Return on Net Worth
  • Net Profit Margin on Total Assets
  • Return on Invested Capital (ROIC) (%)
  • Gross Profit Margin on Sales (%)
  • Net Profit Margin on Sales (%)
  • EBIT Margin (%)
  • EBITDA Margin (%)
  • Debt to Asset Ratio (%)
  • Total Asset Turnover (times)
  • Cash/Operating Income Received from Sales of Goods or Services
  • YOY Growth Rate of Operating Revenue (%)
  • YOY Growth Rate of Operating Profit (%)
  • YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)

(2) Summary of Income Statement

  • Gross Revenue (CNY, million)
  • Total Operating Costs (CNY, million)
  • Revenue (CNY, million)
  • Operating Profit (CNY, million)
  • Total Profit (CNY, million)
  • Net Profit (CNY, million)
  • Net Profit Attributable to Shareholders of Parent Company (CNY, million)
  • Non-recurring Items (CNY, million)
  • Net Profit Deducting Non-recurring Items (CNY, million)
  • R&D Costs (CNY, million)
  • Earnings Before Interest and Tax (EBIT) (CNY, million)
  • Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)

(3) Summary of Balance Sheet

  • Liquid Asset (CNY, million)
  • Fixed Asset (CNY, million)
  • Long-term Equity Investment
  • Total Assets (CNY, million)
  • Liquid Liability (CNY, million)
  • Non-current Liability (CNY, million)
  • Total Liability (CNY, million)
  • Capital Reserve (CNY, million)
  • Surplus Reserve (CNY, million)
  • Undistributed Profit (CNY, million)
  • Shareholders’ Equity (CNY, million)
  • Equity Attributable to Shareholders of Parent Company (CNY, million)

(4) Summary of Cash Flow Statement

  • Cash Received from Sales of Goods and Services (CNY, million)
  • Cash Flow from Operations (CNY, million)
  • Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
  • Cash Paid for Investments (CNY, million)
  • Cash Flow from Investments (CNY, million)
  • Cash Received from Investors (CNY, million)
  • Cash Received from Borrowings (CNY, million)
  • Cash Flow from Financing (CNY, million)
  • Net Increase of Cash and Cash Equivalents (CNY, million)
  • Cash and Cash Equivalents, End of Period (CNY, million)
  • Depreciation and Amortization (CNY, million)