On the evening of August 27, CIMC Group (referred to as "CIMC", stock code: 000039.SZ\2039.HK) officially released the first half of 2021 performance report.
According to the report, from January to June 2021, CIMC's operating income was approximately 73.2 billion yuan (RMB, the same below), a sharp increase of 85.60% over the same period last year; gross profit margin was 16.59%, and net profit attributable to the parent was approximately 4.3 billion yuan. It set the best interim performance of CIMC since it was put into production in 1982.
Among the main businesses of CIMC, the revenue and profits of container manufacturing, road transportation vehicles, energy/chemical/liquid food equipment, logistics, airports, and recycling vehicles have all achieved substantial growth, and the scale and quality of overall financial revenues have been gratifying. The upward growth trend.
The report pointed out that CIMC still adheres to the container manufacturing business as its core.
In the first half of 2021, global merchandise trade showed a strong growth momentum, and the container shipping (hereinafter referred to as "consolidation") demand market continued to grow rapidly. At the same time, the normal congestion faced by global ports and supply chains under the epidemic situation, the congestion of the Suez Canal and Yantian Port in the first half of this year, and other accidents concurrently, the container shipping market has a tight space and containers, which has attracted widespread attention from the industry.
In order to alleviate the "difficult to find one container" situation in the market and guarantee China's export container demand, CIMC's container manufacturing business has done its utmost to ensure the supply of new containers by increasing resource input, improving production efficiency, and fully releasing production capacity. With the joint efforts of CIMC and its peers, the monthly output of new containers in the entire industry has continued to create record highs. With the continuous delivery of new containers, the situation of “hard to find one container” has been eased to a considerable extent.
The continued strong demand for containers, combined with the factors of rising prices of bulk commodity raw materials such as steel, has resulted in a substantial increase in the price of new containers in the first half of the year.
From January to June 2021, CIMC's container production and sales volume set a record for the same period in history, and its operating income and net profit increased significantly year-on-year. From January to June, the cumulative sales of CIMC's ordinary dry cargo containers were 1,145,500 TEUs (standard containers), an increase of 219.70% year-on-year; the cumulative sales of reefer containers were 94,500 TEUs, an increase of 76.31% year-on-year.
From January to June, CIMC's container business achieved operating income of approximately 27.5 billion yuan, a year-on-year increase of 224.91%; net profit was approximately RMB 4.39 billion, a year-on-year increase of 1739%, which was approximately 18 times that of the same period last year.
From January to June, in addition to the container business, CIMC's business revenue from road transportation vehicles, energy/chemical/liquid food equipment, logistics, and recycling vehicles also increased significantly.
In the first half of 2021, the global road transportation vehicle manufacturing industry has recovered, and domestic and international logistics and transportation demand has further recovered, which will promote a significant increase in the domestic and foreign market revenue of CIMC's road transportation vehicle business.
From January to June, CIMC’s road transport vehicle business sold more than 80,000 semi-trailers of various types worldwide, a year-on-year increase of 60%, and realized revenue of approximately 17.7 billion yuan, a year-on-year increase of 58.28%; realized net profit of approximately RMB 760 million. .
In the first half of the year, CIMC Vehicles, the main business entity of CIMC’s road transport vehicle business, continued to promote the A-share listing and was successfully listed on the Shenzhen Stock Exchange’s Growth Enterprise Market on July 8. Going public, becoming the first batch of listed companies after the reform of the GEM registration system.
In the first half of the year, CIMC's energy, chemical and liquid food equipment business achieved revenue of approximately 8.3 billion yuan, an increase of 43.42% year-on-year; net profit was approximately 350 million yuan, an increase of 121.82% year-on-year. Under this segment, as of the end of June 2021, CIMC Enric, a subsidiary of the Group, had orders in hand of 12.25 billion yuan, a year-on-year increase of 23%, and newly signed orders were 9.2 billion yuan, a year-on-year increase of 51%.
The report analyzes that due to the further growth of domestic natural gas consumption and the rapid development of hydrogen energy, the income of CIMC Energy, the leader in clean energy equipment, has steadily increased. The global chemical and petrochemical industry has boosted the demand for chemical tank containers and promoted CIMC Chemical Orders in hand and newly signed orders have increased significantly.
In the first half of the year, CIMC’s airport and logistics equipment, fire and rescue equipment business achieved operating income of approximately 2.8 billion yuan, a year-on-year increase of 29.31%; net profit was RMB 180 million, a year-on-year increase of 128.86%.
According to the analysis of the report, benefiting from the smooth completion of projects such as Chengdu Tianfu Airport and the outbreak of demand from the domestic e-commerce logistics industry, CIMC's boarding bridge and bridge-borne equipment business and automated logistics equipment business have achieved considerable growth in the first half of the year. On the other hand, as China's urbanization and China's fire protection reform continue to advance, CIMC's industry-leading fire and rescue business has also achieved rapid growth.
In the first half of the year, CIMC's logistics service business achieved operating income of approximately RMB 9.9 billion, a year-on-year increase of 122.97%, and realized a net profit of approximately RMB 170 million.
From the perspective of financial data, CIMC's logistics business has grown rapidly. Last year, CIMC's logistics business had annual revenue of 10.6 billion yuan, becoming the fourth business segment of CIMC with a revenue exceeding 10 billion yuan. From January to June this year, CIMC's logistics business revenue has reached 9.9 billion yuan, which is close to the total revenue of last year. The development momentum is exciting.
In the first half of the year, CIMC's recycling vehicle business achieved operating income of approximately 2.6 billion yuan, a year-on-year increase of 104.18%; net profit was approximately 230 million yuan. As a business unit that has only been established for more than two years, the growth performance of this business is exciting.
In the first half of the year, CIMC's financial and asset management business achieved operating income of approximately 1.05 billion yuan and net profit of approximately 190 million yuan, an increase of 5.81% year-on-year.
In the second half of last year, General Secretary Xi Jinping officially announced that China will strive to achieve the carbon peak by 2030 and the strategic goal of achieving carbon neutrality by 2060.
As a Chinese company focusing on improving the efficiency of the global energy and logistics industry, CIMC has also actively responded to the call of the country, based on market demand, giving full play to its own advantages to help achieve the national "3060" dual-carbon goal. At the end of March this year, at the 2020 annual results conference, CIMC made it clear that it will continue to promote the "clean energy" and "smart logistics" strategies.
What is gratifying is that, behind the significant increase in revenue and profit of all major businesses in the semi-annual report, CIMC has achieved positive results in the key new energy field, which will further promote the development of the country's low-carbon economy.
The report shows that in the energy/chemical/liquid food equipment business of CIMC, the clean energy business achieved operating income of approximately 4.45 billion yuan, a year-on-year increase of 48.74%, accounting for more than half of the revenue.
In the field of clean and low-carbon fossil energy, in the first half of 2021, thanks to the promotion of industrial coal-to-gas and urban gas peak shaving policies, the demand for upstream storage and transportation of LNG (liquefied natural gas) has grown rapidly. CIMC LNG storage tanks, LNG Sales of tank containers and LNG transport vehicles increased. At the same time, due to the acceleration of the construction of the LPG (liquefied petroleum gas) micropipe network and the recovery of the global oil product market, the operating rate of refineries has increased. From January to June, the sales of CIMC LPG spherical tanks and other related equipment, LPG transport vehicles and LPG transport vessels were strong.
In the field of hydrogen energy, from January to June, CIMC’s hydrogen energy business developed steadily and achieved major breakthroughs. A subsidiary of CIMC and Hescon established a joint venture company for four-type vehicle-mounted hydrogen storage bottles and hydrogen supply systems, and is currently preparing for production. Steady progress. In April, CIMC received over 100 million yuan in hydrogen energy heavy truck hydrogen supply system orders. In May, CIMC and Anshan Iron and Steel Co., Ltd. joined forces to cut into the fields of industrial by-product hydrogen production and LNG, and create an "end-to-end exemplary industrial ecology" of resources + storage and transportation + application.
In the first half of the year, CIMC also successfully joined the Beiqi Foton Automotive Hydrogen Supply System Supplier Directory, joined the National Fuel Cell Vehicle Demonstration (Beijing) Enterprise Directory, and entered the Daxing District International Hydrogen Energy Demonstration Zone. A few days ago, CIMC also built the first oil-gas-hydrogen combined construction station in Hebei Province in Baoding, Hebei Province. The station will provide hydrogen refueling services for more than one hundred hydrogen heavy trucks serving the infrastructure of the Xiong’an New Area.
In the field of offshore clean energy, CIMC also acts frequently.
In May, “Huadian CIMC 01”, an offshore wind power platform with 100% independent intellectual property rights transformed by CIMC Raffles, went to the Shenquan sea area of Jieyang, Guangdong for operation, and was applied to offshore wind power for the first time; The elevating drilling platform "CNOOC 15" officially went to the southern waters of the Shandong Peninsula to carry out offshore wind power installation operations. This is also the first domestic wind power installation platform for jack-up drilling platform transformation to be delivered.
So far, CIMC Raffles has completed three transformation projects for offshore wind power platforms, which also shows that CIMC Raffles has used existing oil and gas assets to transform wind power installation platforms, and has completed the transformation from a single operation to a standardized and systematic operation. change. On the one hand, these measures can increase the utilization rate of CIMC's offshore engineering inventory platforms, and on the other hand, they can also help CIMC Raffles to accelerate the transition from an "oil and gas resource development platform provider" to a "new ocean energy service provider".
CIMC Raffles has also signed strategic cooperation agreements with offshore wind power giants such as Huadian Heavy Industries, Boqiang Heavy Industries, Three Gorges Equipment and Materials, and China General Nuclear Power to jointly develop a huge offshore wind power market. In July, CIMC Raffles introduced strategic investment from Yantai State-owned Assets Supervision and Administration Commission to complement each other's advantages and jointly develop offshore wind power, marine fishery and other businesses.
In the first half of 2021, CIMC Raffles has accumulated orders valued at US$960 million, of which non-oil and gas orders accounted for about 40%, basically maintaining the business portfolio and capacity layout of each 50% of the oil and gas and non-oil and gas businesses. Thanks to the layout and development of the new energy business, CIMC Offshore's revenue in the first half of the year increased by 11.5% year-on-year to approximately RMB 2.82 billion, representing a year-on-year loss reduction of 23.5%.
In terms of cleaning the power of inland waterways. At the end of May, CIMC and Zhaoqing City, Guangdong Province launched the "Xijiang New Energy Transportation" project to promote the LNG conversion of inland watercraft power and the conversion and construction of cement tank ships, and strive to completely change the traditional diesel-powered ships and open-mouth cement ships. The face of heavy pollution, the realization of "gasification pearl, Xijiang", is expected to be gradually extended to other inland rivers in China and the world in the future.
In July, CIMC Taiping Offshore also acquired part of the assets of Fengshun Shipbuilding, harvesting scarce Yangtze River shoreline wharf and several 10,000-ton dock resources, which provided a solid foundation for improving the clean renovation and construction of watercraft power.
"Pioneering and innovation" has always been one of CIMC's core values, and it is also the core "magic weapon" for CIMC's growth. CIMC's innovative businesses and innovative enterprises have always been expected and concerned by the public.
CIMC Chairman and CEO Mai Boliang once said: "CIMC's principle of choosing new businesses is'the market has demand, the industry has shortcomings, and CIMC has advantages'". Judging from the results, many innovative businesses and innovative enterprises of CIMC have indeed followed this principle and have developed vigorously along the way.
The national "3060" dual-carbon strategic goal has also brought significant development opportunities to CIMC's innovative businesses and innovative enterprises, which have been quietly working on green, low-carbon, and environmentally intensive industries.
For example, CIMC's recycling vehicle business focuses on providing customers with comprehensive solutions for recycling packaging instead of disposable packaging. The purpose is to reduce the consumption and pollution of packaging materials in the transfer of goods and help carbon neutrality.
In the first half of 2021, CIMC's recycling vehicle business revenue increased substantially and turned losses into profits, making important contributions to CIMC's overall outstanding performance, proving that "low carbon and environmental protection" can do a lot.
The whole food process cold chain is currently the best way to reduce the spoilage of fresh agricultural products. In terms of cold chain services, CIMC's cold chain logistics business has the ability to provide end-to-end cold chain services in Southeast Asia. The cold chain logistics cross-border transportation business is equipped with CIMC vehicle recycling packaging, and cooperates with the durian boxes and coconut greens independently developed by CIMC. The packaging box can effectively reduce the loss of fruits during transportation, greatly reduce the use of disposable cartons, and have the properties of green, environmental protection and freshness. In the first half of this year, the operating income of CIMC's cross-border fresh transportation of imported fruit multimodal transportation business also reached a new high.
In terms of the pharmaceutical cold chain, the products developed by CIMC in the early stage have been continuously recognized by the market. The cryogenic box that can transport vaccines has broken through the difficulties of a variety of ultra-low temperature materials and processes and refrigeration technology, and has been delivered in batches. In the first half of the year, CIMC has shipped 67.17 million finished products of domestic new crown vaccine. CIMC is currently the only domestic company that can produce active temperature-controlled flight cases, breaking the monopoly of European and American products.
For CIMC, which has been engaged in container manufacturing for nearly 40 years, containerization has penetrated into the soul. The concepts of container standardization, good transshipment, and stackability were refined by CIMC and applied to other industries, giving containers a brand new connotation.
On March 31 this year, the first phase of the 1.5-level enterprise port project in Haikou Jiangdong New District, which was designed by CIMC and undertook the manufacturing, transportation and installation of the modular building part, was successfully completed. The project took only 70 days from the production of building modules to the delivery, which once again refreshed the speed of CIMC's modular construction.
In addition to modular buildings, the container business is vigorously promoting various professional integrated equipment businesses and exploring "container +". CIMC's loading of batteries in containers, electrical equipment in containers, and sewage treatment equipment in containers are all dazzling sparks of the cross-border integration of containerization concepts with related industries.
In the first half of 2021, CIMC's integrated container equipment business continued to maintain rapid development and formed closer cooperation with leading industry customers. At present, the energy integrated equipment business mainly focuses on four aspects of new energy transformation equipment, power generation equipment, electrochemical energy storage equipment and new energy charging and swapping equipment. Among them, new energy transformation and energy storage equipment are the key businesses of the container sector in the future Expansion direction. The environmental protection integrated equipment business mainly focuses on water treatment, fixed waste transfer equipment, etc. The container segment plans to enter six market segments, including rural domestic sewage treatment, river sewage interception treatment, and decentralized water supply systems.
In the second half of the year, CIMC's integrated equipment business will continue to deepen the two major fields of energy and environmental protection, and further deepen cooperation with leading customers in the energy and environmental protection fields, rapidly improve product integration and added value, and actively explore new "container+" Application areas.
In the future, CIMC has formulated a three-year strategic plan, firmly focusing on the strategic theme of "stable operation and high-quality growth". The main business will continue to focus on the two major industries of "logistics" and "energy". The two main channels of "clean energy" are constantly optimizing business portfolio, raising asset income levels, and pursuing high-quality business development.
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