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中信建投:港口估值已降至歷史底部,優質港口具備中長期配置價值
格隆匯12月4日丨中信建投韓軍指出,寧波舟山港股份有限公司在其官網發佈公示《寧波舟山港外貿進出口集裝箱港口收費目錄清單(202111版)》,該目錄清單從2022年1月1日起執行,將外貿進出口20英尺和40英尺的空重箱裝卸費上調了10%。 據測算,此次寧波上調港口裝卸費或將帶來2022年營業收入近8億元的漲幅,帶來2022年淨利潤約4億元的漲幅。後續若其他港口跟進10%的港口裝卸費上調,保守估計上港集團或至少提升近14億的營收,近11億的淨利潤。 港口行業PB水平已經降至歷史底部,上港集團歷史PB爲1.95,目前PB僅爲1.23;寧波港歷史PB爲1.66,目前PB僅爲1.12;招商局港口歷史PB爲0.94,目前PB僅爲0.50;中遠海運港口歷史PB爲0.72,目前PB僅爲0.46;青島港歷史PB爲1.42,目前PB僅爲1.06。
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