CIMC (301559) has an overall breakout rate of 17% (13% excluding NSE).
The issuer of CIMC Huanke is a global chemical logistics equipment manufacturer and full life cycle service provider with the largest manufacturing scale, the most complete series of varieties and the leading technology, integrating the design, research and development, manufacturing and sales of tank containers in the world.
The company adheres to the business development direction of "Manufacturing + Service + Intelligence", focusing on the research and development, manufacturing and sales of tank containers for chemical liquids, liquefied gases and powder commodities, and at the same time, it provides after-market services for tank containers, such as maintenance, cleaning, refurbishment and renovation, and customized tank container information services based on the Internet of Things (IoT) technology. We also provide after-market services such as maintenance, cleaning, refurbishment and transformation of tank containers, and customized tank information services based on Internet of Things technology.
The company's tank container products are mainly oriented to Europe, Asia, North America and other major regional markets for global chemical logistics intermodal transportation, direct customers mainly include EXSIF, Ermewa Group, CS Leasing, Peacock Container, Trifleet, Seaco and other well-known foreign container leasing companies.
and Den Hartogh, Eagle Liner, Berschi, Suttons International, China Railway Tielong, Milky Way and other terminal operators, transporting chemicals involving almost all the global fine and basic chemical giants and active players, including BASF, Bayer, DuPont, Sinochem and so on. The company's tank container products are mainly oriented to Europe, Asia, North America and other major regional markets, with a global market share of more than 50% in the tank container segment, ranking first in the world for many consecutive years.
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(1) Revenue structure: tank containers accounted for more than 90% of the company's revenue; more than 90% of the company's revenue occurs outside the country.
(2) Growth: over the past three years, revenue compounded growth rate of 9.43%, net profit compounded growth rate of 23.21% (non-deductible 26.66%).
(3) Cash flow: over the past three years, free cash flow was 2 positive and 1 negative, with overall good cash flow.
(4) Profitability: in 2022, gross margin 23%, net margin 12%, ROIC 30%, ROE 28%.
(5) Capital structure: in 2022, gearing ratio 34%, interest-bearing debt ratio 1.7%.
(6) Short-term performance: in the first three quarters of 2023, the company expects revenue growth rate of -3.2% to -10.96%, and net income growth rate of -9.71% to -15.36%.
Comprehensive judgment can be seen in the main production of tank containers of the company (indirect controlling shareholder for the CIMC Group), the main revenue occurs in the overseas; issuance of a reasonably low valuation, the issue price is not too high, you can actively subscribe.
Reference: Baidu Encyclopedia - CIMC Anrexuan Technology Co.