April performance Review: the plate outperformed Shanghai and Shenzhen by 300. April 2024FreevideopokergamestoplayThe transportation (Shenwan) index rose 2. 5%.Freevideopokergamestoplay.4%, outperformed the CSI 300 Index 0Freevideopokergamestoplay.5%; SW highway plate Wuzhou traffic (8.3%) led the rise; SW railway transport plate Guangzhou-Shenzhen Railway (10.1%) led the rise; SW port plate Qingdao Port (9.6%) led the rise; SW raw materials supply chain service plate products Zhongda (7.0%) led the rise. The dividend yield of some high-quality companies in the sector is still attractive. On March 22, 2024, the Shanghai Stock Exchange issued a special action on "improving quality, increasing efficiency and increasing returns" for Shanghai Stock Exchange companies.FreevideopokergamestoplayThe initiative ". A number of listed companies actively respond to the relevant content and formulate special action plans. On April 24, 2024, the Jiangxi-Guangdong Expressway issued the "Action Plan for 2024" to improve quality, efficiency and return; on April 26, 2024, the Daqin Railway released the "Special Action Plan for 2024" to improve quality, efficiency, and return; and on April 29, 2024, the Beijing-Shanghai high-speed railway issued a notice on the action plan for 2024 to improve quality, efficiency, and return. Based on the amount of cash dividends (including tax) to be paid per share of the listed companies in the sector in 2023 and the closing price on May 10, 2024, the dividend yield of some high-quality enterprises is more than 4%, which still has a certain allocation value. There are differences in the performance of different sectors of Q1 in 2024. 1) Highway: in 2024, the total operating income of Q1Grai SW expressway plate was 26.35 billion yuan, down 2.1% from the same period last year; the total net profit was 7.58 billion yuan, down 3.7% from the same period last year. It is expected to be mainly affected by the long duration of the national low temperature rain and snow freezing disaster in the first quarter, the wide range of influence, and the increase of the free period for minibuses during the Spring Festival holiday in 2024 by 2 days compared with the same period last year, while adding a higher Q1 performance base in 2023. Excluding the influence of accidental factors, with the improvement of macroeconomic development, the annual performance of the plate is still expected to achieve steady growth. 2) Railway: in 2024, the total operating income of Q1Magi SW railway transport plate was 41.54 billion yuan, an increase of 0.7% over the same period last year; the total net profit was 7.13 billion yuan, an increase of 6.7% over the same period last year. According to the State Railway Administration, the country's railways sent 1.014 billion passengers in the first quarter, an increase of 28.5 percent over the same period last year. Benefiting from the growth of railway travel demand, passenger transport business has performed well. In Q1 in 2024, the net profit of Beijing-Shanghai high-speed railway increased by 33% compared with the same period last year, and the net profit of Guangzhou-Shenzhen railway increased by 35%. 3) Port: in 2024, the total operating income of Q1Magi SW port plate was 49.07 billion yuan, an increase of 5.5% over the same period last year; the total net profit was 10.15 billion yuan, an increase of 7.4% over the same period last year. According to data from the Ministry of Transport, in the first quarter, the cargo throughput of ports across the country was 4.09 billion tons, an increase of 6.1 percent over the same period last year, and the container throughput was 7673 TEUs, an increase of 10.0 percent over the same period last year. The cargo throughput is growing steadily, and the performance of the sector is relatively sound. At the same time, the dividend effect of port integration is expected to continue to be released. It is suggested that we should pay attention to the follow-up progress of the relevant provinces. 4) bulk supply chain: Q1 in 2024, Xiamen International Trade achieved a net profit of 410 million yuan, down 44.5% from the same period last year, while Xiamen Xiangyu realized a net profit of 410 million yuan, down 25.4% from the same period last year. The lack of effective demand leads to short-term performance pressure, with the pick-up of industry demand, the profitability of head enterprises is expected to gradually improve. Investment suggestion in May: improve quality, increase efficiency and increase return, and you can still choose the best allocation. In the shock adjustment environment, the high-quality target with relatively sound operation and paying attention to shareholder return is expected to win the continuous attention of the market. The highway and railway plate mainly recommends the Shandong highway with the development of the main industry of roads and bridges and the continuous and stable dividend policy, and suggests to pay attention to China Merchants Highway, Nanjing-Shanghai Expressway, Guangdong Expressway, Wantong Expressway and Daqin Railway. the port plate recommends Qingdao Port, which has a prominent position as a hub seaport and the integrated dividend is expected to be released continuously, and suggests paying attention to Tangshan Port. The bulk of the supply chain plate suggests paying attention to Xiamen International Trade and Xiamen Xiangyu, which are currently undervalued and whose profitability is expected to improve. Risk hints: macroeconomic downside risk; industry policy adjustment risk; geopolitical risk; third-party data credibility risk; untimely use of information data update risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
