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A new high in history! Detailed article of the CIMC 2017 Annual Report

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[Abstract]:
[September27,2018,Shenzhen]Graspingtheopportunityofglobaltraderecovery,theinternaltransformationandupgrading,theperformanceofCIMCin2017exceededindustryexpectations.Today,ChinaInternationalMarineContai

[September 27, 2018, Shenzhen] Grasping the opportunity of global trade recovery, the internal transformation and upgrading, the performance of CIMC in 2017 exceeded industry expectations. Today, China International Marine Containers (Group) Co., Ltd. (hereinafter referred to as CIMC or CIMC) officially released its 2017 annual report. The report shows that CIMC achieved revenue of 76.3 billion yuan, a year-on-year increase of approximately 50%. The total receipts reached a record high, with a net profit of about 2.5 billion, a year-on-year increase of about 365%.

 

 

 

Among the 10 types of business revenues announced in the CIMC Annual Report, except for the offshore engineering industry, the business has not achieved growth in the deep adjustment period, and all other business types have achieved different degrees of growth. Among them, the three largest business segments, namely containers, road transport vehicles, energy, chemical and liquid food equipment, contributed the most to the annual revenue growth, with an increase of approximately 126%, 33% and 27% respectively, the fourth largest business logistics. The net increase in service revenue also exceeded 1 billion. From a regional perspective, CIMC's overseas revenue accounted for approximately 57%, of which the US and European markets achieved significant growth, up 90% and 123% respectively, and the Chinese market also grew strongly by 39%.

 

 

 

90% of the business to achieve growth, two major businesses with a scale of 20 billion

 

 

 

According to CIMC's annual report information, the company's business is mainly divided into 10 categories, namely containers, road transport vehicles, energy, chemical and liquid food equipment, marine engineering, airport equipment, logistics services, finance, and production (the first 8 businesses were Known as the “eight big” business segment of CIMC), heavy trucks and other (mainly modular buildings, multimodal transport, etc.), the data shows that all businesses except marine engineering have achieved significant growth, which is in recent years. The best performance achieved in an international and domestic complex economic environment. Among them, the top three main business segments are more eye-catching, and the two major businesses have an output value of about 20 billion.

 

The most eye-catching is the container business. In 2016, due to the cyclical fluctuations in the shipping business, the global container demand fell to the bottom, but from the fourth quarter of the year, global trade drove the shipping market to recover, and the container entered the renewal cycle at the same time. The order volume has bottomed out, and the application of domestic environmentally friendly water-based paint has inhibited the increase of production capacity to some extent. The price of the box has also rebounded rapidly, and the market is better than expected. In 2017, CIMC's container sales exceeded 25 billion yuan, a year-on-year increase of 126%, and net profit was 1.46 billion, an increase of about 302%. The annual production and sales volume of containers continued to be the No. 1 in the global industry since 1996.

 

The cumulative sales of ordinary dry cargo containers of CIMC was 1,300,900 TEU (standard containers), an increase of approximately 123% year-on-year; the cumulative sales of refrigerated containers was 109,100 TEUs, an increase of approximately 37%. The land commercialization project also has a positive impact on the financial performance of the container business. The South China CIMC and the China Merchants Shekou, which is under the jurisdiction of the sector, received compensation of approximately 490 million yuan for the relocation compensation of the Taiziwan site.

 

The road transport vehicle business continued to maintain a high growth momentum in 2017, hitting a record high. The annual revenue exceeded 19.5 billion, an increase of about 33% year-on-year. It has historically become the second largest business segment of CIMC with a revenue of 20 billion yuan. . Net profit exceeded 1 billion yuan, an increase of approximately 32.8% year-on-year, and net profit increased by more than 30% for two consecutive years.

 

The growth of the vehicle business continues to benefit from the “global operations, local wisdom” operating strategy, which has established 25 production and R&D bases in China, North America, Europe and emerging markets, forming a series of ten series and more than 1,000 varieties. Car product line. The European and North American markets have better-than-expected revenues, and the recovery in some emerging markets has brought good returns to the business. The acquisition of Retlan, the UK's leading semi-trailer company, began to have a positive financial impact in 2016. The vehicle business sold 163,000 sets of special-purpose vehicle products throughout the year, of which semi-trailer products sold more than 120,000 units. According to the trailer sales of the global trailer “Global Trailor”, CIMC vehicles once again reelected the field. The world's first. It is reported that CIMC vehicles have been ranked first for four consecutive years. It is worth noting that in 2017, the domestic market continued to grow strongly due to the continuation of the policy of over-treatment and the increase of infrastructure projects. Only the semi-trailer CIMC domestic sales reached 66,000 units (sets), nearly 10,000 units. The cement mixer production and sales have once again reached the annual championship position.

 

The operating platform of the energy, chemical and liquid food equipment business, CIMC Enric's performance in 2017 has received much attention from the industry. The introduction of the national natural gas support policy and the vigorous promotion of the application of “coal to gas” have stimulated the substantial growth of natural gas demand in the domestic market, while Enric’s advantageous business mainly covers the storage and transportation equipment of the natural gas industry chain. Serve the country and export to Southeast Asia, Europe and the Americas. In 2016, Enric suffered a setback in the acquisition of Nantong Pacific (SOE), and in 2017, CIMC Enric not only achieved revenues of more than 11.8 billion, but also became the third 10 billion-sized segment of CIMC. , a year-on-year increase of nearly 27%, and as a restructuring investor, Enric has achieved a net profit of 474 million yuan after re-financing the SOE acquisition. The acquisition of SOE is very necessary in Enric's view. SOE's offshore advantages help it realize its strategic layout from land to sea, forming a sea-land integrated natural gas purification, liquefaction, storage and transportation equipment value chain. At the same time, this reorganization case also shaped the responsible corporate image of CIMC, which was unanimously affirmed by SOE employees and the Jiangsu Provincial Government, and was selected as “Top Ten Typical Cases of Jiangsu Province in 2017”.

 

CIMC Enric is also worthy of attention for its liquid food equipment business with a high degree of global operation. This business has formed two “Ziemann Holvrieka” and “Briggs” through the acquisition and integration of several well-known European companies. Well-known brands, beer, distilled liquor and other liquid food production equipment have the world's leading technical capabilities, and production plants are located in Europe and China. In addition, Enric's chemical equipment has seen a large increase in 2017, and the output of some special tanks has increased by nearly 50%. In May, Xinjiang first exported liquid chemicals to Europe through the “New Europe” (Xinjiang-Europe-Mediterranean) in Central Europe. The tank containers for this chemical were all manufactured by CIMC Enric.

 

 

 

Focusing on industrial development, various equipment manufacturing and service industries have many highlights

 

 

 

In addition to the top three main businesses, CIMC's other businesses also adhere to the direction of industrial development. The equipment manufacturing and service industries around logistics and energy have achieved a good growth in 2017.

 

Logistics service is the fourth business segment of CIMC, which accounts for more than 10% of its business. In 2017, its revenue was approximately RMB 8.2 billion, up 14.95% year-on-year. In 2017, the container operation volume of logistics business continued to be the first in China, and the sales volume of second-hand containers reached a record high; the layout of multimodal transport channels took a solid step, and the multi-modal transport network of automobile and parts was initially formed. Successfully broke the board, opened and operated a number of trains in Central Europe and Central Asia in East China; obtained the qualification of “car-free carrier”; progressed in the “Belt and Road” African layout; logistics equipment entered new business areas such as marine paint.

 

In line with the promulgation of the National “Thirteen-Five-Year Railway Container Multimodal Transport Development Plan” and the strong development of domestic multimodal transport, CIMC has specialized in a “CIMC Multimodal Transport Company” from the logistics business segment, focusing on exploration. The standardized and digital multimodal transport business, the innovation and startup company within CIMC, achieved less than two years in the end of 2017, and achieved annual sales of 500 million, a five-fold increase over the same period last year. During the year, CIMC's multimodal transport business has opened 10 railway container trains, covering South China, Central China, Southwest China, Northwest China, North China and other regions, and continues to promote new technologies such as mobile internet and Internet of Things, and explore Internet products in related fields. .

 

The marine engineering business is the business segment that brought the biggest brand effect to CIMC in 2017. The “Blue Whale No. 1” offshore platform was successfully leased by the state to the South China Sea for trial production of combustible ice, and became a well-known “big country heavy weapon”. The world's deepest drilling "sea giant" will fully demonstrate the strength and courage of CIMC to challenge international cutting-edge manufacturing. However, due to the long-term downturn in international oil prices, the offshore industry in which it is located is still in the midst of a deep adjustment period in 2017, and CIMC's offshore business is still at a loss. However, according to the analysis of CIMC's annual report, offshore oil and gas investment has bottomed out at the end of 2016. Although investment did not finally reflect the procurement of products such as CIMC's ultra-deepwater drilling platform in 2017, the investment trend has rebounded. CIMC will eventually Benefit.

 

At the same time, CIMC Raffles of CIMC Offshore Engineering is also taking advantage of accumulated technology and construction advantages to extend horizontally and vertically to the offshore equipment field, and to join FLNG (floating LNG production and storage in the areas already involved). Equipment), FSRU (floating storage regasification equipment), dismantling platform, luxury cruise ship, offshore complex, fishery leisure platform and other products, and expand the industry to power equipment and new energy industry, including offshore wind turbines, floating Power generation ship, etc. In 2017, CIMC Raffles signed 15 contracts for self-elevating marine ranch platforms and 2 deep-water cages in Shandong Province, and signed a $250 million intent to build deep-sea farming equipment with Norway. Raffles has also signed a contract with the Brazilian National Oil Company for the hull of the FPSO (floating production, storage, and unloading device) hull of about RMB 1.1 billion, which means that the company has realized the “focus drilling” to “drilling and mining combination”. Successful transformation.

 

Affected by the national policy of over-treatment and the outbreak of natural gas demand, the domestic heavy truck market exploded, with total market sales exceeding 1.1 million units, a year-on-year increase of 52%. Traction, self-unloading, mixing, cargo and special vehicles were all in force. The heavy truck business achieved sales of approximately 2.57 billion, an increase of approximately 49% year-on-year. At the same time, it also exerted its strength in the international market. Under the background of the “One Belt, One Road” initiative, it opened up new channels such as Kazakhstan, Ethiopia, Gabon and Mongolia, and initially reversed the situation of single market channels in the past.

 

In 2017, the airport equipment business achieved revenue of approximately 3.6 billion, an increase of approximately 12% year-on-year; net profit of 146 million yuan, an increase of approximately 12% year-on-year. The boarding bridge business and the German Ziegler fire truck business have performed well. The boarding bridge business won the third phase expansion of Shanghai Pudong Airport, creating the highest amount in China, and Ziegler supplies high-end fire trucks to many cities in China. Equipment has become the most famous brand in China's imported fire trucks. In 2017, the sector initiated a major restructuring for better financing and development. The CIMC Airport business intends to package Deli International, its main airport ground equipment (including boarding bridges, lifting platforms, baggage transport systems, etc.). Reorganized into another listing platform - China Fire Protection Company, CIMC will also hold China Fire Protection with more than 50% of the shares.

 

In the industrial city-centered production sector, CIMC achieved revenue of approximately RMB 1 billion in 2017, representing a year-on-year increase of approximately 39% and a net profit of RMB 192 million, representing an increase of approximately 25%. It is noteworthy that CIMC City introduced Country Garden as a strategic investor last year. Country Garden invested 926 million yuan to occupy 25% of the shares of CIMC, and the two sides will explore in-depth cooperation.

 

CIMC's financial leasing companies and finance companies also provide diversified financial support services around the development of CIMC's various industries. The financial business segment achieved revenue of approximately 2.34 billion yuan, net profit of 992 million yuan, and profit increased by 20.46% year-on-year.

 

As a creative business of CIMC, CIMC Modular Building has made many breakthroughs in 2017. CIMC Modular Co., Ltd. won the bid for the hotel and corporate office project of the Xi'an New District Citizen Service Center in China. The foreign countries not only deepened the original markets of the United Kingdom, the United States, Australia, New Zealand, but also signed the project for the first time in the US market. Africa Participated in the construction of the Free Trade Zone Industrial Park in Djibouti countries along the “Belt and Road” for the first time, and extended from the original advantages of hotels and apartments to the long-term rental apartment and pension apartment market.

 

 

 

Adhere to transformation and upgrading and quality growth

 

 

 

In 2017, CIMC achieved a large increase in revenue data, but the senior leaders of CIMC said that it is more worthy of attention that 2017 is a new round of starting point for CIMC's “transformation and upgrading, quality growth”. The “One Belt and One Road” initiative and the “Made in China 2025 Plan” have invested in resources to explore transformation and upgrading with unprecedented strength, and to expand the circle of friends with a more confident and open attitude, with logistics, real estate, technology, finance and so on. Excellent companies in the industry work together to explore strategic cooperation and complementary development.

 

CIMC Container Business launched the “Longteng Plan” to promote automation and transformation, and took the lead in completely abolishing oil paints. Together with industry associations, it promoted the renovation of water-based paints covered by the industry, and promoted the application of environmental technologies such as solvent recovery and environmental protection flooring and environmental protection materials. On the basis of the Dongguan Lighthouse Factory, CIMC started the construction of the Zhumadian Lighthouse Factory and the Yangzhou Lighthouse Factory, and produced the trailers in a modular, digital and intelligent way, and created a business model for shared rental of trailers; the airport sector continued to advance The development of automated logistics business, the world's first to develop an unmanned intelligent boarding bridge, and constantly explore the promising airport ground intelligent equipment market such as intelligent aircraft guidance system; CIMC Enric participated in the implementation of "heavy pressure vessel lightweight The project of designing and manufacturing key technologies and engineering applications won the second prize of National Science and Technology Progress Award. Enric also cooperated with partners to create a new method of sea-land intermodal transportation of LNG tank containers “one can end” to help the US West Coast, Canada. Such as the realization of LNG's ocean export transportation and so on.

 

The CIMC Group's headquarters platform is also actively promoting business transformation and upgrading in information systems and talents. With the launch of the ERP information system project as an opportunity, it will promote the informationization and digital transformation of all businesses of the Group, and open the “innovation and entrepreneurship” "The platform, looking for new business and innovative talents, looking for new breakthroughs in new models and new industries for the company's quality growth, fully grasping the various information, technology, talents, capital and other resource opportunities in the era of innovation.

 

After 2016, the scope of the “Friends Circle” of CIMC in 2017 will be further broadened. During the year, CIMC reached strategic cooperation with Baowu Iron and Steel, Sinopec, Hilton Hotels Group, ProLogis, Country Garden, Gree, Zhuhai Yinlong, SAP, Zhongyouhai, China Construction Steel and Tianan Digital City, and introduced the national industry. Funds and social industrial capital enhance capital strength and lay a solid foundation for the Group's future growth.

 

 

 

Expected optimism in the outlook for 2018 Sino-US trade friction has less impact

 

 

 

In 2018, the global economy will continue to recover in general. The IMF predicts that the global economic growth rate will reach 3.7%, and the domestic economy will continue to deepen reforms and improve the quality of growth. Looking at the development in 2018, CIMC Group showed a positive and optimistic attitude.

 

According to the latest forecast of Clarkson, the global industry's authoritative analysis agency, the global container trade growth rate reached 5.0% in 2017. It is expected that this growth rate will continue in 2018, and customers will maintain a relatively positive willingness to purchase boxes. Domestic investment institutions also analyzed that if 15 years is used as the phase-out update period for containers