港股異動 | 航運港口股集體上升 港口估值或觸底 優質港口具中長期配置價值
格隆匯12月6日丨航運港口股繼續走強,其中港股中遠海運港口漲5%,中遠海控,東方海外國際漲4%,遠航港口漲3%,招商局港口漲近2%;A股盛航股份漲停,上港集團漲4%,寧波港,招商港口漲超1%。消息面上,寧波港12月2日宣佈,2022年1月1日起部分裝卸費上調10%。中信建投韓軍指出,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為1.95,目前PB僅為1.23;寧波港歷史PB為1.66,目前PB僅為1.12;招商局港口歷史PB為0.94,目前PB僅為0.50;中遠海運港口歷史PB為0.72,目前PB僅為0.46。另外,高盛將招商局港口目標價上調22.4%至20.2港元,將中遠海運港口目標價上調6.3%至10.1港元,同予“買入”評級。該行估計2022年有效運費攀升3%-8%,以反映強勁營運下的盈利上升趨勢。每1%價格上升,推升招商局港口、中遠海運港口、和記港口2%-3%盈利。另預期港口運費持續上升,由於內地港口收費跑輸海外;港口公司擁強大的議價能力。


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