The Economic Recovery Has Benefited From Pportation And The Rise In Freight Rates Is Different

Recommended prudent maintenance rating

The core point is: the economic recovery is beneficial and the price increases vary.

In the first half of 2010, with the positive recovery of the global economy and the stabilization of China's economy, China's import and export demand for foreign trade was fully restored, and its impact on maritime pport was enormous. With the support of the state to strengthen domestic demand investment and consumption, railway pportation and air pport benefited significantly; the global oil price callback will support the pport industry's profit level.

Water pport price: bulk cargo rose, oil pport robust, recovery of shipping.

1, bulk pportation: iron ore imports slow down, resulting in freight back.

2, oil pportation: demand rises steadily and freight rates gradually recover.

3, container pport: Global trade has gradually resumed and freight rates have rebounded substantially.

4, supply and demand: the acceleration of ship supply will inhibit the rising speed of the maritime price index.

Air freight: steady rise creates the best level of history.

1, the rapid recovery of domestic aviation demand supports a sharp rise in freight rates.

2, the international economy is gradually recovering to support the recovery of aviation prices.

3, economic recovery at home and abroad supports the gradual recovery of air cargo prices.

Railway freight rates: fast recovery of freight and stable passenger pport.

1, freight: economic revitalization supports railway freight demand and price gradually recovering.

2, passenger pport: consumption upgrading and high-speed support passenger demand and price growth.

3, railway restructuring and marketization will support the long-term upward trend of railway pport prices.

Concerned about the recovery and steady growth of the company.

We gave the pport industry its average valuation of 22 times earnings and 12 times EV/EBITDA in 2010.

We should cautiously recommend companies with industry integration capability and clear growth expectations, such as Datong Qinhuangdao railway (601006), China National Aviation (601111), Tielong logistics (600125), and long aviation oil pportation (600087).