The warehousing logistics industry maintains a good development

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In the first half of 2012, the operating revenue of zhongchu stock co., ltd (600787.SS) reached 1,289,6937,400 yuan (RMB, the same below), an increase of 15.67% over the same period of last year.Net profit was 22,4724,900 yuan, up 22.16% compared with the same period of last year, and the performance maintained the growth trend.Although the company's gross margin has declined, but the logistics business gross margin has picked up in the second quarter.In recent years, the proportion of three fees in the company is stable, with little change, which verifies the good management level of the company.

Although the company's logistics business takes up only about 10% of the revenue, its gross profit contribution accounts for 56.57% due to its high gross profit margin, which exceeds the gross profit contribution of trading business.

In general, the company's logistics and trade business are indispensable, showing a common trend of progress, and logistics business has more potential .In the future, with the gradual realization of the company's business , its traditional warehousing business will maintain good development, while the company's spot market, warehouse receipt pledge supervision and logistics real estate projects are in good operation state. Diversified profit will be the guarantee for the company's future performance. In view of this, Nanjing Shelf Company may face internal reform.

The company is the largest storage and logistics enterprises in the mainland, forming a network layout throughout the eastern coastal areas and central cities.The perfect logistics network not only constitutes the company's important advantage in the competition, but also the cornerstone for the company to carry out other value-added services.

As a leader of warehousing and logistics enterprises, the company is bound to benefit from the strong support of national policies and the development of the fine molecule industry, and its profitability is expected to be enhanced in the future.

We forecast that the income of the company from 2012 to 2014 will be 26.323 billion yuan, 30.161 billion yuan and 34.215 billion yuan respectively, attributes to the net profit of the parent company : 436 million yuan, 535 million yuan and 663 million yuan respectively, and the basic earnings per share will be 0.52 yuan, 0.64 yuan and 0.79 yuan respectively, corresponding to the dynamic p/E ratio of 2012-2014 is 13.77 times, 11.19 times and 9.06 times, and the company will maintain its "overweight" rating.