航运行业股票池分析(1)

航运行业股票池分析银河证券研究中心毛昂2005年一季度全社会客运货运周转量和同比增长率05年一季度客运周转量和同比050010001500200025003000铁路公路水运民航-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%05年一季同比增长05一季度全社会货物周转量和同比增长率01000020000铁路公路水运民航合计亿吨公里0.00%10.00%20.00%05年一季同比增长世界主要航空公司价值（一）市场价值市盈率净资产收益率长期负债/权益价格/帐面值净边际收益率价格/现金流服务业2763.3B21.914.620.010.394.0577.75航空运输业36.5B36.55.20.011.82.2175.2GreatLakesAviationLtd.(GLUX.OB)9.9M3.03-14.22-4.6NA-11.642.83PinnacleAirlinesCorp.(PNCL)214.0M3.82-460.97.5513.3611.988.09ExpressjetHoldingsInc.(XJT)472.9M4.44149.71.883.426.243.51MesaAirGroupInc.(MESA)198.5M5.9833.516.321.294.1118.14RepublicAirwaysHoldingsInc.(RJET)413.8M6.7928.833.511.558.17-16.65WorldAirHoldingsInc.(WLDA)199.9M7.5186.10.483.186.28.32AirFranceKLM(AKH)4.4B8.718.041.630.681.263.12BritishAirwaysplc(BAB)5.5B12.4210.721.871.220.48-159.88SkyWestInc.(SKYW)1.0B13.0210.680.721.325.51-29.86ChinaEasternAirlinesCorp.L(CEA)849.3M15.466.863.841.02-0.6-3.68LANAirlinesS.A.(LFL)2.2B15.53NA1.465.246.869.49RyanairHoldingsplc(RYAAY)0.0M22.5115.130.68NA12.270SouthwestAirlinesCo.(LUV)11.5B32.766.520.33NA4.5738.6MAIRHoldingsInc.(MAIR)184.5M32.982.9900.951.29-1859.3JetBlueAirwaysCorp.(JBLU)2.3B61.445.362.462.941.8610.9AirTranHoldingsInc.(AAI)862.9M99400.040.952.63-2.6824.17航空公司世界主要航空公司价值（二）市场价值市盈率净资产收益率长期负债/权益价格/帐面值净边际收益率价格/现金流AMRCorp.(AMR)2.1BNA181.97-20.45NA-3.4113ContinentalAirlinesInc.(CAL)879.7MNA-112.775.3711.57-7.34-7.97DeltaAirLinesInc.(DAL)573.1MNA165.66-2.22NA-29.373.79FrontierAirlinesInc.(FRNT)431.0MNA-10.111.271.79-5.31-20.21NorthwestAirlinesCorp.(NWAC)487.2MNA41.25-2.6NA-16.08-1.53UALCorp.(UALAQ.OB)133.7MNA30.91-0.14NA-27.33-0.51AlaskaAirGroupInc.(ALK)780.4MNA6.091.771.33-12.53-5.41AmericaWestHoldingsCorp.(AWA)198.2MNA-51.5710.152.814.64-4.47ChinaSouthernAirlinesCo.Lt(ZNH)1.4BNANANANA-3.45NAFLYiInc.(FLYI)37.7MNA-141.93.90.55-114.154.3HawaiianHoldingsInc.(HA)156.8MNA12.850NANA-130.65MidwestAirGroupInc.(MEH)33.7MNA-55.90.970.49-14.23-6.89USAirwaysGroupInc.(UAIRQ.OB)47.6MNA252.11-5.49NA-17.320.35世界主要快运公司市场价值市场价值市盈率净资产收益率价格/帐面值净边际收益率价格/现金流服务业2748.0B21.9614.510.424.0489.74空中快递和货运业136.8B25186.695.896.1KittyHawkInc.(KHK)61.8M10.2522.631.6912.197.57NavigantInternationalInc.(FLYRE)196.1M12.28NANA4.29NA外运发展602.1M12.4715.81.963.935.41TNTNV(TP)：TNT12.0B13.4922.432.986.0325.52CeladonGroupInc.(CLDN)181.4M16.7114.341.942.5314.44PacerInternationalInc.(PACR)871.4M18.0619.573.152.4867.29EGLInc.(EAGL)993.4M18.4610.731.761.0234.08FedExCorp.(FDX)联邦快递27.0B19.3816.92.964.32150.27AirTInc.(AIRT)51.6M21.8519.834.052.65-228.11TargetLogisticsInc.(TARG.OB)22.2M23.737.431.430.8426.78UnitedParcelServiceInc.(UPS)联合包裹82.0B24.1622.085.038.92115.14HubGroupInc.(HUBG)571.5M27.4810.532.461.57-454.32CHRobinsonWorldwideInc.(CHRW)5.0B33.6224.787.443.441257.24ExpeditorsInternationalofWa(EXPD)5.4B35.0621.416.534.5795.87UTIWorldwide,Inc.(UTIW)2.3B35.215.74.878.6546.8ABXAirInc.(ABXA)NANA47.69NA2.04NAAirNetSystemsInc.(ANS)50.5MNA-48.190.973.04-31.9AlpineAirExpressInc.(ALPE.OB)5.6MNA-31.841.01-3.24-11.38GlobalConceptsLtd.(GCCP.OB)NANA147.31NA-0.17NASegmentzInc.(SZI)17.9MNA-65.841.41-44.9313.43VelocityExpressCorp.(VEXP)2.4MNA-216.473.79-20-0.3国际航运公司比较NameRICPEEst. PEEPSCcyROEP/BookMarketCapSectoraverage17.6615.01346.74AUD-18.112.76948BelgischeScheepCMBBte.BR2.966.168.41EUR99.612.951068FrontlineFRO.N3.134.5412.22USD111.483.323046NOLNEPS.SI3.213.910.65USD43.251.443146OOIL0316.HK3.933.591.08USD37.051.482670HyundaiMarine011200.KS3.943.894390.00KRW50.692.111773CSCL2866.HK4.323.920.80CNY28.071.452519D/SNORDENDNORD.CO4.394.54718.00DKK78.393.551193ShippingCorpSCI.BO4.444.2320.48INR24.121.881036TeekayShippingTK4.617.218.63USD33.851.653681OverseasShiphldOSG4.754.7910.24USD28.131.642333UMingMarine2606.TW5.114.949.57TWD43.992.281134EuronavEUAV.BR5.144.744.13EUR55.132.801200GeneralMaritimeGMR5.207.158.33USD35.391.801601TsakosEnergyTNP5.256.407.51USD27.581.54800EvergreenMarine2603.TW5.296.574.98TWD23.121.332222ShipFinanceIntSFL5.756.163.52USD39.743.192111OMICorpOMM.N6.416.542.86USD32.022.141640KawasakiKisen9107.T6.455.57100.70JPY33.022.133601YangMingMarine2609.TW6.486.474.32TWD22.351.482074MsianIntlShipgMISC.KL6.8311.942.56MYR20.172.878567WanHaiLines2615.TW6.886.344.27TWD26.092.011672NobleGroupLtdNOBG.SI6.896.400.13USD45.213.342117CiaSudamericanaVAP.SN7.25-156.90CLP27.752.351654WilhWilhelmsenWWI.OL7.907.213.23USD23.311.411229MitsuiOSKLines9104.T8.006.9481.99JPY32.942.657377APMMaerskMAERSKb.CO9.3610.385918.00DKK21.311.0739637NYKLine9101.T10.248.0758.12JPY16.671.716829ChinaShipDev600026.SS12.289.460.55CNY21.302.612736COSCOShipping600428.SS12.6410.810.57CNY20.753.29719VopakVOPA.AS13.8213.061.37EUR16.862.251447航运行业公司毛利率比较0.00%10.00%20.00%30.00%40.00%50.00%北京巴士南方航空上海航空东方航空大众交通海南航空巴士股份申通地铁中远航运强生控股外运发展毛利率航运类上市公司初步分级证券简称市盈率1每股收益（04年）市盈率2每股收益（05年1季）收盘价(元)(05-6-2)Wind三级行业建议增减增减持理由中远航运130.5770.2507.15海运Ⅲ保持海运景气看好中海发展130.5770.2507.30海运Ⅲ保持海运景气看好南京水运120.34100.1003.92海运Ⅲ保持水运形势看好外运发展130.48120.1306.05航空Ⅲ加入快递业潜力大大众交通140.39140.1005.61路运Ⅲ保持汽车租赁看好强生股份190.30150.0915.62路运Ⅲ保持出租业务尚好申通地铁290.17260.0474.91路运Ⅲ不入铁龙股份270.21280.0505.59路运Ⅲ保持铁路改革看好巴士股份160.22270.033