Joint venture to acquire berths 24 # and 25 # of Qinhuangdao Port Container Terminal. After the market closed last Friday, the company announced that Dagang Container, a subsidiary holding 965,438+0.34% of the shares, had signed a joint venture contract with Qinhuangdao Port Group and China Shipping Terminal to set up a joint venture company to operate a container terminal in Qinhuangdao, Hebei Province, with the rights and interests of the three parties being 65,438+05%, 55% and 30% respectively. The registered capital of the joint venture company is 400 million yuan, which is mainly used to purchase equipment assets installed in the 24 # and 25 # container terminals of Qinhuangdao Port from Qinhuangdao Port Group, and Dagang Container will contribute 60 million yuan for this purpose. According to the announcement, the joint venture company is expected to be established before the end of this year 1 1, and container terminals 24 and 25 of Qinhuangdao Port will also start operation at the same time.
The project has a good prospect, but its rights and interests are low and its profit contribution is limited. In fact, the company announced the signing of the framework agreement for the above acquisition as early as September 6. According to China Waterway News, the dredging project of Qinhuangdao Port container berth reconstruction project passed the acceptance inspection by Hebei Waterway Engineering Quality Supervision Station, and the unit project was rated as excellent, in which the depth of berth No.24 was 14.0m and the depth of berth No.25 was15.8m. We think this project will help the company to expand its container terminal business in Bohai Bay, China, and the partner, China Shipping Terminal and the shipping company under China Shipping Group, However, due to the low equity held by Dagang Container, it is only 15% at present, which is estimated to have limited impact on the company's profit contribution.
It is estimated that the business income of container terminals will increase by 16.6% in 2006-09. As the profit contribution of the above Qinhuangdao Port project is expected to be small, the future operation remains to be seen, so it will not be included in the calculation for the time being and the original profit forecast will be maintained. We predict that the container throughput of the company's terminal will reach 4 million TEUs in 2007, and the compound annual growth rate is expected to reach 25.4% in 2006-09, and it will also maintain a growth rate of about 22.9% in the next five years. As the berths to be put into operation in the future are mainly accounted for in the form of associated companies, the compound annual growth rate of container terminal business income in 2006-09 is expected to be 16.6%.
It is estimated that in 2006-09, the business income of oil products/liquid chemicals terminal will increase by 16.2%. At present, the company is still the only listed port company in Hong Kong that benefits from the oil terminal business. As one of the four national strategic oil reserve bases with 3 million tons of crude oil reserve capacity is located in Dalian Port Area, it is expected that the company's oil terminal business will grow steadily in the future. We maintain an optimistic forecast for the company's oil terminal and related logistics business, and predict that the overall throughput of the company's oil terminal will increase by 10.6% in 2006-09. In addition, since PetroChina signed long-term leases for six of the 65,438+02 crude oil storage tanks that will be built with raised funds last year, the company indicated that the remaining six oil storage tanks can be completed as scheduled by the end of this year. At present, we expect that the company's income from this kind of business will increase by 16.2% in 2006-09.
Maintain the revenue forecast of terminal value-added services unchanged. The company has previously indicated that four tugboats will come to Hong Kong in 2007, and will expand the tugboat business in overseas markets by adjusting the tugboat market and raising the rent. We keep the original revenue forecast of this kind of business unchanged, and expect a compound growth rate of 15.0% in 2006-09.
It is estimated that the core earnings per share will increase by 19.9% in 2006-09. Considering the limited profit contribution of Qinhuangdao Port project, the future operation remains to be seen, and the original profit forecast is temporarily maintained. It is estimated that the EPS of the company in 2007-09 will be 0.234 yuan, 0.262 yuan and 0.3 14 yuan respectively. Since the company's operating profit of 823 million yuan in 2006 includes the one-time interest income of 654.38+09 billion yuan generated by oversubscription during the initial public offering, it is estimated that the company's core EPS will increase by 654.38+09.9% in 2006-09 after removing this interference. We expect that the whole mainland port industry will continue to be in a period of rapid construction in the next three years, and the wharf project under construction will gradually enter the completion stage in 2008 08- 10/0, and the company will enter the overall harvest period in 201year. It is estimated that the compound growth rate of core EPS in 2006-11year will reach 23.8%.
It is expected to acquire the parent company's dry bulk wharf in the future. Earlier, some media reported that the company is currently drafting a proposal, hoping to obtain some assets injection from the parent company. There is no information about the capital injection schedule at present, but the assets that may be injected will greatly improve the company's operation. The management of Dalian Port also indicated that the company may acquire two dry bulk terminals with a total throughput of 6,543,800 tons from the parent company, and the terminals to be acquired are mainly used for importing iron ore and coal. At present, the acquisition is not clear, and we will continue to pay attention to the relevant progress.
Raise the target price to HK$ 8.50 and maintain the "buy" rating. At present, there are many projects under construction or potential acquisition in Dalian Port. In addition to six new bonded oil tanks to be put into use in the second half of the year to increase profits, Dayaowan Phase III container project has been implemented, Caofeidian petrochemical storage tank terminal project has signed a cooperation agreement, and the company has also signed a letter of intent with Dalian PetroChina to build a crude oil terminal project in Dalian Xingang. In addition, with the expectation of capital injection from the parent company in the future, we continue to be optimistic about the company's future business prospects. It is estimated that the company's 08NAV valuation is HK$ 8.46. We combined the original 12 month and long-term target price forecast and raised it to HK$ 8.50, which is equivalent to the 2008 NAV valuation without any discount, corresponding to 36.2 times of PE in 2007, 32.3 times of PE in 2008 and 26.4 times of PE in 2009, and maintained the "buy" rating.
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The concept of Business Process Reengineering (BPR) was developed by Mike? Professor Mkchael Hammer first proposed it in Harvard Business Review. Business Process Reengineering (BPR) is to fundamentally rethink and completely redesign the business processes of enterprises, so as to further improve the cost, quality, service and speed of enterprises. By reshaping the original business process of the enterprise, including adjusting the corresponding resource structure and human resource structure, the overall competitiveness of the enterprise can be improved. Enterprises will change from the traditional function-centered form to a new process-oriented enterprise with process as the center, and realize the fundamental change of enterprise management mode and management mode. The business process reengineering of container terminal is to rethink and design the business process of the terminal. Through the adjustment of human resources and post structure, we strive to make the business process more scientific and reasonable, so as to achieve the purpose of higher operational efficiency and better service effect.
In the traditional business process of container terminal, various functional posts are set up, and each post completes the tasks that need to be completed in the whole business process through division of labor. Each position is more about pursuing the efficiency and goals of this position, and there is less horizontal contact such as cooperation. Because few people have experienced the whole business process, few people can handle the whole process management independently, and employees are usually only responsible for their own positions, which makes the conflict between positions inevitable and shirk each other when problems arise; Because the terminal business process involves many links and many people, the error probability increases; The phenomenon that 1+ 1 is not greater than 2 is everywhere.
In order to recreate the business process of the container terminal, we tried to break the rigid division of labor of the existing posts, strengthen post cooperation, and completely change the current work mode in which each post is centered on the functions specified in this post, so that * * will take the smooth and efficient implementation of the business process as the goal when dealing with a certain terminal business, instead of simply pursuing the subdivision goal of this post, and finally realize 1+ 1 >: 2, and the enterprise will be function-oriented.
1 Ningbo Port Phase III Container Terminal and Current Business Process Model
1. 1 Ningbo Port Phase III Container Terminal
Ningbo Port Beilun Phase III Terminal (Ningbo Port Beilun Second Container Co., Ltd.) was established on June 30, 2000. It is a professional container handling company under Ningbo Port Group Co., Ltd., located in Beilun deepwater port area, with a total coastline of1258m and a front water depth of-15.5m.. It has four first-class berths for large containers, which can be used for loading and unloading. Equipped with 14 super Panama container cranes and 42 tire gantry cranes, the technical parameters are at the international leading level. It has the world's most advanced computer real-time management system and modern professional container terminal supporting facilities and equipment; The depth of the rear land area is 6.5438+0.04 million square meters.
Since the company was put into production in March, 2000 1,1,its production and operation have developed rapidly, and it has established a network of container routes to all continents in the world, with many international routes such as Europe, America, West, East, Mediterranean, Russia, Australia, South Korea, Japan and Hong Kong. Since September, 2004, the company has implemented M35 project to improve the operation efficiency and greatly improve the average ship hour efficiency, in which the average efficiency of single machine is 35 natural containers/hour, the average ship hour efficiency of trunk ships is more than 92 natural containers/hour, and the average ship hour efficiency of large ships is more than 1000 natural containers/hour. In June, 2004, it was awarded as 10 top container terminal company and the most efficient container terminal by container branch of China Port Association.
1.2 Current business process mode
Container terminal business is basically divided into five parts: loading and unloading, loading, lifting and moving containers. As far as the internal cooperation of the terminal is concerned, the loading and unloading business involves the most posts and the most process links, which is the main part of the business process research of the container terminal. Relatively speaking, there are few links in the process of container loading, container hoisting and container moving. Next, we focus on the current situation and re-engineering of the ship loading and unloading process in the third phase of the container terminal of Ningbo Port.
The container terminal of Ningbo Port Phase III (hereinafter referred to as Phase III) adopts the tire gantry crane system for loading and unloading. The quayside container crane is used for loading and unloading ships, the tire gantry crane is used for loading and unloading and stacking of the dock yard, and the horizontal transportation from the shore to the yard and the box section in the yard is completed by container trucks.
The main positions involved in the process of loading and unloading ships include ship planning, ship stowage, yard planning, duty control and duty supervisor. According to the current business process model, each post has a set of job standards, which specify the job operation process and job requirements in detail. This model subdivides and distinguishes the functions of each node (that is, each post) in the business process, and the function-centered positioning can easily make each post go its own way, forming a situation of "each family cleans its own door and ignores others' first frost".
The ship planner obtains information such as the arrival and departure time of the ship from the shipping company/shipping agent and the group company, and formulates the specific berthing plan of the ship. The ship planner basically has no contact with other operating positions of the terminal (such as yard planning, ship stowage and duty control) in the arrangement of ship berthing and berthing. Being in the "high above" position of issuing plans, the information source for making berthing plans basically comes from the outside, which is out of touch with other posts and has the color of "planned economy" and cannot reflect the actual productivity of the terminal.
Under the current function-centered process mode, the ship stowage crew carries out ship stowage according to the pre-allocation and requirements of the shipping company and the current established yard layout. It is not difficult to see that the loader lacks initiative, and the communication party only comes from the shipping company outside the dock, passively accepting the shipping company's request for ship allocation, and has little contact with the yard planner who should be very close, and has not communicated with the yard planner in advance about the storage arrangement of the ship's current voyage export box, thus guiding the yard arrangement, but passively accepting the yard arrangement.
Yard planners only make yard arrangements according to their own work functions, rather than making personalized yard arrangements with ship stowage personnel on specific voyages of specific ships in advance. In this business process working mode, from the point of view of ship stowage post, as long as the operation rules are followed, the stowage result is definitely optimal or satisfactory under the given storage conditions in the yard; Judging from the position of yard planning, it is also in line with the operating procedures and the post function requirements. But generally speaking, because the yard planner did not communicate with the ship stowage personnel in advance about the stacking conditions of export boxes and piled them according to the general requirements, it is bound to cause a large number of boxes to turn over when encountering strict ship stowage requirements.
Under the current process mode, the controller on duty strictly controls the loading and unloading of the ship according to the berth where the crew is loaded. The working mode is relatively simple and fixed, and the initiative is poor. There is no communication mechanism between the dispatcher on duty and other positions in the business operation process, and the dispatcher on duty has been in a single working state for a long time, and his work enthusiasm is not high. It is difficult to coordinate and direct the duty supervisor positions of ship planner, ship stowage operator, yard planner and duty manager in detail, because each position is aimed at the functional requirements of each position, and each position does its own work according to its own post specification requirements. The supervisor on duty, who should be in the position of communication and coordination center, cannot play its unified and coordinated role because of the lack of this communication and cooperation process model.
At present, this kind of functional management process, which lacks communication and overall awareness, obviously shows great inadaptability to the substantial growth of the third-phase throughput. A business process that can unite all posts and be oriented to the ultimate meaningful overall goal has become necessary to solve the problems existing in the current business process management and production and operation of the terminal.
2 Ningbo Port Phase III Container Terminal Business Process Reengineering
In order to rebuild the business process of the third phase container terminal, we must first break the original situation that each post is fragmented and pursue the efficiency and goal of this post, and reposition each post and its overall structure. The parallel separation structure of the original column is changed into a circular connection structure;
Duty supervisor
Ship planner on-duty controller of ship stowage yard planner
Monitoring the control efficiency of ship stowage operation in ship berthing plan
Ship loading and unloading business process
Figure 1: Structure diagram of parallel separation column
Ship loading and unloading business process
Figure 2: Structural diagram of circular contact column
As shown in figure 1, under the parallel and separated post structure mode, each post works according to the "post regulations" of the post, and reports the problems to their respective supervisors, who are respectively responsible for them. However, in the circular contact post structure mode in Figure 2, all posts communicate freely and cooperate with each other under the guidance and coordination of the duty supervisor. The closed-loop structure integrates all positions into a whole, and timely and sufficient communication often advances the solution of problems to the release of plans. Instead of Lu Xun afterwards as before, find out which position is wrong. Rebuilding the post structure is to establish an integrated structure as shown in Figure 2, in which information flows freely among posts, and the supervisor on duty is both the organizer and the participant of information exchange, and to establish a democratic and free exchange system structure, which embodies the people-oriented thinking of enterprises.
The repositioning and reengineering of post structure is a necessary prerequisite for business process reengineering of terminals. After establishing the post structure that can be aimed at the process, there must be a scientific process working procedure that can link all posts and guide and standardize each post to perform their duties in the business process according to the overall optimal goal of the process. Recently, in the third phase of terminal business process reengineering with the goal of process optimization, the idea of orderly flow of information carriers reflecting the whole process operation between posts was adopted in the design of business process working procedures, and a "single ship operation plan instruction" reflecting the whole ship loading and unloading operation process was designed.
The "single ship operation plan instruction" can solve the situation that there is no unified information carrier to organically link all positions under the original business process mode. Using the "single ship operation plan instruction" which can reflect the whole operation process of the loading and unloading ship, each post not only has an opportunity to communicate with each other on the implementation of the process and review the progress of the process, but more importantly, everyone can see the process at a glance, and the bottleneck causing the poor process is easy to find. So as to solve the problem through communication and cooperation in time and make the business process run efficiently.
According to the management regulations of connecting all related posts in series through the "single ship operation plan instruction" in the third stage, the instruction has its orderly flow and also reflects the actual process of loading and unloading ships. The instruction book is reflected in the instruction book by the ship planner and then submitted to the stowage operator. According to the requirements of the plan, the stowage operator arranges the berthing operation sequence according to the distribution of the container ship map, confirms the key operation routes, and then submits them to the supervisor on duty, and finally submits them to the dispatcher on duty to implement the plan. When the dispatcher on duty finds that the operation process is inconsistent with the plan or abnormal, he will report to the supervisor on duty in time, and the supervisor on duty will convene relevant positions to solve it. The job information of each post can basically be reflected in the instruction book and become a means of effective communication.
The ship planner can know the loading and unloading capacity of the most loading and unloading routes from the stowage information reflected by the stowage operator, and get the efficiency of the previous operation of the ship from the planning information reflected by the duty controller, so as to make the berthing and berthing plan more accurately. Yard planners can arrange export containers according to the stowage requirements of stowage personnel for ships on this route, which can greatly reduce the amount of rummaging. All kinds of necessary internal information needed by each post, whether it is duty control, ship planning, yard planning, ship stowage and duty supervisor, can be obtained through paper or oral communication. The work effect of each position is also directly reflected in the instruction book. The job requirements of each post have changed from focusing on the functional requirements of each post to focusing on process efficiency. Each post strives to reduce the probability that this post will become a bottleneck that hinders the smooth progress of the process, and ultimately make the loading and unloading efficiency higher and the loading and unloading process smoother.
To sum up, the business process reengineering of Ningbo Port Phase III Container Terminal includes two aspects: on the one hand, the post structure reengineering, that is, the original parallel separation structure is changed into a circular contact structure, which lays the foundation for establishing the communication and cooperation mechanism between posts and provides a scientific mechanism for people to learn from each other and flow reasonably. In the fully enclosed position composed of ship planner, yard planner, stowage operator, duty manager and duty supervisor, because the duty supervisor is in the central position, he can understand the whole process and will inevitably become a manager familiar with the operation of the whole business process, which is of great benefit to the cultivation of talents. While trying to improve the contribution of other posts to the process, their overall concept will be greatly strengthened, because their work is aimed at optimizing the process. In terms of business skills, it is also complicated by communication and cooperation. On the other hand, in order to re-create business process procedures, the unified information carrier "single ship operation plan instruction" is adopted for orderly circulation, and all posts are organically linked. By adopting the "single ship operation plan instruction" which can reflect the whole process of loading and unloading operations, the work objectives of each post have changed from the original objectives stipulated by the functions of this post to the objectives of the whole process of loading and unloading operations, and the business of each post has also changed from independent separation to organic integration.
Comments: The title of this article is "Reengineering the Loading and Unloading Process of Ningbo Port Phase III Container Terminal", which seems to be more accurate, because the content is about the loading and unloading business process. The article is concise and clear. Business process reengineering, which embodies management innovation, is worth studying and popularizing. Management produces benefits. If the author not only introduces the result of BPR qualitatively, but also supports it with figures of benefit or efficiency, then the value of the article will be higher. (This article won the first prize in the "Ningbo Port Cup" paper competition of the 2006 China Port Container Terminal Summit Forum)