Investment Rating - The report maintains a "Buy" rating for Shenzhen International (00152) as of August 30, 2024 [1]. Core Views - The logistics business is under short-term pressure, but the REITs off-balance sheet contribution has significantly boosted profits, with a tax-adjusted gain of HKD 587 million from REITs [3]. - The company has successfully optimized its debt structure, reducing foreign currency loans to 17% of total borrowings, which has led to a substantial decrease in exchange losses to HKD 26 million, down from HKD 584 million year-on-year [4]. - The company is committed to high shareholder returns, maintaining a dividend payout ratio around 50%, with projected dividend yields of 9.69% and 12.97% for 2024 and 2025, respectively [5]. Summary by Sections Financial Performance - For H1 2024, Shenzhen International reported revenue of HKD 6.61 billion, a year-on-year decrease of 4.46%, while net profit attributable to shareholders reached HKD 653 million, a remarkable increase of 609.10% [2]. - The logistics segment generated revenue of HKD 882 million, down 4.69% year-on-year, but net profit from this segment increased by 34.39% to HKD 527 million [3]. Debt Management - The company has actively optimized its debt profile, resulting in a 27 percentage point reduction in foreign currency loan proportion compared to the previous year, effectively mitigating exchange rate risks [4]. Project Development - The South China logistics park project is progressing steadily, with the first land parcel successfully auctioned, providing a reference for land value within the company's development scope [5]. Earnings Forecast - The report forecasts revenues of HKD 15.99 billion, HKD 17.28 billion, and HKD 17.83 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of HKD 2.91 billion, HKD 3.89 billion, and HKD 3.11 billion [8].

Investment Rating - The report maintains a "Buy" rating for Shenzhen International (0152.HK) [2][3] Core Views - The company's 2024 interim performance met expectations, with total revenue of HKD 6.61 billion, a year-on-year decrease of 4.5%. Excluding construction service revenue from toll roads, revenue was HKD 6.30 billion, down 3% year-on-year. Shareholder profit reached HKD 653 million, a significant increase of 609.1% year-on-year, slightly above the previous earnings forecast range of HKD 550-650 million [2] - The logistics business confirmed substantial growth in REITs issuance revenue, awaiting the rollout of transformation projects. The logistics park business generated revenue of HKD 750 million, down 1% year-on-year, with shareholder profit of HKD 562 million, up 44% year-on-year. The successful issuance of public REITs in H1 2024 recorded a post-tax income of approximately HKD 587 million. The company is adjusting its investment strategy to focus on core assets in the Greater Bay Area, with 14 projects currently, 7 of which are operational or under management. As construction projects come online, logistics operating income is expected to continue growing [2][3] - The toll road and environmental protection businesses faced short-term pressure due to extreme weather and impairment provisions. Toll road revenue was HKD 3.75 billion, down 10% year-on-year, with net profit of HKD 1.065 billion, down 14% year-on-year. The decline was attributed to adverse weather conditions and increased free periods for small passenger vehicles during holidays. The environmental protection business generated revenue of HKD 790 million, down 7% year-on-year, with a net loss of HKD 157 million, primarily due to decreased wind power revenue and increased asset impairment [2][3] Financial Performance and Forecast - The company is optimizing its debt structure, achieving improved financial costs. As of June 30, 2024, the ratio of RMB to foreign currency loans was 83% to 17%, down from 73% to 27% in the same period of 2023. Net exchange losses were approximately HKD 26 million, a reduction of about HKD 584 million year-on-year [3] - The report maintains previous profit forecasts, expecting net profits attributable to shareholders of HKD 3.08 billion, HKD 4.02 billion, and HKD 4.25 billion for 2024-2026, corresponding to P/E ratios of 4.7x, 3.6x, and 3.4x respectively. With a projected 50% dividend payout ratio, the dividend yield is estimated at approximately 10.7%, 14.0%, and 14.8% for the respective years [3][4]

Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content [1] Business Line Data and Key Metrics - No specific business line data or key metrics changes mentioned in the provided content [1] Market Data and Key Metrics - No specific market data or key metrics changes mentioned in the provided content [1] Company Strategy and Industry Competition - No specific company strategy or industry competition details mentioned in the provided content [1] Management Commentary on Operating Environment and Future Outlook - No specific management commentary on the operating environment or future outlook mentioned in the provided content [1] Other Important Information - The company held a mid-year performance briefing for 2024, hosted by Wang Xiangyan from the Investor Relations Department [1] - The company expressed gratitude to investors, analysts, and media for their support and attention [1] Q&A Session - No Q&A session details provided in the content [1]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 6,610,182, a decrease of 4.4% compared to HKD 6,918,479 in 2023[3] - Operating profit for the same period was HKD 1,685,730, down 20.2% from HKD 2,114,900 in 2023[3] - Net profit attributable to ordinary shareholders was HKD 652,695, significantly up from HKD 92,045 in 2023, representing a growth of 608.5%[4] - Basic earnings per share increased to HKD 0.27 from HKD 0.04 in the previous year[5] - The company reported a significant increase in other income, which rose to HKD 573,566 from HKD 199,962 in 2023, marking a growth of 187.5%[3] - The company’s total equity decreased to HKD 52,897,868 from HKD 54,975,661 in 2023, a decline of 3.8%[8] - The company recorded a net financial cost of HKD 858,372 for the six months ended June 30, 2024, down from HKD 1,446,284 in the same period of 2023, indicating improved financial management[19] - The company reported a shareholder loss of approximately HKD 139 million, compared to a loss of approximately HKD 31.21 million in the same period last year[66] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 127,667,172, a decrease from HKD 130,494,541 at the end of 2023[8] - Non-current liabilities increased to HKD 37,020,637 from HKD 33,509,807 in 2023, reflecting a rise of 10.3%[8] - As of June 30, 2024, the company has current liabilities exceeding current assets by HKD 17,349,869,000[10] - The company has unutilized bank financing amounting to HKD 85,112,127,000 as of June 30, 2024, down from HKD 91,707,277,000 on December 31, 2023[10] - Total liabilities decreased by 1% to HKD 74,769 million, down from HKD 75,519 million[99] - Total equity decreased by 4% to HKD 52,898 million, compared to HKD 54,976 million[99] - The debt-to-asset ratio increased to 59% from 58%[99] Business Segments - The company operates primarily in toll road and environmental services, as well as logistics within the People's Republic of China[9] - The company operates in two main business segments: toll roads and environmental services, and logistics services[13] - The logistics segment includes third-party logistics services, logistics information services, and port-related services[13] - Revenue from toll road construction services was HKD 311 million, down 31% from HKD 454 million in the previous year[33] - Revenue from logistics operations was approximately HKD 882 million, down 5% year-on-year (excluding exchange rate effects, similar to the previous year)[35] Investments and Projects - Capital expenditures for the period amounted to HKD 3,230,131, reflecting significant investment in property, plant, and equipment[15] - The company has established 14 logistics projects in the Greater Bay Area, with 7 projects currently operational and 7 under construction, covering a total land area of approximately 2.45 million square meters[39] - The company has successfully issued its first logistics REIT, with a post-tax income of approximately HKD 587 million from the Hangzhou and Guizhou projects, and the fund's issuance scale reaching RMB 1.494 billion[48] - The company has launched several logistics projects in Foshan, with planned construction areas of approximately 9.3 million square meters, 33.7 million square meters, and 18.5 million square meters respectively[43] Operational Efficiency - The total operating profit margin for the group was approximately 25.5%, indicating healthy operational efficiency[15] - The company has implemented several measures to improve financial conditions and maintain liquidity[10] - The company aims to push forward with the transformation of logistics projects and secure land contracts within the year[94] - The group continues to optimize its capital structure to mitigate liquidity risks and ensure operational sustainability[111] Market Conditions and Challenges - The logistics industry is gradually recovering, with the group focusing on high-quality development and exploring opportunities in logistics park derivative businesses to adapt to new market conditions[38] - Toll revenue and net profit for the toll roads decreased by 10% and 14% year-on-year, amounting to approximately HKD 2.633 billion and HKD 1.065 billion respectively, primarily due to adverse weather conditions and increased free periods for small passenger vehicles during statutory holidays[81] - The group reported a 7% year-on-year decline in environmental business revenue to approximately HKD 790 million, primarily due to decreased wind power revenue, resulting in a net loss of approximately HKD 157 million for the environmental business[87] Future Outlook - The company expects to have sufficient resources to continue operations for the foreseeable future, maintaining the going concern basis in financial reporting[10] - The company plans to continue developing high-standard cold chain logistics bases, with ongoing projects in Zhengzhou and Hefei expected to significantly enhance local logistics capabilities[46] - The company is actively exploring asset securitization paths to enhance capital structure and reduce debt ratios, aiming for sustainable long-term growth[48]

也是外发了深圳国际的深度报告所以本次会主要是讲解一下深圳国际这家公司因为近期其实我们国军教育团队其实持续还是在推荐高普希这条主线相对来说因为港股确实还是有不少的比较好的标记还是值得大家重点关注 在早之前其实我们也是汇报了中石化惯德其实中石化惯德的这个国家表现还是非常可观的那这次我们主要是汇报下这个深圳国际因为深圳国际它的潜在的补习率目前也有9个点以上未来它的这个土地转型以及这个 瑞士出表等等也会给深圳国际带来比较大的业绩弹性然后港口还有高速公路这些行业奠定了深圳国际的一个基本盘然后历史上这家公司分红还是不错的保持50%左右的分红比例目前我们也是看到深圳国际其实相对来说 整个股价还是在偏底部的位置没有怎么涨所以这个位置我觉得建议大家可以再重点关注一下后期还是有非常多的催化后面时间交给泽家老师进行详细的讲解谢谢 好的 郑老师 尊敬的各位投资者晚上好我是国际交易员霍德嘉下面由我来讲解一下深圳国际这家公司那么深圳国际这家公司定位在深圳国资委旗下的一个交易资产管理平台 那么它的主要资产就包括深圳以及全国476万平方米的一个在运营的物流资产还有升高速52%的高速公路资产以及四个港口还有深圳航空49%的股权这些权益投资那么 ...

交通运输 首次覆盖报告 证券分析师 孙延 S1350524050003 sunyan01@huayuanstock.com 王惠武 S1350524060001 wanghuiwu@huayuanstock.com 市场表现: 相关研究 | 股价数据: | 年 07 月 02 日 | |----------------------|-------------------------------| | 收盘价(港元) | 6.40 | | 年内最高/最低(港 元) | 5.77/7.36 | | 总市值(百万港元) | 15421.69 | | 基础数据: | 2023 年 12 月 31 日 | | 总股本 (百万股 ) | 2393.15 | | 总资产(亿港元) | 1304.95 | | 净资产(亿港元) | 315.88 | | 每股净资产(港元) | 13.20 | 2024 年 07 月 03 日 深圳国际 0152.HK 买入(首次覆盖) ——转型升级释放盈利弹性,高股息价值突显 投资要点: ➢ 深圳国际全链条物流模式发展,分红派息政策稳定。2000 年深圳市投资控股有限公司完成对公 司的收购, ...

股 票 研 [Table_Industry] 运输 究 深 圳国际(0152) [评Tab级le_I：nve st] 增持 业绩有望持续高增长，高分红将保障高股息 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 6.55 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 外 yuexin@gtjas.com yinjiaqi@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 S0880524030004 52周内股价区间(港元) 4.49-7.34 司 当前股本(百万股) 2,393 本 报告导读： 当 前市值(百万港元) 15,675 （ 公司四轮驱动产业生态正循环，叠加前海与华南物流园项目将逐步展现盈利潜力。预 中 计2023年业绩将继续高增长，且高分红政策持续将提供具有吸引力的高股息。 国 投资要点： 52周内股价走势图 香 [T abl维e_持Su增mm持a评ry]级 。公司打造以现代物流、收费公路、港口、大 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 运输 究 深 圳国际(0152) [评Tab级le_I：nve st] 增持 业绩有望持续高增长，高分红将保障高股息 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 6.55 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 外 yuexin@gtjas.com yinjiaqi@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 S0880524030004 52周内股价区间(港元) 4.49-7.34 司 当前股本(百万股) 2,393 本 报告导读： 当 前市值(百万港元) 15,675 （ 公司四轮驱动产业生态正循环，叠加前海与华南物流园项目将逐步展现盈利潜力。预 中 计2023年业绩将继续高增长，且高分红政策持续将提供具有吸引力的高股息。 ...

Financial Performance - Operating revenue for the first quarter of 2024 was RMB 2.04 billion, representing a year-on-year increase of 7.06%[7]. - Net profit attributable to shareholders reached RMB 470.96 million, up 6.42% from the same period last year[7]. - Basic earnings per share for the first quarter were RMB 0.195, reflecting a growth of 7.03%[7]. - Total operating revenue for Q1 2024 reached RMB 2,037,983,716.92, a 7.06% increase from RMB 1,903,638,574.41 in Q1 2023[26]. - Net profit for Q1 2024 was RMB 512,669,617.76, up 9.43% from RMB 468,505,606.61 in Q1 2023[26]. - Operating profit for Q1 2024 was RMB 634,811,192.70, representing an increase from RMB 592,266,796.17 in the same period last year[26]. - Total comprehensive income for Q1 2024 was RMB 474,681,285.95, a decrease from RMB 708,832,729.06 in Q1 2023[27]. - Basic and diluted earnings per share for Q1 2024 were both RMB 0.195, an increase from RMB 0.182 in Q1 2023[27]. - Total operating costs for Q1 2024 were RMB 1,708,887,872.93, up from RMB 1,525,339,731.31 in Q1 2023[26]. - Investment income for Q1 2024 was RMB 366,047,458.02, significantly higher than RMB 205,830,603.52 in Q1 2023[26]. Assets and Liabilities - Total assets as of March 31, 2024, were RMB 67.42 billion, a decrease of 0.13% from December 31, 2023[5]. - The total liabilities decreased to approximately 39.01 billion RMB from approximately 39.51 billion RMB at the end of December 2023, reflecting a reduction of about 1.3%[25]. - The company reported a total equity of approximately 28.41 billion RMB, up from approximately 27.99 billion RMB at the end of December 2023, representing an increase of about 1.5%[25]. - As of March 31, 2024, the company's total current assets increased to approximately 8.24 billion RMB, up from approximately 6.95 billion RMB at the end of December 2023, representing a growth of about 18.5%[24]. - The company's cash and cash equivalents reached approximately 3.36 billion RMB, compared to approximately 2.15 billion RMB at the end of December 2023, indicating an increase of about 56%[24]. - The company's inventory decreased slightly to approximately 1.34 billion RMB from approximately 1.36 billion RMB at the end of December 2023, indicating a reduction of about 1.3%[24]. - The company's short-term borrowings increased to approximately 11.32 billion RMB from approximately 11.11 billion RMB at the end of December 2023, reflecting an increase of about 1.9%[25]. - The company's long-term investments increased to approximately 19.74 billion RMB as of March 31, 2024, compared to approximately 18.72 billion RMB at the end of December 2023, marking an increase of about 5.4%[24]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 18,715, with 18,471 being A-share shareholders[12]. - The largest shareholder, HKSCC Nominees Limited, held 33.46% of the shares, totaling 729,713,242 shares[13]. Cash Flow - Cash flow from operating activities showed a net decrease of 24.97%, primarily due to delayed freight compensation payments and reduced toll revenue[6][11]. - Cash flow from operating activities for Q1 2024 was RMB 760,626,644.48, down from RMB 1,013,802,070.16 in Q1 2023[28]. - Cash flow from investing activities generated RMB 672,220,430.43 in Q1 2024, compared to a negative cash flow of RMB 297,860,123.80 in Q1 2023[28]. - The company reported a decrease in cash and cash equivalents at the end of Q1 2024, totaling RMB 3,235,689,796.04, down from RMB 3,538,404,110.36 at the end of Q1 2023[28]. Operational Highlights - The average daily mixed traffic volume for the Meiguan Expressway in Shenzhen was 154,000 vehicles, generating a daily toll revenue of RMB 402,000 for Q1 2024[15]. - The average daily mixed traffic volume for the Guangzhou-Shenzhen Expressway was 584,000 vehicles, with a daily toll revenue of RMB 7,540,000 for Q1 2024[16]. - The average daily toll revenue for the Qinglian Expressway was RMB 2,059,000 with a traffic volume of 55,000 vehicles for Q1 2024[16]. - The total organic waste processing volume across various projects reached 331.93 thousand tons, generating operational revenue of RMB 153,855.61 thousand for Q1 2024[19]. - The company reported a total operational revenue of RMB 112,924.37 thousand from its organic waste projects in Q1 2024[19]. - The wind power project in Baotou South generated 152,329.61 MWh of electricity, resulting in revenue of RMB 46,563.58 thousand for Q1 2024[20]. - The Xinjiang Mu Lei wind power project generated 145,265.46 MWh, contributing RMB 65,458.73 thousand in revenue for Q1 2024[20]. - The company’s operational revenue from the Guizhou project was RMB 21,266.43 thousand with a processing volume of 38.89 thousand tons for Q1 2024[18]. - The company’s stake in the Huai'an Zhongheng wind power project is 20%, contributing to its overall revenue from wind power operations[20]. Investment Activities - The company plans to issue up to approximately 654 million A-shares to raise a total of no more than 4.9 billion RMB for investment in external projects and repayment of interest-bearing debts[22]. - The public REITs "Yifangda Shen Gaoshu REIT" raised a total of 2.0475 billion RMB by selling 300 million fund shares at a price of 6.825 RMB per share, with the company participating in a strategic placement of 120 million shares, accounting for 40% of the total[22]. - The company has invested 150 million RMB in low-risk financial products during the reporting period, generating a return of approximately 1.79 million RMB[22]. Non-Recurring Items - Non-recurring gains and losses included a profit of RMB 149.36 million from the disposal of non-current assets[8].

Logistics Infrastructure and Expansion - The company focuses on strategic regions including the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, with investments in logistics infrastructure across four major areas: inland ports, urban comprehensive logistics parks, airport cargo stations, and railway freight hubs [10]. - As of December 31, 2023, the company holds a 100% stake in several logistics parks and centers, including the Shenzhen International Comprehensive Logistics Hub and various smart logistics ports across multiple cities [12]. - The company aims to enhance its logistics services by integrating intelligent warehousing and cold chain logistics, expanding its business into related sectors such as environmental protection and comprehensive land development [10]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its operational capabilities in logistics and related services [10]. - Future outlook for 2024 includes continued investment in logistics infrastructure and expansion into new markets, with a focus on enhancing service offerings and operational efficiency [8]. - The company is involved in various joint ventures, including a 40% stake in a logistics infrastructure private equity fund, which supports its strategic investments [12]. - The company has established a presence in multiple cities with logistics ports, including a 100% stake in logistics ports in cities like Hangzhou, Ningbo, and Suzhou, enhancing its operational footprint [12]. - The company plans to continue expanding its logistics services and upgrading logistics parks to enhance operational efficiency and market reach [28]. - The company is exploring new technologies and innovations in logistics to improve service delivery and operational performance [10]. - The company marked significant progress in its logistics expansion strategy with the launch of multiple logistics ports in key cities, including Taiyuan, Chengdu, and Nanjing [33]. - The company achieved a milestone with the successful operation of the Jiangsu Jingjiang Port in December 2023 [36]. - The Shenzhen International Railway Freight Hub has successfully operated for three years, with a total of 576 trains and a cargo value exceeding USD 1.8 billion [47]. - The company is actively pursuing strategic partnerships and funding opportunities to enhance its logistics and infrastructure capabilities [49]. Financial Performance - The company's revenue for 2023 reached HKD 20,524 million, a significant increase compared to HKD 15,529 million in 2022, representing a growth of approximately 32% [26]. - The operating profit for 2023 was HKD 6,474 million, up from HKD 7,084 million in 2022, indicating a decrease of about 8.6% [26]. - The profit attributable to ordinary shareholders for 2023 was HKD 4,955 million, compared to HKD 3,841 million in 2022, reflecting an increase of approximately 29.1% [21]. - The company reported a pre-tax profit of HKD 5,194 million for 2023, which is a rise from HKD 2,931 million in 2022, marking an increase of around 77% [28]. - The toll road segment generated revenue of HKD 10,325 million in 2023, compared to HKD 10,774 million in 2022, showing a slight decline of about 4.1% [26]. - The logistics park and related services contributed HKD 5,556 million in revenue for 2023, a substantial increase from HKD 2,876 million in 2022, representing a growth of approximately 93.5% [26]. - Financial costs for 2023 were reported at HKD 2,377 million, compared to HKD 2,569 million in 2022, indicating a reduction of about 7.5% [26]. - The company achieved total revenue of approximately HKD 20.524 billion for the year ended December 31, 2023, representing a 32% increase year-on-year, with attributable profit to shareholders of approximately HKD 1.902 billion, up 52% from the previous year [46]. - The board proposed a final dividend of HKD 0.40 per share, totaling HKD 0.957 billion, with a payout ratio of 50% [46]. - The total equity as of 2023 was HKD 54,975,661, slightly down from HKD 55,199,174 in 2022 [29]. Strategic Projects and Developments - The company successfully acquired land use rights for the Shenzhen International Comprehensive Logistics Hub Center, covering approximately 334,000 square meters [32]. - The company has successfully completed the acquisition of 100% equity in Shenzhen Investment Holdings International Capital Holdings Infrastructure Co., which has been reflected in the financial results [28]. - The company has acquired land for logistics projects in Chengdu Wenjiang, Taiyuan, and Nanning, totaling approximately 294,000 square meters, enhancing its national logistics network [75]. - The company is focusing on high-quality projects in first-tier and leading second-tier cities to expand market share and industry influence [68]. - The company is actively adapting to the trends of smart logistics and has launched the "Shenzhen International Smart Logistics Port" series of products [69]. - The Shenzhen International Smart Logistics Port (Shenzhen Pingshan) covers an area of approximately 120,000 square meters, with a planned construction area of about 286,000 square meters, and is expected to be operational by 2025 [72]. - The Shenzhen International Smart Logistics Port (Shenzhen Yantian) spans approximately 32,000 square meters, with a planned construction area of about 91,000 square meters, and is set to commence operations in the first half of 2024 [72]. - The Shenzhen International Highway Hub Logistics Port (Shenzhen Baoan) covers about 75,000 square meters and is the first road logistics hub project under Shenzhen's "7+30+N" logistics hub planning, expected to be operational in 2025 [73]. - The company is focusing on enhancing its logistics capabilities in the Northern region, with the Shenyang International Logistics Port covering an operational area of 24.2 thousand square meters [106]. - The company aims to increase its market presence through new projects, such as the Changsha project with an operational area of 29.8 thousand square meters [104]. Environmental and Social Responsibility - The company received multiple awards for its ESG report and was recognized as a key logistics enterprise by the Shenzhen Transportation Bureau [38]. - The company is committed to improving governance and risk management to enhance operational efficiency and ensure sustainable growth [52]. - The company is involved in a PPP project for the expansion of the Jihe Expressway, with plans for adjustments to the construction and financing scheme [138]. - The company’s clean energy segment is a key focus, with ongoing investments in wind power and solid waste resource management [143]. - The group actively expanded clean energy projects, acquiring 60MW and 70MW photovoltaic project development indicators in Hebei, achieving a breakthrough in photovoltaic power generation [148]. - The organic waste processing capacity exceeded 6,900 tons per day, with a focus on providing harmless treatment for organic solid waste and selling processed products to downstream customers [150]. - The company has established a joint venture with a subsidiary of the State Power Investment Corporation, holding 65% equity, to invest in wind and photovoltaic projects, addressing resource development and operational management deficiencies [148]. Human Resources and Management - The group employed 8,653 employees as of December 31, 2023, down from 8,983 employees in 2022, with employee benefits expenses amounting to approximately HKD 1.724 billion, a decrease from HKD 1.762 billion in 2022 [172]. - The group has implemented a comprehensive and competitive benefits system for employees, including health check-ups, MPF, medical insurance, and education subsidies [172]. - The group established a postdoctoral innovation practice base in April 2023 to attract high-level professional talent [173]. - The group has developed a new compensation management system for senior management to standardize compensation structures and levels [172]. - The company has developed a new human resources management information system to enhance talent management and digitalization, ensuring a continuous supply of talent for business development [171]. Debt and Financial Management - The debt-to-asset ratio was 58% as of December 31, 2023, a decrease of 1 percentage point from the previous year, while the ratio of net debt to total equity increased by 11 percentage points to 83% [177]. - The total borrowings increased by 3% to HKD 55.339 billion, with net borrowings rising by 15% to HKD 45.534 billion [176]. - The group issued Panda bonds worth RMB 5 billion and its subsidiary Shenzhen Expressway issued medium-term notes of RMB 2 billion and green corporate bonds of RMB 550 million during the year [187]. - The group continues to optimize its debt structure to balance interest rate and foreign exchange risks [188]. - The group has established strong relationships with financial institutions in Hong Kong and China to leverage favorable opportunities for financing activities [187]. Market Trends and Future Outlook - The logistics industry in China showed signs of recovery, with the logistics prosperity index indicating a rebound in the fourth quarter of 2023 [51]. - The macroeconomic environment remains complex and uncertain, with expectations for consumption to become a new engine for economic growth in 2024 [161]. - The company aims to enhance its core competitiveness through a focus on high-quality development and capability building, targeting top positions in Shenzhen and the Greater Bay Area [51]. - The company plans to expand its logistics, port, toll road, and environmental protection sectors, emphasizing organic waste treatment and clean energy generation [51]. - The company will continue to promote public and private fundraising for REITs and logistics projects to support sustainable development [52].