资料显示，美国是全球最大的海运和集装箱进口国，拥有全球最繁忙的集装箱港口群，主导跨太平洋航线，占全 球海运集装箱贸易量的约20%，主要进口来源中国、东南亚、欧盟、墨西哥。南都记者此前采访了解到，在高关 税政策背景下，主要航运/综合物流企业通过布局全球多个区域市场（如东南亚、非洲、中东、欧洲等）来对冲不 确定风险。 受中美经贸谈判利好影响，5月13日早间，A股三大股指集体高开，其中航运港口板块普遍拉升：全球航运巨头马 士基涨幅超10%，宁波海运（600798）一字涨停，南京港（002040）、连云港（601008）午后双双涨停；国航远 洋（833171）涨幅一度超过20%，宁波远洋（601022）涨幅近10%，德翔海运（02510）、东方海外国际 （00316）、海丰国际（01308）、中远海控（601919）等均有不同程度上涨。 | 今开 1428.60 | | 最高 | 1459.15 | | | 成交量 1089.89万手 | | --- | --- | --- | --- | --- | --- | --- | | 昨收 1414.93 | | 最低 | 1421.05 | | 成交额 | 57.39亿 ...

Group 1 - Company achieved revenue of $639 million in Q1 2025, representing a year-on-year increase of 43.8% but a quarter-on-quarter decrease of 21.3% [2] - Container shipping volume reached 795,387 TEU in Q1 2025, up 6.8% year-on-year but down 22.0% quarter-on-quarter [2] - Average freight rate (excluding slot exchange revenue) was $803.5, reflecting a year-on-year increase of 34.7% and a quarter-on-quarter increase of 0.9% [2] Group 2 - The small vessel market is expected to face tighter supply, with a projected growth rate of 1.2% in 2025 and a decline of 2.0% in 2026 for vessels under 3,000 TEU [3] - Concerns exist regarding potential tariff impacts on cargo volume and freight rates, which may lead to some capacity shifting to the Asian market [3] - The demand for small vessels is expected to increase due to U.S. tariff exemptions for vessels under 4,000 TEU and increased transshipment trade through Mexico [3] Group 3 - The trend of industrial transfer is likely to accelerate under U.S. tariff policies, with cargo volume in the Asian region expected to grow by 3.2% in 2025 and 3.0% in 2026 [4] - Trade between China and ASEAN countries, as well as between Japan and Southeast Asian nations, is projected to continue growing, with import and export growth rates of 7.1% and 9.5% respectively in the first quarter of 2025 [4] - The ongoing industrial transfer from China to Southeast Asian countries is anticipated to further boost economic growth in those regions, supporting stable cargo volume growth in Asia [4]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Core Insights - The 2024 Annual Profitability Ranking of Chinese Port and Shipping Listed Companies was released, highlighting the industry's performance amid a complex global economic environment [1] - China's total import and export value reached 43.85 trillion yuan in 2024, a year-on-year increase of 5% [1] - The ranking reflects the profitability of companies listed on major stock exchanges in China, Hong Kong, and Taiwan, focusing on port operations, shipping, and shipbuilding [5] Economic Context - The global economic recovery remains uneven, with significant inflation decreases in major economies and increased geopolitical tensions [1] - Domestic economic performance is stable, with a focus on high-quality development and the growth of new productive forces [1] - The number of foreign trade enterprises in China reached nearly 700,000, a new high [1] Trade Performance - In 2024, China's export of electromechanical products was 15.12 trillion yuan, up 8.7% year-on-year, accounting for 59.4% of total exports [2] - Trade with Belt and Road Initiative countries reached 22.07 trillion yuan, a 6.4% increase, marking over 50% of China's total trade for the first time [2] Port and Shipping Industry Performance - National ports handled a cargo throughput of 1.7595 billion tons in 2024, a 3.7% increase, maintaining the world's highest volume [3] - China's shipbuilding industry continues to lead globally, with completion, new orders, and backlog volumes at 48.18 million deadweight tons, 113.05 million deadweight tons, and 208.72 million deadweight tons, respectively [3] Company Rankings - The ranking is based on Return on Equity (ROE) and net profit, with the top companies achieving significant profitability [7][9] - The top three companies by ROE are: 1. Sea Harvest International Holdings Limited - 47.62% 2. Shanghai Huige Environmental Technology Group Co., Ltd. - 45.23% 3. Intercontinental Shipping Group Holdings Limited - 35.35% [7] Financial Overview - A total of 83 companies were ranked, with 77 profitable, representing 92.77% of the total, and an overall net profit of 229.04 billion yuan [10] - The shipping sector had 49 companies, with a total net profit of 165.96 billion yuan, while the port sector had 22 companies with a net profit of 50.20 billion yuan [12][13] - The shipbuilding sector included 12 companies, achieving a net profit of 12.88 billion yuan [14]

Group 1: Market Overview - The report indicates that the Hang Seng Index closed at 22,008.11, up 0.16%, with fluctuations throughout the day, including a high of 22,213 and a low of 21,918 [3] - The report highlights that the offshore RMB has strengthened, marking its strongest performance in over three weeks, which is expected to positively influence the Hong Kong stock market ahead of the holiday [2] Group 2: Company Performance - HSBC Holdings reported a 12.26% year-on-year increase in its first-quarter pre-tax profit, amounting to USD 6.126 billion, while its UK operations saw a decline of 5.52% [11] - New World Development experienced a significant increase in residential sales in mainland China, with a year-on-year growth of over 52%, achieving sales of over RMB 2.1 billion in the first quarter [12] - Seaspan Corporation reported a 38.55% increase in revenue for the first quarter, reaching approximately USD 761 million, driven by a rise in average freight rates [13] Group 3: Regulatory and Market Access Developments - The National Development and Reform Commission, along with other regulatory bodies, announced a campaign to eliminate unreasonable market access barriers, aiming to create a fair market environment [6] - The new version of the "Negative List for Market Access" has reduced the number of restricted items from 117 to 106, indicating a further relaxation of market access restrictions in mainland China [7] - The report notes that the potential supply of new private residential units in Hong Kong has decreased to 105,000, a reduction of 2,000 units compared to the end of last year, reflecting a continuous decline over four quarters [8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Insights - The company focuses on the Asian container shipping market, establishing a leading position through specialized and stable operations, particularly in the Southeast Asian market [6][20]. - The ongoing industrial transfer, accelerated by U.S. tariff policies, is expected to sustain long-term demand in the Southeast Asian region [6][9]. - The emergence of new alliance models and various disruptions are likely to benefit the flexibility of smaller vessels [6][10]. - Limited new ship supply may lead to negative growth in capacity in the future, particularly for smaller container ships [6][10]. - The company is projected to achieve revenues of $3.086 billion in 2025, with a slight growth of 0.93% year-on-year [5][7]. Summary by Sections Company Overview - The company has developed into a leading container shipping enterprise in Asia, focusing on container shipping and logistics since its establishment in 1991 [20][25]. - It operates 78 trade routes covering major ports across Asia, with 98% of its capacity dedicated to the Asian market [25][28]. Market Competition - The Asian container shipping market is characterized by relatively low concentration and intense competition, with no significant price wars [37][41]. - The company has leveraged its scale advantages and cost efficiencies to stand out in this competitive landscape [51][52]. Industrial Transfer and Market Dynamics - The report highlights that the industrial transfer from China to Southeast Asia is expected to increase shipping demand, particularly for smaller vessels [6][67]. - The flexibility of smaller vessels is emphasized as a key advantage in the changing market dynamics [6][10]. Financial Projections and Valuation - The company is expected to see revenues of $3.086 billion in 2025, with a projected net profit of $1.042 billion, reflecting a year-on-year growth of 1.28% [5][7]. - Historical valuation ranges from 10-20 times, with current estimates suggesting a low valuation of 5-7 times PE, indicating potential for valuation recovery [6][7].

Financial Performance - The company's revenue for 2024 reached $3,058,059 thousand, representing a 25.9% increase from $2,428,959 thousand in 2023[12] - Profit attributable to shareholders surged by 93.5% to $1,028,325 thousand, compared to $531,393 thousand in the previous year[12] - Basic earnings per share increased by 95.0% to $0.39 from $0.20 in 2023[12] - The profit margin improved to 33.8%, up by 11.7 percentage points from 22.1% in 2023[12] - Net cash flow from operating activities rose by 72.3% to $1,158,334 thousand, compared to $672,213 thousand in 2023[12] - Total equity attributable to shareholders increased by 25.6% to $2,404,236 thousand from $1,914,536 thousand[12] - Gross profit for the same period was approximately $1,142.8 million, reflecting an increase of about 83.4% year-on-year[31] - The pre-tax profit was approximately $1,053.6 million, up by about 90.4% from the previous year[31] - Net profit for the year was approximately $1,034.3 million, representing an increase of about 92.9% compared to approximately $536.2 million in 2023[54] - Operating expenses rose by approximately 5.9% from about $136.0 million in 2023 to approximately $144.0 million in 2024[47] Operational Highlights - The number of container vessels operated at year-end increased to 114, up from 103 in 2023[12] - Container throughput for container shipping and extended logistics reached 3,570,184 TEUs, an increase of 345,686 TEUs from 3,224,498 TEUs in 2023[12] - The fleet capacity reached 180,255 TEUs, consisting of 100 owned vessels and 14 leased vessels, with an average vessel age of 8.4 years[37] - The group operates 78 trade routes, including 16 jointly operated routes and 24 routes utilizing container slot exchange arrangements[37] - Total container throughput increased by approximately 10.7% to 3,570,184 TEUs, with an average freight rate of $721.1 per TEU, up 15.7% year-on-year[32] Strategic Initiatives - On January 10, 2024, Haifeng International signed a strategic cooperation framework agreement with Xiamen Port Authority Group[19] - Haifeng International established a joint venture, Haifeng Logistics Asia Co., Ltd., with Hisense Group on February 28, 2024, to enhance supply chain efficiency[20] - The new empty container center in Xiamen, launched on January 11, 2024, aims to enhance resource recycling and reduce environmental impact through advanced energy-saving technologies[19] - A new direct shipping service to Batam Island was successfully launched on March 31, 2024, significantly reducing logistics costs and improving transport efficiency[21] - Haifeng International's self-developed comprehensive ship management platform was officially launched in April 2024, integrating various management modules[21] Awards and Recognition - Haifeng International received multiple accolades in the 2024 Asia-Pacific Best Management Team awards, including "Best CEO" and "Best Investor Relations Team" in the transportation sector[23] - On August 30, 2024, Haifeng International was awarded the "Green Fleet Award in 2023" for its low-carbon operations and outstanding performance in port state control inspections[25] Shareholder Information - The board proposed a final dividend of HKD 1.40 per share for the year ended December 31, 2024[31] - The company's distributable reserves amount to approximately USD 476 million as of December 31, 2024[83] - A total of 2,066,000 shares were purchased under the share plan at an average price of approximately HKD 18.34 per share, totaling about HKD 37.88 million[62] - The company reported a total issued share capital of 2,687,119,908 shares as of December 31, 2024[76] Risk Management - The company has established a comprehensive risk management system, including a new OA risk management module launched in 2024, which integrates seven key aspects of risk management[157] - The company identified digital risk as the largest long-term risk, alongside geopolitical risk and market oversupply risk[157] - The company has implemented measures to mitigate operational risks related to shipping, hazardous materials transport, and yard operations, including regular safety checks and employee training[158] - The company has a strategy to manage fuel price volatility, which is a significant cost component, by selecting reputable suppliers and monitoring market prices[158] Corporate Governance - The board is committed to maintaining high corporate governance standards, which are crucial for protecting shareholder interests and enhancing corporate value[174] - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with listing rules[178] - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring the board's strong independence[182] - The company has implemented a written guideline for employees who may possess unpublished price-sensitive information, ensuring compliance with standard codes[176] Employee Relations - The company emphasizes employee training and development, providing various programs to enhance professional skills and promote career growth[169] - The company offers health insurance benefits and wellness programs to support employee health and well-being[168] Future Outlook - The group aims to enhance operational efficiency and continue expanding its service network in the Asian logistics market[29] - The company remains confident in the business environment of the Asian logistics market despite anticipated challenges in the global shipping industry in 2025[33] - The company aims to leverage its unique competitive advantages in the Asian market to provide high-quality, low-carbon supply chain services[39]

中金公司 红海复航不确定性增加，中国集运公司有望补涨 红海护航的不确定性对市场预期有何影响？ 红海护航的不确定性较高，从第二轮停火协议推进的曲折性以及胡塞武装组织 重新攻打以色列船舶等事件可以看出这一点。根据克拉克森的数据，截至 2 月 底，红海区域整体船舶和集装箱船舶通行量分别下降了 5 艘和 4 艘。红海不能 如期复航的概率在提升，因为胡塞武装组织态度才真正决定红海通行是否安全。 此外，从保险角度来看，需要联合战争险委员会将红海区域风险等级从当前高 风险地区下调，否则传动仍需面临较高保险成本。因此，我们认为红海复航会 面临很多不确定性，市场预期也会反复变化。 美国 301 调查可能带来哪些影响？ 20250312 摘要 Q&A 近期中国集运公司股价表现如何，与海外公司相比有何差异？ 自 1 月 19 日加沙停火协议生效以来，国内集运公司的股价普遍跑输于海外公司。 具体来看，海丰国际、中国远洋海控和东方海外的股价均出现个位数跌幅，而 马士基、ZIM 以及台湾和日韩的一些集运公司的股价则上涨了 10%到 20%。这种 • 红海护航不确定性增加，胡塞武装态度及保险成本制约复航，市场预期反 复。克拉克森数据显示， ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue increase of 25.9% year-on-year to USD 3.06 billion for 2024, with a net profit of USD 1.03 billion, reflecting a 93.5% year-on-year growth, primarily driven by the tight supply of vessels and strong demand in the container shipping market [1][5] - The company announced a year-end dividend of HKD 1.4 per share, with an annual payout ratio of 83% [1] - The outlook for 2025 remains positive, with expectations of continued growth in the Asian regional market due to active inter-regional trade and ongoing demand from the red sea detour [1][4] Summary by Sections Financial Performance - In 2024, the company completed a container volume of 3.57 million TEUs, a year-on-year increase of 10.7%, with an average container freight rate of USD 721, up 15.7% year-on-year [2] - The company's shipping business saw a decrease in unit costs to USD 463 per TEU, an 8.4% decline year-on-year, attributed to improved loading rates and a higher proportion of owned vessels [3] - The overall gross margin, EBIT margin, and net margin for 2024 were 37.4%, 35.0%, and 33.6%, respectively, showing significant year-on-year improvements [3] Market Outlook - The Asian regional market is expected to be more resilient and growth-oriented compared to the European and American markets, with a projected demand growth of 3.2% for small to medium-sized vessels from 2025 to 2027, while supply growth is only expected to be 1.9% to 0.5% [4] - The company anticipates that the average freight rates for long-term contracts in 2025 will remain stable year-on-year, contributing to a favorable profit outlook [1][5] Earnings Forecast - The net profit forecast for 2025 has been raised to USD 1.09 billion, with further projections of USD 910 million for 2026 and USD 1.10 billion for 2027 [5][7] - The target price has been adjusted downwards by 6% to HKD 28.00, reflecting a revised valuation multiple of 8.9x for 2025E PE [5][9]

Financial Performance - For the fiscal year ending December 31, 2024, revenue was approximately $3,058.1 million, an increase of about 25.9% compared to $2,429.0 million for the fiscal year ending December 31, 2023[3]. - Gross profit increased by approximately 83.4% from $623.0 million for the fiscal year ending December 31, 2023, to approximately $1,142.8 million for the fiscal year ending December 31, 2024, resulting in a gross margin increase from 25.7% to 37.4%[3]. - Profit for the fiscal year ending December 31, 2024, rose by approximately 92.9% to about $1,034.3 million, up from $536.2 million for the fiscal year ending December 31, 2023[3]. - Basic earnings per share for the fiscal year ending December 31, 2024, were $0.39, compared to $0.20 for the fiscal year ending December 31, 2023[3]. - The group's profit before tax for 2024 was $1,915,242 thousand, an increase from $1,805,925 thousand in 2023, representing a growth of approximately 6.06%[26]. - The group's profit for the year ending December 31, 2024, was approximately $1,034.3 million, representing an increase of approximately 92.9% compared to approximately $536.2 million for the year ending December 31, 2023[60]. Revenue and Sales - Total revenue for the year ended December 31, 2024, was $3,058,059 thousand, an increase of 26% from $2,428,959 thousand in 2023[22]. - Revenue from the Greater China region reached $1,473,885 thousand, up 56% from $942,529 thousand in 2023[22]. - Customer contract revenue was $3,055,862 thousand, compared to $2,422,168 thousand in the previous year, reflecting a significant growth[24]. - The company's revenue increased by approximately 25.9% from about $2,429.0 million in 2023 to approximately $3,058.1 million in 2024, driven by a 10.7% increase in container volume and a 15.7% increase in average freight rates[42][47]. - The total container volume rose from 3,224,498 TEUs in 2023 to 3,570,184 TEUs in 2024[42][47]. - The average freight rate (excluding slot exchange fees) increased from $623.3 per TEU in 2023 to $721.1 per TEU in 2024[42][47]. Assets and Equity - Total assets less current liabilities increased to $2,653.3 million for the fiscal year ending December 31, 2024, from $2,149.5 million for the fiscal year ending December 31, 2023[12]. - Non-current assets totaled $2,174.6 million as of December 31, 2024, compared to $2,025.9 million as of December 31, 2023[11]. - Current assets increased to $1,023.5 million for the fiscal year ending December 31, 2024, from $626.6 million for the fiscal year ending December 31, 2023[11]. - The company reported a net asset value of $2,421.5 million as of December 31, 2024, compared to $1,931.1 million as of December 31, 2023[12]. - The company’s total equity increased to $2,421.5 million as of December 31, 2024, from $1,931.1 million as of December 31, 2023[12]. - Total assets increased by approximately 20.6% from about $2,652.5 million as of December 31, 2023, to about $3,198.1 million as of December 31, 2024[62]. Expenses and Costs - Financial costs decreased to $15,676 thousand in 2024 from $18,753 thousand in 2023, primarily due to lower bank loan interest[24]. - The total employee benefits expenses for 2024 amounted to $209,565 thousand, slightly decreasing from $209,916 thousand in 2023, indicating a reduction of about 0.17%[26]. - The group's total tax expense for 2024 was $19,232 thousand, up from $17,240 thousand in 2023, reflecting an increase of approximately 11.55%[29]. - The sales cost rose by approximately 6.1% from about $1,805.9 million in 2023 to approximately $1,915.2 million in 2024, primarily due to increased logistics costs[48]. - Administrative expenses increased by approximately 5.9% from about $136.0 million in 2023 to approximately $144.0 million in 2024, mainly due to rising employee bonus costs[52]. Dividends - A final dividend of HKD 1.40 per share (equivalent to $0.18 per share) was declared for the fiscal year ending December 31, 2024[3]. - The group plans to propose a final dividend of HKD 1.40 per share for 2024, compared to HKD 0.50 per share in 2023, which is an increase of 180%[32]. - A final dividend of HKD 1.40 per share (equivalent to $0.18) is proposed for shareholders, subject to approval at the annual general meeting on April 29, 2025[72]. Operational Insights - The company operates a single business segment focused on container transportation and related services, with no significant changes in operational structure[20]. - Non-current assets primarily consist of vessels, which are utilized for cargo shipping in the Asia cross-regional market[21]. - The company delivered 8 new container ships and 1 second-hand container ship during the year ending December 31, 2024, and entered into agreements to build 4 additional container ships for a total cost of $115.92 million[67]. - The company plans to continue purchasing container ships and investing in logistics projects, expecting internal financial resources and bank loans to be sufficient for funding needs[68]. - The company operated a fleet of 114 vessels with a total capacity of 180,255 TEUs, including 100 owned vessels and 14 leased vessels, with an average age of 8.4 years[41]. Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the annual performance for the year ending December 31, 2024[82]. - Ernst & Young has been appointed as the auditor for the year ending December 31, 2024, with a resolution to be presented at the upcoming annual general meeting for reappointment[83]. - The preliminary announcement of the consolidated financial statements for the year ending December 31, 2024, has been verified against the draft financial statements by the auditor[84]. - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by the listing rules[85].