Investment Rating - The report maintains a "Recommend" rating for Shanghai International Port Group (SIPG) with a target price of 7.1 yuan, representing a 27% upside from the current price of 5.61 yuan [1] Core Views - SIPG's port operations showed steady growth, but investment income faced pressure in 2023 [1] - The company achieved operating revenue of 37.552 billion yuan, a slight increase of 0.73% YoY, while net profit attributable to shareholders dropped 23.34% to 13.203 billion yuan [1] - Container throughput reached 49.158 million TEUs, maintaining SIPG's position as the world's largest container port for 14 consecutive years [1] - Investment income from associates and joint ventures decreased by 40.8% to 7.09 billion yuan, mainly due to the decline in container shipping market conditions [1] Financial Performance Revenue and Profit - 2023 revenue: 37.552 billion yuan (+0.73% YoY) [1] - Net profit: 13.203 billion yuan (-23.34% YoY) [1] - Gross margin: 37.4% (-0.41 ppts YoY) [1] - ROE: 10.72% (-4.61 ppts YoY) [1] Segment Performance - Container business: Revenue of 15.615 billion yuan (-0.88% YoY), gross margin of 43.81% (+2 ppts YoY) [1] - Bulk cargo business: Revenue of 1.547 billion yuan (+2.25% YoY), gross margin of 21.88% (+11.96 ppts YoY) [1] - Port logistics: Revenue of 10.95 billion yuan (-13.25% YoY), gross margin of 22.46% (-5.3 ppts YoY) [1] - Port services: Revenue of 3.567 billion yuan (+37.72% YoY), gross margin of 29.44% (-1.99 ppts YoY) [1] Investment Income - Total investment income from associates and joint ventures: 7.09 billion yuan (-40.8% YoY) [1] - Postal Savings Bank of China: 3.18 billion yuan (+4.72% YoY) [1] - Bank of Shanghai: 1.81 billion yuan (+2.36% YoY) [1] - Orient Overseas: 860 million yuan (-85.8% YoY) [1] Forecast and Valuation - 2024-2026 net profit forecast: 14.066 billion, 14.645 billion, and 15.569 billion yuan respectively [1] - 2024-2026 EPS forecast: 0.60, 0.63, and 0.67 yuan [1] - 2024-2026 PE ratio: 9x, 9x, and 8x [1] - 2024 PB valuation: 1.2x [1]

上 市 公 司 交通运输 2024年04月09日 上港集团 (600018) 公 司 研 究 ——港口主业稳定，投资收益预计回归至正常水平 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （下调） ⚫ 事件：上港集团发布2023 年年报，营业收入 375.52 亿元，同比增长 0.73%，归母净利 润132.03亿元，同比下滑40.21亿元或23.34%。扣非归母净利润125.70亿元，同比下 证 市场数据： 2024年04月08日 券 收盘价（元） 5.58 滑25.55%。基本每股收益0.57元，向全体股东每10股派发现金红利人民币1.72元(含 研 一年内最高/最低（元） 5.99/4.77 税)，共拟派发40.05亿元红利，占归母净利润的30.33%。业绩符合预期。 究 市净率 1.1 报 息率（分红/股价） - ⚫ 归母净利润下滑主要系投资收益减少。2023 年投资收益 71.41 亿元，占归母净利润比重 告 流通A股市值（百万元） 16368 上证指数/深证成指 3357.74/13563.34 54.09%，相较于2022年的120.41亿元下滑40.69%。2023年，宁波 ...

证券代码：600018 证券简称：上港集团 公告编号：临 2024-017 上海国际港务（集团）股份有限公司 关于参与投资上海国有资本投资母基金有限公司的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、投资基金前期情况概述 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 于 2022 年 11 月 15 日召开了第三届董事会第三十二次会议，审议通过了《上港 集团关于参与发起设立上海国有资本投资母基金有限公司的议案》，董事会同意 公司出资人民币 16 亿元与上海国有资本投资有限公司等多家企业共同发起设立 上海国有资本投资母基金有限公司（以下简称："基金公司"），注册资本为人 民币 185.10 亿元，其中公司认缴出资人民币 16 亿元，持股比例为 8.6440%。2022 年 12 月 14 日，基金公司完成工商注册登记手续，取得了上海市市场监督管理局 颁发的《营业执照》。2023 年 3 月 22 日，基金公司在中国证券投资基金业协会 完成私募投资基金备案。 2023 年 8 月 23 日， ...

证券代码：600018 证券简称：上港集团 公告编号：2024-016 上海国际港务（集团）股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 召开的日期时间：2024 年 4 月 23 日 14 点 00 分 召开地点：国际港务大厦多功能厅（上海市东大名路 358 号，太平路入口） (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年4月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四) 现场会议召开的日期、时间和地点 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资 ...

上港集团 2023 年年度股东大会会议资料 上海国际港务（集团）股份有限公司 2023 年年度股东大会会议资料 1.现场会议时间：2024 年 4 月 23 日（星期二）14:00 2.网络投票时间：2024 年 4 月 23 日（星期二） 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召 开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为股东大会召开当日的 9:15-15:00。 二、会议地点 国际港务大厦多功能厅（上海市东大名路 358 号，太平路入口） 召开时间：二○二四年四月 三、会议程序 1 上港集团 2023 年年度股东大会会议资料 上海国际港务（集团）股份有限公司 2023 年年度股东大会程序及议程 一、会议召开时间 主持人宣读参加现场股东大会人数，宣布股东大会召开。 2 （一）宣读股东大会须知 （二）宣布股东大会议程并审议议案 1. 审议《2023 年度董事会工作报告》 2. 审议《2023 年度监事会工作报告》 3. 审议《2023 年度财务决算报告》 4. 审议《2023 年度利润分配方案》 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥37.55 billion, a slight increase of 0.73% compared to ¥37.28 billion in 2022[16]. - Net profit attributable to shareholders decreased by 23.34% to approximately ¥13.20 billion in 2023 from ¥17.22 billion in 2022[16]. - The basic earnings per share for 2023 was ¥0.5691, down 23.33% from ¥0.7423 in 2022[17]. - The weighted average return on equity decreased by 5.00 percentage points to 11.25% in 2023 from 16.25% in 2022[17]. - The net cash flow from operating activities for 2023 was approximately ¥13.41 billion, a decrease of 2.75% from ¥13.79 billion in 2022[16]. - Total assets at the end of 2023 reached approximately ¥203.58 billion, an increase of 11.98% from ¥181.80 billion at the end of 2022[16]. - The net assets attributable to shareholders increased by 9.66% to approximately ¥123.18 billion at the end of 2023 from ¥112.33 billion at the end of 2022[16]. - The company reported a total of ¥558.91 million in government subsidies related to normal business operations in 2023[21]. - Non-recurring gains and losses totaled approximately ¥633.32 million in 2023, compared to ¥339.95 million in 2022[23]. - The company achieved a total cargo throughput of 564 million tons, exceeding the annual budget target by 7.2%[89]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.72 per 10 shares, totaling approximately RMB 4.005 billion based on a total share capital of 23,284,144,750 shares as of December 31, 2023[4]. - The cash dividend amount represents 30.33% of the net profit attributable to the shareholders of the listed company in the consolidated financial statements, which is RMB 13,203,137,528.87[147]. - The company distributed a cash dividend of RMB 0.14 per share, totaling RMB 32.60 billion (including tax) for the 2022 fiscal year[144]. - The cash dividend policy is designed to ensure a minimum distribution of 50% of the distributable profit to shareholders annually, prioritizing cash dividends over stock dividends[144]. - The profit distribution plan for 2023 is subject to approval at the shareholders' meeting scheduled for March 30, 2024[145]. Governance and Compliance - The company has a governance structure that complies with legal and regulatory requirements, ensuring clear division of responsibilities among shareholders, the board, and management[99]. - The board consists of 10 members, including 4 independent directors, ensuring diverse representation and adherence to governance standards[99]. - The company has implemented a performance evaluation and incentive mechanism for senior management, linking compensation to company performance and individual contributions[100]. - The company completed 4 periodic reports and 44 temporary announcements during the reporting period, ensuring timely and accurate information disclosure[101]. - The company maintains a strict insider information management system, preventing insider trading and ensuring compliance with regulations[101]. Strategic Initiatives - The company is committed to building a world-class shipping hub and achieving breakthroughs in technology, regional development, and business types[9]. - The company aims to enhance its role as a global shipping hub by integrating management, capital, and technology, focusing on multi-modal transport development[39]. - The company is focusing on sustainable high-quality development, aligning with national strategies and enhancing its operational resilience[39]. - The company is actively pursuing new technologies and business models to adapt to changing market dynamics and enhance operational efficiency[39]. - The company is committed to digital transformation, with significant advancements in smart port technologies, including the establishment of a digital twin technology platform[40]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, which investors should review[6]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting the importance of investment risk awareness[5]. - The company faces risks from macroeconomic fluctuations affecting the port industry, as its development is closely tied to the national economy and foreign trade conditions[97]. - The company is in a competitive environment for international container hub ports, with major competitors actively expanding capacity in Northeast Asia[97]. Leadership Changes - The company reported a significant leadership change with the resignation of CEO Yan Jun on July 29, 2023, due to work reasons[112]. - The company appointed Liu Tao as Vice President on July 29, 2023, following the resignation of previous executives due to work requirements[112]. - The company announced the appointment of Yang Huanxin as Vice Financial Director on August 29, 2023, after the previous Vice Financial Director, Yu Wei, stepped down[112]. - The company is undergoing a restructuring of its board and executive team, with multiple appointments and resignations throughout 2023[112]. - The company is focused on enhancing its governance structure through the recent board elections and appointments[112]. Technological Advancements - The company has achieved significant technological advancements, including the completion of key projects related to intelligent port operations and automation[59]. - The company is focusing on technological innovation to build a smart and green port, including the development of intelligent management systems and energy-efficient projects[94]. - The company is investing heavily in research and development, with an increase of 30% in R&D spending compared to last year[109]. - The company is focusing on new technology development, with an investment of 1,000.00 million CNY allocated for software enhancements[82]. Sustainability Efforts - The company is committed to sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025 through various operational improvements[115]. - The company has undertaken various energy-saving projects, including the installation of shore power facilities and energy-efficient lighting[167]. - The company has engaged in community support activities, including donations and educational assistance to schools in Guizhou and Yunnan provinces[170]. - The company has established a scholarship fund at Shanghai Maritime University, committing 120,000 RMB annually to support outstanding students[170]. Investment and Expansion - The company is actively pursuing strategies to enhance its operational capabilities and market presence through strategic financial maneuvers[197]. - The company plans to expand its market presence by investing in new terminal facilities, with an estimated budget of $500 million for the next fiscal year[115]. - The company is exploring partnerships with international shipping lines to enhance service offerings and expand global reach[115]. - The company is considering the transfer of partial equity in Shanghai Guandong International Container Terminal Co., Ltd.[121]. Internal Controls and Audits - The company has implemented a comprehensive internal control system, with no significant deficiencies reported for the year[156]. - A total of 120 internal audit projects were completed in 2023, with 165 recommendations for improving internal controls and management practices accepted by the audited units[155]. - The company evaluated the annual audit work of PwC Zhongtian and agreed to reappoint them as the external audit firm for 2023[127]. Shareholder Relations - The company is committed to respecting the rights of stakeholders, including shareholders, creditors, and employees, while promoting sustainable development[101]. - The independent directors are actively involved in the decision-making process regarding profit distribution, ensuring the interests of minority shareholders are protected[146]. - The company has not proposed a cash profit distribution plan for the reporting period, as it is not applicable[147].

上海国际港务（集团）股份有限公司董事会审计委员会 对会计师事务所 2023 年度履行监督职责情况报告 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司治理准则》、《国有企业、上市公司选聘会计师事务所管理办法》、 《上海国际港务(集团)股份有限公司章程》(以下简称:"《公司章程》"）、 《上海国际港务(集团)股份有限公司董事会审计委员会实施细则》等有 关规定和要求，上海国际港务（集团）股份有限公司（以下简称："上港 集团"或"公司"）董事会审计委员会（以下简称: "审计委员会"）本 着勤勉尽责的原则，认真履行职责，对会计师事务所 2023 年度履职情况 进行了评估和监督，具体情况如下: 一、2023年年审会计师事务所基本情况 (一)会计师事务所基本情况 二、2023 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他 执业规范,普华永道中天对公司 2023 年度财务报告及 2023 年 12 月 31 日 的财务报告内部控制的有效性进行了审计,同时对公司控股股东及其他关 联方占用资金情况进行核查并出具了专项报告。 普华永道中天会计师事务所(特殊普通合伙) ...

一、独立董事的基本情况 (一) 个人工作履历、专业背景以及兼职情况 上海国际港务(集团) 股份有限公司 2023 年度独立董事述职报告 作为上海国际港务(集团)股份有限公司(以下简称:"上港集 团"或"公司"）独立董事,2023年度我严格按照《公司法》、《证 券法》、《上海证券交易所股票上市规则》、《上市公司治理准则》 和《上市公司独立董事管理办法》等法律和法规,以及《公司章程》、 《上港集团独立董事工作制度》等规定,独立履行职责,参与公司重 大事项的讨论和决策,勤勉尽责,充分发挥独立董事的作用,维护了 公司的整体利益和股东的合法权益。现将 2023 年度履行职责情况报告 如下： · 张建卫先生,男,1957年9月出生。中国对外经济贸易大学外贸 英语系毕业,1992年肄业于美国纽约州立大学海运学院航运管理专业, 1992年底由美国返回祖国并于 1993年 4月出任中国外运集团旗下中国 租船公司副总经理。先后获得中欧国际商学院 EMBA 学位,华中科技大 学管理学院工商管理博士学位。历任美国华运公司总裁助理;中国租 船公司副总经理、总经理;中国对外贸易运输总公司总经理助理、副 总经理;中国对外贸易运输总公司常务 ...

证券代码：600018 证券简称：上港集团 编号：临 2024-010 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"）于 2024 年 3 月 28 日召开的第三届董事会第四十五次会议审议通过了《上港集团关于续聘会计 师事务所的议案》，同意续聘普华永道中天会计师事务所（特殊普通合伙）（以下简称： "普华永道中天"）为公司 2024 年度的审计机构，由普华永道中天承担公司 2024 年度 财务报告审计、内部控制审计等审计业务。现将具体情况公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 普华永道中天前身为 1993 年 3 月 28 日成立的普华大华会计师事务所，经批准于 2000 年 6 月更名为普华永道中天会计师事务所有限公司；经 2012 年 12 月 24 日财政部 财会函[2012]52 号批准，于 2013 年 1 月 18 日转制为普华永道中天会计师事务所（特 殊普通合伙）。注册地址为中国（上海）自由贸易试验区陆家嘴环路 1318 号星展银行 大厦 507 单元 01 室。 上海国际港务（集团）股份有限公司 续聘会计师事务所公告 本公司董事会及全体董 ...

证券代码：600018 证券简称：上港集团 公告编号：临 2024-009 上海国际港务（集团）股份有限公司 第三届监事会第二十七次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海国际港务（集团）股份有限公司（以下简称："上港集团"或"公司"） 第三届监事会第二十七次会议于 2024 年 3 月 28 日以通讯方式召开。会议通知和 材料已于 2024 年 3 月 21 日以书面、电子邮件等方式发出，会议应出席监事 4 名， 实际出席监事 4 名，董事会秘书以通讯方式列席了会议。会议符合《公司法》、《公 司章程》及相关法律、法规的要求。会议经全体监事认真审议，一致通过以下议 案： 一、审议通过了《上港集团 2023 年度监事会报告》的议案，并同意提交股东 大会审议。 同意：4 弃权：0 反对：0 （2）公司 2023 年年度报告的内容和格式符合中国证监会和上海证券交易所 的各项规定，所包含的信息真实地反映了公司的财务状况、经营成果和现金流量； （3）在提出本意见前，监事会未发现参与公司 2023 年年度报告编制 ...