Investment Rating - The investment rating for Xiamen Xiangyu (600057.SH) is "Buy" and is maintained [3][4]. Core Views - The report highlights that the company's operating performance remains resilient despite a significant decline in revenue and net profit due to macroeconomic challenges and bad debt provisions related to the DeLong Group [3][4]. - The company reported a revenue of 942.2 billion yuan for Q3 2024, a year-on-year decrease of 30.3%, and a net profit attributable to shareholders of 1.1 billion yuan, down 61.8% year-on-year [3][4]. - Excluding the impact of bad debt provisions, the company's net profit would have only slightly decreased, indicating stable core operations [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 297.7 billion yuan, a decline of 19.2% year-on-year, and a net profit of 0.89 billion yuan, down 24.7% year-on-year [3][4]. - In Q3 2024, the company faced a credit impairment loss of 2.4 billion yuan, primarily due to provisions for debts related to the DeLong Group, which reduced the net profit attributable to shareholders by 1.58 billion yuan [3][4]. Market Conditions - The report notes that downstream manufacturing clients are experiencing weak purchasing demand, with the Producer Price Index (PPI) continuing to show negative year-on-year changes [4]. - Commodity prices are under pressure, with the South China Metal Index, Energy Chemical Index, and Agricultural Products Index showing average year-on-year declines of 1.7%, 1.9%, and 9.4%, respectively [4]. Strategic Adjustments - The company is actively adjusting its agricultural product supply chain strategy, focusing on flow operations and rolling storage, although this has led to a decrease in operating cash flow [4]. - The report anticipates that as fiscal policies gradually take effect, the company's operational performance is expected to stabilize and recover [4]. Future Projections - The company is projected to achieve net profits of 1.03 billion yuan, 2.14 billion yuan, and 2.52 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 13.2, 6.3, and 5.4 times [4].

厦门象屿股份有限公司 关于为控股子公司申请铸造铝合金锭期货交割库提 供担保的情况说明 一、担保情况概述 厦门象屿股份有限公司（以下简称"公司"或"厦门象屿"）于2024年2月6 日召开第九届董事会第十七次会议，于2024年2月27日召开2024年第一次临时股 东大会，分别审议通过了《关于2024年度为子公司及参股公司提供担保额度的议 案》，同意2024年担保额度不超过等值人民币1,630亿元，其中为公司子公司提 供的担保总额不超过1,564亿元人民币；为参股公司提供的担保总额不超过6亿元 人民币；为公司开展应收账款资产证券化业务提供流动性支持、差额补足等增信 措施，额度不超过30亿元；为公司开展供应链（应付账款）资产证券化业务提供 增信措施，即对于上游供应商对公司的下属公司的应收账款债权，公司将以出具 《付款确认书》的方式成为共同债务人，对下属公司应履行的应收账款项下的付 款义务承担共同付款责任，额度不超过30亿元。详见公司于2024年2月8日披露的 《厦门象屿股份有限公司关于2024年度为子公司和参股公司提供担保额度的公 告》（公告编号：临2024-012号）。 二、本次担保进展情况 公司控股子公司厦门象屿 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with revenue at CNY 297.70 billion, down 19.24% year-on-year, and net profit at CNY 0.89 billion, down 24.67% year-on-year. However, the adjusted net profit increased by 42.60% year-on-year to CNY 0.285 billion [1][2]. - The company is focusing on enhancing its shipbuilding capacity to capitalize on the cyclical recovery in the shipbuilding market, with a backlog of 81 vessels as of mid-2024 and a projected 60% increase in annual production capacity following the acquisition of key assets [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of CNY 94.22 billion, a decrease of 30.25% year-on-year, and a net profit of CNY 1.11 billion, down 61.80% year-on-year. The gross margin for Q3 was 1.9%, a decline of 0.4 percentage points from the previous quarter, although it showed an improvement year-on-year [1][2]. - The company recorded asset impairment losses of CNY 0.192 billion and credit impairment losses of CNY 0.589 billion in the first three quarters of 2024, with significant provisions made for debts related to the Delong Group [2]. Business Outlook - The company is enhancing its shipbuilding capabilities, having secured 16 orders for stainless steel chemical tankers, and aims to shorten production cycles while reducing costs. The shipbuilding segment is expected to contribute positively to future earnings as market conditions improve [3]. - The earnings forecast for 2024-2026 has been revised downwards, with expected net profits of CNY 1.145 billion, CNY 2.250 billion, and CNY 2.625 billion respectively, reflecting the impact of weak terminal demand and asset impairments [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 297.6 billion yuan for the first three quarters of 2024, reflecting a year-on-year decrease of 19.24%. The net profit attributable to shareholders was 890 million yuan, down 24.7% year-on-year, while the net profit excluding non-recurring items increased by 42.6% year-on-year to 285 million yuan [2] - In Q3 2024, the company experienced a significant revenue drop of 30.3% year-on-year, primarily due to weak downstream demand from manufacturing clients and pressure on commodity prices, leading to a decline in the scale of commodity operations [2][3] - The company is adjusting its operational strategy to reduce risk exposure, focusing on enhancing flow management and rolling warehouse operations, which has led to a noticeable reduction in losses in H1 2024 [2] Financial Performance Summary - The total revenue for 2022 was 538.148 billion yuan, which decreased to 459.035 billion yuan in 2023, with an expected further decline to 386.969 billion yuan in 2024, representing a year-on-year change of -14.70% [1] - The net profit attributable to shareholders was 2.637 billion yuan in 2022, dropping to 1.574 billion yuan in 2023, with an expected decline to 1.356 billion yuan in 2024, reflecting a year-on-year change of -40.31% [1] - The latest diluted EPS is projected to be 0.60 yuan per share in 2024, with a P/E ratio of 9.74 based on the current price [1] Market Position and Outlook - The company is expected to benefit from an improvement in industry demand as manufacturing demand reaches a bottom, with a long-term advantage from increasing industry concentration [4] - The company’s market share in the commodity sector has been steadily increasing, even during the downturn, with a slight decrease of 0.6% in operating volume in H1 2024 [3][4]

Investment Rating - The report initiates coverage on Xiamen Xiangyu with a "Buy" rating [4] Core Views - Xiamen Xiangyu is a leading player in the bulk supply chain, with steady performance growth and a strategic entry into value-added manufacturing segments such as shipbuilding [1] - The company has transformed into a full-industry-chain service provider, leveraging its strengths in logistics and agricultural platforms [1] - From 2018 to 2022, the company achieved a CAGR of 23% in revenue and 27% in net profit attributable to shareholders [1] - The shipbuilding sector, particularly through subsidiary Xiangyu Shipbuilding, is poised for significant growth with orders extending to 2029 [2] Business Segments Bulk Supply Chain - The company operates in key bulk commodities including metals, minerals, agricultural products, energy, chemicals, and new energy, covering seven core categories [2] - It has built a comprehensive logistics network integrating road, rail, water, and warehousing, extending to domestic and international markets [2] - The bulk supply chain market is experiencing increased concentration, with the top five players (CR5) increasing their market share from 4.81% in 2021 to 5.46% in H1 2023 [32] Shipbuilding - Xiangyu Shipbuilding, a subsidiary, holds a leading position in the global dry bulk shipbuilding market, ranking second in Supramax bulk carriers and sixth in dry bulk carriers [72] - The shipbuilding sector is benefiting from a global fleet aging trend, environmental regulations, and a supply-demand imbalance, leading to a sustained shipbuilding cycle [76] - The company's shipbuilding orders are fully booked until 2029, with significant price increases for Supramax bulk carriers since 2021 [2][72] Financial Performance - Revenue for 2023 was RMB 459 billion, a 14.7% YoY decline, while net profit attributable to shareholders dropped 40.3% to RMB 1.57 billion [3] - The company forecasts revenue of RMB 447.5 billion, RMB 512.8 billion, and RMB 605.6 billion for 2024-2026, with net profits of RMB 1.02 billion, RMB 2.2 billion, and RMB 2.52 billion, respectively [3] - EPS is projected to be RMB 0.45, RMB 0.97, and RMB 1.11 for the same period [3] Market Position and Strategy - Xiamen Xiangyu has a strong market position in stainless steel supply chains, achieving a 19.2% market share in 2023 [42] - The company focuses on core commodities, leveraging its scale advantages and optimizing its product portfolio through industry cycles [39] - It has a stable customer base, with major clients including industry leaders in metals, energy, chemicals, and agriculture [46][52][54][57] Logistics and Network - The company has developed a multi-modal logistics network, including road, rail, water, and warehousing, with significant domestic and international coverage [60] - It operates 11 railway freight stations, 47 railway lines, and over 1,000 self-owned transport vehicles, with a total annual transport capacity exceeding 45 million tons [60] - The logistics network supports key routes such as "North Grain to South," "West Coal to East," and "North Coal to South" [60]

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2024-066 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | 厦门象屿股份有限公司 第九届董事会第二十四次会议决议公告 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。 厦门象屿股份有限公司（以下简称"公司"）第九届董事会第二十四次会议 通过电子邮件的方式发出会议通知，于 2024 年 10 月 30 日以通讯方式召开，全 体九名董事出席会议。本次会议通知、召集及召开符合有关法律法规及《公司章 程》的规定。 会议通过签署或传真表决票的方式审议通过以下议案： 一、2024 年第三季度报告 表决结果：9 票同意，0 票反对，0 票弃权。 公司《2024 年第三季度报告》详见上海证券交易所网站。 修改后的制度见公司 ...

厦门象屿股份有限公司 对外担保管理制度 第一章 总则 第一条 为规范厦门象屿股份有限公司（以下简称"公司"） 对外担保行为，有效控制对外担保风险，保护投资者的合法权益 和公司财产安全，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司监管指引第 8 号——上市公司资金往来、 对外担保的监管要求》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》等法律、 法规、规范性文件及《厦门象屿股份有限公司章程》（以下简称 《公司章程》），制订本制度。 第二条 对外担保是指公司为他人提供的担保，包括公司对 全资子公司、控股子公司的担保。公司全资子公司、控股子公司 的对外担保视同为本公司行为。 第三条 公司对外担保工作应当遵循平等、自愿、公平、诚 实、信用、互利的原则，任何单位和个人（包括控股股东及其他 关联方）不得强令或强制公司为他人提供担保。 第四条 本制度适用于公司及其下属全资子公司、控股子公 司，联营企业及合营企业参照执行。 （七）相关法律、法规及规范性文件或公司章程规定的其他 担保。 —1— 第二章 对外担保的决策权限 第五条 公司对外担保工作实行统一管理，未 ...

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2024-067 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | 3.在公司监事会提出本意见之前，我们未发现参与2024年第三季度报告编制 和审议的人员有违反保密规定的行为； 4.全体监事保证公司2024年第三季度报告所披露的信息真实、准确、完整， 承诺其中不存在虚假记载、误导性陈述和重大遗漏。 厦门象屿股份有限公司 第九届监事会第十六次会议决议公告 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。 厦门象屿股份有限公司第九届监事会第十六次会议通过电子邮件的方式发 出会议通知，于2024年10月30日以通讯方式召开。会议应到监事三名，实到三名。 本次会议召开符合《公司法》和《公司章程》的规定。 会议通过签署表决票 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 9,421,789.15, a decrease of 30.25% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was CNY 11,069.35, down 61.80% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was CNY 3,041.03, a decrease of 53.60% compared to the same period last year[2]. - The basic earnings per share for Q3 2024 was CNY 0.004, reflecting a 96.00% decline year-on-year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 297.70 billion, a decrease of 19.3% compared to CNY 368.63 billion in the same period of 2023[16]. - Total operating costs for the first three quarters of 2024 were CNY 296.19 billion, down from CNY 367.44 billion in 2023, reflecting a reduction of 19.4%[16]. - The company reported a decrease in comprehensive income total to ¥1,359,146,240.97 from ¥1,501,529,244.77 year-over-year[18]. - Basic earnings per share for Q3 2024 were ¥0.28, down from ¥0.47 in Q3 2023[18]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,712,043.61, a decrease of 1.99% from the end of the previous year[3]. - The company's total assets decreased to CNY 127.12 billion from CNY 129.71 billion, a decline of 2.0% year-over-year[15]. - Current liabilities totaled CNY 86.34 billion, a slight decrease of 1.7% from CNY 88.01 billion in the previous year[14]. - Non-current liabilities increased to CNY 4.72 billion, up from CNY 4.50 billion, representing a growth of 4.9%[14]. - The company's equity attributable to shareholders rose to CNY 23.41 billion, an increase of 12.3% from CNY 20.84 billion in the previous year[15]. - Inventory decreased to CNY 22.54 billion, down 17.1% from CNY 27.20 billion in the previous year[13]. - The company reported a significant increase in other receivables, which rose to CNY 14.35 billion from CNY 4.82 billion, marking a growth of 197.5%[13]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 51,534.32, a decrease of 67.78% year-on-year[2]. - Cash inflow from operating activities for the first nine months of 2024 was ¥328,857,732,555.42, compared to ¥436,389,751,702.19 in the same period last year[19]. - Cash outflow from operating activities totaled ¥328,342,389,400.65, down from ¥434,790,241,808.44 year-over-year[19]. - The company recorded a net cash flow from operating activities of ¥515,343,154.77, significantly lower than ¥1,599,509,893.75 in Q3 2023[19]. - The total cash inflow from financing activities amounted to 74,441,009,119.32 CNY, down from 89,749,513,273.97 CNY year-over-year[20]. - The net cash flow from financing activities was -2,323,072,770.11 CNY, compared to a positive 1,145,391,681.87 CNY in the same period last year[20]. - The cash and cash equivalents at the end of the period totaled 16,985,295,403.96 CNY, down from 20,524,072,549.72 CNY at the end of the previous period[20]. - The cash inflow from loans received was 67,596,939,888.32 CNY, down from 81,142,879,901.43 CNY in the previous period[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 47,656[8]. - Xiamen Xiangyu Group Co., Ltd. holds 1,145,504,792 shares, accounting for 50.41% of the total shares[8]. - The top ten shareholders include entities such as the National Social Security Fund and Xiamen Haiyi Group, with holdings ranging from 1.03% to 50.41%[9]. - The company has no pledged, marked, or frozen shares among its top ten shareholders[8]. - The total number of shares held by the top ten unrestricted shareholders is 1,145,504,792[9]. Future Plans and Developments - The company plans to focus on market expansion and new product development in the upcoming quarters[16]. - The stock issuance project to specific targets initiated in 2022 is under review by the Shanghai Stock Exchange as of March 2023[11]. - The company is currently in the process of evaluating its debt claims against Jiangsu Delong Nickel Industry Co., Ltd. and its subsidiaries[11]. - The company is collaborating with a third-party evaluation agency to solidify the debt assessment report[11]. Research and Development - R&D expenses for Q3 2024 amounted to ¥55,413,246.97, a decrease from ¥111,775,961.91 in Q3 2023[17]. Financial Expenses - Financial expenses increased to ¥1,603,098,127.73 from ¥1,569,145,711.18 year-over-year, with interest expenses at ¥949,037,881.08 compared to ¥1,472,252,358.16[17]. Profitability - Net profit for Q3 2024 was ¥1,450,158,573.10, slightly down from ¥1,458,665,674.34 in Q3 2023[17]. - The total profit for Q3 2024 was ¥1,619,946,182.99, compared to ¥1,688,119,625.78 in the same period last year[17]. Cash Flow from Investment Activities - Cash flow from investment activities in Q3 2024 was ¥5,712,511,511.96, an increase from ¥4,961,274,983.03 in Q3 2023[19]. - The net cash flow from investing activities was -560,072,239.39 CNY, a significant decrease from 2,035,666,158.00 CNY in the previous period[20]. Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was -148,835,832.19 CNY, contrasting with a positive impact of 95,027,381.00 CNY in the previous period[20]. Dividend and Interest Payments - The company distributed dividends and interest payments totaling 2,385,350,324.82 CNY, down from 3,740,252,775.79 CNY year-over-year[20].

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2024-068 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | 厦门象屿股份有限公司 关于计提信用减值准备的公告 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。 厦门象屿股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开第九 届董事会第二十四次会议，会议审议通过了《关于计提信用减值准备的议案》。 现将本次计提信用减值准备的具体情况公告如下： 一、 本次计提信用减值准备情况概述 （一）基本情况概述 根据财政部《企业会计准则第 22 号——金融工具确认和计量》及公司相关 会计政策规定，公司对合并范围内截至 2024 年 9 月 30 日的各类资产进行了全面 清查，通过分析、评估和测试，对 2 ...