丨证券研究报告丨 公司研究丨点评报告丨厦门象屿（600057.SH） [Table_Title] Q4 减值业绩承压，期待公司经营改善 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2023 年，公司实现营业收入 4590.4 亿元，同比下降 14.7% ；实现归母净利润 15.7 亿元，同 | | | 比下降 40.3% ；第四季度，公司实现营业收入 904.0 亿元，同比下降 38.2% ，实现归母净利润 3.9 亿元，同比下降 15.3% 。 2023Q4 ，公司信用减值损失为 -8.2 亿元，主要是计提坏账准备较 | | | 上年同期增加，拖累公司业绩。展望 2024 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 8.8 CNY, indicating a potential upside of 28% from the current price [22][23]. Core Insights - The company reported a net profit attributable to shareholders of 1.57 billion CNY for 2023, a decrease of 40% year-on-year, with a net profit margin of 0.3% [22][23]. - Total revenue for 2023 was 459 billion CNY, down 15% year-on-year, primarily due to weak domestic and international demand and pressure on commodity prices [22][23]. - The gross profit for 2023 was 8.8 billion CNY, reflecting a 23% decline year-on-year, with a gross margin of 2% [22][23]. - The company aims to improve its profitability margins and expand its international presence while managing risks effectively [22][23]. Financial Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, and 2026 are 508.76 billion CNY, 562.81 billion CNY, and 623.52 billion CNY respectively, with expected growth rates of 10.8% for 2024 and 10.6% for 2025 [36]. - **Net Profit Forecast**: Expected net profits for 2024, 2025, and 2026 are 1.94 billion CNY, 2.29 billion CNY, and 2.64 billion CNY respectively, with growth rates of 23.3% for 2024 and 18.0% for 2025 [36]. - **Earnings Per Share (EPS)**: Projected EPS for the next three years are 0.85 CNY, 1.01 CNY, and 1.16 CNY, with corresponding price-to-earnings (P/E) ratios of 8, 7, and 6 [36]. Business Segment Performance - **Commodity Supply Chain**: Revenue from the supply chain business was 439.2 billion CNY in 2023, down 15.6% year-on-year, with a gross profit of 6.1 billion CNY and a gross margin of 1.4% [22][23]. - **Shipbuilding Business**: The shipbuilding segment achieved a revenue of 4.75 billion CNY, up 43% year-on-year, with a gross profit of 1.07 billion CNY, reflecting a significant increase of 258% [22][23]. - **Logistics Business**: The logistics segment generated 7.1 billion CNY in revenue, a decrease of 7.84% year-on-year, with a gross margin of 9.9% [22][23]. Market Outlook - The company is expected to achieve a compound annual growth rate (CAGR) of 19% in net profit over the next three years, driven by strategic adjustments and market opportunities [22][23].

Investment Rating - The report maintains an "Accumulate" rating for the company [7]. Core Views - The company reported a revenue of 459 billion yuan in 2023, a decrease of 14.7% year-on-year, and a net profit attributable to shareholders of 1.57 billion yuan, down 40.3% year-on-year. The company plans to distribute a cash dividend of 0.3 yuan per share, with a cash dividend rate of approximately 50% [7]. - The decline in revenue is attributed to a decrease in the distribution of bulk commodities, with a total operating volume of approximately 230 million tons, an increase of 13.7% year-on-year. However, the revenue from bulk commodity distribution fell by 15.6% to approximately 439.2 billion yuan due to insufficient market demand and price fluctuations [7]. - The shipbuilding business showed robust growth, with revenue increasing by 42.6% year-on-year to 4.74 billion yuan, and gross profit rising by 258% [7]. - The report suggests that the company is a leading player in the domestic bulk supply chain industry, directly affected by economic cycles, and maintains a positive outlook despite short-term profit pressures [7]. Summary by Sections Financial Performance - Revenue (in million yuan): 459,035 in 2023, down from 538,148 in 2022 [11]. - Net profit (in million yuan): 1,574 in 2023, down from 2,637 in 2022 [11]. - EPS (in yuan): 0.69 in 2023, down from 1.17 in 2022 [11]. - ROE (diluted): 7.55% in 2023, down from 15.43% in 2022 [11]. Business Segments - Bulk commodity distribution revenue decreased by 15.6% to approximately 439.2 billion yuan, with significant declines in metal and energy products [7]. - The shipbuilding segment achieved a revenue of 4.74 billion yuan, with a gross profit of 1.07 billion yuan, indicating strong performance [7]. Future Outlook - The company plans to increase dividends post the Q3 2024 report, aiming for a minimum of 10% of the net profit attributable to shareholders for the first three quarters of 2024 [7]. - Profit forecasts for 2024 and 2025 have been adjusted downwards by 33% and 27% respectively, reflecting the impact of economic slowdown [7].

买入（维持） 证券研究报告·公司点评报告·物流 厦门象屿（600057） 2023 年年报点评：Q4 利润环比大幅改善，期 待公司经营触底回升 2024 年 04 月 24 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 538,148 | 459,035 | 398,412 | 464,191 | 528,158 | | 同比（ % ） | 16.35 | (14.70) | (13.21) | 16.51 | 13.78 | | 归母净利润（百万元） | 2,637 | 1,574 | 1,922 | 2,327 | 2,690 | | 同比（ % ） | 20.18 | (40.31) | 22.09 | 21.07 | 15.62 | | EPS- 最 ...

RSM 容诚 非经营性资金占用及其他关联资金 往来情况专项说明 厦门象屿股份有限公司 容诚专字[2024]361Z0243 号 容诚会计师事 骑 缘 容诚会计师事务所(特殊普通合伙) 中国 · 北京 根据中国证券监督管理委员会《上市公司监管指引第 8 号一上市公司资金往 来、对外担保的监管要求》的要求及上海证券交易所《上海证券交易所上市公司自 律监管指南第 2 号一业务办理》的规定,厦门象屿公司管理层编制了后附的厦门 象屿股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况汇总表 (以下简称"汇总表")。如实编制和对外披露汇总表并保证其真实、准确、完整 是厦门象屿公司管理层的责任。 我们对汇总表所载信息与本所审计厦门象屿公司 2023年度财务报表时所复核 的会计资料和经审计的财务报表的相关内容进行了核对,在所有重大方面没有发 现不一致。除了对厦门象屿公司实施 2023年度财务报表审计中所执行的对关联方 交易有关的审计程序外,我们并未对汇总表所载资料执行额外的审计程序。为了更 好地理解厦门象屿公司的非经营性资金占用及其他关联资金往来情况,后附汇总 表应当与已审计的财务报表一并阅读。 您可使用手机" ...

厦门象屿股份有限公司 2023 年度会计师事务所履职情况的评估报告 厦门象屿股份有限公司（以下简称"公司"）聘请容诚会计师事务所（特殊 普通合伙）（以下简称"容诚事务所"）作为公司 2023 年度财务及内部控制审计 机构。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》等规定和要求，公司 对容诚事务所 2023 年审计过程中的履职情况进行了评估。经评估，公司认为容 诚事务所资质等方面合规有效，履职保持独立性，勤勉尽责，公允表达意见。具 体情况如下： 一、2023 年度审计会计师事务所基本情况 容诚事务所由原华普天健会计师事务所（特殊普通合伙）更名而来，初始成 立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是国内最早获 准从事证券服务业务的会计师事务所之一，长期从事证券服务业务，注册地址为 北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26，首席合伙 人为肖厚发。 截至 2023 年 12 月 31 日，容诚事务所共有合伙人 179 人、注册会计师 1,395 人，其中 ...

Stock Code: 600057 Stock Abbreviation: Xiamen Xiangyu Xiamen Xiangyu Co., Ltd. 2023 Annual Report (Summary) This report is prepared in both Chinese and English. The Chinese version shall prevail in case of any discrepancy between the Chinese and English texts. To Shareholders In 2023, the global industrial supply chain has been undergoing unprecedented challenges and restructuring, presenting market fluctuations as well as a blend of opportunities and obstacles. We have remained committed to our long-term v ...

2、 附表 委托单位：厦门象屿股份有限公司 审计单位：容诚会计师事务所(特殊普通合伙) 联系电话：05925603798 关于厦门象屿股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 非经营性资金占用及其他关联资金 往来情况专项说明 厦门象屿股份有限公司 容诚专字[2024]361Z0243 号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于厦门象屿股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2024]361Z0243 号 2023 年度非经营性资金占用及其他关联资金往来情况表 非经营性资金 占用 资金占用方 名称 占用方与上 市公司的关 联关系 上市公 司核算 的会计 科目 2023 年期 初占用资金 余额 2023 年度占 用累计发生 金额(不含 利息) 2023 年 度占用资 金的利息 (如有) 2023 年度偿 还累计发生 金额 2023 年期 末占用资金 余额 占用形成 原因 占用性 质 现控股股东、 实际控制人及 其附属企业 无 非经营 性占用 小计 / / / / / 前控股股东、 实际控制人及 其附属企业 无 ...

RSM 容诚 审计报告 厦门象屿股份有限公司 容诚审字[2024]361Z0257 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验。 容证 审计报告 容诚审字[2024]361Z0257 号 厦门象屿股份有限公司全体股东: 一、审计意见 我们审计了厦门象屿股份有限公司(以下简称厦门象屿公司)财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务报表附 注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了厦门象屿公司 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年 度的合并及母公司经营成果和现金流量。 目 : 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1 - 7 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | ...

Financial Performance - The company's operating revenue for 2023 was RMB 45,903.55 million, a decrease of 14.70% compared to RMB 53,814.81 million in 2022[25]. - The net profit attributable to shareholders of the listed company was RMB 157.39 million, down 40.31% from RMB 263.69 million in the previous year[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 50.73 million, a decline of 80.90% compared to RMB 265.60 million in 2022[25]. - The net cash flow from operating activities was RMB 558.65 million, a decrease of 10.23% from RMB 622.30 million in the previous year[25]. - The total assets at the end of 2023 were RMB 12,970.52 million, an increase of 12.67% from RMB 11,511.92 million at the end of 2022[25]. - The net assets attributable to shareholders of the listed company increased by 21.94% to RMB 2,084.13 million from RMB 1,709.16 million in 2022[25]. - In 2023, the company achieved operating revenue of 459 billion RMB, a year-on-year decrease of 14.70%, and a net profit attributable to shareholders of 1.574 billion RMB, down 40.31% year-on-year[74]. - The company's revenue for 2023 was approximately 45.90 billion RMB, a decrease of 14.70% compared to the previous year[116]. - The total revenue for the current period is 4,394.65 million, a decrease of 15.22% compared to the same period last year[155]. Shareholder Information - The total number of shares before the change was 2,254,093,987, with a total of 15,673,918 new shares issued, resulting in a total of 2,268,205,992 shares after the change[3]. - The top ten shareholders hold a total of 1,144,554,592 shares, accounting for 50.46% of the total shares[9]. - The company’s total unrestricted circulating shares after the change amounted to 2,151,712,212, representing 94.86% of the total shares[3]. - The company’s major shareholders include Xiamen Xiangyu Group Co., Ltd., holding 50.46% of the shares, and other significant shareholders with varying percentages[9]. Equity Incentive Plans - The company completed the registration of the 2022 equity incentive plan, granting 6,007,100 restricted shares[4]. - The company’s stock incentive plan for 2020 had a total of 11,814.21 million shares, with 444.52 million shares added during the year[6]. - The company’s equity incentive plan for 2022 had a total of 9,590.04 million shares at the end of the year, with 97.80 million shares reduced during the year[6]. - The company reported a total of 11,649.38 million shares with restrictions at the end of the year, with 609.35 million shares released during the year[6]. Operational Highlights - The company operates 11 railway freight stations with an annual shipping capacity exceeding 45 million tons, ranking among the industry leaders[66]. - The company has approximately 1,000 owned transport vehicles and integrates around 100,000 social vehicles for road transport[66]. - The company has a storage capacity of approximately 13 million tons across 7 major grain purchasing platforms and 52 warehouses[66]. - The company has established logistics channels connecting China to Indonesia, Vietnam, and Thailand, with a reported shipping volume of 17 million tons during the reporting period[66]. - The company served over 60% of manufacturing clients, with over 80% in the new energy supply chain and 70% in black metals and aluminum supply chains[81]. - The company established 10 platform companies in China, expanding its core business areas from coastal regions to inland areas, focusing on supply chain needs in modern industrial clusters in central and western regions[82]. Market and Strategic Focus - The company aims to strengthen its supply chain services while exploring sustainable development paths amid industry challenges[15]. - The company is focusing on high-quality co-construction of the "Belt and Road" initiative to enhance domestic and international dual circulation[15]. - The company is focusing on expanding its international market presence, with platforms in Singapore, the USA, Vietnam, and Indonesia, serving over 100 countries[57]. - The company is committed to becoming a world-class supply chain service provider, focusing on integrated supply chain services for manufacturing enterprises[53]. - The company is actively enhancing its risk management capabilities and service models to capture more market share amid industry challenges[49]. Digital Transformation and Innovation - The company aims to enhance its supply chain services through digital transformation and artificial intelligence[51]. - The company’s digital supply chain service system, "Yuchain Tong," aims to effectively connect funding parties with customer demands, enhancing service efficiency[74]. - The company launched the "Yuchain Tong" digital supply chain service system, achieving a special credit of 10.6 billion, with actual bank credit applications exceeding 2.7 billion during the reporting period[134]. - The company increased its R&D investment to improve shipbuilding production processes and management efficiency, reflecting a commitment to innovation[139]. - The total R&D investment for the period is 15,387.28 million, accounting for 0.03% of operating revenue[166]. Risk Management - The company’s risk management framework includes three lines of defense, focusing on pre-control, process management, and post-optimization[97]. - The company is committed to high-quality development despite facing challenges, indicating resilience in its business model[75]. - The company anticipates that the complex international landscape and geopolitical conflicts will impact its operational performance due to macroeconomic fluctuations[200]. Logistics and Supply Chain Performance - The company reported a total operating volume of 22.515 million tons in bulk commodities, an increase of 13.74% year-on-year, while revenue from this segment decreased by 15.64% to 439.2 billion RMB[102]. - The company’s logistics service capabilities include multi-modal transport solutions, successfully creating premium routes for various commodities[91]. - The company’s logistics segment revenue decreased by 5.87%, contributing 1.42% to total costs[155]. - The logistics system improvements led to a 50% increase in document processing efficiency and a 75% increase in cargo finding efficiency[147]. Investment and Financial Assets - The company holds foreign exchange derivative contracts totaling approximately $10.48 billion, representing 13.57% of the audited revenue for 2022[192]. - The company’s receivables increased significantly to 53,101.88 million, a 186.89% increase from the previous period[156]. - The company’s short-term borrowings increased to 2,307,228.60 million, reflecting a 92.92% increase compared to the previous period[165]. - The five largest suppliers accounted for 18.47% of total annual purchases, with related party purchases making up 1.20%[172]. Inventory and Supply Chain Management - The company has a total inventory of approximately ¥849.93 million, with some inventory pledged as collateral[182]. - The company plans to enhance its agricultural supply chain services and reduce inventory exposure to improve growth stability[115]. - The company aims to enhance its integrated supply chain service capabilities to reduce costs and increase efficiency for upstream and downstream clients[197].