➢ 分业务结构看： 1）大宗商品经营，24 年下游制造业客户采购需求偏弱，大宗商品价格承压；24 年货量较为稳定， 铝、新能源、蒙煤等细分品类保持市占率领先。24 年大宗商品经营板块实现营收 3453 亿元，同比- 21.4%，主要受大宗商品需求疲弱，价格下行影响；24 年实现经营货量为 2.24 亿吨，同比-0.3%； 期现毛利 63.2 亿元，同比+2.9%；期现毛利率为 1.83%，同比+0.43pct。分货种看，24 年金属矿 产/农产品/能源化工/新能源货种分别实现经营货量 13984/1390/7020/54 万吨，同比分别+6.5%/- 31.7%/-4.1%/+47.0% ； 金 属 矿 产 / 农 产 品 / 能 源 化 工 / 新 能 源 分 别 期 限 毛 利 率 2.1%/1.0%/1.1%/5.4%，同比分别+0.2pct/转正/-0.2pct/+3.6pct，农产品供应链实现期现毛利转 正。2）大宗商品物流业务：24 年板块营收和毛利均实现同比增长；24 年实现板块营收 94.2 亿元， 同比+33.0%；实现毛利 8.4 亿元，同比+19.0%；实现毛利率 8.9%，同比-1.0 ...

厦门象屿（600057.SH）2024 年年报点评 4Q24 归母净利同比+34.7%，股权激励+回购计划彰显发展信心 2025 年 04 月 24 日 ➢ 事件概述：2025 年 4 月 21 日，公司发布 2024 年年报，24 年全年受大宗商品需求疲弱，价 格下行影响，整体业绩承压，4Q24 公司归母净利润实现向上修复，同比+34.7%。1）收入端：2024 年营业收入 3666.7 亿元，同比-20.1%；毛利率 2.3%。2）利润端：2024 年公司归母净利 14.2 亿 元，同比-9.9%，剔除信用减值损失的影响后，公司 2024 年归母净利润同比增长超 7%。分季度看， 4Q24，1）收入端：公司实现营收 689.7 亿元，同比-23.7%，环比-26.8%，毛利率为 3.6%。2）利 润端：公司实现归母净利润 5.29 亿元，同比+34.7%，环比+378.0%。 ➢ 分业务结构看： 1）大宗商品经营，24 年下游制造业客户采购需求偏弱，大宗商品价格承压；24 年货量较为稳定， 铝、新能源、蒙煤等细分品类保持市占率领先。24 年大宗商品经营板块实现营收 3453 亿元，同比- 21.4%，主要 ...

Core Viewpoint - Xiamen Xiangyu (600057) reported a year-on-year increase of 34.7% in net profit attributable to shareholders for Q4 2024, reflecting a recovery despite overall performance being pressured by weak demand and falling prices in the bulk commodity market [2][4]. Financial Performance - For the full year 2024, the company achieved operating revenue of 366.67 billion yuan, a decrease of 20.1% year-on-year, with a gross margin of 2.3% [2]. - The net profit attributable to shareholders for 2024 was 1.42 billion yuan, down 9.9% year-on-year; however, excluding credit impairment losses, the net profit grew by over 7% year-on-year [2]. - In Q4 2024, the company reported revenue of 68.97 billion yuan, a decline of 23.7% year-on-year and 26.8% quarter-on-quarter, with a gross margin of 3.6% [2]. Business Structure - The bulk commodity trading segment generated revenue of 345.3 billion yuan in 2024, down 21.4% year-on-year, primarily due to weak demand and price declines; the operating volume remained stable at 224 million tons, a slight decrease of 0.3% [3]. - The logistics segment saw revenue growth of 33.0% year-on-year, reaching 9.42 billion yuan, with a gross margin of 8.9% [3]. - The manufacturing segment achieved revenue of 11.1 billion yuan, a year-on-year increase of 2.5%, with shipbuilding revenue rising by 24.8% to 5.9 billion yuan [3]. Shareholder Returns and Incentives - The company increased its dividend payout ratio from 43.31% at the end of 2023 to 49.46% in 2024, with a total proposed dividend of 0.25 yuan per share, amounting to 702 million yuan [4]. - A stock incentive plan was announced, proposing to grant 173 million restricted shares at a price of 2.96 yuan per share, representing 6.16% of the total share capital [4]. - A share repurchase plan was also announced, aiming to buy back 100 to 150 million shares at a maximum price of 8.85 yuan per share, with an expected total repurchase amount of 885 million to 1.328 billion yuan [4]. Investment Outlook - The company is positioned as a leading player in the bulk supply chain, with a solid foundation and expected high dividend ratios and yields; projected net profits for 2025-2027 are 1.746 billion, 1.969 billion, and 2.211 billion yuan respectively [5].

公司研究 注：股价为 2025 年 4 月 23 日收盘价 物流综合 2025 年 04 月 24 日 证 券 研 究 报 告 厦门象屿（600057）2024 年报点评 强推（维持） 24 年业绩超预期，看好 25 年轻装上阵释放 业绩弹性 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 366,671 | 392,558 | 422,915 | 457,478 | | 同比增速(%) | -20.1% | 7.1% | 7.7% | 8.2% | | 归母净利润(百万) | 1,419 | 1,909 | 2,250 | 2,648 | | 同比增速(%) | -9.9% | 34.5% | 17.9% | 17.7% | | 每股盈利(元) | 0.48 | 0.54 | 0.66 | 0.80 | | 市盈率(倍) | 13 | 12 | 10 | 8 | | 市净率(倍) | 1 | 1 | 1 | 1 | 注：每股盈利扣除了 ...

股票代码：600057 股票简称：厦门象屿 公告编号：2025-042 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 债券代码：242565 债券简称：25象屿Y1 厦门象屿股份有限公司关于回购股份事项前十大股东和 前十大无限售条件股东持股情况的公告 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2025年4月16日召开第九届董事会第三十次会议，审议通 过了《关于以集中竞价交易方式回购公司股份的方案》，具体内容详见公司于2025年4月17日在上海证 券交易所网站披露的《厦门象屿关于以集中竞价交易方式回购公司股份方案的公告》（公告编号： 2025-033）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等有关 规定，现将回购股份董事会会议决议公告前一个交易日（2025年4月16日）登记在册的前十大股东和前 十大无限售条件股东的名称及持股数量、比例情况 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司发布2024年年报。2024年，公司实现营收3667亿元，同比减少20.12%；实现归母净利润14.19亿元， 同比减少9.86%；实现扣非后归母净利润4.07亿元，同比减少19.87%。2024Q4，公司单季度实现营收689.7 亿元，同比减少23.70%，环比减少26.80%；实现归母净利润5.29亿元，同比增长34.71%，环比增长 377.95%。 2025-2027年主营业务收入占营业收入比例的考核目标均为95%。此外，公司针对解除限售的业绩考核标准 进行了前提约束，各考核年度净利润增长率需大于0才可解除考核年度对应的限制性股票。 风险提示： 大宗商品价格波动，宏观经济下行风险，应收账款风险，终端需求不及预期，汇 ...

Group 1 - Northern Rare Earth (600111.SH) reported a Q4 net profit of 1.004 billion yuan, the highest quarterly profit for the year, with a 53.5% growth target for total profit in 2025. The 2024 revenue was 32.966 billion yuan, down 1.58% year-on-year, and net profit decreased by 57.64% due to falling rare earth product prices, despite an increase in sales volume of major products. The company is advancing green smelting upgrades and is awaiting an industry turnaround as rare earth prices are at a low point [3][4]. - Xiamen Xiangyu (600057.SH) achieved a revenue of 366.7 billion yuan in 2024, a decrease of 20.12% year-on-year, with a net profit of 1.419 billion yuan, down 9.86%. The decline in revenue was influenced by falling commodity prices, although overall operating volume remained stable year-on-year [3][4]. - Zhenan Technology (300767.SZ) reported a revenue of 420 million yuan and a net profit of -140 million yuan for 2024, compared to 690 million yuan and -40 million yuan in the previous year. In Q4 2024, the company achieved a revenue of 100 million yuan and a net profit of -80 million yuan [4]. - Zhenyu Technology (300953.SZ) saw a revenue increase of 18.45% to 7.129 billion yuan in 2024, with a net profit of 254 million yuan, up 493.77%. The company proposed a cash dividend of 2.1 yuan per share and a stock bonus of 4 shares for every 10 shares held [4]. - Yingweitong (002334.SZ) reported a Q1 2025 revenue of 840 million yuan, down 11% year-on-year and 29% quarter-on-quarter, with a net profit of 35 million yuan, down 26% year-on-year and 74% quarter-on-quarter [4]. Group 2 - Jiangxin Home (301061.SZ) achieved a revenue of 2.55 billion yuan in 2024, an increase of 32.6% year-on-year, with a net profit of 680 million yuan, up 67.6%. In Q4 2024, the revenue was 700 million yuan, a year-on-year increase of 49.8%, and net profit was 250 million yuan, up 197.2% [5]. - Ziyan Food (603057.SH) reported a revenue of 3.363 billion yuan in 2024, down 5.28% year-on-year, with a net profit of 346 million yuan, up 4.50%. In Q1 2025, the revenue was 564 million yuan, down 18.86% year-on-year, and net profit was 15 million yuan, down 71.80% [6].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating challenges in the market, particularly in the commodity sector [3][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 366.7 billion yuan, a year-on-year decrease of 20.12%, and a net profit attributable to shareholders of 1.419 billion yuan, down 9.86% year-on-year [3]. - The fourth quarter of 2024 saw a revenue of 68.97 billion yuan, a decrease of 23.70% year-on-year and 26.80% quarter-on-quarter, while net profit for the quarter was 529 million yuan, an increase of 34.71% year-on-year and 377.95% quarter-on-quarter [3]. Group 2: Commodity Business Performance - The company's commodity trading business generated revenue of 345.3 billion yuan in 2024, down 21.4% year-on-year, primarily due to falling commodity prices [4]. - The total operating volume for 2024 was 224 million tons, a slight decline of 0.3% year-on-year, with notable performance in metal minerals, which saw a 6.5% increase to 140 million tons [4]. - The gross margin for the commodity business improved by 0.43 percentage points to 1.83% in 2024, attributed to better resource management and operational efficiency [4]. Group 3: Shipbuilding Business Growth - The manufacturing segment reported revenue of 11.1 billion yuan in 2024, a year-on-year increase of 2.54%, with the shipbuilding business alone generating 5.9 billion yuan, up 24.76% [5]. - The company holds a total of 89 shipbuilding orders, with production scheduled through 2029, and has enhanced its shipbuilding capacity by over 25% through technological upgrades [5]. Group 4: Incentive Plan for Long-term Growth - The company announced a 2025 stock incentive plan, proposing to grant approximately 173 million restricted shares at a price of 2.96 yuan per share to up to 991 participants, including key management [6]. - The performance targets for the incentive plan include net profit growth rates of 15%, 30%, and 50% for 2025-2027, with specific thresholds for unlocking the shares [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，现将回购股份董事会会议决议公告前一个交易 日（2025 年 4 月 16 日）登记在册的前十大股东和前十大无限售条件股东的名称 及持股数量、比例情况公告如下： | 序号 | 股东名单 | 持有数量（股） | 持有比例 （%） | | --- | --- | --- | --- | | 1 | 厦门象屿集团有限公司 | 1,362,930,780 | 48.55 | | 2 | 招商局集团有限公司 | 178,253,119 | 6.35 | | 3 | 山东省港口集团有限公司 | 178,253,119 | 6.35 | | 4 | 全国社保基金一一四组合 | 63,267,560 | 2.25 | | 5 | 招商银行股份有限公司－上证红利交易 型开放式指数证券投资基金 | 61,376,308 | 2.19 | | 6 | 厦门海翼集团有限公司 | 50,226,994 | 1.79 | | 7 | 中国农垦产业发展基金（有限合伙） | 43,149,000 | 1.54 | | 8 | 香港中央结算有限公 ...