有效需求不足业绩下滑，逆势扩张提升竞争力 [Table_Industry] 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|-------------|-------------|----------------------|---------------------|----------------------|-----------|-----------|-----------|----------------------| | 盈利预测表 \n資产負債表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万无 \n 2026E | | 货币资金 | 22, 256 | 16, 756 | 18, 959 | 20.946 | 管些救入 | 459,035 | 482, 742 | 521,49 ...

股价走势 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | 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- 最新摊薄（元 / 股） | 1.16 | 0.69 | 0.84 | 1.02 | 1.18 | | P/E （现价 & 最新摊薄） | 5.87 | 9.83 | 8. ...

Financial Performance - The company's operating revenue for the reporting period was CNY 10,456,801.14, a decrease of 19.03% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was CNY 40,765.33, down 25.39% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -1,026.26, a decline of 122.85% compared to the previous year[4]. - The basic earnings per share were CNY 0.15, reflecting a decrease of 34.78% year-on-year[4]. - The diluted earnings per share were also CNY 0.15, down 34.78% compared to the same period last year[4]. - The weighted average return on equity was 2.19%, a decrease of 36.15% year-on-year[4]. - The total operating revenue for Q1 2024 was ¥104,568,011,386.73, a decrease of approximately 19.0% compared to ¥129,150,204,083.95 in Q1 2023[57]. - The net profit for Q1 2024 was ¥529,306,817.74, down 30.2% from ¥758,467,183.08 in Q1 2023[43]. - The operating profit for Q1 2024 was ¥581,114,194.67, down from ¥807,442,413.32 in Q1 2023, indicating a decline of about 28.0%[57]. - The total comprehensive income for Q1 2024 was ¥506,009,029.42, compared to ¥742,813,286.61 in Q1 2023, reflecting a decrease of approximately 31.9%[43]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,366,916.62, an increase of 3.06% from the end of the previous year[4]. - The equity attributable to shareholders of the listed company was CNY 2,342,264.59, up 12.39% from the end of the previous year[4]. - Long-term equity investments increased to ¥1,333,329,837.46 from ¥1,273,802,681.20, reflecting a growth of approximately 4.67% year-over-year[24]. - Total assets rose to ¥133,669,166,213.48, up from ¥129,705,186,659.59, indicating an increase of about 2.97%[25]. - Current liabilities totaled ¥89,919,899,111.66, compared to ¥88,012,861,892.38, marking a rise of approximately 2.17%[25]. - Non-current liabilities increased to ¥4,997,086,053.40 from ¥4,499,922,099.92, representing a growth of about 11.05%[25]. - The company reported a total equity of ¥38,752,181,048.42, up from ¥37,192,402,667.29, reflecting an increase of approximately 4.20%[25]. Cash Flow - The net cash flow from operating activities was CNY -1,135,779.32, indicating a significant cash outflow[4]. - The total cash outflow from investment activities in Q1 2024 was ¥2,190,306,113.01, significantly higher than ¥1,072,862,877.40 in Q1 2023[38]. - The net cash flow from financing activities for Q1 2024 was ¥11,638,797,300.96, compared to ¥21,319,868,067.86 in Q1 2023, reflecting a decrease of approximately 45.4%[38]. - The cash inflow from operating activities for Q1 2024 was approximately ¥117.39 billion, a decrease of 27.7% compared to ¥162.32 billion in Q1 2023[59]. - The cash outflow from operating activities for Q1 2024 was approximately ¥128.74 billion, down 31.7% from ¥188.13 billion in Q1 2023[59]. - Net cash flow from operating activities for Q1 2024 was approximately -¥11.36 billion, an improvement from -¥25.81 billion in Q1 2023[59]. - The company incurred a net cash outflow from investment activities of ¥1,413,480,979.95 in Q1 2024, contrasting with a net inflow of ¥1,243,665,407.21 in Q1 2023[38]. Government Support and Future Plans - The company recorded a government subsidy of ¥144,254,198.15, contributing positively to the financial results[27]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and drive future growth[26]. Investment Activities - Cash inflow from investment activities for Q1 2024 was approximately ¥776.83 million, a decrease of 66.5% compared to ¥2.32 billion in Q1 2023[59]. - Cash received from the recovery of investments in Q1 2024 was approximately ¥773.48 million, down 64.9% from ¥2.20 billion in Q1 2023[59]. - Cash received from investment income in Q1 2024 was approximately ¥0.58 million, a significant drop from ¥9.15 million in Q1 2023[59]. - Cash inflow from the disposal of fixed assets and other long-term assets in Q1 2024 was approximately ¥2.76 million, slightly up from ¥2.26 million in Q1 2023[59]. - Cash received from other investment-related activities was not reported for Q1 2024, compared to ¥103.36 million in Q1 2023[59].

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 ...