Group 1 - The event "DCE·Industry Action" aimed to enhance the role of the futures market in supporting the high-quality development of the plastic industry in Xiamen and the surrounding areas, with over 100 representatives from various sectors participating [1] - The Dalian Commodity Exchange (DCE) has listed 12 energy and chemical futures and options products, covering core segments of the plastic industry chain, which are crucial for effective risk management [1] - The DCE is actively promoting the listing of monthly average price futures contracts for polyethylene, polypropylene, and polyvinyl chloride, which will further enrich the risk management tools available to plastic enterprises [1] Group 2 - The general manager of Xiamen Guomao Chemical Co., Ltd. emphasized the importance of integrating finance and industry, stating that the futures market must address the urgent need for risk management tools in the face of challenges such as cost volatility and green transformation [2] - The training focused on key issues such as tariff policies, the current state of the plastic industry, and the application of futures tools for risk management [2] - Analysts highlighted the need for enterprises to utilize futures tools to hedge against exchange rate fluctuations and raw material cost risks, as well as to optimize inventory management through dynamic supply-demand balancing [2][3] Group 3 - The DCE has been conducting various market brand activities to guide enterprises in effectively using futures tools for managing production and operational risks, enhancing awareness and capability in futures utilization [3] - Xiamen has become a model for promoting industrial upgrading through the combination of spot and futures markets, contributing to regional economic stability and competitiveness [3] - Companies like Xiamen Xiangyu and Xiamen Guomao have established themselves as benchmarks for risk management in the region, serving as delivery warehouses for energy and chemical products [3]

Company Overview - Xiamen Guomao Shipbuilding Co., Ltd. has been established with a registered capital of 60 million RMB [1] - The legal representative of the company is Lin Haiyu [1] - Shareholding structure includes Xiamen Guomao Group Co., Ltd. holding 95% and Xiamen Guomao Baoda Run Industrial Co., Ltd. holding 5% [2] Business Scope - The company’s business scope includes ship sales, ship leasing, supply chain management services, import and export of goods, and various transportation agency services [2] - Additional services include international and domestic cargo transportation, warehousing, customs declaration, marine engineering equipment manufacturing, and technical services [2] - The company is also involved in the sale and repair of water transport equipment and provides international ship management services [2] Regulatory Information - The company operates under the jurisdiction of the China (Fujian) Pilot Free Trade Zone, Xiamen Area [2] - The business license allows for a range of activities, subject to approval from relevant authorities [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Short-term performance is under pressure, awaiting demand recovery [5] - The company is a leading player in the domestic bulk commodity supply chain industry, with long-term growth potential [7] - Current valuation is considered to have high cost-effectiveness [7] Financial Summary - For 2024, the company achieved operating revenue of 354.44 billion yuan, a year-on-year decrease of 24.3% [7] - The net profit attributable to shareholders for 2024 was 626 million yuan, down 67.33% year-on-year [7] - The company plans to distribute a cash dividend of 0.33 yuan per share for 2024, with a payout ratio of 114.32% [7] - Revenue from supply chain management business was 353.22 billion yuan, a decline of 24.09% year-on-year [7] - The company aims to enhance operational quality and efficiency through strategic mergers and acquisitions [7] Earnings Forecast and Valuation - Projected net profits for 2025, 2026, and 2027 are 1.24 billion yuan, 1.58 billion yuan, and 1.89 billion yuan respectively [6][7] - The corresponding price-to-earnings ratios (P/E) for these years are 10.8, 8.5, and 7.1 [7] - The company is focusing on improving its main business and enhancing the quality of its operations [7]

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。 深化"三链融合"，加速推进国际化布局 公司持续深化"三链融合"，推动业务由供应链贸易向产业链运营和供应链服务转型升级。公司通过成立合资公 司、股权换商权等方式，开拓焦煤、焦炭全产业链布局，拓展光伏铝型材加工业务，开拓电解铝、氧化铝等业 务。同时公司落地山东日照国贸物流园项目，以"公铁水仓+智慧物流园"为核心，开展黑色、有色及能化等大 宗商品的综合物流服务。国际化发展方面，公司正式成立国际化发展部，同时已与170多个国家和地区的9万余 家产业链上下游企业建立稳定的合作关系，形成覆盖全球大宗商品资源的渠道网络。2024年，公司在海外地区 实现营收662亿元，同比增长0.67%，对应营收占比同比提升4.6pct至18.7%。 事件： 公司发布 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 354.4 billion yuan in 2024, a decrease of 24.3% year-on-year, and a net profit attributable to shareholders of 626 million yuan, down 67.33% year-on-year [1] - The decline in revenue is attributed to weakened market demand and adjustments in the company's business structure, alongside a drop in commodity prices [2] - The company is focusing on optimizing its business structure, leading to improvements in gross profit margins across major categories [2] - The internationalization strategy is being accelerated, with the establishment of an international development department and partnerships with over 90,000 enterprises across more than 170 countries [3] - The company expects a recovery in profitability as terminal demand improves and business structure continues to optimize, with projected net profits for 2025-2027 being 1.593 billion, 1.708 billion, and 2.03 billion yuan respectively [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 68.1 billion yuan, a year-on-year increase of 0.86%, but a quarter-on-quarter decrease of 25.25% [1] - The supply chain management business generated 353.2 billion yuan in revenue, down 24.1% year-on-year, with significant declines in operating volumes for metals, energy, and agricultural products [2] - The health technology segment saw a substantial revenue increase of 49.6% year-on-year, reaching 1.1 billion yuan, with a gross margin improvement of 16.3 percentage points to 41% [2] Business Strategy - The company is deepening the integration of supply chain, industry chain, and service chain, transitioning from supply chain trading to industry chain operations [3] - New ventures include establishing joint ventures and expanding into the full industrial chain of coking coal and coke, as well as solar aluminum processing [3] - The company has launched a logistics park project in Shandong, focusing on comprehensive logistics services for various commodities [3] Profitability and Valuation - The report projects a gradual recovery in profitability, with net profit margins expected to improve from 0.2% in 2024 to 0.5% in 2027 [12] - The company's earnings per share (EPS) is forecasted to increase from 0.29 yuan in 2024 to 0.94 yuan in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 21.4 in 2024 to 6.6 in 2027, indicating potential undervaluation [5][12]

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company reported a net profit attributable to shareholders of 630 million yuan for 2024, a decline of 67.39% year-on-year, primarily due to the shutdown of the Xiguling mining project and weak demand for bulk commodities [3][4]. - The total revenue for 2024 was 354.44 billion yuan, representing a year-on-year decrease of 24.3%, while the gross profit margin improved slightly to 1.83% [3][4]. - The company is actively expanding its overseas market presence, achieving overseas revenue of 65.86 billion yuan, which accounts for nearly 20% of its supply chain business revenue [5][6]. Revenue and Profit Analysis - In Q4 2024, the company achieved revenue of 68.11 billion yuan, a year-on-year increase of 0.9%, but reported a net loss of 90 million yuan [3]. - The supply chain management segment generated revenue of 353.2 billion yuan in 2024, down 24.1% year-on-year, but with an improved gross profit margin [4]. - The health technology segment saw significant growth, with revenue reaching 1.1 billion yuan, up 49.6% year-on-year, and a gross profit margin of 41% [5]. Shareholder Returns - The company emphasized shareholder returns with a cash dividend payout ratio of 114.32%, an increase of 56.76 percentage points year-on-year, proposing a dividend of 0.33 yuan per share [6]. - The expected dividend yield for 2024 is 5.3%, based on the closing price of 6.21 yuan per share on April 23, 2025 [6]. Financial Forecast - The company forecasts net profits attributable to shareholders of 1.27 billion yuan, 1.58 billion yuan, and 1.95 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11, 9, and 7 [7][11].

厦门国贸集团股份有限公司 监事会决议公告 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。 一、监事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届监事会 2025 年度第二次 会议通知于 2024 年 4 月 11 日以书面方式送达全体监事，本次会议于 2024 年 4 月 21 日 在公司 28 楼会议室以现场结合通讯方式召开。会议应到监事 3 人，实到监事 3 人。会 议由监事会主席马陈华先生主持。本次会议的通知、召开及审议程序符合《公司法》等 法律法规及《公司章程》的有关规定。 二、监事会会议审议情况 证券代码：600755 证券简称：厦门国贸 编号：2025-25 （2）《公司 2024 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，所包含的信息能真实、准确、完整地反映公司本年度的经营管理和财务状况 等事项； （3）在公司监事会提出本意见之前，公司监事会成员未发现参与 2024 年年报编制 和审议的人员有违反保密规定的行为。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-24 厦门国贸集团股份有限公司 董事会决议公告 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。 一、董事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年度 第六次会议通知于 2025 年 4 月 11 日以书面方式送达全体董事，本次会议于 2025 年 4 月 21 日在公司 28 楼会议室以现场结合通讯方式召开。本次会议应到董事 9 人，实到董事 9 人。会议由副董事长蔡莹彬先生主持，全体监事和高级管理人员 列席了会议。会议的通知、召开及审议程序符合《公司法》等法律法规及《公司 章程》的规定。 二、董事会会议审议情况 与会董事经审议，通过如下议案： 1.《公司董事会 2024 年度工作报告》； 表决结果：同意 9 票、反对 0 票、弃权 0 票。 本议案尚需提交公司股东大会审议，股东大会召开时间另行通知。 2.《公司 2024 年年度报告》全文及其摘要； 本议案已经第十一届董事会审计委员会 2025 年度第三次会议审议通过。 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-26 厦门国贸集团股份有限公司 关于2024年年度利润分配方案及 2025年中期利润分配计划的公告 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。 重要内容提示： 本次利润分配方案：每股派发现金红利 0.17 元（含税） 2024 年度公司的现金分红（包括上述 0.17 元/股以及 2024 年中期已分配 的现金红利 0.16 元/股）总方案为：每股派发现金红利 0.33 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股 分配金额不变，相应调整分配总额，并将在相关公告中披露。 若公司 2025 年满足现金分红条件，公司 2025 年中期拟进行现金分红， 现金分红金额不超过相应期间归属于上市公司股东的净利润的 50%。 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的 ...

审计报告 厦门国贸集团股份有限公司 容诚审字[2025]361Z0047 号 容诚会计师事务所(特殊普通合伙) 中国·北京 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 | 合并现金流量表 | 3 | | | 5 | 合并所有者权益变动表 | 4 | | | 6 | 母公司资产负债表 | 5 | | | 7 | 母公司利润表 | 6 | | | 8 | 母公司现金流量表 | 7 | | | 9 | 母公司所有者权益变动表 | 8 | | | 10 | 财务报表附注 | 9 - | 188 | 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/chi ...