Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase in stock price of over 15% within the next 6 to 12 months [12]. Core Views - The company has announced an unexpected increase in dividends, indicating a focus on shareholder returns. The proposed cash dividend per share is 0.5 yuan, which represents a significant increase compared to the previous year [10]. - The company reported a revenue of 468.25 billion yuan for 2023, a decrease of 10.29% year-on-year, while the net profit attributable to shareholders was 19.15 billion yuan, down 46.72% year-on-year [10]. - The company is expected to see a recovery in demand, with projected revenue growth of 5% in 2024 and 8% in 2025 [10]. Financial Summary - **Revenue Forecast**: - 2023: 468,247 million yuan - 2024E: 491,696 million yuan (5% growth) - 2025E: 530,978 million yuan (8% growth) - 2026E: 573,401 million yuan (8% growth) [3][10] - **Net Profit Forecast**: - 2023: 19,150 million yuan - 2024E: 22,110 million yuan (15% growth) - 2025E: 25,030 million yuan (13% growth) - 2026E: 28,820 million yuan (15% growth) [3][10] - **Earnings Per Share (EPS)**: - 2023: 0.87 yuan - 2024E: 1.00 yuan - 2025E: 1.14 yuan - 2026E: 1.31 yuan [10] - **Return on Equity (ROE)**: - 2023: 5% - 2024E: 5% - 2025E: 6% - 2026E: 6% [10] - **Debt and Equity**: - Total liabilities for 2023 are projected at 74,503 million yuan, with total equity at 38,624 million yuan [3]. - **Market Price**: The current market price is 7.38 yuan, with a market capitalization of 16,267 million yuan [10]. Investment Highlights - The company is focusing on optimizing its product structure and expanding high-value-added categories, which is expected to support future growth [10]. - The supply chain management business is anticipated to grow, despite a decrease in revenue, with an improvement in gross margins [10]. Conclusion - The report indicates a cautious but optimistic outlook for the company, with expectations of recovery in demand and a focus on shareholder returns through increased dividends [10][12].

Investment Rating - The report maintains a "Buy" rating for the company [9][20]. Core Insights - In 2023, the company experienced a revenue decline of 10.3% year-on-year, totaling 468.25 billion yuan, with a net profit attributable to shareholders of 1.91 billion yuan, down 46.7% year-on-year. The fourth quarter of 2023 saw a significant drop in revenue by 42.6% year-on-year to 67.53 billion yuan, and a net profit decline of 96.2% to 0.05 billion yuan. The challenging external environment and insufficient domestic demand led to pressure on the supply chain segment's profitability [11][12][44]. - The company is focusing on shareholder returns, proposing a cash dividend of 5.0 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 57.6%, which offers a competitive dividend yield [12][20]. - The company is accelerating its internationalization efforts by establishing platform companies in Indonesia, UAE, and Brazil, and expanding its supply chain business in various countries, including Chile, Turkey, and Thailand [2]. Financial Performance Summary - The company's revenue for 2023 was 468.25 billion yuan, with a net profit of 1.91 billion yuan. The fourth quarter revenue was 67.53 billion yuan, with a net profit of 0.05 billion yuan [11][12]. - The supply chain management segment saw a revenue decline of 7.9%, while health technology revenue increased by 64.8%. Other segments experienced a significant drop of 86.3% [19]. - The company anticipates a return to growth in 2024, with projected net profits of 2.12 billion yuan, 2.50 billion yuan, and 2.86 billion yuan for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 7.8, 6.7, and 5.8 [20].

Financial Performance - In Q1 2024, the company achieved operating revenue of CNY 96.88 billion, a decrease of 21.60% compared to the same period last year[18]. - The net profit attributable to shareholders decreased by 44.50% year-on-year, amounting to CNY 410.37 million, primarily due to a complex international environment and insufficient domestic demand[7][22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 118.19%, resulting in a loss of CNY 77.27 million[19][22]. - Basic and diluted earnings per share were both CNY 0.13, down 55.17% from CNY 0.29 in the same period last year[18][22]. - Operating revenue for Q1 2024 was 15.79 billion RMB, down 31.8% from 23.12 billion RMB in Q1 2023[41]. - Operating profit for Q1 2024 was ¥578.32 million, down 41.8% from ¥992.78 million in Q1 2023[56]. - Net profit for Q1 2024 was ¥472.83 million, a decline of 43.7% compared to ¥841.64 million in Q1 2023[56]. - The total comprehensive income attributable to the parent company decreased to CNY 415,268,387.91 in Q1 2024 from CNY 706,759,668.56 in Q1 2023, representing a decline of approximately 41.2%[57]. - The company recorded a total comprehensive income of CNY 110,945,589.06 in Q1 2024, compared to CNY 117,508,080.88 in Q1 2023[66]. Assets and Liabilities - Total assets increased by 30.67% to CNY 147.82 billion compared to the end of the previous year[18]. - The total liabilities increased to 61.46 billion RMB from 48.15 billion RMB, with short-term borrowings rising to 13.61 billion RMB[39]. - The total liabilities increased to ¥106.37 billion as of March 31, 2024, compared to ¥74.50 billion as of December 31, 2023, representing a growth of 42.7%[55]. - The total current assets increased to CNY 121,209,727,284.85 as of March 31, 2024, compared to CNY 87,354,903,754.85 as of December 31, 2023, reflecting a growth of about 38.7%[64]. - The total liabilities increased to CNY 66,858,760,471.30 as of March 31, 2024, up from CNY 52,753,741,138.57 as of December 31, 2023, reflecting a growth of approximately 26.7%[63]. Cash Flow - The company reported a net cash flow from operating activities of CNY -21.68 billion, indicating a significant cash outflow[18]. - The net cash flow from operating activities was negative at CNY -21,675,197,706.11 in Q1 2024, an improvement from CNY -25,957,316,897.06 in Q1 2023[57]. - Cash inflow from financing activities decreased to CNY 53,435,788,893.82 in Q1 2024 from CNY 61,067,807,666.25 in Q1 2023, a decline of about 12.7%[58]. - The net increase in cash and cash equivalents was CNY 6,712,473,431.31 in Q1 2024, compared to a decrease of CNY -3,452,766,432.57 in Q1 2023[58]. - The company reported a significant decrease in cash received from sales, totaling CNY 18,206,608,446.28, down 33.5% from CNY 27,368,724,343.32 in Q1 2023[69]. - Financing activities generated a net cash inflow of CNY 20,220,944,468.41, slightly down from CNY 21,162,643,184.85 in the previous year[69]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 78,792[46]. - Xiamen Guomao Holding Group Co., Ltd. holds 776,422,386 shares, accounting for 35.22% of total shares[46]. - The number of shares held by the top ten shareholders includes 701,050,952 shares held by Xiamen Guomao Holding Group Co., Ltd.[47]. Investment and Expenses - The company’s investment income for Q1 2024 was 48.78 million RMB, down from 61.42 million RMB in Q1 2023[41]. - Research and development expenses increased significantly to ¥18.65 million in Q1 2024 from ¥2.09 million in Q1 2023, reflecting a growth of 791.5%[55]. - Financial expenses rose to ¥567.40 million in Q1 2024 from ¥370.64 million in Q1 2023, an increase of 53.1%[56]. - The company reported an investment income of ¥362.19 million in Q1 2024, a significant recovery from a loss of ¥227.93 million in Q1 2023[56]. - The company's investment income from joint ventures and associates showed a loss of CNY -17,806,336.09, a significant decline from a profit of CNY 25,279,167.27 in Q1 2023[66]. Business Strategy - The company is actively pursuing business model transformation and optimizing operational strategies in response to market conditions[16].

证券代码：600755 股票简称：厦门国贸 编号：2024-20 厦门国贸集团股份有限公司 关于控股股东增持公司股份计划实施期限届满 暨增持完成的公告 本公司董事会、全体董事及相关股东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： 厦门国贸集团股份有限公司（以下简称"公司"）控股股东厦门国贸控股 集团有限公司（以下简称"国贸控股"）及其一致行动人于 2023 年 10 月 27 日至 2024 年 4 月 26 日期间，通过上海证券交易所（以下简称"上交所"）集中竞价 交易方式累计增持公司股份 13,540,800 股，占公司已发行股份的 0.61%，累计增 持金额 9,254.23 万元。 公司控股股东本次增持计划已完成。本次增持计划完成后，控股股东及 其一致行动人合计持有公司股份 796,838,481 股，占公司已发行股份的 36.15%。 2024年4月26日，公司收到控股股东国贸控股《关于增持厦门国贸集团股份 有限公司股份计划实施情况的通知》，现将相关情况公告如下： 一、增持主体的基本情况 1．增持主体：国贸控股及其一致行 ...

北京观稻中茂（厦门）律师事务所 关于厦门国贸集团股份有限公司控股股东增持公司股份之 法律意见书 致:厦门国贸集团股份有限公司 北京观稻中茂（厦门）律师事务所（以下简称''本所"）接受厦门国贸集团 股份有限公司（以下简称"厦门国贸,'或"公司''）控股股东厦门国贸控股集团 有限公司（以下简称''国贸控股''或者"增持人"）的委托'就其在2023年10 月27日至2024年4月26日期间'通过上海证券交易所（以下简称''上交所"） 交易系统增持公司股份（以下简称"本次增持"）相关事宜出具本法律意见书° 为出具本法律意见书'本所对本次增持所涉及的有关事项进行了审查'核查 了本所认为出具法律意见书所必须查阅的文件'包括但不限于增持人的主体资格、 承诺函等文件'并对有关问题进行了必要的核查和验证° 在前述核验过程中'本所律师已得到国贸控股如下保证: （＿）其提供给本所律师的与本次增持相关的信息、资料、文件或出具的相 关确认、说明或承诺'均为真实、准确、完整的'不存在虚假记载、重大遗漏、 误导性陈述等情形'并愿承担与此相关的-切法律责任° （二）其提供给本所律师的文件资料为副本、复印件的'内容均与正本或原 件＿致。 （三 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 8.91 CNY, indicating a potential upside of 19% from the current market value [3][11]. Core Insights - The company reported a net profit attributable to shareholders of 1.91 billion CNY for 2023, a decrease of 47% year-on-year, primarily due to a challenging international environment and insufficient domestic demand [1][3]. - The company has significantly increased its dividend payout ratio to 57.6%, reflecting a strong commitment to shareholder returns, with a corresponding dividend yield of 6.8% based on the current market value [1][3]. - The company is focusing on industrialization, internationalization, and digitalization strategies to enhance operational efficiency and expand its market presence [1][3]. Financial Performance Summary - **Revenue**: The company achieved total revenue of 468.2 billion CNY in 2023, down 10% year-on-year. The revenue breakdown includes 465.3 billion CNY from supply chain operations, 740 million CNY from health technology, and 2.2 billion CNY from financial and real estate services [1][3]. - **Gross Profit**: The gross profit for 2023 was 6.41 billion CNY, a decline of 32% year-on-year, with a gross margin of 1.4% [1][3]. - **Net Profit**: The net profit attributable to shareholders was 1.91 billion CNY, with a net profit margin of 0.4%, down from the previous year [1][3]. - **Future Projections**: The company is expected to achieve net profits of 2.51 billion CNY in 2024 and 2.8 billion CNY in 2025, with corresponding earnings per share (EPS) of 1.14 CNY and 1.27 CNY [3][11]. Business Segment Analysis - **Supply Chain Business**: This segment accounted for 99% of total revenue, with a slight decrease in revenue but an increase in gross margin due to product optimization [1][3]. - **Health Technology**: This segment saw a significant revenue increase of 64.8% year-on-year, driven by ongoing transformation and expansion efforts [1][3]. - **Financial and Real Estate Services**: Revenue from this segment dropped by 86.3% year-on-year, primarily due to a decline in real estate project settlements [1][3].

公 司 点 评 报 告 ＃分析师： emailAuthor＃ ＃研究助理 assAuthor：＃ 投资要点 ＃summary＃ 事件：厦门国贸发布 2023 年报：2023 年公司实现营业收入 4682.47 亿元，同比减 少 10.29%（调整后）；归母净利润 19.15 亿元，同比减少 46.72%（调整后）；公司 已剥离房地产业务，剔除上年同期剩余地产项目利润影响，归母净利润同比下降 约 20%。2023 年基本 EPS 为 0.64 元/股（扣除永续债及利息影响）。2023 年公司 每 10 股拟派发现金红利 5 元，分红比例为 57.56%，对应 2024 年 4 月 24 日收盘 价 7.28 元，股息率为 6.87%。 ⚫ 2023 年公司经营货量部分下滑，拓展新能源、新材料等新兴业务：主要品类 | --- | --- | --- | --- | --- | |---------------------------------------|--------|------------|-----------------------------|-------| | ＄ 会计年度 zycwzb\| ...

关于本报告 董事长致辞 2023 年可持续发展荣誉 环境 社会 公司治理 附录 目录 | 董事长致辞 | | | --- | --- | | 关于本报告 2023 | 年可持续发展荣誉 | 01 环境 | 应对气候变化 | 11 | | --- | --- | | 污染防治与生态系统保护 | 22 | | 资源利用与循环经济 | 25 | 02 社会 | | 员工 | 28 | | --- | --- | --- | | | 创新驱动、供应商与客户 | 40 | | 84 | 乡村振兴与社会贡献 | 51 | | 90 | | | | 102 | 03 公司治理 | | | 105 | | | | 106 | 可持续发展治理机制 | 61 | | | 防范商业贿赂与不正当竞争 | 78 | 数据摘要 GRI 索引表 ISDS 索引表 SASB 索引表 央企控股上市公司 ESG 专项报告参考指标体系 附录 03 05 07 84 90 102 105 关于本报告 董事长致辞 2023 年可持续发展荣誉 环境 社会 公司治理 附录 本报告系厦门国贸集团股份有限公司（简称"厦门国贸"或"公司"）发布 的 2023 ...

RSM 容诚 审计报告 厦门国贸集团股份有限公司 容诚审字|2024|361Z0274 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://aco.co.co.）"进行查 .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:///ac.mof.gov.ca）"进行查询 目 录 | 序号 | 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 -196 | 审计报告 容诚审字[2024]361Z0274 厦门国贸集团股份有限公司全体股东: 一、审计意见 我们审计了厦门国贸集团股份有限公司(以下简称厦门国贸公司)财务 ...

厦门国贸集团股份有限公司 关于召开 2023 年年度股东大会的通知 重要内容提示： 股东大会召开日期：2024年5月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 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。 证券代码：600755 证券简称：厦门国贸 公告编号：2024-19 （一）股东大会类型和届次 2023 年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 15 日 14 点 30 分 召开地点：福建省厦门市湖里区仙岳路 4688 号国贸中心 5 层会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 15 日 至 2024 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...