本次电话会议仅服务于华创证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险华创证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点 本次会议内容不得涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经华创证券事先书面许可 任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎 各位领导大家晚上好我是华创家院组的分析师梁婉怡今天晚上我们给大家再介绍一下青岛港以及对于整个港口行业我们的一些观点像整个港口行业以及青岛港我们从去年开始在重点推荐到现在为止大家也还是会关心一些比较核心的问题比如说青岛港以及整个港口行业的一些估值问题 青岛港是怎么样过去实现一个高的业绩增速未来怎么样维持以及港口整合究竟会对青岛港带来什么样的影响那这一次的交流呢我们直接就这几个问题去进行一个回答 首先是港口行业怎么去理解它的估值的问题特别是青岛港它长期以来可能就在一倍左右的估值 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致 的任何損失承擔任何責任。 Qingdao Port International Co., Ltd. 青島港國際股份有限公司 青島港國際股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 二零二四年四月二十六日（星期五）召開董事會會議，藉以審議及批准（其中包括）本 公司及其附屬公司截至二零二四年三月三十一日止三個月之季度業績及其發佈。 承董事會命 青島港國際股份有限公司 董事長 蘇建光 中國·青島，2024年4月16日 （於中華人民共和國成立的股份有限公司） （股份代號：06198） 董事會會議通告 於本公告日期，本公司執行董事為蘇建光先生及張保華先生；本公司非執行董事為李武成先 生、朱濤先生及王芙玲女士；及本公司獨立非執行董事為李燕女士、蔣敏先生及黎國浩先生。 ...

致：香港交易及結算所有限公司 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 6,491,100,000 備註： 第 1 頁 共 7 頁 v 1.0.2 公司名稱: 青島港國際股份有限公司 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 06198 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,099,025,000 | RMB | | 1 RMB | | 1,099,025,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 1,099,025,000 | RMB | ...

证券代码：601298 证券简称：青岛港 公告编号：临 2024-014 青岛港国际股份有限公司 关于为全资子公司提供担保的公告 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： 被担保人名称：青岛港国际股份有限公司（以下简称"公司"）全资子公 司青岛港国际物流有限公司（以下简称"青港物流"），非公司关联方。 本次担保金额及已实际为其提供的担保余额：本次担保金额最高不超过 人民币1.20亿元。截至本公告日，公司实际对全资子公司提供担保余额为人民币 2.11亿元。 一、担保情况概述 （一）担保基本情况 为促进物流及港口增值服务业务发展，公司全资子公司青港物流拟向大连商 品交易所（以下简称"大商所"）申请开展 2 万吨聚氯乙烯期货交割仓库业务。 1 本次担保是否有反担保：无 对外担保逾期的累计数量：无 （二）担保事项履行的决策程序 2023 年 12 月 20 日，公司召开第四届董事会第十三次会议，全票同意《关 于青岛港国际股份有限公司 2024 年度担保计划的议案》，同意公司对全资子公司 青港物流开展期货交割库业务 ...

证券代码：601298 证券简称：青岛港 公告编号：临 2024-015 青岛港国际股份有限公司 关于召开2023年度业绩说明会的公告 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： 会议召开时间：2024 年 4 月 15 日（星期一）15:00-16:00 会议网址：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） 三、参加人员 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于 2024 年 4 月 8 日（星期一）至 4 月 12 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目，或通过公司邮箱 （qggj@qdport.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 青岛港国际股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日发布了 公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经 营成果、财务状况，公司计划于 2024 年 4 月 15 日（星期一）15: ...

Investment Rating - The report maintains a "Recommendation" rating for Qingdao Port (601298) with a target price of 9.9 CNY, indicating a potential upside of 34% from the current price [1]. Core Views - The company's 2023 annual report shows a stable growth in its core port business despite a slight decline in total revenue. The operating income for 2023 was 18.173 billion CNY, a decrease of 5.66% year-on-year, while the net profit attributable to shareholders increased by 8.7% to 4.92 billion CNY [1][12]. - The report highlights the robust growth in cargo throughput, with a total of 664 million tons, representing a year-on-year increase of 5.8%. Container throughput grew by 11.9% to 30.02 million TEU [1][12]. - The company is planning significant asset restructuring with Rizhao Port and Yantai Port, which is expected to enhance its competitive position and long-term growth potential [1]. Financial Summary - **2023 Financial Performance**: - Total revenue: 18.173 billion CNY, down 5.66% year-on-year - Net profit: 4.923 billion CNY, up 8.7% - Basic earnings per share: 0.76 CNY, up 8.6% - Asset-liability ratio: 26.1%, down 2.1 percentage points from the previous year - Comprehensive gross margin: 35.6%, up 4.1 percentage points [1][12]. - **Quarterly Performance**: - Q1: Net profit of 1.26 billion CNY, +10.2% YoY - Q2: Net profit of 1.31 billion CNY, +11.5% YoY - Q3: Net profit of 1.23 billion CNY, +7.8% YoY - Q4: Net profit of 1.14 billion CNY, +5.2% YoY [1]. - **Future Projections**: - Expected net profits for 2024-2026 are projected at 5.42 billion CNY, 5.96 billion CNY, and 6.44 billion CNY, representing growth rates of 10.2%, 9.9%, and 8.1% respectively [1][12]. Business Segments - **Container Business**: Revenue of 1.199 billion CNY, a slight increase of 0.5% year-on-year, with segment profit of 1.889 billion CNY, up 13.1% [1]. - **Dry Bulk Cargo**: Revenue of 4.307 billion CNY, up 8.4% year-on-year, with segment profit of 671 million CNY, up 35.6% [1]. - **Liquid Bulk Cargo**: Revenue of 4.242 billion CNY, up 20.5% year-on-year, with segment profit of 2.539 billion CNY, up 9.8% [1]. - **Logistics and Value-added Services**: Revenue of 6.949 billion CNY, down 14.7% year-on-year, with segment profit of 1.522 billion CNY, up 2.1% [1]. Market Position - The report emphasizes the potential for value reconfiguration as the company integrates with Rizhao Port and Yantai Port, which may enhance its hub port status and long-term growth prospects [1].

枢纽海港地位突出，归母净利稳步增长 青岛港（601298.SH）/交运 证券研究报告/公司点评 2024 年 3 月 28 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|----------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Financial Performance - The company's operating revenue for 2023 was ¥18,173,127,837, a decrease of 5.66% compared to ¥19,262,764,979 in 2022[15]. - Net profit attributable to shareholders for 2023 was ¥4,923,321,689, representing an increase of 8.72% from ¥4,528,240,324 in 2022[15]. - The basic earnings per share for 2023 was ¥0.76, up 8.57% from ¥0.70 in 2022[16]. - The total assets at the end of 2023 were ¥60,245,860,643, an increase of 4.82% from ¥57,475,892,706 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were ¥40,277,056,758, reflecting a growth of 7.69% from ¥37,399,536,533 in 2022[15]. - The cash flow from operating activities for 2023 was ¥6,151,397,645, a slight decrease of 1.31% compared to ¥6,233,011,263 in 2022[15]. - The company reported a total of ¥130,602,779 in non-recurring gains and losses for 2023, down from ¥193,067,069 in 2022[20]. - The weighted average return on net assets for 2023 was 12.70%, an increase of 0.27 percentage points from 12.43% in 2022[17]. Dividends and Shareholder Returns - The company plans to distribute approximately 45% of the distributable profits for 2023 as cash dividends, amounting to 1.89 billion RMB, which represents about 39% of the net profit attributable to shareholders[3]. - The cash dividend per share is set at 2.927 RMB (before tax) for every 10 shares held, based on a total share capital of 6,491,100,000 shares[3]. - The total cash dividend amount (including tax) is CNY 1,899,944,970, which accounts for 38.59% of the net profit attributable to ordinary shareholders of the listed company[131]. Risk Management and Compliance - The company has confirmed that there are no significant risks such as stock delisting or bankruptcy during the reporting period[5]. - The company has outlined various market, industry, and operational risks in the management discussion section of the report[5]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[4]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[4]. - The company is focused on compliance and risk management to strengthen its operational foundation and mitigate potential risks[82]. - The company has maintained compliance with regulations regarding related party transactions and independence as per the commitment letter dated January 27, 2022[146]. Operational Highlights - In 2023, the company achieved a total cargo throughput of 664 million tons, a year-on-year increase of 5.8%, with container throughput reaching 30.02 million TEU, up 11.9%[22]. - The company is positioned as the fourth largest coastal port globally and is a key international trade hub in the West Pacific[26]. - The company has developed advanced terminal facilities capable of accommodating the world's largest container ships and has established the first fully automated container terminal in Asia[27]. - The company benefits from a robust logistics network, connecting rail, road, and water transport, enhancing operational efficiency[27]. - The company is supported by national strategies such as the Belt and Road Initiative and the establishment of the Shandong Free Trade Zone, which are expected to boost its growth prospects[28]. Investments and Acquisitions - The company plans to acquire 100% equity of Rizhao Port Oil Products Terminal Co., Ltd. and other related assets through a combination of share issuance and cash payment[73]. - The company completed the sale of assets to a related party for 10,307.37 million RMB, excluding VAT[77]. - The company is exploring potential acquisitions in Southeast Asia to enhance its regional footprint and service offerings[99]. - A strategic acquisition of a local competitor was completed, valued at 1.5 billion yuan, aimed at consolidating market position[104]. Research and Development - Research and development expenses totaled ¥145,360,860, representing 0.80% of operating revenue, with capitalized R&D accounting for 27.81% of the total[60]. - The company conducted over 100 key innovation projects and received more than 130 domestic and international patents during the reporting period[62]. - Research and development investments have increased by 25%, focusing on innovative technologies to enhance operational efficiency[101]. Corporate Governance - The company has not reported any changes in shareholding for its directors and senior management during the reporting period, maintaining a stable governance structure[95]. - The company has appointed new senior management members, including deputy general managers, to strengthen its leadership team[96]. - The company held a total of 8 board meetings in 2023, with 7 conducted in a hybrid format combining in-person and communication methods[112]. Environmental and Social Responsibility - The company invested CNY 20,121,000 in environmental protection during the reporting period[139]. - The company reduced carbon emissions by 15,600 tons through various carbon reduction measures[140]. - The company donated CNY 200,000 to the Shandong Provincial Public Security Police Fund during the reporting period, benefiting 100 individuals[143]. Market Expansion and Future Outlook - The company plans to expand its market presence by opening three new terminals by the end of 2024, aiming to increase capacity by 20%[99]. - Future guidance estimates a revenue growth of 10-15% for the next fiscal year, driven by increased demand in the logistics sector[99]. - The company aims to improve customer satisfaction scores by 15% through enhanced service offerings[100].

Investment Rating - The investment rating for Qingdao Port (601298.SH) is "Buy" [1]. Core Views - The report highlights that Qingdao Port achieved a net profit attributable to shareholders of 4.923 billion yuan in 2023, representing a year-on-year growth of 8.72% [1]. - The company's total revenue for 2023 was 18.173 billion yuan, a decrease of 5.66% compared to the previous year, while operating costs fell by 11.39% [1]. - The report indicates a gross profit margin of 35.61%, an increase of 4.17 percentage points year-on-year [1]. - The company maintained a high dividend payout ratio of 38.59%, with a dividend of 2.927 yuan per 10 shares, resulting in a total dividend payout of 1.9 billion yuan [1]. Summary by Sections Revenue and Profitability - Total revenue for 2023 was 18.173 billion yuan, down 5.66% year-on-year [2]. - Net profit attributable to shareholders was 4.923 billion yuan, up 8.72% year-on-year [2]. - The gross profit margin improved to 35.61%, up 4.17 percentage points from the previous year [2]. Segment Performance - Container segment revenue reached 1.889 billion yuan, with a growth of 13.1%, contributing 27.82% to total profit [1]. - Dry bulk cargo segment revenue was 671 million yuan, growing 35.6%, accounting for 9.88% of total profit [1]. - Liquid bulk cargo segment revenue was 2.539 billion yuan, an increase of 9.8%, contributing 37.39% to total profit [1]. Future Projections - Revenue projections for 2024 to 2026 are 19.255 billion yuan, 20.300 billion yuan, and 21.061 billion yuan, with expected year-on-year growth rates of 6.0%, 5.4%, and 3.7% respectively [2]. - Net profit projections for the same period are 5.518 billion yuan, 6.060 billion yuan, and 6.615 billion yuan, with expected growth rates of 12.1%, 9.8%, and 9.2% respectively [2]. Financial Ratios - The report indicates a projected P/E ratio of 8.62 for 2024, decreasing to 7.19 by 2026 [2]. - The projected P/B ratio is expected to decline from 1.04 in 2024 to 0.81 in 2026 [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致 之任何損失承擔任何責任。 Qingdao Port International Co., Ltd. 青島港國際股份有限公司 ( 於中華人民共和國成立的股份有限公司 ) (股份代號：06198) 截至2023年12月31日止之年度業績公告 財務摘要 截至2023年12月31日止年度： 董事會欣然宣佈本公司及其附屬公司截至2023年12月31日止合併全年業績。該年度業績 已經由審計委員會審閱。 1 歸屬於母公司股東的淨利潤為人民幣49.23億元，較上年同期增長8.7%； 加權平均淨資產收益率為12.70%，較上年同期增加0.27個百分點； 本公司每股收益為人民幣0.76元，較上年同期增長8.6%；及 董事會建議派發末期股息每千股人民幣292.70元（含稅），佔截至2023年12月31日 止年度本公司可分配利潤的約45%。 合併資產負債表 2023 年 12 月 31 日 (除特別註明外，金額單位為人民幣元) | 資 產 | 附註 | ...