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： 一、本次股票期权行权的决策程序及相关信息披露 1、2021 年 11 月 29 日，中国外运股份有限公司（以下简称：公司或本公司）召开了 第三届董事会第六次会议和监事会 2021 年度第七次会议，审议通过了《关于公司股票期 权激励计划（草案）及其摘要的议案》《关于<公司股票期权激励计划实施考核办法>的 议案》《关于提请股东大会授权董事会办理公司股票期权激励计划相关事宜的议案》等议 案。公司独立董事对本期激励计划相关事项发表了独立意见，监事会对本期激励计划相关 事项发表了核查意见。 股票代码：601598 股票简称：中国外运 编号：临 2025-025 号 中国外运股份有限公司 关于公司股票期权激励计划（第一期）第二个行权期 首次行权结果暨股份过户登记的公告 6、2022 年 3 月 1 日，公司于中国证券登记结算有限责任公司上海分公司完成了 7,392.58 万份股票期权的授予登记手续。 7、2022 年 8 月 25 日，公司召开第三届董事会第十五次会议和监事会 ...

Investment Rating - The report maintains a "Recommended" investment rating for China National Freight (601598) [1] Core Views - The company reported a net profit attributable to shareholders of 3.92 billion yuan for 2024, a year-on-year decrease of 7% [1] - The company emphasizes shareholder returns by maintaining an annual cash dividend of 0.29 yuan per share [1] - The total operating revenue for 2024 is projected at 105.6 billion yuan, reflecting a year-on-year increase of 3.8% [1] - The report highlights a decline in profit margins, with a gross profit margin of 5.2%, down 0.5 percentage points year-on-year [1] Revenue and Profit Analysis - The operating revenue for 2024 is 105.6 billion yuan, with a year-on-year growth of 3.8% [1] - The gross profit for 2024 is 5.54 billion yuan, down 4.5% year-on-year, with a gross profit margin of 5.2% [1] - The net profit attributable to shareholders for Q4 2024 is 1.09 billion yuan, showing a year-on-year increase of 2.9% [1] - The net profit margin for 2024 is 3.7%, a decrease of 0.4 percentage points year-on-year [1] Business Segment Performance - Freight forwarding segment revenue reached 67.2 billion yuan, up 8.4% year-on-year, with a segment profit of 2.25 billion yuan, down 2.2% [2] - The professional logistics segment generated 28 billion yuan in revenue, a year-on-year increase of 1.6%, but the segment profit decreased by 31.8% [2] - E-commerce logistics revenue was 10.5 billion yuan, down 14.4% year-on-year, with a segment profit of 160 million yuan [3] Financial Projections - The report forecasts total operating revenue to reach 118.67 billion yuan in 2025, with a year-on-year growth of 12.4% [4] - The net profit attributable to shareholders is expected to increase to 4.01 billion yuan in 2025, reflecting a growth of 2.3% [4] - Earnings per share (EPS) is projected to be 0.55 yuan in 2025, with a price-to-earnings (P/E) ratio of 10 [4] Market Position and Valuation - The target price for the stock is set at 6.44 yuan, representing a potential upside of 23% from the current price of 5.23 yuan [4] - The report indicates a focus on shareholder returns, maintaining a dividend payout ratio of 55.2% for 2024 [8]

Investment Rating - The report maintains a "Recommendation" rating for China National Freight (601598) [1] Core Views - The company reported a net profit attributable to shareholders of 3.92 billion, a year-on-year decrease of 7% [1] - The company emphasizes shareholder returns by maintaining an annual cash dividend of 0.29 yuan per share [1] - The total operating revenue for 2024 is projected at 105.6 billion, reflecting a year-on-year increase of 3.8% [1] Revenue and Profit Analysis - The operating revenue for 2024 is 105.6 billion, with a gross profit of 5.54 billion, resulting in a gross margin of 5.2%, down 0.5 percentage points year-on-year [1] - In Q4 2024, the revenue was 19.7 billion, a year-on-year decrease of 32% and a quarter-on-quarter decrease of 33% [1] - The investment income for 2024 is 2.04 billion, down 12% year-on-year, while other income is 2.18 billion, down 11% year-on-year [1] Business Segment Performance - Freight forwarding segment revenue reached 67.2 billion, up 8.4% year-on-year, with a segment profit of 2.25 billion, down 2.2% [2] - The professional logistics segment generated 28 billion in revenue, a year-on-year increase of 1.6%, but the segment profit fell by 31.8% to 724 million [2] - The e-commerce segment reported revenue of 10.5 billion, down 14.4% year-on-year, with a segment profit of 160 million [3] Financial Projections - The projected total operating revenue for 2025 is 118.67 billion, with a year-on-year growth rate of 12.4% [4] - The net profit attributable to shareholders for 2025 is estimated at 4.01 billion, reflecting a year-on-year growth of 2.3% [4] - The earnings per share (EPS) for 2025 is projected to be 0.55 yuan, with a price-to-earnings (P/E) ratio of 10 [4] Market Performance - The target price for the stock is set at 6.44 yuan, representing a 23% upside from the current price of 5.23 yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][15] Core Insights - The company reported a revenue of 105.62 billion yuan for 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 3.92 billion yuan, a year-on-year decrease of 7.1%. In Q4 2024, the revenue was 19.75 billion yuan, a year-on-year decrease of 31.8%, but the net profit was 1.09 billion yuan, a year-on-year increase of 3.0% and a quarter-on-quarter increase of 24.1%. The report expresses optimism about the company's operational resilience and steady improvement in profitability, along with consistent shareholder returns [5][13][15]. Summary by Sections Financial Performance - In 2024, the company's agency-related business achieved a revenue of 67.17 billion yuan, a year-on-year increase of 8.4%, with a segment profit of 2.25 billion yuan, a year-on-year decrease of 2.2%. The sea and air freight agency revenues were 44.78 billion yuan and 9.40 billion yuan, respectively, with year-on-year increases of 9.1% and 34.3%. The volume handled for sea and air freight was 15.156 million TEU and 824,000 tons, reflecting year-on-year increases of 13.3% and 18.1% [13][14]. Shareholder Returns - The company plans to distribute a cash dividend of 0.145 yuan per share for the end of 2024, totaling 2.095 billion yuan, with a payout ratio of 55.2%. Based on the closing price on March 25, 2025, the dividend yield is 5.6% [14]. Earnings Forecast - The company is expected to generate revenues of 104.58 billion yuan, 115.09 billion yuan, and 127.33 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -0.1%, +10.1%, and +10.6%. The net profit attributable to shareholders is projected to be 4.08 billion yuan, 4.60 billion yuan, and 4.71 billion yuan for the same years, with corresponding growth rates of +4.1%, +12.8%, and +2.4% [15][16].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has demonstrated steady growth in business volume despite weak demand, with specific segments such as contract logistics, sea freight agency, railway agency, and air freight showing year-on-year increases of 4%, 13%, 14%, and 14% respectively [5]. - The company has increased its dividend payout ratio from 50% in 2023 to 54% in 2024, maintaining a dividend of 0.29 yuan per share, resulting in a dividend yield of 5.6% based on the closing price on March 25 [6]. - The company is accelerating its overseas expansion, with overseas investments rising by 44% year-on-year and overseas revenue increasing by 9% [7][8]. Financial Performance - In 2024, the company achieved a revenue of 1056.21 billion yuan, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 39.18 billion yuan, down 7.2% year-on-year [4]. - The company forecasts revenue growth of 8% in 2025, with projected revenues of 1138.48 billion yuan, and a net profit of 41.54 billion yuan, reflecting a 6% increase [10][11]. Segment Performance - The professional logistics segment generated revenue of 279.51 billion yuan in 2024, up 1.56% year-on-year, while the profit from this segment decreased by 31.81% [5]. - The agency-related business saw revenue of 671.70 billion yuan, an increase of 8.37%, although profits declined by 2.16% due to intensified competition in water transport, land transport, and warehousing [5]. Valuation Metrics - The report provides a projected P/E ratio of 9.3 for 2025, decreasing to 8.7 by 2027, indicating a potentially attractive valuation [10][11].

Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [6]. Core Views - The company emphasizes shareholder returns, increasing its dividend payout ratio from 50% in 2023 to 54% in 2024, resulting in a dividend per share of 0.29 yuan, maintaining the same level as 2023, which translates to a dividend yield of 5.6% based on the market capitalization of 37.7 billion yuan as of March 25, 2025 [3][4]. - The company is focusing on the application of AI in logistics, achieving significant advancements such as processing over 15 million documents annually and accumulating over 240 million kilometers in autonomous driving operations [4]. - The company is also enhancing its overseas network, with overseas investments increasing by 44% year-on-year and overseas revenue growing by 9% [4]. Revenue and Profit Analysis - In 2024, the company achieved total revenue of 105.6 billion yuan, a year-on-year increase of 4%, while gross profit was 5.54 billion yuan, down 4.6% year-on-year, resulting in a gross margin of 5.2% [1]. - The net profit attributable to shareholders for 2024 was 3.92 billion yuan, a decrease of 7.0% year-on-year, with a net profit margin of 3.7% [1][5]. - The company’s revenue from freight forwarding was 67.17 billion yuan, up 8.48% year-on-year, while the professional logistics segment generated 27.95 billion yuan, a modest increase of 1.56% [2][3]. Business Segment Performance - The freight forwarding segment saw revenue growth across various services, with sea freight and air freight revenues increasing by 9% and 34% respectively, while the railway and vessel agency services experienced declines [2]. - The professional logistics segment's revenue was impacted by a decrease in service contract prices, leading to a significant drop in segment profit by 40% [3]. - The e-commerce logistics segment reported a revenue decline of 14.38%, although the logistics e-commerce platform managed to handle 269,900 standard containers, reflecting a 9% increase year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 110.3 billion yuan, 114.5 billion yuan, and 119.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.5%, 3.7%, and 4.4% [4][5]. - The net profit attributable to shareholders is expected to rise to 4.18 billion yuan in 2025, with a growth rate of 6.7% [5].

分业务结构看：1）货运代理：24年对外营业额671.7亿元，同比+8.48%；毛利35.24亿 元，同比+7.57%；分部利润20亿元，同比-2.5%，其中，海运代理及空运代理业务利润有所 增长，班列业务由于价格下降导致利润下降。其中，海运代理/空运代理/铁路代理/船舶代 理/库场站服务收入分别为448/94/103/36/40亿元，同比+9%/+34%/-17%/-28%/+6%，分部利 润分别为7.8/2.9/1.3/4.9/3.0亿元，同比+1%/+1%/-18%/-3%/-7%；货量分别为1516.6万标准 箱 /102.8 万 吨 /57.3 万 标 准 箱 /6.7 万 艘 次 /28.45 百 万 吨 ， 同 比 分 别 为 +13%/+14%/+14%/+7%/+8%。 2）专业物流：24年对外营业额279.5亿元，同比+1.56%；毛利21.1亿元，同比-16.26%； 分部利润6.84亿元，同比-40%，主要是由于新签约服务合同价格下调，而业务固定成本刚 性，导致盈利水平有所下降。其中，合同物流/项目物流/化工物流分别为222/38/19亿元，同 比+6%/-7%/-5%；分部利润分别为5 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company emphasizes shareholder returns, increasing its dividend payout ratio from 50% in 2023 to 54% in 2024, resulting in a dividend per share of 0.29 yuan, maintaining a dividend yield of 5.6% based on the market capitalization of 37.7 billion yuan as of March 25, 2025 [3][4]. - The company is focusing on AI applications in logistics, achieving over 15 million document automation services annually and maintaining a leading position in domestic autonomous driving operations with over 2.4 million kilometers [4]. - The company is expanding its overseas network, with overseas investments increasing by 44% year-on-year and overseas revenue growing by 9% in 2024 [4]. Revenue and Profit Analysis - In 2024, the company achieved a total revenue of 105.6 billion yuan, a year-on-year increase of 4%, with a gross profit of 5.54 billion yuan, down 4.6% year-on-year, resulting in a gross margin of 5.2% [1]. - The net profit attributable to shareholders for 2024 was 3.92 billion yuan, a decrease of 7.0% year-on-year, with a net profit margin of 3.7% [1][5]. - The company’s revenue from freight forwarding was 67.17 billion yuan, up 8.48% year-on-year, while the professional logistics segment generated 27.95 billion yuan, a modest increase of 1.56% [2][3]. Business Segment Performance - The freight forwarding segment saw revenue growth driven by sea and air freight, while the railway segment experienced a decline in profit due to price reductions [2]. - The professional logistics segment faced challenges with a 16.26% drop in gross profit, primarily due to lower contract prices and fixed cost pressures [3]. - The e-commerce logistics business reported a revenue decline of 14.38%, although the logistics e-commerce platform managed to handle 269,900 standard containers, reflecting a 9% increase [3]. Financial Forecast - The company is projected to achieve revenues of 110.3 billion yuan, 114.5 billion yuan, and 119.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 4.5%, 3.7%, and 4.4% [4][5]. - The net profit attributable to shareholders is expected to rise to 4.18 billion yuan in 2025, with a growth rate of 6.7% [5][10]. - The current price-to-earnings (PE) ratios are forecasted to be 10, 9, and 9 for the next three years, indicating a favorable valuation trend [5][10].

上 市 公 司 交通运输 ——业绩符合预期，股息率提供安全边际 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 25 日 | | --- | --- | | 收盘价（元） | 5.17 | | 一年内最高/最低（元） | 6.80/4.32 | | 市净率 | 1.0 | | 股息率%（分红/股价） | 5.61 | | 流通 A 股市值（百万元） | 27,173 | | 上证指数/深证成指 | 3,369.98/10,649.08 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 5.42 | | 资产负债率% | 45.54 | | 总股本/流通 A 股（百万） | 7,294/5,256 | | 流通 B 股/H 股（百万） | -/2,038 | 一年内股价与大盘对比走势： 03-25 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01-25 02-25 03-25 -30% -20 ...

空海运业务量增长提振收入，成本承压影响利润。空运：空运分部利润2.9 亿元，同比增长1%。其中， 公司全年完成空运业务量82.4 万吨（不含跨境电商业务量），同比增长18%，24Q4 完成空运业务量25 万吨（不含跨境电商业务量），同比增长23%。受跨境电商出海增长等因素影响，空运运价维持较高水 平。波罗的海空运价格指数全年均值2131点，同比下滑4%。海运：海运分部利润7.8 亿元，同比增长 1%。受运输需求回暖、供应链紧张、地缘政治扰动等因素影响，全年运价中枢抬升，CCFI 2024 年全 年均值1551 点，同比增长65%。量：2024 全年海运箱量1516 万TEU，同比增长13%，其中Q4 箱量419 万TEU，同比增长12%。2024 年上半年运价连续快速上涨舱位紧张，对应收入端相对固定但成本端随 运价持续上行，成本涨幅强于收入涨幅，盈利受到影响。下半年起运价恢复稳态，运价中枢下行，货代 成本端持续改善，盈利空间逐步打开。 投资收益同比下滑拖累业绩。公司2024 投资收益20 亿元，同比下滑12%。公司投资收益主要由合资公 司中外运敦豪贡献，中外运敦豪为公司与DHL50%、50%合资公司，中外运敦 ...