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 ...

2025 年 3 月 25 日，中国外运发布 2024 年年度报告。2024 年公司 实现营业收入 1056.2 亿元，同比增长 3.8%；实现归母净利润 39.18 亿元，同比下降 7.1%。其中，4Q2024 公司实现营业收入 197.5 亿 元，同比下降 31.7%；实现归母净利润 10.9 亿元，同比增长 3.2%。 货代及物流业务量增长。分业务来看：1）代理及相关业务：海运 代理 1515.6 万 TEU，同比+13.3%；空运通道业务量 102.8 万吨， 同比增长 14%；铁路代理 57.3 万 TEU，同比增长 13.7%；船舶代理 66845 艘次，同比增长 7.3%。2）专业物流业务：合同物流 4989.7 万吨，同比增长 4.4%；项目物流 655.5 万吨，同比增长 4.5%；化 工物流 422.3 万吨，同比增长 10.3%。3）电商业务：公司跨境电 商物流 1.79 亿票，同比下滑 50.7%；物流电商平台 269.9 万 TEU， 同比增长 9.1%。 毛利率同比下滑，带动归母净利率下滑。公司 2024 年实现毛利率 5.25%，同比-0.46pct，主要由于专业物流业务新签合同 ...

证券研究报告 中国外运 (598 HK/601598 CH) 港股通 需求偏弱拖累业绩，25 年有望改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 26 日│中国内地/中国香港 | 仓储物流 | 中国外运发布年报，2024 年营收 1,056.2 亿元（yoy+3.8%），归母净利 39.2 亿元（yoy-7.1%），基本符合我们的预期。同时，公司宣布年末每股派息 0.145 元，全年派息率 53.5%。24 年盈利下滑主因整体宏观需求偏弱，公司专业 物流业务盈利大幅下滑拖累。公司货代业务整体平稳；电商业务受电商平台 集中化影响，业务量及盈利同比下滑。展望 25 年，我们预计伴随国内宏观 需求逐步回暖，专业物流业务盈利同比有望显著改善；货代业务保持稳健； 电商业务同比微增。整体我们预计公司 25 年净利同比增长，维持"买入"。 专业物流：24 年需求偏弱，盈利同比下滑；25 年有望改善 24 年专业物流业务收入 287.0 亿元，同比增长 1.6%；净利润 5.4 亿元，同 比 下 滑 32.4% 。 其 中 ， 合 同 物 ...

股票代碼：00598HK 601598SH 建設世界一流智慧物流平台企業 2024 年度環境、社會 與治理報告 關於本報告 本報告是中國外運股份有限公司（下稱「中國外運」、「公司」 或「我們」，連同其附屬公司下稱「本集團」）發佈的第11份 《環境、社會與治理報告》（下稱「本報告」）。本報告旨在客 觀、公允地反映中國外運在環境保護、社會責任、公司治 理方面的策略、實踐與績效情況，以及系統回應各利益相 關方的期望與關切。 報告範圍 本報告覆蓋範圍與公司年度財務報告（下稱「年報」）保持一 致，時間跨度為2024年1月1日至2024年12月31日期間 （下稱「本年度」或「本報告期」），為保持信息的完整性、連 續性與可比性，對部分內容進行了合理追溯和延伸。 報告編製標準 本報告主要參照上海證券交易所（下稱「上交所」）《上海證 券交易所上市公司自律監管指引第14號－可持續發展報告 （試行）》、香港聯合交易所有限公司（下稱「聯交所」）《聯交 所證券上市規則》附錄C2《環境、社會及管治報告指引》編 製。 本報告在編製過程中遵循以下基準原則： 數據與信息說明 本報告以簡體中文、繁體中文及英文的電子文檔形 式發佈，如三種版本存在 ...

EF001 免責聲明 | 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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國外運股份有限公司 | | 股份代號 | 00598 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二四年十二月三十一日止年度末期股息 | | | 公告日期 | 2025年3月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.145 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.15702 HKD | | 匯率 | 1 RMB : 1.082 ...