股票代码：601598 股票简称：中国外运 编号：临 2024-019 号 中国外运股份有限公司 关于参加招商局集团有限公司上市公司 集体业绩说明会的公告 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 16 日（星期二）14:30-17:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com） 会议召开方式：现场交流、视频直播、网络文字互动 投资者可于 2024 年 4 月 11 日（星期四）至 4 月 15 日（星期一）16:00 前 通过公司投资者关系邮箱 ir@sinotrans.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。 中国外运股份有限公司（以下简称"公司"或"本公司"）的实际控制人招商 局集团有限公司（以下简称"招商局集团"）将举办"'百年招商，创享未来'招 商局集团上市公司集体业绩说明会"，旨在加强与投资者沟通，推进上市公司高质 量发展。招商局集团旗下五家沪市上市公司将于 202 ...

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 致：香港交易及結算所有限公司 公司名稱: 中國外運股份有限公司 呈交日期: 2024年4月8日 | 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 | 00598 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,038,300,000 | RMB | | 1 RMB | | 2,038,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,038,300,000 | RMB | | 1 RMB | | 2,038,300,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the benchmark index within six months [29]. Core Insights - The company reported a total revenue of 101.7 billion yuan in 2023, a decrease of 6.9% year-on-year, while achieving a net profit attributable to shareholders of 4.22 billion yuan, an increase of 3.5% year-on-year [5][11]. - The fourth quarter of 2023 saw a revenue of 28.93 billion yuan, reflecting a year-on-year growth of 1.8%, and a net profit of 1.06 billion yuan, which is a significant increase of 101.4% year-on-year [5][11]. - The company has diversified its operations across three main business segments: professional logistics, agency services, and e-commerce, with varying performance across these segments due to market conditions [6][8]. Summary by Sections Company Overview - The latest closing price is 5.93 yuan, with a total market capitalization of 43.3 billion yuan and a circulating market value of 31.2 billion yuan [1]. Financial Performance - In 2023, the professional logistics service revenue was 27.52 billion yuan, a slight increase of 0.25% year-on-year, while agency services revenue was 61.92 billion yuan, down 11.5% year-on-year due to declining shipping rates [5][15]. - E-commerce business revenue reached 12.26 billion yuan, marking a year-on-year increase of 3.3% [5][22]. Profitability - The company maintained stable profit growth despite a challenging market environment, with segment profits for professional logistics, agency services, and e-commerce increasing by 15.2%, 16.2%, and 12.4% respectively [6][19]. - The overall investment income decreased by 9.8% to 2.33 billion yuan, while other income surged by 70% to 2.45 billion yuan due to increased government subsidies [7][24]. Future Outlook - Revenue projections for 2024-2026 are estimated at 102.59 billion yuan, 109.90 billion yuan, and 117.81 billion yuan, with expected year-on-year growth rates of 0.9%, 7.1%, and 7.2% respectively [8][26]. - The net profit attributable to shareholders is forecasted to be 4.46 billion yuan, 4.66 billion yuan, and 4.98 billion yuan for the same period, reflecting growth rates of 5.6%, 4.5%, and 6.8% respectively [8][26]. Dividend Policy - The company announced a total dividend of 2.1 billion yuan for 2023, representing 49.8% of the net profit attributable to shareholders, with a dividend yield of 4.89% based on the closing price as of March 29, 2024 [9][26].

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。 2、2022 年 1 月 7 日，公司通过内部网站对本次激励计划激励对象的姓名和职务予以 公示，公示期为 2022 年 1 月 7 日至 2022 年 1 月 16 日止。公示期满，公司未收到针对本 期激励计划激励对象提出的异议。公司监事会对本期激励计划对象名单进行了核查，并于 2022 年 1 月 18 日披露了《监事会关于公司股票期权激励计划（第一期）激励对象名单的 核查意见及公示情况说明》。 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）第一个行权期 首次行权结果暨股份过户登记的公告 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 ...

证券研究报告 公 2024年03月25日 司 报 告 中国外运(601598) 行 业： 交通运输/物流 │ 公 投资评级： 买入（维持） 司 当前价格： 5.69元 盈利超预期，看好公司长期高质量发展 年 目标价格： 7.20元 报 点 事件： 评 基本数据 2024年3月22日，公司发布2023年年度报告。2023年，公司实现营业收 总股本/流通股本(百万股) 7,294.22/7,294.22 入1017.1亿元，同比-6.9%；归母净利42.2亿元，同比+3.5%。第四季度， 流通A股市值(百万元) 29,906.17 实现营业收入289.3亿元，同比+1.8%；归母净利10.6亿元，同比+101.4%。 每股净资产(元) 5.18  海运货代彰显韧性，空运通道建设深入 资产负债率(%) 47.13 代理及相关业务营业收入 619.2 亿元，同比-11.5%，主要是海、空运运价 一年内最高/最低(元) 6.34/4.02 同比大幅下降所致；分部利润23.1亿元，同比+13.4%，盈利能力彰显韧性。 其中，海运货代业务收入410.6亿元，同比-16.6%；货量1377万TEU，同 股价相对走势 比+2 ...

上 市 公 司 交通运输 公 2024年03月24日 中国外运 (601598) 司 研 究 —— 业绩超预期，主业韧性持续验证，核心堆场仓库成 / 公 司 本优势显现 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持） ⚫ 事件：中国外运发布2023年年报，公司全年营收1017.05亿元，同比下滑6.94%，归母 证 净利润42.22亿元，同比增长3.5%。其中2023Q4营收289.32亿元，同比增长1.26%， 券 归母净利润10.58亿元，同比增长110.61%，环比增长6.7%，Q4业绩达历史同期巅峰。 研 市场数据： 2024年03月22日 业绩超预期。 究 收盘价（元） 5.69 ⚫ 海运代理：核心堆场仓库带来的成本优势，量价齐升，单位利润持续提升。2023 全年海 报 一年内最高/最低（元） 6.34/4.02 告 市净率 1.1 运箱量达1337.3 万 TEU，同比增长2.69%，分部利润 7.8 亿元，同比增长8.8%；其中 息率（分红/股价） 2.55 Q4业务量372.8万TEU，同比增长7.65%。全年海运单箱毛利58.33元/TEU，同比提升 流通A股市值（百万元） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2023, the company's revenue decreased by 6.9% to 101.7 billion yuan, while net profit attributable to shareholders increased by 3.5% to 4.22 billion yuan. In Q4 2023, revenue grew by 1.8% to 28.93 billion yuan, and net profit attributable to shareholders surged by 101.4% to 1.06 billion yuan [4][5]. - The company plans to distribute an annual dividend of 0.29 yuan per share (before tax) for 2023, with a dividend payout ratio steadily increasing to 50.4% of net profit [4][5]. Summary by Sections Revenue and Profit Performance - In 2023, the company's revenue was 101.7 billion yuan, down 6.9% year-on-year, while net profit rose 3.5% to 4.22 billion yuan. In Q4 2023, revenue increased by 1.8% to 28.93 billion yuan, and net profit jumped 101.4% to 1.06 billion yuan [4][5]. - The company's professional logistics and air freight segments saw significant profit growth, driven by increased cross-border e-commerce volumes and government subsidies [4][5]. Business Segment Analysis - The company experienced a 0.2% increase in professional logistics revenue, an 11.5% decline in freight forwarding, and a 3.2% increase in cross-border e-commerce revenue in 2023. In H2 2023, professional logistics revenue grew by 1.7%, while cross-border e-commerce surged by 55.7% [4][5]. - Profit from the sea freight segment improved, with a 33.6% increase in profit per container in H2 2023, despite a decline in freight rates. The air freight segment saw a dramatic profit increase of 271.9% due to high growth in cross-border e-commerce volumes and government support [4][5]. Future Outlook - The company is expected to see gradual recovery in sea freight forwarding business and steady growth in contract logistics due to strong competitive barriers. The cross-border e-commerce sector remains robust, with anticipated profitability in air freight operations [5]. - Forecasted net profits for 2024-2026 are 4.53 billion, 4.72 billion, and 5.04 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.2, 8.8, and 8.2 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's performance in 2023 exceeded expectations, with a revenue of 101.70 billion yuan, a decrease of 6.94% year-on-year, and a net profit attributable to shareholders of 4.22 billion yuan, an increase of 3.50% year-on-year [2][4] - The company emphasizes shareholder returns, proposing a cash dividend of 0.145 yuan per share, resulting in a total payout of 2.10 billion yuan, with a payout ratio of 50.40% [3][4] - The company has shown resilience in its core business despite a significant drop in shipping rates, with a focus on extending service chains and enhancing profitability [4][5] Financial Performance Summary - In 2023, the company achieved operating revenue of 101.70 billion yuan, with a net profit of 4.22 billion yuan, reflecting a year-on-year profit growth of 3% [5][6] - The forecast for 2024-2026 projects operating revenues of 115.63 billion yuan, 124.94 billion yuan, and 134.50 billion yuan, respectively, with net profits of 4.45 billion yuan, 4.65 billion yuan, and 4.94 billion yuan [5][6] - The company maintains a stable ROE of 11% across the forecast period, with P/E ratios of 9.32, 8.92, and 8.39 for 2024, 2025, and 2026, respectively [5][6]

业绩简评 2024 年 3月 22日，中国外运发布 2023 年年度报告。2023 年公司 实现营业收入 1017.05 亿元，同比下降 6.94%；实现归母净利润 42.22 亿元，同比上升 3.50%。其中，4Q2023 公司实现营业收入 289.32 亿元，同比上升 1.79%；实现归母净利润 10.58 亿元，同 比上升101.36%。公司全年及四季度业绩超出市场预期。 经营分析 货代单箱利润提升，专业物流利润增长。分业务来看：1）货代业 务2023 年对外收入619.2 亿元，同比-11.5%，主要由于海运及空 运运价下降影响；分部利润 23.08 亿元，同比+13.4%，主要由于 人民币(元) 成交金额(百万元) 公司积极延伸服务链条带动利润增长，其中海运代理单箱利润为 7.00 2,500 58.3 元，同比+5.9%。2）专业物流业务实现对外收入275.2 亿元， 2,000 6.00 同比+0.3%；分部利润为 10.61 亿元，同比+15.22%。其中合同物 1,500 5.00 流分部利润同比+12.6%，主要由于新客户拓展见效及仓库精益运 1,000 营降本。3）电商业务实现对外收入 ...

Investment Rating - The report maintains a "Recommend" rating for China National Freight (601598), with a target price of 7.39 CNY, indicating a potential upside of 30% from the current price of 5.69 CNY [4][5]. Core Insights - The company reported a net profit attributable to shareholders of 4.22 billion CNY in 2023, a year-on-year increase of 4%, slightly exceeding expectations. The annual dividend payout ratio has been raised to 50% [2][5]. - Total revenue for 2023 was 101.7 billion CNY, a decrease of 7% year-on-year, while gross profit was 5.8 billion CNY, down 5% year-on-year, with a gross margin of 5.7%, up 0.1 percentage points [2][5]. - Investment income for 2023 was 2.33 billion CNY, a decline of 10% year-on-year, with significant contributions from Sinotrans DHL [2][5]. - The company has focused on enhancing shareholder returns, with a total dividend and share buyback accounting for 50.4% of net profit [2][5]. Revenue Breakdown - **Freight Forwarding**: Revenue was 61.9 billion CNY, down 11.5% year-on-year, with a gross profit of 3.3 billion CNY, down 18% [2][5]. - **Professional Logistics**: Revenue was 27.5 billion CNY, up 0.2% year-on-year, with a gross profit of 2.5 billion CNY, up 8.8% [2][5]. - **E-commerce**: Revenue was 12.3 billion CNY, up 3.3% year-on-year, with a gross profit of 0.06 billion CNY [2][5]. Future Outlook - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.49 billion CNY, 4.68 billion CNY, and 4.92 billion CNY respectively, with corresponding EPS of 0.62 CNY, 0.64 CNY, and 0.67 CNY [2][5]. - The report emphasizes the company's ongoing investment in transportation capabilities and overseas network expansion, including establishing subsidiaries in Hungary and expanding operations in Southeast Asia [2][5].