Investment Rating - The report maintains a **Neutral** rating for COSCO SHIPPING Holdings (601919.SS) with a 12-month price target of Rmb13.80 for A-shares and HK$10.70 for H-shares [1][2][4] Core Views - COSCO SHIPPING Holdings reported a strong 9M24 net profit of Rmb38bn, up 73% YoY, accounting for 87% of the full-year Bloomberg consensus of Rmb43bn [1] - Q3 net profit surged 286% YoY and 110% QoQ to Rmb21.3bn, driven by higher contract rates for Europe routes due to rerouting amid the Red Sea disruption [1][3] - The company's new pricing strategy, which includes more floating adjustments on contract rates, contributed to the earnings beat [1][3] - The FY24 dividend yield of 8.8%/12.0% for A/H-shares is attractive, trading above its historical average [1] Financial Performance - Revenue for 12/24E is projected at Rmb230.3bn, with EBITDA expected to reach Rmb74.2bn [2] - EPS for 12/24E is forecasted at Rmb2.62, with a P/E ratio of 6.0x [2] - The company's net debt/EBITDA ratio is expected to improve to -1.5x by 12/24E [2] Industry and Market Context - The average SCFI (Shanghai Containerized Freight Index) for Europe and Med routes increased by 308% YoY and 86% from March-May, reflecting higher freight rates [1][3] - The Red Sea disruption has led to longer voyage times, delaying revenue recognition for Europe routes, with Q3 revenue reflecting freight rates from June to August [1][3] - Fuel costs, historically 15-20% of total opex, decreased by 2% QoQ in Q3, contributing to higher profits [3] Valuation and Risks - The 12-month price targets are based on 0.8x/1.1x FY25E target P/BV multiples, above historical averages, reflecting higher ROE expectations due to supply chain complexity [7] - Upside risks include unexpected events reducing effective capacity and potential special dividend payouts [7][8] - Downside risks include faster-than-expected new ship deliveries and weaker-than-expected global trade demand [7][8] Freight Rate Analysis - The SCFI Comprehensive index stood at 2,135 as of 27-Sep-24, with Europe and Med routes showing significant YoY increases of 279% and 242%, respectively [6] - US West Coast and East Coast freight rates also saw substantial YoY growth, at 265% and 140%, respectively [6]

Financial Performance - EBIT for the first three quarters of 2024 reached approximately RMB 54.414 billion, a 63.72% increase year-over-year[2] - Net profit for the first three quarters of 2024 was approximately RMB 43.34 billion, a 66.67% increase year-over-year[2] - Net profit attributable to shareholders for the first three quarters of 2024 was approximately RMB 38.121 billion, a 72.72% increase year-over-year[2] - EBIT for Q3 2024 was approximately RMB 29.758 billion, a 248.95% increase year-over-year[2] - Net profit for Q3 2024 was approximately RMB 24.084 billion, a 281.03% increase year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was approximately RMB 21.251 billion, a 285.66% increase year-over-year[2] Business Operations - The company's container shipping business achieved both volume and price increases in Q3 2024 due to the peak season in major European and American routes[4] - The company's performance was driven by moderate growth in cargo volume and tight global supply chain conditions influenced by the Red Sea situation[4] Strategic Initiatives - The company continues to focus on digital intelligence and green low-carbon initiatives to enhance global supply chain resilience[5]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運控股股份有限公司 呈交日期: 2024年10月3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 (如上市) | 01919 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,199,780,000 | RMB | | 1 | RMB | | 3,199,780,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,199,780,000 | RMB | | 1 | RMB | | 3,199,780,000 | | 2 ...

证券代码：601919 证券简称：中远海控 公告编号：2024-038 中远海运控股股份有限公司 2024 年中期权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.52 元 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中远海运控股股份有限公司（以下简称"本公司"或"公司"）2024 年 5 月 29 日的 2023 年年度股东大会授权，并经公司 2024 年 8 月 29 日的第七届董事会第七次 会议审议通过。 二、 分配方案 1. 发放年度：2024 年中期 2. 分派对象： 截至股权登记日（2024 年 10 月 9 日）下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | -- ...

证券代码：601919.SH/1919.HK 证券简称：中远海控 中远海运控股股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ | 特定对象调研 □ 分析师会议 | | | □ 媒体采访 | R 业绩说明会 | | 投资者关系 | □ 新闻发布会 | £ 路演活动 | | 活动类别 | □ 现场交流 | £ 电话会议 | | | □ 投资策略会 | □ 其他 | | 参与单位名称 | 全市场公开 | | | 时 间 | 2024 年 9 月 19 | 日（星期四） 15:00-16:30 | | 地 点 | 上海证券 ...

FF301 公司名稱: 中遠海運控股股份有限公司 呈交日期: 2024年9月3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 (如上市) | 01919 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,199,780,000 | RMB | | 1 | RMB | | 3,199,780,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,199,780,000 | RMB | | 1 | RMB | | 3,199,780,000 | 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. ...

中远海控（601919.SH） 优于大市 中期分红回报股东，下半年业绩值得期待 中远海控公布 2024 年中报，Q2 业绩表现优异。中远海控发布 2024 年半年度 报告，2024H1 实现营业收入 1012.0 亿元，同比增长 10.19%；实现归母净利 润 168.7 亿元，同比增长 1.87%。其中 Q2 公司实现营业收入 529.3 亿元，同 比增长 19.0%；实现归母净利润 101.2 亿元，同比增长 7.23%。 红海危机刺激需求，上半年实现量价齐升。上半年中远海控集装箱运输量同 比增长 9.3%，其中美线/欧线/亚洲区域航线货量同比+8.5%/-14.9%/+12.9%。 美线和亚洲区域需求强劲，但是欧线由于绕行导致的运输时间延长，导致数 据口径有所变化，表观增速明显下滑。具体来看，中远海运集运的表现明显 优于东方海外，上半年中远海运集运和东方海外货量同比分别增长 12.7%和 2.1%。价格方面，公司平均单箱运价同比增长 4.4%，分航线来看，美线/欧 线单箱运价同比增长 23.5%/26.7%，类似于运输量的表现，中远海运集运上 半年经营数据更为亮眼，中远海运集运平均单箱运价同比上涨 4. ...

证 券 研 究 报 告 中远海控（601919）2024 年半年报点评 推荐（维持） 地缘扰动下集运高景气，24Q2 归母净利 101 亿，同比+7%，环比+50% 公司公告 2024 年半年报：1）业绩表现：2024H1 实现营收 1012 亿，同比+10.2%； 归母净利 169 亿元，同比+1.9%；扣非归母净利 168 亿元，同比+1.8%。Q2 实 现营收 529 亿，环比+9.7%，同比+19%；归母净利 101 亿元，环比+49.7%，同 比+7.2%；扣非归母净利 101 亿元，环比+50.1%，同比+7.1%。2）运价表现： 2024H1 CCFI 指数均值 1365 点，同比+34.8%；Q2 CCFI 均值 1439 点，环比 +11.5%，同比+53.4%。 集运业务：1）收入端：2024Q2 集运业务收入 509 亿，环比+9.5%，同比+19.6%； 其中跨太平洋、亚欧、亚洲内、其他国际、中国大陆航线收入分别环比+21.3%、 -4%、+8.9%、+9.8%、+6.7%，同比+52.5%、+13.7%、+10.8%、+5.6%、+0.2%。 2）货量：2024Q2 箱运量 643 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's revenue for the first half of 2024 reached 101.2 billion yuan, a year-on-year increase of 10%, with net profit attributable to shareholders at 16.9 billion yuan, up 2% year-on-year [1]. - The significant improvement in profitability is attributed to multiple factors including preemptive inventory replenishment in Europe and the US, growth in emerging market cargo volumes, and ongoing geopolitical tensions in the Red Sea, leading to increased demand and insufficient effective supply in the container shipping market [1]. - The container shipping business generated revenue of 97.5 billion yuan in the first half of 2024, also a 10% year-on-year increase, with gross profit rising 17% to 22.3 billion yuan [2]. - The Shanghai export container freight index rose by 138% year-on-year, while the China export container freight index increased by 35% [2]. - Container throughput in the terminal business reached 69.86 million TEUs, an 8% year-on-year increase, driven by a recovering global trade environment and supportive policies for foreign trade [3]. Financial Summary - The forecast for net profit attributable to shareholders has been revised upwards to 40.5 billion yuan for 2024 and 20.9 billion yuan for 2025, with a new estimate of 13.7 billion yuan for 2026 [4]. - The company's earnings per share (EPS) is projected to be 2.54 yuan for 2024, 1.31 yuan for 2025, and 0.86 yuan for 2026 [5]. - The price-to-earnings (P/E) ratio is expected to be 4.93 for 2024, 9.54 for 2025, and 14.58 for 2026 [5]. - The company’s total assets are projected to be 420.94 billion yuan in 2024, with total liabilities at 156.51 billion yuan [9].

1、本次财务资助对象为公司间接控股子公司中远海运港口所属 公司的联营公司 EUROMAX 码头，贷款金额为 8,400 万欧元（约合人民 币 6.69 亿元1），展期期限为港口（鹿特丹）公司通知《贷款补充协 议》其他方《贷款补充协议》相关条件达成之日起至 2029 年 6 月 18 日，利率为 Euribor+2.0%。 2、本次财务资助展期已经公司第七届董事会第七次会议审议通 过，尚需获得公司股东大会审议批准。 一、财务资助事项概述 2016年9月，中远海运控股股份有限公司（简称"公司"、"中远 海控"）间接控股子公司中远海运港口有限公司（简称"中远海运港 口"）通过其附属公司中远海运港口（鹿特丹）有限公司（简称"港 口（鹿特丹）公司"）收购Euromax Terminal Rotterdam B.V. （简 称"EUROMAX码头"）35%股权时，按持股比例承接了对EUROMAX码头的 8,400万欧元股东贷款，该笔股东贷款经2019年展期后，将于2024年 12月19日到期。 证券代码：601919 证券简称：中远海控 公告编号：2024-036 中远海运控股股份有限公司 关于提供财务资助展期的公告 本 ...