证券代码：603056 证券简称：德邦股份 公告编号：2025-015 德邦物流股份有限公司 关于 2025 年度银行授信及担保额度预计的公告 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个别及连带责任。 重要内容提示： 2025年度德邦物流股份有限公司（以下简称"公司"）及其控股子公司 拟向银行申请总额不超过120亿元的银行授信额度，具体金额以各家银行实际审 批的授信额度为准。 被担保人名称：公司全资子公司及控股子公司。 本次担保金额及已实际提供担保余额：预计2025年新增对外担保额度不 超过7亿元，截至本公告日已实际提供担保余额为104,954.45万元。 特别风险提示：公司担保包括为资产负债率超过70%的子公司提供的担 保，敬请投资者关注担保风险。 公司于2025年4月24日召开第六届董事会第五次会议及第六届监事会第五次 会议，审议通过了《关于公司2025年度银行授信及担保额度预计的议案》，具体 内容如下： 一、授信及担保情况概述 根据公司及控股子公司2025年度日常经营及业务发展资金需要，公司及控股 子公司拟于2025年度向银 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.8500 | 0.7400 | 14.86 | 0.6500 | | 每股净资产（元） | 0 | 7.48 | -100 | 6.74 | | 每股公积金(元) | 0.84 | 0.83 | 1.2 | 0.89 | | 每股未分配利润(元) | 5.86 | 5.08 | 15.35 | 4.10 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 403.63 | 362.79 | 11.26 | 313.92 | | 净利润(亿元) | 8.61 | 7.46 | 15.42 | 6.58 | | 净资产收益率(%) | | 10.20 | -100 | 9.67 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 82868.95万股，累计占流通股比： 80.69%，较上期变化： - ...

德邦物流股份有限公司 关于召开 2024 年度、2025 年第一季度业绩暨现金分 红说明会的公告 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：2025 年 5 月 6 日(星期二)上午 9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 24 日(星期四)至 4 月 30 日(星期三)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过德邦物流股份有限公司（以 下简称"公司"）邮箱 ir@deppon.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。 证券代码：603056 证券简称：德邦股份 公告编号：2025-009 （三）会议召开方式：上证路演中心网络互动 三、 参加人员 总经理：黄华波先生 财务负责人：丁永晟先生 独立董事：潘嵩先生 公司于 2025 年 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

证券代码：603056 证券简称：德邦股份 公告编号：2025-008 1 德邦物流股份有限公司 关于间接控股股东增持计划进展的自愿性披露公告 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： 德邦物流股份有限公司（以下简称"公司"）于 2024 年 11 月 26 日在上 海证券交易所网站（www.sse.com.cn）披露了《德邦物流股份有限公司关于间接 控股股东以专项贷款和自有资金增持公司股份计划的公告》（公告编号：2024- 039）。公司间接控股股东宿迁京东卓风企业管理有限公司（以下简称"京东卓 风"）拟通过上海证券交易所交易系统以集中竞价交易方式增持公司 A 股股份， 本次增持计划的实施期限为自 2024 年 11 月 26 日起 12 个月，拟增持总金额不 低于人民币 3 亿元（含），不超过人民币 6 亿元（含）。（以下简称"本次增持 计划"）。 增持情况：截至 2025 年 4 月 10 日，京东卓风通过上海证券交易所交易 系统以集中竞价交易方式累计增持公司股份 10,840,000 股，约占公司 ...

Investment Rating - The report assigns a "Buy" rating to 中远海能 and 吉祥航空, and an "Outperform" rating to 南方航空, 中国东航, and 中国国航 [5][6]. Core Insights - The shipping sector is expected to see improved fundamentals in the medium to long term, driven by a shift in oil production policies from reduction to gradual increase, with VLCC demand projected to rise by 4.4% in 2025 and 6.9% in 2026 [3]. - The small container ship market is on an upward trend, supported by economic growth in Southeast Asia and changes in shipping alliances, leading to increased demand [3]. - The air travel market is experiencing a volume increase but a price decrease, with domestic passenger traffic expected to grow by 3% year-on-year in Q1 2025, while international markets are recovering steadily [3]. - The express delivery sector is seeing a recovery in direct logistics, with a year-on-year growth of 22.4% in the express industry for January-February 2025, although price competition remains intense [3]. - The road and rail sectors are expected to maintain growth in traffic volume, with a projected year-on-year increase in highway traffic and railway passenger volume [3]. Summary by Sections Shipping - The long-term supply logic remains stable, with a gradual increase in VLCC demand and a limited supply of new ships expected to be delivered [3]. - The average age of the global fleet is increasing, indicating a strong demand for replacing old ships [3]. Shipbuilding - The shipbuilding cycle is on an upward trend, with a continued supply-demand imbalance favoring shipbuilders [3]. - Ship prices are expected to rise again after absorbing the negative impacts of new capacity [3]. Aviation - The domestic air travel market is projected to see a volume increase but a price decrease due to high base effects from the previous year [3]. - International markets are recovering, with a 20% year-on-year increase in passenger traffic and flight numbers [3]. Express Delivery - The express delivery sector is expected to continue its recovery, with significant growth in logistics demand anticipated [3]. - Price competition remains fierce, impacting profitability for leading companies [3]. Road and Rail - Traffic volume on highways and railways is expected to grow, with specific companies projected to perform well [3].

Investment Rating - The report assigns an "Accumulate" rating to the company [2][10]. Core Viewpoints - The company, 德邦股份, is positioned as a leading player in the direct-operated express delivery sector, benefiting from its integration with 京东, which enhances its revenue streams and operational efficiency [5][18]. - The company's profitability has significantly improved due to the consolidation of the express delivery market and the advancement of network integration projects, with net profit growth of 76.77% in 2023 and an expected 24.65% in the first three quarters of 2024 [5][9]. - The report anticipates that the company's net profit will reach 1.02 billion yuan in 2025, reflecting a growth rate of 18.9% [9]. Summary by Sections Company Overview - 德邦股份 has been a key player in the heavy cargo sector since its establishment in 1996, transitioning into the express delivery market in 2013 and becoming publicly listed in 2018. In 2022, it was acquired by 京东, which now holds 75.40% of the company [5][19][20]. Business Structure - As of early 2024, the company's revenue composition shows that express delivery accounts for 90.2% of its income, while traditional express services contribute approximately 5.7% [5][24]. - The company has a robust operational model that includes a comprehensive logistics network and standardized service processes, which enhances its competitive edge in the market [58]. Market Dynamics - The express delivery market in China is projected to grow steadily, with the overall market size reaching approximately 1.5 trillion yuan in 2022. The report indicates a compound annual growth rate (CAGR) of 4%-8% for various segments from 2025 to 2030 [6][37]. - The demand for large-item express delivery is increasing due to the growth of e-commerce, with significant sales in large appliances expected to reach 278.9 billion yuan in 2024 [48][55]. Financial Performance - The company’s total revenue for 2024 is projected to be 40.38 billion yuan, with a year-on-year growth rate of 11.3% [11]. - The report highlights a significant improvement in the company's profitability, with net profit margins expected to stabilize around 8.3% in the coming years [11][30]. Strategic Initiatives - The integration with 京东 is expected to drive revenue growth through enhanced operational synergies and increased transaction volumes, with projected related transactions reaching 8 billion yuan in 2024 [7][9]. - The company is also focusing on cost management through network integration and resource optimization, which is anticipated to further improve its profitability [8][30].

网络融合深入推进，快运巨头利润可期 [Table_CoverStock] —德邦股份(603056)公司深度报告 [Table_ReportDate] 2025 年 04 月 01 日 [Table_CoverAuthor] 匡培钦 交通运输行业首席分析师 执业编号 S1500524070004 邮 箱 kuangpeiqin@cindasc.com [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 德邦股份(603056) [Table_ReportDate] 2025 年 04 月 01 日 投资评级 增持 上次评级 [Table_Chart] -30% -20% -10% 0% 10% 20% 30% 24/04 24/08 24/12 德邦股份 沪深300 资料来源：聚源，信达证券研发中心 本期内容提要: [Table_Summa 我国直营制快运巨头，2022 年京东实现入主 [Table_BaseData] 公司主要数据 | 收盘价（元） | 14.61 | | --- | --- | ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-007 德邦物流股份有限公司 关于转让子公司股权的进展公告 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。 一、 交易概述 德邦物流股份有限公司（以下简称"公司"）于 2023 年 10 月 20 日召开第 五届董事会第二十一次会议，审议通过《关于转让子公司股权的议案》，同意将 子公司宁波德汉供应链管理有限公司（以下简称"宁波德汉"）持有的西安德秦 物流服务有限公司（以下简称"德秦"）股权、子公司宁波德楚供应链管理有限 公司（以下简称"宁波德楚"）持有的淮安德宣供应链管理有限公司（以下简称 "德宣"）股权、子公司宁波德晋供应链管理有限公司（原名为"上海德晋供应 链有限公司"，已于 2023 年 11 月 23 日更名为现名称，以下简称"宁波德晋"） 持有的厦门德咸供应链有限公司（以下简称"德咸"）股权、子公司宁波德基供 应链管理有限公司（以下简称"宁波德基"）持有的青岛德金供应链管理有限公 司（以下简称"德金"）股权转让给厦门永邦企业管理有限公司（以下简称"厦 门 ...

证券代码：603056 证券简称：德邦股份 公告编号：2025-006 德邦物流股份有限公司关于间接控股股东 增持股份暨权益变动超过 1%的提示性公告 本次权益变动为京东卓风通过集中竞价交易方式增持公司股份，本次权 益变动不触及要约收购。 公司控股股东宁波梅山保税港区德邦投资控股股份有限公司（以下简称 "德邦控股"）系京东卓风控制的公司，本次权益变动后，德邦控股及京东卓风 合计持有公司股份的比例从75.4047%增加到76.0000%。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 公司于 2025 年 3 月 20 日收到公司间接控股股东京东卓风出具的《关于增持 股份暨权益变动超过 1%的告知函》,现将有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 名称：宿迁京东卓风企业管理有限公司 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： 德邦物流股份有限公司（以下简称"公司"）间接控股股东宿迁京东卓 风企业管理有限公司（以下简称"京东卓风"或"信息披露义务人"）于202 ...