证券代码：603128 证券简称：华贸物流 公告编号：临 2024-029 港中旅华贸国际物流股份有限公司 表决结果：赞成__6__票；反对__0__票；弃权__0__票。 上述事项详细内容请参见公司同日在上海证券交易所网（www.sse.com.cn） 和《中国证券报》刊登的《港中旅华贸国际物流股份有限公司关于变更会计师事 务所的公告》（公告编号：临 2024-030 号）。 三、审议通过《关于 2025 年度对外捐赠预算的议案》 表决结果：赞成__6__票；反对__0__票；弃权__0__票。 四、《关于公司提质增效工作方案的议案》 第五届董事会第二十四次会议决议公告 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。 港中旅华贸国际物流股份有限公司（以下简称"本公司"、"华贸物流"） 第五届董事会第二十四次会议于 2024 年 12 月 9 日以通讯表决方式召开。本次会 议应出席会议的董事 6 名，实际出席会议的董事 6 名。本次会议的通知及召开符 合《中华人民共和国公司法》、《港中旅华贸国际物流股份有限公司章程》和《 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company has seen significant revenue growth due to rising shipping rates and the establishment of new overseas operational sites, despite a decline in net profit due to fluctuating costs [2] - The company's marketing-driven strategy is expected to enhance operational resilience and improve long-term performance [2] - Future operational efficiency is anticipated to improve as international shipping rates stabilize, benefiting from a market environment that favors leading logistics firms [2] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 14.417 billion RMB, a year-on-year increase of 38.64%, while net profit attributable to shareholders was 472 million RMB, down 16.31% [2] - In Q3 2024, revenue reached 5.817 billion RMB, up 51.54% year-on-year, with net profit of 169 million RMB, a decrease of 20.55% [2] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 678 million RMB, 792 million RMB, and 896 million RMB respectively, with corresponding EPS of 0.52 RMB, 0.60 RMB, and 0.68 RMB [3][4] Market Performance - The company's stock price has underperformed relative to the market, with a year-to-date decline of 17.3% [1] - The stock's performance is rated as "stronger than the market" within its sector [1] Valuation Metrics - The report projects a PE ratio of 12.0, 10.3, and 9.1 for the years 2024, 2025, and 2026 respectively [3][4] - The company’s market capitalization is approximately 8.155 billion RMB [1] Operational Strategy - The company is expanding its overseas operational network in regions such as South America and Central Asia, which is expected to enhance product stability and market coverage [2] - The direct customer strategy is aimed at smoothing out cyclical fluctuations and improving business resilience [2] Industry Outlook - The logistics industry is entering a phase of consolidation, favoring companies that can provide comprehensive logistics services [2] - The report suggests that as the logistics market stabilizes, stronger firms will likely emerge, enhancing competitive dynamics [2]

Investment Rating - The report maintains a "Recommend" rating for Huamao Logistics (603128) [1] Core Views - Huamao Logistics achieved a non-GAAP net profit attributable to the parent company of 170 million yuan in Q3 2024, a year-on-year decrease of 8.9% but a quarter-on-quarter increase of 26%, indicating an improvement in profitability [1] - The company's revenue for Q1-Q3 2024 reached 14.4 billion yuan, a year-on-year increase of 38.6%, with Q3 revenue at 5.82 billion yuan, up 51.5% year-on-year and 23.3% quarter-on-quarter [1] - Gross profit for Q1-Q3 2024 was 1.57 billion yuan, a year-on-year decrease of 2%, with a gross margin of 10.9%, down 4.5 percentage points year-on-year [1] - The decline in gross margin is attributed to the tight supply of international logistics trunk line capacity, leading to significant fluctuations in freight rates and trunk line costs [1] - The company is expanding its overseas logistics network and enhancing its end-to-end integrated logistics service capabilities, with new operational points established in Kazakhstan, Brazil, Chile, Colombia, and Nigeria [1] - Huamao Logistics has committed to a high dividend payout ratio, planning to distribute no less than 60% of the distributable profit annually from 2023 to 2025, with a dividend payout ratio of 50% in the first half of 2024 [1] Financial Performance - Net profit attributable to the parent company for Q1-Q3 2024 was 470 million yuan, a year-on-year decrease of 16%, with Q3 net profit at 170 million yuan, down 21% year-on-year but up 24% quarter-on-quarter [1] - Non-GAAP net profit attributable to the parent company for Q1-Q3 2024 was 470 million yuan, a year-on-year decrease of 11.7%, with Q3 non-GAAP net profit at 170 million yuan, down 8.9% year-on-year but up 26% quarter-on-quarter [1] - The company's revenue for 2024E is forecasted to be 16.582 billion yuan, with a year-on-year growth rate of 13.5% [2] - Net profit attributable to the parent company for 2024E is forecasted to be 649 million yuan, with a year-on-year growth rate of 5.3% [2] Strategic Initiatives - Huamao Logistics is focusing on both domestic and international markets, establishing a two-way communication and collaborative marketing mechanism to meet customer needs for domestic and international business extensions [1] - The company is enhancing product stability and coverage, with the shipping headquarters continuing to promote the contract capacity cooperation model and consolidating core capacity in air freight routes such as Europe and America [1] Valuation and Target Price - The report adjusts the 2024 net profit forecast to 650 million yuan (originally 730 million yuan) and maintains the 2025 and 2026 net profit forecasts at 820 million yuan and 900 million yuan, respectively [1] - The target price is set at 7.43 yuan, representing a 25% upside potential from the current price, with a 2024 expected dividend yield of 5.0% [1]

Investment Rating - The report maintains a "Recommended" rating for the company, with expected earnings per share (EPS) of 0.52, 0.58, and 0.65 for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 11.46X, 10.26X, and 9.22X [2]. Core Insights - The company achieved a record high revenue of 144.17 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 38.64% compared to the same period in 2023 [2]. - The net profit attributable to shareholders for the same period was 4.72 billion yuan, a decrease of 16.31% year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 10.88%, slightly down from 11.76% in the mid-year report [2]. - The company has successfully implemented a direct customer contract model, benefiting from price elasticity in freight rates, leading to a significant increase in quarterly revenue [2]. - The company has made significant strides in cross-border e-commerce logistics, with expectations for accelerated growth driven by domestic brands expanding overseas [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenues of 144.17 billion yuan, with quarterly revenues of 38.83 billion yuan, 47.17 billion yuan, and 58.17 billion yuan for Q1, Q2, and Q3 respectively, showing year-on-year growth rates of 31.67%, 30.61%, and 51.54% [2]. - The operating costs for the same period were 138.26 billion yuan, reflecting a year-on-year increase of 42.11% [2]. - The company has maintained a focus on cost control and efficiency improvements, with sales expenses of 5.39 billion yuan, management expenses of 3.71 billion yuan, and R&D expenses of 0.13 billion yuan for the first three quarters of 2024 [2]. - The company has declared a mid-year cash dividend with a payout ratio of 50.11%, distributing 1.16 yuan per share to shareholders [2].

上 市 公 司 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | --- | |------------------------------------|-------|------------------------| | 市场数据： | 2024 | 年 10 月 25 日 | | 收盘价（元） | | 5.96 | | 一年内最高/最低（元） | | 8.50/4.99 | | 市净率 | | 1.3 | | 息率（分红/股价） | | 7.48 | | 流通 A 股市值（百万元） | | 7,802 | | 上证指数/深证成指 | | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | | --- | --- | |---------------------------------|--------------------------------------| | 基础数据 : \n每股净资产（元） | 2024 年 09 月 30 日 \n4.63 | | 资产负债率 % | 41.70 | | 总股本 /流通 A 股（ ...

第五届董事会第二十三次会议决议公告 证券代码：603128 证券简称：华贸物流 公告编号：临 2024-027 港中旅华贸国际物流股份有限公司 表决结果：赞成__6__票；反对__0__票；弃权__0__票。 四、审议通过《关于对墨西哥子公司增资的议案》 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。 港中旅华贸国际物流股份有限公司（以下简称"本公司"、"华贸物流"） 第五届董事会第二十三次会议于 2024 年 10 月 25 日以通讯表决方式召开。本次 会议应出席会议的董事 6 名，实际出席会议的董事 6 名。本次会议的通知及召开 符合《中华人民共和国公司法》、《港中旅华贸国际物流股份有限公司章程》和 《董事会议事规则》的规定。经出席会议董事审议，一致通过如下决议： 一、审议通过《关于制定<董事会授权管理制度>的议案》 表决结果：赞成__6__票；反对__0__票；弃权__0__票。 二、审议通过《公司 2024 年第三季度报告的议案》 表决结果：赞成__6__票；反对__0__票；弃权__0__票。 本议案已经公司董 ...

表决结果：赞成__3__票；反对__0__票；弃权__0__票。 监事会认为：公司 2024 年第三季度报告编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的各项规定；第三季度报告的内容和格式符合 中国证监会和公司上市地证券交易所的各项规定，所包含的信息真实地反映出公 司 2024 年第三季度的经营成果和财务状况。 证券代码：603128 证券简称：华贸物流 公告编号：临 2024-028 港中旅华贸国际物流股份有限公司 第五届监事会第九次会议决议公告 本公司监事会及全体监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。 港中旅华贸国际物流股份有限公司（以下简称"公司"）第五届监事会第九 次会议于 2024 年 10 月 25 日以通讯表决方式召开。本次会议应出席会议的监事 3 名，实际出席会议的监事 3 名。本次会议的通知及召开符合《中华人民共和国 公司法》及《港中旅华贸国际物流股份有限公司章程》的规定。经出席会议监事 审议，一致通过如下决议： 审议通过《公司2024年第三季度报告的议案》 特此公告。 港中旅华贸国际物流股份有 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥5,817,175,705.45, representing a year-on-year increase of 51.54%[2] - The net profit attributable to shareholders for the same period was ¥169,348,902.16, showing a decrease of 20.55% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥169,454,189.75, down 8.85% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 14,417,229,426.79, a significant increase of 38.9% compared to CNY 10,399,182,773.04 in the same period of 2023[18] - Operating profit for the third quarter was CNY 629,443,401.75, down 17.2% from CNY 760,100,297.38 in the previous year[19] - Net profit attributable to shareholders of the parent company for the third quarter was CNY 472,377,773.35, a decrease of 16.3% compared to CNY 564,430,723.30 in the same period last year[19] - The total comprehensive income for the third quarter was CNY 482,954,750.88, compared to CNY 611,938,842.78 in the same period last year, reflecting a decline of 21.0%[19] - The total comprehensive income for the third quarter of 2024 was CNY 482,954,750.88, a decrease from CNY 611,938,842.78 in the same period of 2023, representing a decline of approximately 21%[20] - Basic and diluted earnings per share for the third quarter were CNY 0.36, down from CNY 0.43 in the previous year, indicating a decrease of about 16.3%[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥10,572,756,219.87, an increase of 9.52% from the end of the previous year[3] - The company's total current assets as of September 30, 2024, amount to ¥7,445,582,447.13, an increase from ¥6,501,641,749.31 at the end of 2023[15] - Accounts receivable increased to ¥4,243,901,045.13 from ¥2,908,052,800.52 year-over-year[15] - The total liabilities include short-term borrowings of ¥400,229,934.03, which is consistent with the previous period[15] - Total liabilities increased to CNY 4,408,341,573.59, up 19.7% from CNY 3,683,239,389.54 year-over-year[17] - The company's total equity reached CNY 6,164,414,646.28, an increase from CNY 5,970,236,125.63 in the previous year[17] Cash Flow - The cash flow from operating activities was negative at -¥141,895,496.93 for the year-to-date period[2] - Cash inflows from operating activities for the first three quarters of 2024 totaled CNY 15,901,154,605.58, compared to CNY 12,199,981,750.11 in the same period of 2023, reflecting an increase of approximately 30%[22] - Cash outflows from operating activities increased to CNY 16,043,050,102.51 in 2024 from CNY 11,790,830,350.06 in 2023, resulting in a net cash flow from operating activities of -CNY 141,895,496.93[22] - The company reported cash inflows from investment activities of CNY 18,550,479.96, down from CNY 216,695,066.92 in the previous year, indicating a significant decrease of about 91%[22] - Cash outflows from investment activities were CNY 46,109,343.85, compared to CNY 244,486,111.96 in the same period of 2023, showing a reduction of approximately 81%[22] - The net cash flow from financing activities was -CNY 351,081,970.34, a significant improvement from -CNY 1,253,591,868.10 in the previous year[23] - The ending balance of cash and cash equivalents was CNY 1,369,034,403.20, down from CNY 1,690,858,233.21 at the end of the third quarter of 2023[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 47,524[8] - The largest shareholder, China Logistics Group Co., Ltd., holds 599,644,827 shares, accounting for 45.81% of the total shares[8] - The company has no significant changes in the top 10 shareholders' participation in margin trading and securities lending[12] - There are no significant related party transactions among the top shareholders[12] Strategic Developments - The company has established new operations in Kazakhstan, Brazil, Chile, Colombia, and Nigeria to enhance customer service capabilities[6] - The company continues to enhance product stability and coverage through strategic partnerships in maritime and air transport[6] - The company has not disclosed any new strategies or future outlook in the current report[12] Government Support - The company received government subsidies amounting to ¥295,631.96 during the reporting period[4] Research and Development - Research and development expenses for the first three quarters were CNY 12,711,384.41, a decrease of 32.6% from CNY 18,778,645.07 in the same period of 2023[18]

证券代码：603128 证券简称：华贸物流 公告编号：2024-026 港中旅华贸国际物流股份有限公司 2024 年半年度权益分派实施公告 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 0.116 元 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 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/18 | － | 2024/10/21 | 2024/10/21 | 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公司 2024 年 9 月 27 日的 2024 年第一次临时股东大会审议通过。 三、 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 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/18 | － | 2024/10/21 | 2024/10/21 ...

证券代码：603128 证券简称：华贸物流 公告编号：2024-025 本公司董事会、全体董事及相关股东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、集中竞价减持主体的基本情况 | | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | | | 当前持股股份来源 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 陈宇 | | 董事、监事、 | 1,188,300 | 0.0908% | 其 他 | 方 | 式 | 取 | 得 | ： | | | | 高级管理人 | | | | | | | | | | | | | | | 1,188,300 | | 股 | | | | | | | 员 | | | | | | | | | 1 截至本公告披露日，港中旅华贸国际物流股份有限公司（以下简称"公 司"）董事、总经理陈宇先生持有公司股票 1,188,300 股，占公司总股 本的 0.0908%；财务总监兼董事会秘书于永乾先生持 ...