Investment Rating - The report maintains an "Accumulate" rating for the company [3][11]. Core Views - The company reported a total revenue of 14.61 billion, a decrease of 33.8% year-on-year, and a net profit of 617 million, down 30.6% year-on-year for the full year 2023. However, for Q1 2024, the revenue increased by 31.7% year-on-year to 3.88 billion, while net profit decreased by 24.7% year-on-year to 170 million [2]. - The company is transitioning from a comprehensive third-party logistics provider to a "global comprehensive logistics solution provider" [2]. - The establishment of a new company in Xinjiang aims to develop a logistics hub in Northwest China, and the company is actively entering the bulk commodity import logistics business [2]. - Internationally, the company has set up operations in South Africa, Tanzania, Nigeria, and Thailand, enhancing its end-to-end service capabilities [2]. - The gross profit for 2023 was 1.96 billion, with a comprehensive gross margin of 13.4%. The main business segments contributed as follows: air freight gross profit of 783 million (40%), sea freight gross profit of 510 million (26%), cross-border e-commerce gross profit of 224 million (11.4%), and special logistics gross profit of 187 million (9.5%) [2]. - Despite a 6% increase in sea freight container volume, sea freight revenue decreased by 56% due to a 68% decline in SCFI and CCFI averages [2]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 146.08 billion, with a projected revenue growth rate of 3.9% for 2024. The net profit for 2023 was 6.17 billion, with an expected growth rate of 18.9% for 2024 [14]. - The diluted earnings per share (EPS) for 2023 was 0.47, with projections of 0.56 for 2024 and 0.59 for 2025 [14]. Business Strategy - The company is expanding its overseas self-operated network to over 70 cities and regions, which is expected to balance import and export business volumes and improve profit margins [3]. - The company is also focusing on developing its bulk commodity logistics business, which is anticipated to enhance its overall service offerings [2]. Market Outlook - The overall external trade environment is expected to remain stable, which may positively impact the company's performance in the coming months [3].

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 8.3 CNY per share, indicating a potential upside of approximately 20% from the current price of 6.92 CNY [2][3][8]. Core Insights - The company reported a total revenue of 14.608 billion CNY in 2023, a year-on-year decrease of 33.8%. However, revenue is expected to recover with projected growth rates of 13.5% in 2024, 10.1% in 2025, and 9.4% in 2026 [7][18]. - The net profit attributable to the parent company for 2023 was 617 million CNY, down 30.6% year-on-year, but is forecasted to increase to 726 million CNY in 2024, 818 million CNY in 2025, and 899 million CNY in 2026 [7][18]. - The company has increased its dividend payout ratio to 70% for 2023, reflecting a commitment to shareholder returns [7]. Financial Summary - Total revenue (million CNY): - 2023: 14,608 - 2024E: 16,582 - 2025E: 18,249 - 2026E: 19,973 - Year-on-year growth rates (%): - 2023: -33.8% - 2024E: 13.5% - 2025E: 10.1% - 2026E: 9.4% [7][18]. - Net profit attributable to the parent (million CNY): - 2023: 617 - 2024E: 726 - 2025E: 818 - 2026E: 899 - Earnings per share (CNY): - 2023: 0.47 - 2024E: 0.55 - 2025E: 0.63 - 2026E: 0.69 [7][18].

交通运输 2024 年 04 月 21 日 华贸物流 (603128) | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 19 日 | | 收盘价（元） | 6.92 | | 一年内最高/最低（元） | 11.45/6.17 | | 市净率 | 1.5 | | 息率（分红 / 股价） | 1.88 | | 流通 A 股市值（百万元） | 9059 | | 上证指数/深证成指 | 3065.26/9279.46 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 04-2405-2406-2407-2408-2409-2410-2411-2412-2401-2402-2403-24 0% 20% 华贸物流 沪深300指数 -40% -20% 《华贸物流（603128）点评： 业绩环比改 善好于海外标的，三年分红承诺不低于 60% 超预期 》 2023/10/27 《华贸物流（603128）点评： 香港仓库纠 纷影响仓储业 ...

港中旅华贸国际物流股份有限公司 审计委员会对 2023 年度会计师事务所履行 监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》和港中旅华贸国际物流股份有限公 司（以下简称"公司"）的《公司章程》《董事会审计委员会工作细则》等规定 和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 根据财政部、国务院国资委及证监会联合印发的《国有企业、上市公司选聘 会计师事务所管理办法》，经履行招标程序公司拟聘任天职国际会计师事务所（特 殊普通合伙）（以下简称"天职国际"）为公司 2023 年年度财务审计机构及 2023 年内控审计机构。公司已就变更会计师事务所事宜与立信会计师事务所（特殊普 通合伙）（以下简称"立信"）进行了充分沟通，立信已知悉该事项并确认无异 议。 现将董事会审计委员会对天职国际 2023 年度履职评估及履行监督职责的情 况汇报如下： 截止 2022 年 12 月 31 日，天职国际合伙人 85 人，注册会计师 1061 人，签 1 署过证券服 ...

港中旅华贸国际物流股份有限公司 审计报告 天 职业字[2024]18758 号 目 录 -- 审 计 报 告 -- 2023 年度财务报表 -- 2023 年度财务报表附注- 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京24YDXFJ3F9 审计报告 天职业字[2024]18758 号 港中旅华贸国际物流股份有限公司全体股东: 一、审计意见 我们审计了港中旅华贸国际物流股份有限公司(以下简称"华贸物流")财务报表,包 括 2023年 12 月 31 日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及 母公司现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 华贸物流 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则 ...

Financial Performance - The company's operating revenue for the first quarter reached ¥3,882,870,739.80, representing a year-on-year increase of 31.67%[3] - The net profit attributable to shareholders decreased by 24.67% to ¥166,495,375.01, primarily due to a decline in overall business gross margin and increased investment in overseas network expansion[4] - Basic earnings per share decreased by 23.53% to ¥0.13, reflecting the decline in net profit[3] - Total revenue for Q1 2024 reached ¥3,882,870,739.80, a 31.5% increase from ¥2,948,914,948.33 in Q1 2023[35] - Net profit for Q1 2024 was ¥171,337,274.36, a decrease of 24.4% compared to ¥226,684,044.47 in Q1 2023[41] - The company reported a total comprehensive income of ¥171,602,557.18 for Q1 2024, down from ¥219,141,176.56 in Q1 2023[37] Cash Flow - The net cash flow from operating activities was negative at ¥-164,869,370.53, indicating a significant cash outflow during the period[3] - Cash flow from operating activities in Q1 2024 was ¥4,497,839,265.51, compared to ¥3,943,980,884.29 in Q1 2023, reflecting a 14.0% increase[43] - The company experienced a net increase in cash from operating activities of ¥4,487,423,318.51 in Q1 2024, compared to ¥3,926,267,271.31 in Q1 2023[43] - The net cash flow from operating activities was -$164.87 million, a decrease from $208.95 million in the previous period[46] - Total cash outflow from operating activities amounted to $4.66 billion, compared to $3.74 billion last year, indicating a significant increase[46] - Cash flow from investing activities showed a net outflow of -$22.76 million, contrasting with a net inflow of $22.41 million in the previous period[46] - The company reported a net cash flow from financing activities of -$109.80 million, an improvement from -$145.98 million last year[49] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,350,883,917.24, down 3.13% from the end of the previous year[16] - The total current assets decreased to ¥6,189,852,046.61 from ¥6,501,641,749.31, representing a decline of about 4.8%[29] - Cash and cash equivalents were reported at ¥1,653,024,672.99, down from ¥1,947,700,209.71, indicating a decrease of approximately 15.1%[26] - The total liabilities decreased to ¥3,229,110,523.02 from ¥3,683,239,389.54, a decline of approximately 12.3%[32] - The company's equity attributable to shareholders increased to ¥6,019,743,751.60 from ¥5,853,147,148.47, reflecting an increase of about 2.84%[32] Expenses - Total operating costs for Q1 2024 were ¥3,667,641,849.67, up 38.4% from ¥2,648,332,801.52 in Q1 2023[35] - Research and development expenses decreased to ¥2,539,831.68 in Q1 2024 from ¥4,079,694.88 in Q1 2023, a reduction of 37.8%[35] - Sales expenses increased to ¥192,345,720.68 in Q1 2024, up from ¥175,850,679.35 in Q1 2023, reflecting a rise of 9.0%[35] Shareholder Information - The top shareholder, China Logistics Group Co., Ltd., holds 45.81% of the shares, with a total of 599,644,827 shares[19] - The company's retained earnings increased to ¥2,792,132,156.66 from ¥2,625,636,781.65, reflecting an increase of approximately 6.4%[32] Other Financial Metrics - The company recognized non-recurring gains of ¥1,928,137.32 during the reporting period, including government subsidies and other income[16] - The company reported a diluted earnings per share of ¥0.13, which is a decrease of 23.53%[16] - The company reported a significant increase in other receivables, rising to ¥1,102,693,765.51 from ¥1,026,323,749.80, an increase of approximately 7.4%[26] - The inventory level increased to ¥55,177,942.54 from ¥20,409,224.58, indicating a substantial rise of about 170.5%[26] - The company’s short-term borrowings remained relatively stable at ¥400,282,621.78 compared to ¥400,316,172.00, showing a negligible change[32] - The impact of exchange rate changes on cash and cash equivalents was -$349.07 thousand, compared to -$14.05 million in the previous period[49]

港中旅华贸国际物流股份有限公司 独立董事2023年度述职报告 本人作为港中旅华贸国际物流股份有限公司（以下简称"公司"或"华贸物 流"）独立董事，2023年度严格按照《公司法》《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等有关法律法规 以及《公司章程》《公司独立董事工作制度》等公司规章制度，忠实履行职责， 充分发挥独立董事的作用，勤勉尽责，注重维护公司整体利益，维护全体股东尤 其是中小股东的合法权益。现将2023年度履行职责的情况报告如下： 一、 独立董事的基本情况 1、个人工作履历、专业背景及独立性情况 林树，博士研究生学历，教授、博士生导师。现任南京大学商学院会计学系 教授、博士生导师, 会计学系主任。 2、独立性情况说明 作为公司的独立董事，我本人及直系亲属、主要社会关系均不在公司或其附 属企业任职、没有直接或间接持有公司已发行股份的1%以上、不是公司前十名股 东、不在直接或间接持有公司已发行股份5%以上的股东单位、不在公司前五名股 东单位任职。同时，我本人没有为公司或其附属企业提供财务、法律、咨询等服 务，且未在公司关联单位任职。我能够确保客观、独立的专业判断 ...

证券代码：603128 证券简称：华贸物流 公告编号：临 2024-005 港中旅华贸国际物流股份有限公司 第五届董事会第十八次会议决议公告 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"） 第五届董事会第十八次会议于 2024 年 4 月 19 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《公司 2023 年年度报告及其<摘要>的议案》 表决结果：赞成__6__票；反对__0__票；弃权__0__票。 本议案已经公司董事会审计委员会审议通过。 本议案将提请股东大会审议。 二、审议通过《2023 年度内部控制评价报告》 表决结果：赞成__6__票；反对__0__票；弃权__0__票。 本议案已经公司董事会审计委员会审议通过。 三、审议通过《公司 ...

公司代码：603128 公司简称：华贸物流 港中旅华贸国际物流股份有限公司 2023 年度内部控制评价报告 港中旅华贸国际物流股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于 ...

证券代码：603128 证券简称：华贸物流 公告编号：临 2024-007 港中旅华贸国际物流股份有限公司 关于2023年度利润分配预案的公告 经审计，2023 年度华贸物流（母公司报表）共实现的净利润 426,523,986.12 元，加上年初未分配利润 907,370,436.49 元，减去 2022 年度分配的股利 444,419,688.71 元和 2023 年 1-3 季度分配的股利 170,176,044.22 元，2023 年 盈余公积计提 42,652,398.61 元，可供股东分配的利润为 701,435,919.32 元。 根据中国证监会关于上市公司分红的有关规定，拟以本议案日总股本 1,309,046,494 股为基数，向全体股东每 10 股派发人民币现金股利 2.0 元人民 币（含税），现金分红金额 261,809,298.80 元。 －1－ 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 ● 每10股派发人民币现金股利2元人民币（含税） ● 本次利润分配预案尚需提交公司2023年年 ...