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]

较高的股东回报水平。 公司点评报告 · 交通运输行业 24Q3 单季营收创新高,中期分红已兑现 2024年10月26日 核心观点 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 ...

港中旅华贸国际物流股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603128 证券简称：华贸物流 港中旅华贸国际物流股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|-------------------|---------- ...

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 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 1 法、有效发表意见，并不对任何中国法律法规以外的国家或地区的法律发表任何 意见。本法律意见书的出具基于以下假设：（1）公司所提供的所有文件正本及副 本均为真实、准确、完整的；（2）公司已向本所披露一切足以影响本法律意见书 出具的事实和文件，且无任何隐瞒、疏漏之处。 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于港中旅华贸国际物流股份有限公司 2024 年第一次临时股东大会的法律意见书 致：港中旅华贸国际物流股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国法律执业 资格的律师事务所。根据相关法律顾问协议， ...