| --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------|-----------------------------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业总收入 ( 百万 ) | 14,608 | 16,582 | 18,249 | 19,973 | | 同比增速 (%) | -33.8% | 13.5% | 10.1% | 9.4% | | 归母净利润 ( 百万 ) | 617 | 726 | 818 | 899 | | 同比增速 (%) | -30.6% | 17.7% | 12.7% | 9.8% | | 每股盈利 ( 元 ) | 0.47 | 0.55 | 0.63 | 0.69 | | 市盈率 ( 倍 ) 15 | | 12 | 11 | 10 | | 市净率 ( 倍 ) | 1.5 | 1.5 | 1.4 | 1.4 | | 资料来源：公司公告，华创证券预测 | | 注：股价为 2024 | 年 4 ...

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 ...

Financial Performance - Revenue for 2023 decreased by 33.81% to RMB 14,608,088,592.46 compared to 2022[12] - Net profit attributable to shareholders decreased by 30.60% to RMB 616,518,547.34 in 2023[12] - Operating cash flow dropped significantly by 78.75% to RMB 308,954,274.40 in 2023[12] - Basic earnings per share decreased by 31.88% to RMB 0.47 in 2023[22] - Weighted average return on equity (ROE) decreased by 5.81 percentage points to 10.42% in 2023[22] - Total assets decreased by 1.22% to RMB 9,653,475,515.17 at the end of 2023[12] - Q4 2023 revenue was RMB 4,208,905,819.42, the highest among all quarters[29] - Q4 2023 net profit attributable to shareholders was RMB 52,087,824.04, the lowest among all quarters[29] - Q4 2023 operating cash flow was negative RMB 100,197,125.65[29] - Revenue in 2023 was 14.608 billion yuan, a decrease of 33.81% year-on-year[88] - Net profit attributable to the parent company in 2023 was 617 million yuan, a decrease of 30.6% year-on-year[88] - Gross profit in 2023 was 1.956 billion yuan, with a comprehensive gross margin of 13.39%[88] - Traditional air and sea freight gross profit in 2023 was 1.293 billion yuan, a decrease of 356 million yuan compared to 2022[88] - Cross-border e-commerce logistics gross profit in 2023 was 224 million yuan, a decrease of 79 million yuan compared to 2022[88] - The company's performance in 2023 was better than the average decline of 35.70% in revenue and 38.95% in EBIT of four major international logistics giants[88] - The company's operating cash flow in 2023 was RMB 309 million, a significant decrease from RMB 1.454 billion in the previous year due to market demand fluctuations and freight rate volatility[173] - The company's investment cash flow in 2023 was RMB 97.44 million, primarily due to the disposal of Jiacheng equity, which brought in RMB 167 million[173] Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 2.0 per 10 shares, totaling RMB 261,809,298.80, with a total dividend for 2023 reaching RMB 431,985,343.02, representing 70.07% of the net profit attributable to shareholders[35] - Total dividends for 2023: RMB 431,985,343.02, with RMB 3.3 per 10 shares, accounting for 70.07% of net profit attributable to shareholders[96] - Remaining undistributed profit: RMB 439,626,620.52[96] - Total cash dividends proposed: RMB 261,809,298.80, with RMB 2.0 per 10 shares[111] Client and Market Expansion - In 2023, the company added over 10,000 new direct clients, a 109% year-on-year increase, including major clients such as Tesla, Geely, BYD, and Mercedes[43] - The company completed the construction of 13 new overseas network points in countries including Canada, South Africa, France, and Brazil, enhancing end-to-end service capabilities[53] - The company expanded its logistics network in "Belt and Road" countries, establishing new entities in South Africa, Tanzania, Nigeria, and Thailand[50] - The company integrated warehouse assets in the US, Mexico, and China, adding approximately 30,000 square meters of new warehouse space to serve clients like Tesla and Nissan[51] - The company served over 500 high-quality clients, including Alibaba, JD.com, Huawei, and Tesla, across various industries such as technology, healthcare, and automotive[160] - The company established a joint venture logistics company with Jianfa Co., Ltd. and Wuchan Zhongda Group to provide cross-border logistics services for bulk commodities, leveraging their bulk trade businesses[183] - The company's international cross-border logistics business is widely distributed across key regions including the Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Beijing-Tianjin-Hebei region, with strategic development in the Yangtze River Economic Belt, central and western regions, and northeast China[185] Operational and Strategic Initiatives - The company has launched the Huamao Smart International Logistics Platform and is preparing for the construction of "Huamao Tong" to provide online quotation, order tracking, and settlement services for long-tail customers, aiming to improve efficiency and reduce customer acquisition costs[54] - The company has accelerated its overseas network layout, with self-operated networks covering over 70 cities and regions, enhancing network coverage and stability, and improving local resource integration and operational capabilities[58] - The company is actively exploring ways to secure stable and reliable air transport capacity through financial leasing, procurement, and equity cooperation to address the challenges of extreme market conditions[59] - In 2023, the company established a joint venture with Jianfa Co., Ltd. and Wuchan Zhongda to provide cross-border logistics services for bulk commodities, aiming to build a more competitive international bulk commodity logistics solution[59] - The company's transportation channels include international air, sea, rail, and truck services, covering more than four out of seven service segments for most of its products and services[61] - The company is focusing on direct customer strategy and business structure optimization, targeting industries such as technology, healthcare, automotive, FMCG, chemicals, e-commerce, and energy[63] - The company has standardized operational processes and strengthened talent development, risk management, and supervision systems to enhance overseas subsidiary operations[64] - The company is prepared to manage risks such as policy, market, financial, credit, liquidity, interest rate, exchange rate, and international trade friction risks in its international air and sea logistics businesses[66] - The company is focusing on overseas network expansion, full-chain service capabilities, and the unique value of air cargo[82] - The company is transitioning from industry boom dividends to industry structure quality, emphasizing overseas network integration and service capabilities[82] - The company signed strategic cooperation agreements with major airlines, including China Eastern Airlines, Air France-KLM, and Lufthansa Cargo, to strengthen its core air freight capabilities[161] - The company expanded its sea freight capabilities by directly contracting with overseas shipping groups, becoming a Global Account, and signing the CMA CGM Europe Index contract[161] - The company developed customized rail freight products, including routes to Russia and Central Asia, and launched sea-rail intermodal products in East and North China[162] - The company leveraged big data and cloud computing to enhance its logistics systems, including the development of an intelligent marketing system and a resource pricing and capacity matching system[163] - The company's business model focuses on integrating seven key elements of cross-border logistics, enhancing end-to-end service capabilities, and leveraging technology to improve efficiency and reduce costs[194] Internal Control and Governance - The company completed 4 periodic reports and 53 temporary announcements during the reporting period, ensuring timely and accurate information disclosure[69] - The company held 3 general meetings of shareholders during the reporting period, ensuring compliance with relevant laws and regulations and protecting the rights of all shareholders, especially minority shareholders[67] - The company strengthened internal audit supervision and improved the depth and breadth of internal audit work[124] - The company updated and improved internal control systems across various business segments, including air freight, sea freight, warehousing, and special logistics[124] - The company established a comprehensive internal control system and embedded business management processes into information systems[123] - The company strengthened management and control over subsidiaries through financial management, investment decision-making, personnel management, and internal control[125] - The company's parent company, China Logistics Group, committed to maintaining independence and avoiding improper interference in the company's operations[130] - China Logistics Group pledged to resolve potential同业竞争 issues within 60 months through measures such as asset restructuring, business adjustment, and entrusted management[133] - Internal control audit report issued by Tianzhi International Accounting Firm with a standard unqualified opinion[118] - The company identified 10 new internal control deficiencies in 2023 and formulated rectification plans[124] Environmental and Social Responsibility - The company invested 52.4 million yuan in environmental protection during the reporting period[127] - The company allocated a total of 319,000 yuan for poverty alleviation and rural revitalization projects, including 300,000 yuan in funds and 19,000 yuan in material donations[140] Employee and Labor Statistics - Total labor outsourcing hours: 421,490, with total payment of RMB 12,363,306.97[94] - Total number of employees: 4,236, including 1,804 in the parent company and 2,432 in major subsidiaries[107] - Employee composition: 2,427 technicians, 1,003 operators, 551 managers, and 245 financial personnel[107] - Education level of employees: 175 with postgraduate degrees, 1,660 with bachelor's degrees, 1,291 with associate degrees, and 1,110 with below associate degrees[107] - Stock options exercised by senior management: 861,900 shares at an exercise price of RMB 3.62 per share[115] Logistics and Freight Volume - International air freight volume decreased by 13.04% to 2.634 million tons in 2023 compared to 2022[147] - International sea freight volume increased by 6.06% to 819,300 TEUs in 2023 compared to 2022[147] - Railway freight agency volume surged by 70.45% to 42,100 TEUs in 2023 compared to 2022[147] - Cross-border e-commerce logistics revenue dropped by 34.49% to 2.252 billion yuan in 2023 compared to 2022[147] - Special logistics revenue increased by 8.84% to 679 million yuan in 2023 compared to 2022[147] - Overseas network expenses increased by 67 million yuan in 2023 to enhance logistics service capabilities[144] - Special insurance and compensation expenses for high-risk overseas regions amounted to 11 million USD in 2023[147] - Revenue and profit from the Hong Kong warehouse returned to the former controlling shareholder decreased by 73.08 million yuan and 58.47 million yuan respectively in 2023 compared to 2019[147] - Employee severance compensation and intermediary fees totaled 19.28 million yuan in 2023[147] - The company's gross profit from international sea freight decreased by 39.98% to 510 million yuan in 2023 compared to 2022[147] - The company's international air freight volume in 2023 was 263,400 tons, a decrease from 302,900 tons in 2022[171] - The company's international sea freight volume in 2023 was 819,300 TEUs, an increase from 772,500 TEUs in 2022[171] - The company's cross-border e-commerce logistics volume in 2023 was 56,500 tons for air freight and 18,200 TEUs for sea freight[171] - The company's international air, sea, and rail logistics services include five major categories: international air export, international air import, international sea export, international sea import, and international rail (mainly China-Europe Railway Express)[194] - The company's international engineering logistics services primarily cater to Chinese enterprises involved in projects along the Belt and Road Initiative, with a leading market share in major hydropower projects in northern Pakistan[195] - The company operates international warehousing logistics in major port cities across China, Hong Kong, Southeast Asia, Africa, and the Americas, providing comprehensive logistics services including customs clearance, warehousing, and bonded services[195] Market and Industry Trends - China's total import and export value in 2023 reached RMB 41.76 trillion, with exports growing by 0.6% to RMB 23.77 trillion, supporting the company's role in international supply chains[41] - The company faced challenges in the global logistics market due to declining freight rates and increased competition, but continued to focus on digital logistics and cross-border e-commerce logistics as new growth drivers[49] - Global container shipping prices have significantly declined, with the Shanghai Containerized Freight Index (SCFI) averaging 1006 points in 2023, a 70% year-on-year decrease, and the China Containerized Freight Index (CCFI) dropping 66.4% to 937 points[197] - The international freight forwarding industry is undergoing a reshuffle, with major players like DB Schenker, DHL, and Maersk conducting large-scale layoffs, and industry leaders accelerating acquisitions to strengthen core business capabilities[190] - China's cross-border e-commerce trade volume reached 2.4 trillion yuan in 2023, a year-on-year increase of 15.6%[191] - China's export of mechanical and electrical products reached 13.92 trillion yuan in 2023, accounting for 58.6% of total exports, with the "new three" products (electric vehicles, lithium-ion batteries, and solar batteries) contributing 1.06 trillion yuan, a 29.9% increase[196] Non-Recurring Items and Investments - The company's non-recurring gains and losses for 2023 amounted to RMB 84,056,090.50, including gains from government subsidies and asset disposals[47] - The company's investment property increased by RMB 10,234,200.00 in 2023, contributing to a total value of RMB 65,330,300.00 at year-end[48]

12 / 12 特此公告 港中旅华贸国际物流股份有限公司董事会 2024 年 4 月 20 日 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。 | --- | --- | --- | |-----------------------------------------------|------------------|-------------------------------------| | | | 单位：元 币种：人民币 | | 项目 | 本报告期 | 本报告期比上年同期增减 变动幅度 (%) | | 营业收入 | 3,882,870,739.80 | 31.67 | | 归属于上市公司股东的净利润 | 166,495,375.01 | -24.67 | | | | | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 164,567,237.69 | -23.72 | | 经营活动产生的现金流量净额 | -164,869,370.53 | 不适用 | | 基本每股收益（元/股） | 0.13 | -23.53 | | --- | -- ...

单箱毛利（元/标箱） YOY（右） 资料来源：Wind，天风证券研究所 资料来源：公司公告，天风证券研究所 3.2. 跨境电商物流：提前布局形成先发优势，协同效应促进业务增长 公司提前布局跨境电商物流并形成先发优势，产品体系日渐完善。2014 年公司收购德祥 集团 65%股权后开辟了跨境电商物流通道，2018 年开始通过收购整合等方式加快跨境电商 物流网络布局。公司跨境电商业务分为国际邮政航空函件(邮政小包)、集中发货专线物流、 跨境电商商品空海铁干线运输以及对应的地面收集、安全检测、分拨、包装、清关、海外 仓、终端派送相关配套服务，目前已经基本形成覆盖全产业链的竞争能力。 跨境电商物流成为公司第三大收入来源，相较传统货代的利润优势逐渐削弱。跨境电商物 流营收比重持续提升。2022年公司跨境电商物流营收34.37亿元，相比2019年增幅达1390%； 2019-2023H1 跨境电商物流营收占比由 2.25%增长为 17.09%，2019-2022 年营收 CAGR 高 达 146.06%。跨境电商相比传统货代中间环节更多、对清关效率和安全能力的要求更高， 由此带来产业链条的延长和增值服务的附属价值上升，从而 ...

Revenue and Profit Performance - Revenue for the third quarter of 2023 was RMB 3,838,663,403.43, a decrease of 30.49% compared to the same period last year[9] - Net profit attributable to shareholders of the listed company for the third quarter of 2023 was RMB 213,156,683.05, a decrease of 16.09% year-on-year[9] - Revenue from the beginning of the year to the end of the reporting period was RMB 10,399,182,773.04, a decrease of 42.01% compared to the same period last year[9] - Net profit attributable to shareholders of the listed company from the beginning of the year to the end of the reporting period was RMB 564,430,723.30, a decrease of 23.16% year-on-year[9] - Total operating revenue for the first three quarters of 2023 was RMB 10,399,182,773.04, a decrease from RMB 17,934,161,705.02 in the same period of 2022[42] - Net profit for the first three quarters of 2023 was RMB 600,130,980.90, down from RMB 758,063,274.58 in the same period of 2022[43] - The decrease in revenue was mainly due to the decline in international shipping rates and customer structure adjustment[22] Cash Flow and Financial Activities - Net cash flow from operating activities from the beginning of the year to the end of the reporting period was RMB 409,151,400.05, a decrease of 60.51% compared to the same period last year[15] - Sales of goods and services received cash of 12,145,227,746.87 RMB, compared to 19,938,728,392.18 RMB in the previous period[47] - Net cash flow from operating activities was 409,151,400.05 RMB, down from 1,036,034,454.69 RMB in the previous period[47] - Net cash flow from investing activities was -27,791,045.04 RMB, slightly improved from -28,281,480.34 RMB in the previous period[52] - Net cash flow from financing activities was -1,253,591,868.10 RMB, a significant decrease from -312,318,698.57 RMB in the previous period[52] - Cash and cash equivalents at the end of the period were 1,690,858,233.21 RMB, down from 2,441,404,391.29 RMB in the previous period[52] - Cash received from disposal of subsidiaries and other business units was 178,597,286.08 RMB, compared to 0.00 RMB in the previous period[47] - Cash paid for construction of fixed assets, intangible assets, and other long-term assets was 29,786,111.96 RMB, up from 20,322,491.76 RMB in the previous period[47] - Cash received from investments was 59,156,866.40 RMB, compared to 44,551,285.35 RMB in the previous period[52] - Cash paid for debt repayment was 1,126,144,457.74 RMB, significantly higher than 408,526,686.20 RMB in the previous period[52] - Cash paid for dividends, profits, or interest payments was 297,623,513.77 RMB, down from 322,404,490.46 RMB in the previous period[52] Assets and Liabilities - Total assets at the end of the reporting period were RMB 9,138,383,954.44, a decrease of 6.49% compared to the end of the previous year[15] - The company's total assets as of September 30, 2023, were RMB 9,138,383,954.44, down from RMB 9,772,326,601.56 at the end of 2022[35] - Total assets as of the end of the third quarter of 2023 were RMB 9,138,383,954.44, compared to RMB 9,772,326,601.56 at the end of the same period in 2022[39] - The company's total liabilities as of September 30, 2023, amounted to RMB 3,037,841,970.48, a decrease from RMB 3,757,071,220.50 at the end of 2022[34] - The company's accounts payable stood at RMB 1,440,873,848.23 as of September 30, 2023, slightly up from RMB 1,438,460,584.70 at the end of 2022[34] - The company's contract liabilities decreased to RMB 36,882,776.52 as of September 30, 2023, from RMB 77,433,162.70 at the end of 2022[34] - The company's short-term borrowings due within one year decreased significantly to RMB 21,814,173.58 as of September 30, 2023, from RMB 863,858,594.29 at the end of 2022[34] - Short-term borrowings decreased to RMB 250,420,818.91 in 2023 from RMB 499,837,286.37 in 2022[39] - Total liabilities as of the end of the third quarter of 2023 were not explicitly stated, but short-term borrowings and other liabilities showed significant changes[39] Equity and Shareholder Information - Equity attributable to shareholders of the listed company at the end of the reporting period was RMB 5,975,491,183.16, an increase of 2.84% compared to the end of the previous year[15] - Total equity attributable to the parent company's shareholders increased to RMB 5,975,491,183.16 as of September 30, 2023, compared to RMB 5,810,539,228.26 at the end of 2022[35] - The company's retained earnings increased to RMB 2,786,377,400.44 as of September 30, 2023, compared to RMB 2,666,366,365.85 at the end of 2022[35] - The company's other comprehensive income improved to RMB 1,362,307.37 as of September 30, 2023, from a negative RMB 10,361,887.81 at the end of 2022[35] - The company's capital reserve increased to RMB 1,695,708,602.78 as of September 30, 2023, from RMB 1,673,374,965.25 at the end of 2022[35] Earnings and Return Metrics - Basic earnings per share for the third quarter of 2023 was RMB 0.16, a decrease of 20.00% year-on-year[15] - Weighted average return on equity for the third quarter of 2023 was 3.62%, a decrease of 0.97 percentage points year-on-year[15] - Basic earnings per share for the first three quarters of 2023 were RMB 0.43, down from RMB 0.57 in the same period of 2022[44] - Total comprehensive income for the first three quarters of 2023 was RMB 611,938,842.78, compared to RMB 792,464,167.12 in the same period of 2022[44] Monetary Funds and Investments - The company's monetary funds decreased to RMB 1,735,888,867.99 as of September 30, 2023, from RMB 2,575,024,849.78 at the end of 2022[38] - Accounts receivable increased to RMB 2,865,697,259.24 in 2023 from RMB 2,628,476,502.53 in 2022[39] - Long-term equity investments rose to RMB 745,282,359.32 in 2023 from RMB 340,083,430.98 in 2022[39] - Research and development expenses increased to RMB 18,778,645.07 in 2023 from RMB 14,601,796.37 in 2022[42]

理；无船承运业务；供应链管理服务；运输货物打包服务；装卸搬运；包装服务。本公司直接持 有其 100%股权。 (七) 公司控制的结构化主体情况 24 / 208 第四节 公司治理 二、公司董事、监事、高级管理人员变动情况 公司 2023 年第一次临时股东大会审议通过《关于选举第五届董事会董事的议案》，选举吴 春权、陈宇、徐林秀为第五届董事会董事；《关于选举第五届董事会独立董事的议案》，选举韩 刚、林树、张泽平为第五届董事会独立董事；《关于选举第五届监事会监事的议案》，选举曾祥 展、邹善童为第五届监事会监事。 三、利润分配或资本公积金转增预案 其他说明 □适用 √不适用 (一) 属于环境保护部门公布的重点排污单位的公司及其主要子公司的环保情况说明 □适用 √不适用 (三) 报告期内披露环境信息内容的后续进展或变化情况的说明 □适用 √不适用 二、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况 □适用 √不适用 一、承诺事项履行情况 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|----------- ...

2023 年第一季度报告 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。 第一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 | --- | --- | --- | |----------------------------------------------|------------------|----------------------------------------| | 项目 | 本报告期 | 本报告期比 \n上年同期增 减变动幅度 (%) | | 营业收入 | 2,948,914,948.33 | -53.16 | | 归属于上市公司股东的净利润 | 221,022,974.92 | -12.24 | | ...

2022 年年度报告 1 / 280 | --- | --- | |------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 | | | 完整性，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。 | | | 二、 公司全体董事出席董事会会议。 三、 立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 | | | | | | 四、 公司负责人吴春权、主管会计工作负责人于永乾及会计机构负责人（会计主管人员）刘永健 声明：保证年度报告中财务报告的真实、准确、完整。 | | | | | | 五、 董事会决议通过的本报告期利 ...

2022 年第三季度报告 单位：元 币种：人民币 1 / 14 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 2022 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 本报告期 年初至报告期 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|------------------------------|-------------------|------------------ ...