重要内容提示： 本次会议是否有否决议案：无 证券代码：603128 证券简称：华贸物流 公告编号：2024-032 港中旅华贸国际物流股份有限公司 2024 年第二次临时股东大会决议公告 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法律责任。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 603 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 638,568,369 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 48.7811 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采用现场投票和网络投票相结合的方式召开,符合 《公司法》及《公司章程》的规定。 1 (一) 股东大会召开的时间：2024 年 12 月 26 日 (二) 股东大会召开的地点：上海市黄浦区南京西路 338 号天安中心 20 楼 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ( ...

华贸物流(603128) 2024 年第二次临时股东大会会议文件 港中旅华贸国际物流股份有限公司 2024年第二次临时股东大会 会议文件 2024年12月 1 港中旅华贸国际物流股份有限公司 2024年第二次临时股东大会会议网络投票注意事项 尊敬的各位股东及股东代表： 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》（下称"《规范运作指引》"），港中旅华贸国际物流股份有限公司（以 下简称"华贸物流"或"公司"）股东通过上海证券交易所股东大会网络投票系 统行使表决权的，既可以登陆交易系统投票平台（通过指定交易的证券公司交易 终端）进行投票，也可以登陆互联网投票平台（网址：vote.sseinfo.com）进行投 票。现就本次股东大会网络投票特别提请注意如下相关事项： 一、 交易系统投票平台 的，视为出席本次股东大会，其所持表决权数纳入出席本次股东大会股东所持表 决权数计算，对于该股东未表决或不符合《规范运作指引》要求投票的议案，其 所持表决权数按照弃权计算。 股东大会网络投票的具体操作详见互联网投票平台网站说明。 公司股东通过上交所交易系统投票平台投票的，可以通过股东账户登录其指 ...

证券代码：603128 证券简称：华贸物流 公告编号：2024-032 港中旅华贸国际物流股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 12 月 26 日 14 点 00 分 召开地点：上海市黄浦区南京西路 338 号天安中心 20 楼 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年12月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 26 日 至 2024 年 12 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

港中旅华贸国际物流股份有限公司（简称"华贸物流"或"公司"）坚决贯 彻党的二十大精神和中央经济工作会议部署，深入落实中央企业负责人会议要 求，牢牢把握高质量发展主题，聚焦国际物流主责主业，用好提升核心竞争力和 增强核心功能"两个途径"，发挥科技创新产业控制、安全支撑"三个作用"， 遵循"稳、进、立、紧、精"原则，以"中国物流品牌建设工程"为引领，以"成 本费用管控工程"为抓手，确定重点工作和落地措施，研究制定了公司提质增效 工作方案。 证券代码：603128 证券简称：华贸物流 公告编号：临 2024-031 港中旅华贸国际物流股份有限公司 关于提质增效工作方案的公告 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。 一、坚持稳中求进，统筹公司发展和风险防范 围绕国务院国资委"一利五率"指标体系和"一利稳定增长，五率持续优化" 的总体要求，紧紧围绕"十四五"战略规划，统筹公司发展和风险防控，平衡规 模、效益和风险之间的关系，科学谋划，合理确定目标任务，持续健全风险防控 机制，确保公司平稳运行、稳健发展。 （一）坚持以进促稳 ...

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。 变更会计师事务所的简要原因及前任会计师的异议情况：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信永中和会计师事务所（特殊普通合伙）（以 下简称"信永中和"）为公司2024年年度财务审计机构及2024年内控审计机构。 本公司已就变更会计师事务所事宜与天职国际会计师事务所（特殊普通合伙） （以下简称"天职国际"）进行了充分沟通，天职国际已知悉该事项并确认无异 议。 证券代码：603128 证券简称：华贸物流 公告编号：临 2024-031 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 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"） 第 五届董事会第二十四次会议审议通过《关于变更会计师事务所的议案》，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信永中和为公司2024年年度财务审计 机构及2024年内控审 ...

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（ ...