Core Viewpoint - The company is experiencing a decline in stock price and market capitalization, while maintaining a competitive edge in the international chemical shipping market through strategic differentiation and modernization of its fleet [1][7]. Market Performance - As of April 11, 2025, the company's stock closed at 14.47 yuan, down 7.66% from the previous week [1]. - The company's total market capitalization is 4.052 billion yuan, ranking 31st in the shipping and port sector and 3168th in the A-share market [1]. International Business Strategy - The company has minimal exposure to the U.S. market, which mitigates the impact of U.S. tariffs and investigations on its foreign trade operations [3][7]. - The average age of the company's chemical tankers is 3.8 years, significantly lower than the industry average, enhancing its competitiveness in the international market [4][7]. - The company is actively building a fleet of dual-fuel chemical tankers to comply with environmental regulations, with six new vessels under construction [5][7]. Customer Acquisition and Contracts - The company has established contracts with major clients, including Shenghong Refining and BASF, and is actively seeking new customers [6][7]. - The company emphasizes safety, environmental compliance, and efficient scheduling to meet customer demands [6]. Digital Innovation - The company is investing in digitalization and has developed a "Vessel Operation Efficiency Analysis Dataset," which has been recognized for its intellectual property [8]. - The company has implemented an intelligent vessel management system to optimize scheduling and reduce operational costs [8]. Shareholder Commitment - The actual controller of the company has committed to not reducing their shareholding in the short term, supporting the company's growth and competitiveness [9].

调整盈利预测，维持"买入"评级 外贸化学品船租金在回调 兴通股份的船舶运力有望继续增加，但是内外贸危化品船运价回调拖累业绩，下调2025 年预测归母净 利润至4.06 亿元（原预测5.24 亿元）；引入2026-27 年预测归母净利润分别为4.82、5.29 亿元。维持"买 入"评级。 2024 年，全球化学品船租金和东亚部分航线化学品船运价，都处于历史较高水平，2024 年下半年都开 始回调。2024 年，5 年船龄的2 万载重吨化学品船价格在历史较高水平，2025 年初开始小幅回调。根据 Clarkson 统计数据，我们预计2025-26 年全球化学品船运力增速4.9%、5.7%，略高于2024 年的3.4%，可 能给未来外贸化学品船运价带来压力。2024 年兴通股份的国外业务毛利率29%，如果运价下跌，航次 租船业务的毛利可能先受影响。 风险提示：化工品产量波动，国内化学品出口不及预期，危化品运输出现安全事故，燃油价格大幅上 涨，测算具有主观性仅供参考。 内贸化学品运价在历史相对低位 2023 和2024 年，兴通股份的运力规模分别增长48%和12%，带动营业收入分别增长58%和22%、归母净 利润分别 ...

Investment Rating - The investment rating for the company is "Buy" [6][4]. Core Views - The domestic chemical shipping market is experiencing a decline in freight rates, with a projected decrease of 5% in 2024. However, the company's domestic business gross margin is expected to improve to 40.6% from 36% in 2023, attributed to long-term contracts with major clients [1][4]. - Global chemical shipping rates are at historically high levels but are expected to start declining in the second half of 2024. The company's foreign business gross margin is projected at 29% for 2024, which may be impacted by falling freight rates [2][4]. - The company's shipping capacity is expected to grow significantly, with a 48% increase in 2023 and a 12% increase in 2024, leading to revenue growth of 58% and 22% respectively, and net profit growth of 22% and 39% [3][4]. Financial Projections - The company's revenue is projected to reach 1,858.22 million yuan in 2025, with a growth rate of 22.68%. The net profit attributable to the parent company is expected to be 405.88 million yuan, reflecting a growth rate of 15.83% [5][22]. - The company's EBITDA is forecasted to be 783.00 million yuan in 2025, with a corresponding increase in net profit margins [5][22]. - The company maintains a strong financial position with a projected net profit of 4.06 billion yuan for 2025, down from an earlier estimate of 5.24 billion yuan, while introducing new profit forecasts for 2026 and 2027 [4][22]. Market Context - The domestic chemical shipping market is nearing a supply-demand inflection point, with some major shipowners shifting capacity to foreign trade routes due to declining domestic rates [1][2]. - The global chemical shipping capacity is expected to grow at rates of 4.9% and 5.7% in 2025-26, which may exert pressure on future freight rates [2][16].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The domestic chemical shipping market is experiencing a decline in freight rates, with a projected decrease of 5% in 2024. However, the company's domestic business gross margin is expected to rise to 40.6% in 2024, up from 36% in 2023, likely due to long-term contracts with major clients [1]. - Global chemical shipping rates are at historically high levels but are expected to start declining in the second half of 2024. The company's foreign business gross margin is projected to be 29% in 2024, which may be impacted by falling freight rates [2]. - The company's shipping capacity is expected to grow significantly, with a 48% increase in 2023 and a 12% increase in 2024, leading to revenue growth of 58% and 22%, respectively. Net profit is projected to grow by 22% in 2023 and 39% in 2024 [3]. - The company has adjusted its profit forecast for 2025, lowering the expected net profit to 406 million yuan from a previous estimate of 524 million yuan, while introducing profit forecasts for 2026 and 2027 at 482 million yuan and 529 million yuan, respectively [4]. Summary by Sections Financial Data and Valuation - Revenue is projected to grow from 1,237.27 million yuan in 2023 to 1,858.22 million yuan in 2025, with growth rates of 57.66%, 22.43%, and 22.68% for the respective years. The net profit attributable to the parent company is expected to increase from 252.20 million yuan in 2023 to 405.88 million yuan in 2025 [5][21]. - The company's earnings per share (EPS) is expected to rise from 0.90 yuan in 2023 to 1.45 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 15.95 to 9.91 over the same period [5][21]. - The company’s total assets are projected to grow from 3,798.79 million yuan in 2023 to 5,161.30 million yuan in 2025, with a debt-to-asset ratio of 36.19% in 2024 [21][22]. Basic Data - The total share capital of the company is 280 million shares, with a total market capitalization of 4,023.60 million yuan. The net asset per share is 9.10 yuan [7].

证券代码：603209 证券简称：兴通股份 公告编号：2025-032 兴通海运股份有限公司 关于接待投资者调研情况的公告 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法律责任。 兴通海运股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日至 4 月 9 日通过线上/现场投资者交流会的形式接待了投资者调研，现将主要情况公告如 下： 一、调研基本情况 调研时间：2025 年 4 月 7 日至 4 月 9 日 调研方式：线上/现场投资者交流会 公司接待人员：副董事长/总经理陈其龙先生，董事/副总经理柯文理先生， 董事会秘书/财务负责人黄木生先生，证券事务代表柳思颖女士 二、调研主要内容 问题 1：美国针对中国船舶征收港口费用、美国 301 调查、关税政策对公司 外贸业务的影响？ 回复：目前公司外贸业务航线主要分布在亚洲、中东、地中海、欧洲、南美 1 洲等地区，几乎没有美国市场业务（自公司进入国际航运市场只去过一次美国航 线），且公司目前外贸化学品船队体量较小，短期内不会对公司的外贸业务造成 不利影响。 公司开展外贸业务具有差异 ...

Investment Rating - The report recommends "Buy" for SF Holding and Xingtong Co., Ltd. due to their strong performance and market positioning [1][2]. Core Insights - The express delivery sector shows significant growth with a year-on-year increase of 19.6% in collection volume and 21.3% in delivery volume [1]. - The shipping industry faces challenges due to increased tariffs from the U.S., which may impact freight rates and demand in the long term [4]. - The aviation sector benefits from a drop in Brent crude oil prices, which enhances airline profitability, alongside a notable increase in passenger volume during the Qingming holiday [3]. Summary by Sections Express Delivery - The total collection volume for postal express reached approximately 3.824 billion pieces, with a month-on-month increase of 3.86% and a year-on-year increase of 19.6% [1]. - SF Holding reported a revenue of 284.4 billion yuan for 2024, a 10% increase year-on-year, with a net profit of 10.2 billion yuan, up 23.5% [1]. - The report recommends SF Holding based on valuation, operational resilience, and shareholder returns [1]. Logistics - The domestic shipping price for liquid chemicals decreased by 8.5% year-on-year, while the China Chemical Products Price Index (CCPI) fell by 7.8% [2]. - Xingtong Co., Ltd. is recommended due to its strong market position and benefits from the recovery in consumer electronics demand [2]. Aviation - The average daily flight volume increased by 4.53% year-on-year, with domestic flights up by 2.21% and international flights up by 20.71% [3]. - The passenger volume on April 4, 2025, was 1.789 million, an increase of 8.6% compared to the same day in 2024 [3]. - The report recommends China National Aviation and Southern Airlines due to expected profit growth from optimized supply and demand dynamics [3]. Shipping - The external trade container freight index (CCFI) was 1102.71 points, down 0.8% month-on-month and 7.4% year-on-year [4]. - The report highlights the potential long-term impact of U.S. tariffs on inflation and demand, leading to a downward adjustment in freight rates [4]. Road and Rail - The total truck traffic on national highways reached 54.681 million vehicles, with a month-on-month increase of 0.09% and a year-on-year increase of 1.62% [5]. - The report notes that the dividend yield of major road operators exceeds the yield of China's ten-year government bonds, indicating good investment value [5].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) to discuss various proposals, including financial reports, profit distribution, and future financing strategies. Meeting Basic Information - The AGM is scheduled for April 14, 2025, at 10:00 AM in Quanzhou, Fujian Province [5]. - The meeting will combine on-site and online voting methods [5][6]. - The record date for shareholders is April 7, 2025 [5]. Agenda Items - The agenda includes the review of the 2024 Board of Directors and Supervisory Board reports [6][9]. - A proposal for a cash dividend of 2.00 RMB per 10 shares is planned, amounting to a total of 73.26 million RMB, which is 20.91% of the net profit for 2024 [13][14]. - The company seeks authorization to determine the mid-term cash dividend plan for 2025, with a cap of 30% of the net profit for that period [15][16]. - A proposal for a comprehensive credit facility of up to 2.2 billion RMB for 2025 is also on the agenda [16][17]. - The company plans to change the use of previously raised funds from a digital shipping research project to a new chemical shipbuilding project, with an investment of 648 million RMB [19][20]. Financial Reports - The company reported a net profit of 350.42 million RMB for 2024, with retained earnings of 754.87 million RMB as of December 31, 2024 [13][14]. - The financial decision-making process will be guided by the company's operational needs and market conditions [16][19]. Share Issuance and Financing - The company proposes to authorize the board to issue up to 300 million RMB in new shares to specific investors, not exceeding 20% of the net assets [25][28]. - The issuance will be conducted under simplified procedures, targeting qualified institutional investors [25][28]. Corporate Governance - The company will appoint a new auditing firm for the 2025 fiscal year, continuing its relationship with Rongcheng Accounting Firm [23]. - The remuneration for directors and supervisors for 2025 has been proposed, with independent directors receiving a pre-tax allowance of 120,000 RMB [24][26]. Other Proposals - The company plans to extend the validity of the previous year's resolution regarding the issuance of A-shares to specific investors [36]. - A proposal to transfer shipbuilding contracts to a joint venture with Xiamen Jianfa Supply Chain Logistics Technology Co., Ltd. is also included [29][30].

中信证券股份有限公司 关于 兴通海运股份有限公司 重大资产购买 之 2024 年度持续督导意见暨 持续督导总结报告 独立财务顾问 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年四月 兴通海运股份有限公司 2024 年度持续督导意见暨持续督导总结报告 独立财务顾问声明 中信证券股份有限公司接受兴通海运股份有限公司委托，担任其 2022 年重 大资产购买的独立财务顾问。根据《上市公司重大资产重组管理办法》《上市公 司并购重组财务顾问业务管理办法》等有关规定，按照证券行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的态度，结合兴通海运股份有限公司 2024 年 度报告等资料，本独立财务顾问经过审慎核查，出具关于本次重组的 2024 年度 持续督导意见暨持续督导总结报告（以下简称"本报告"）。 本报告所依据的文件、材料由交易各方提供，交易各方保证所提供的相关信 息真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 本报告不构成对上市公司的任何投资建议，投资者根据本报告所做出的任何 投资决策而产生的相应风险，本独立财务顾问不承担任何责任。 本独立财务顾问未委托或授权任何机构和个人提供 ...

兴通海运股份有限公司 2024 年年度股东大会会议资料 股票代码：603209 中国●泉州 二 Ο 二五年四月 | 2024 年年度股东大会会议须知 1 | | --- | | 2024 年年度股东大会会议议程 3 | | 年年度股东大会会议议案 7 2024 | | 议案一：兴通海运股份有限公司关于《2024 年度董事会工作报告》的议案 7 | | 议案二：兴通海运股份有限公司关于《2024 年度监事会工作报告》的议案 8 | | 议案三：兴通海运股份有限公司关于 2024 年年度报告全文及摘要的议案 9 | | 议案四：兴通海运股份有限公司关于《2024 年度财务决算报告》的议案 10 | | 议案五：兴通海运股份有限公司关于公司 2024 年度利润分配预案的议案 11 | | 议案六：兴通海运股份有限公司关于提请股东大会授权董事会决定公司 2025 年中期现金分 | | 红方案的议案 13 | | 议案七：兴通海运股份有限公司关于 2025 年度公司及所属子公司申请综合授信及提供担保 | | 的议案 14 | | 议案八：兴通海运股份有限公司关于变更部分募集资金投资项目的议案 16 | | 议案九：兴通 ...

兴通海运股份有限公司（以下简称"公司"）于 2025 年 4 月 1 日通过线上 业绩说明会的形式接待了投资者调研，现将主要情况公告如下： 兴通海运股份有限公司 关于接待投资者调研情况的公告 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法律责任。 证券代码：603209 证券简称：兴通股份 公告编号：2025-031 一、调研基本情况 调研时间：2025 年 4 月 1 日 参与单位及人员：线上参与公司 2024 年度业绩说明会的投资者 公司接待人员：副董事长/总经理陈其龙先生，董事会秘书/财务负责人黄木 生先生，独立董事曾繁英女士 二、调研主要内容 （一）公司 2024 年经营情况 1、运力规模 截至 2024 年 12 月 31 日，公司在营的散装液体化学品船、成品油船、液化 石油气船共计 37 艘，总运力达 42.95 万载重吨。其中，内贸船舶 29 艘，合计 31.38 万载重吨；外贸船舶 8 艘，合计 11.57 万载重吨。 调研方式：线上业绩说明会 2、货运量情况 2024 年度，公司完成散装液体危险货物运输量为 1,31 ...