中信证券股份有限公司 关于兴通海运股份有限公司 2023年持续督导年度报告书 | 上市公司：兴通海运股份有限公司（以下简称"兴通股份""公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：马锐 | 联系电话：0591-86216503 | | 保荐代表人姓名：张新 | 联系电话：021-20262359 | 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 1 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 3 月 21 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； 经中国证券监督管理委员会《关于核准兴通海运股份有限公司首次公开发行 股票的批复》（证监许可[2022]303 号）核准，并经上海证券交易所同意，公司 首次向社会公开发行人民币普通股（A 股）5,000 万股，每股 ...

研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn [Table_Title] 内生外延快速发展，看好公司长期价值与成长机 会 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|--------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/03/22 \n12M | | 兴通股份 | 7.7% | -14.1% | -41.5% | | 沪深 300 | 1.7% | 6.2% | -11.4% | | 市场数据 | | | 2024/03/22 | | 当前价格（元） | | | 14.11 | | 52 周价格区间（元） | | | 10.53-38.33 | | 总市值（百万） | | | 3,950.80 | | 流通市值（百万） | | | 2,585.30 | | 总股本（万股） | | | 28,000.00 | | 流通股本（万股） | | | 18,322.50 | | 日均成交额（百 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2] Core Views - The company achieved a total revenue of 1.24 billion, a year-on-year increase of 58%, with a net profit attributable to shareholders of 250 million, up 22% year-on-year [1] - The company has seen a steady increase in its market share in the domestic chemical transportation sector, with a rise in liquid chemical transportation capacity from approximately 12% in 2022 to 14.22% in 2023 [1] - The report projects a compound annual growth rate (CAGR) of 20% for net profit from 2024 to 2026, with an expected net profit of 3.1 billion in 2024 [1] Financial Performance Summary - **2023 Financials**: - Total revenue: 1.24 billion, up 58% year-on-year - Gross profit: 410 million, up 26% year-on-year, with a gross margin of 33% - Net profit: 250 million, up 22% year-on-year, with a net profit margin of 20% [1][10] - **Quarterly Performance**: - Q4 2023 revenue: 330 million, up 47% year-on-year and 17% quarter-on-quarter - Q4 2023 net profit: 70 million, up 42% year-on-year and 56% quarter-on-quarter [1][10] - **Profit Forecast**: - 2024E net profit: 310 million, 2025E: 380 million, 2026E: 450 million, with corresponding EPS of 1.12, 1.36, and 1.60 [1][11] Business Structure and Market Position - **By Product**: - Revenue from chemical transportation: 930 million (75% of total), refined oil transportation: 260 million (21%), LPG transportation: 50 million (4%) [1] - **By Region**: - Domestic receivables: 920 million (75%), international receivables: 310 million (25%) [1] - **By Sales Model**: - Revenue from chartering with owned vessels: 800 million (65%), chartering with leased vessels: 110 million (9%), time charter: 320 million (26%) [1] Dividend and Share Buyback - The company announced a cash dividend of 1.5 yuan per 10 shares, totaling 41.39 million, which is 16.41% of the net profit for 2023 [1] - The total amount for cash dividends and share buybacks represents 35.58% of the net profit [1]

Financial Performance - The company's operating revenue for 2023 reached CNY 1,237,270,253.98, representing a 57.66% increase compared to CNY 784,767,368.48 in 2022[28]. - Net profit attributable to shareholders for 2023 was CNY 252,195,885.62, up 22.28% from CNY 206,247,510.95 in 2022[28]. - The net cash flow from operating activities increased by 109.03% to CNY 521,301,658.21 in 2023, compared to CNY 249,385,624.16 in 2022[28]. - The total assets of the company at the end of 2023 were CNY 3,798,789,190.13, a 29.16% increase from CNY 2,941,220,871.39 at the end of 2022[28]. - Basic earnings per share for 2023 were CNY 0.90, reflecting a 13.92% increase from CNY 0.79 in 2022[29]. - The net profit after deducting non-recurring gains and losses for 2023 was CNY 196,924,685.81, showing a 20.51% increase from CNY 163,306,381.80 in 2022[28]. - Operating costs rose to 826 million RMB, a significant increase of 80.32% year-on-year, primarily due to the expansion of business scale[65]. - The company's total cost for the current period reached CNY 825,946,720.25, an increase of 80.32% compared to CNY 458,045,606.67 in the same period last year[72]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling approximately 41.39 million RMB, which accounts for 16.41% of the net profit attributable to shareholders for 2023[7]. - The total cash dividend for 2023, including the share repurchase amounting to approximately 48.35 million RMB, is 89.74 million RMB, representing 35.58% of the net profit attributable to shareholders[8]. - The company has outlined a three-year dividend return plan for shareholders from 2023 to 2025[131]. Operational Expansion - The company attributed the revenue growth to increased domestic trade business, expansion into international shipping, and the acquisition of Xingtong Wanbang[30]. - The company plans to continue expanding its international shipping business and enhancing its service offerings in the coming years[30]. - The company added 7 domestic trade vessels with a total capacity of 48,000 deadweight tons, consolidating its leading position in the industry[41]. - The company successfully launched the LPG vessel "Xingtong 359" (5,200m³) to enhance its presence in the LPG transportation sector[42]. - The company plans to introduce three stainless steel chemical tankers in 2024, with a total capacity of 38,000 deadweight tons[43]. - The company is committed to expanding its international chemical transportation business, enhancing its competitiveness in the global market[43]. Risk Management - The company has outlined various risks in its management discussion and analysis section, indicating potential challenges in future operations[11]. - The company emphasizes that forward-looking statements regarding future plans and strategies are subject to uncertainties and do not constitute a commitment to investors[9]. - The company has established a risk management framework that integrates risk management into business processes, focusing on both internal and external risk factors[177]. Corporate Governance - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations, and protecting shareholder rights[123]. - The board of directors consists of 11 members, including 4 independent directors, ensuring a balance of power and oversight[125]. - The company has implemented a comprehensive investor relations management system to enhance communication and transparency with stakeholders[128]. - The company maintains a commitment to timely and accurate information disclosure, ensuring all shareholders have equal access to company information[129]. Environmental and Safety Practices - The company has implemented a series of safety management documents, including a safety management manual and emergency manual, to enhance overall employee safety awareness and operational skills[179]. - The company has established a "pollution prevention, safety first" philosophy to manage oil spill incidents and ensure compliance with pollution prevention certifications[186]. - The company invested a total of ¥202.28 million in social responsibility projects, including the education fund in Quangang District[194]. - The company has committed to sustainability practices, aiming to reduce operational carbon footprint by 25% over the next five years[138]. Shareholder Engagement - The company has confirmed the independence of the evaluation agency involved in the asset purchase[131]. - The company reported a significant increase in shareholding for the chairman, from 56,525,000 shares at the beginning of the year to 79,135,000 shares, reflecting a change of 22,610,000 shares due to capital reserve conversion[135]. - The company plans to issue A-shares to specific targets in 2023, with a detailed feasibility analysis report presented[131]. - The company has committed to measures to mitigate the risk of immediate dilution of returns from the upcoming stock issuance[131]. Strategic Partnerships and Acquisitions - The company established long-term strategic partnerships with major clients such as Zhejiang Petrochemical and Cargill International, enhancing its competitive edge[60]. - The company is focusing on expanding its market presence through potential mergers and acquisitions, as indicated by its strategic proposals[134]. - The company has completed significant equity investments, acquiring 51% of Zhongchuan Wanbang and 15% of Zhongyuan Longpeng, totaling RMB 4.8 million[95][98]. Future Guidance - Future guidance indicates a projected revenue growth of approximately 15% for the next fiscal year[138]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the industry[138]. - The company plans to optimize customer service and enhance safety management while pursuing vessel acquisitions and equity mergers to strengthen its market position[113].

联系方式 地址：福建省泉州市泉港区驿峰东路295号兴通海运大厦7-9楼 Address: 7/F-9/F,Xingtong Shipping Building,No.295,East Yifeng Road, Quangang District,Quanzhou City,Fujian Province,China 电话 (Tel)：0595-87777996 邮编 (Postcode)：362800 网址 (Website)：http:/www.xtshipping.com . 目录 CONTENTS 关于本报告 总经理致辞 采用再生纸印刷 | 关于兴通股份 | 01-10 | 安全，铸就长青基业 | | --- | --- | --- | | 公司简介 | 03 | 完善安全管理体系 | | 发展战略 | 05 | 培育安全文化与能力 | | 点亮2023 | 07 | 落实安全管理举措 | | 荣誉与认可 | 09 | | | 治理，夯实发展根基 | 11-16 | | --- | --- | | ESG治理与管理 | 14 | | 风险管理 | 16 | | 商业道德与合规 | 16 | | 合力，构 ...

容诚会计师事务所（特殊普通合伙）（以下简称"容诚"）由原华普天健会 计师事务所（特殊普通合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是国内最早获准从事证券服务业务的会计师 事务所之一，长期从事证券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26，首席合伙人肖厚发。 截至 2023 年 12 月 31 日，容诚共有合伙人 179 人，共有注册会计师 1395 人，其中 745 人签署过证券服务业务审计报告。 兴通海运股份有限公司 关于会计师事务所 2023 年度履职情况评估报告 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》《兴通海运股份有限 公司章程》等相关规定，兴通海运股份有限公司（以下简称"公司"）对会计师 事务所 2023 年度履职情况和评估情况评价如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 在执行审计工作的过程中，容诚就会计师事务所和相关审计人员的独立性、 审计工作小组的人员构成 ...

审计报告 兴通海运股份有限公司 容诚审字[2024]361Z0146 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 RSM 容 诚 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://ac.mof.gov.ca）"进行了 "扫" 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4-5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9-10 | | 10 | 财务报表附注 | 11-104 | 审计报告 容诚审字[2024]361Z 兴通海运股份有限公司全体股东: 一、审计意见 我们审计了兴通海运股份有限公司(以下简称兴通股份公司)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 ...

兴通海运股份有限公司董事会 关于在任独立董事独立性情况评估的专项意见 兴通海运股份有限公司董事会 一、独立董事独立性自查情况 2024 年 3 月 20 日 兴通海运股份有限公司（以下简称"公司"）现有独立董事 4 人，分别为 杜兴强、朱炎生、程爵浩、曾繁英。根据《上市公司独立董事管理办法》第六 条的规定，公司独立董事对自身的独立性情况进行了自查，并将自查情况提交 了董事会。自查结果显示，公司 4 位独立董事均符合《上市公司独立董事管理 办法》第六条的独立性要求，不存在直接或者间接利害关系，或者其他可能影 响其进行独立客观判断关系的情形，能够独立履行职责，不受公司及其主要股 东、实际控制人等单位或者个人的影响。 二、董事会对独立董事独立性情况的评估意见 经深入核查独立董事杜兴强、朱炎生、程爵浩、曾繁英的任职经历及个人 签署的相关自查文件，确认各位独立董事在报告期内未在公司担任除独立董事 以外的任何职务，亦未在公司的主要股东单位中担任任何职务。独立董事与公 司及其主要股东之间不存在任何形式的利益冲突、关联关系或其他可能对其独 立客观判断产生影响的情况。公司独立董事在 2023 年度始终保持高度的独立性， 其履职 ...

证券代码：603209 证券简称：兴通股份 公告编号：2024- 014 兴通海运股份有限公司 第二届监事会第十二次会议决议公告 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法律责任。 一、监事会会议召开情况 兴通海运股份有限公司（以下简称"公司"）于 2024 年 3 月 10 日以邮件方 式发出召开第二届监事会第十二次会议的通知。2024 年 3 月 20 日，第二届监事 会第十二次会议以现场方式在公司会议室召开，应出席监事 3 名，实际出席监事 3 名。本次会议由监事会主席吴志扬先生召集并主持，本次监事会会议的召开符 合有关法律、行政法规、部门规章、规范性文件以及《兴通海运股份有限公司章 程》（以下简称"《公司章程》"）《兴通海运股份有限公司监事会议事规则》（以下 简称"《监事会议事规则》"）的有关规定。 二、监事会会议审议和表决情况 与会监事经认真审议和表决，通过如下决议： （一）审议通过《兴通海运股份有限公司关于<2023 年度监事会工作报告> 的议案》 2023 年，公司监事会严格依照《中华人民共和国公司法》、《中华人民共 ...

证券代码：603209 证券简称：兴通股份 公告编号：2024-020 兴通海运股份有限公司 关于开展跨境双向资金池业务的公告 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 2024 年 3 月 20 日召开了第 二届董事会第十四次会议及第二届监事会第十二次会议，审议通过了《兴通海运 股份有限公司关于开展跨境双向资金池业务的议案》，拟以公司为主办企业，在 中国银行股份有限公司（以下简称"中国银行"）等机构开展跨境双向资金池业 务。现将相关情况公告如下： 一、开展资金池业务的背景和目的 公司以"1+2+1"发展战略为指引，国际化布局逐步深入，国际运输业务已 有序开展，为支持公司及合并报表范围内子公司（包括授权期限内新设立、收购 等方式取得的全资子公司、控股子公司，以下简称"子公司"）境外业务的发展， 拟以公司为主办企业，在中国银行等机构开展跨境双向资金池业务，进一步实现 境内外公司间跨境资金一体化管理，集中开展资金余额调剂和归集管理，降低资 金使用成本，提高资金使用效率。 中国银行等 ...