Investment Rating - The investment rating for the company is "Buy" and it is maintained [2] Core Views - The report indicates that the darkest moment for the industry has passed, showcasing resilience and elasticity. The domestic container throughput growth is gradually stabilizing and rebounding, with a bottoming out of freight rates. The company has demonstrated strong operational resilience and profit-generating capabilities by seeking foreign trade chartering during periods of domestic pressure [4][3] - The company reported a revenue of 8.44 billion and a net profit of 1.11 billion for the first three quarters of 2024, reflecting a year-on-year decline of 9.1% and 7.0% respectively. In Q3 alone, the revenue was 2.71 billion, down 14.1%, while the net profit increased by 16.4% to 0.35 billion [2][3] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of 8.44 billion, down 9.1% year-on-year, and a net profit of 1.11 billion, down 7.0% year-on-year. In Q3, the revenue was 2.71 billion, down 14.1%, while the net profit was 0.35 billion, up 16.4% [2][3] Market Conditions - The PDCI composite index for domestic shipping prices fell by 12.9% year-on-year to 957 points in Q3, marking the second-lowest quarterly value since 2015. The report highlights that the domestic demand is still in a recovery phase, with container throughput at major domestic ports increasing by 8.0% year-on-year in July and August [2][3] External Trade and Non-Recurring Gains - The company has expanded its foreign trade chartering to offset domestic pressures, benefiting from increased chartering scale. The Q3 container ship rental index rose by 92.3% year-on-year, with specific vessel types seeing even higher increases [3] - Non-recurring gains in Q3 amounted to 0.17 billion, primarily from the sale of a vessel, while government subsidies decreased by 0.018 billion due to demand weakness in domestic shipping [3] Investment Recommendations - The report suggests that the company possesses both operational resilience and upward elasticity, with a long-term dividend yield that is attractive. The company is expected to achieve profits of 1.72 billion, 1.85 billion, and 1.95 billion for 2024-2026, with corresponding PE ratios of 10.7, 9.9, and 9.4. The projected dividend payout ratio is not less than 60%, leading to dividend yields of 5.7%, 6.2%, and 6.5% [4]

证券代码：603565 证券简称：中谷物流 公告编号：2024-034 上海中谷物流股份有限公司股东权益变动的提示性 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。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | | --- | --- | --- | --- | --- | --- | | | | （股） | | | | | 宁波谷泽投资管理合伙 | 其他股东：控股股 | 74,552,705 | 3.55% | IPO 前取得：26,181,626 股 | | | 企业（有限合伙） | 东一致行动人 | | | 其他方式取得：48,371,079 | 股 | 上述主体存在一致行动人: | | 股东名称 | 持股数量（股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | --- | | 第 | 中谷海运集团有限公司 | 1,206,682,881 | 57.46% | 受同一实际控制人控制 | | 一 | 宁波谷洋投资管理合伙企业（有 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for the first three quarters of 2024 decreased by 9.1% year-on-year, primarily due to a decline in domestic shipping rates, while the net profit attributable to shareholders decreased by 7.0% [1] - In Q3 2024, the company achieved a revenue of 2.71 billion RMB, a year-on-year decrease of 14.1%, but the net profit attributable to shareholders increased by 16.4% [1] - The company has optimized its fleet and secured rental income from foreign trade shipping, which helped mitigate the overall revenue decline [1] Summary by Sections Performance Overview - For Q1-Q3 2024, the company reported a revenue of 8.44 billion RMB and a net profit of 1.11 billion RMB [1] - The PDCI index for Q1-Q3 2024 was 1039.4, down 19% year-on-year, while the CCFI index averaged 1573.5, up 63% year-on-year [1] Financial Analysis - The gross profit margin for Q3 2024 was 14.7%, an increase of 0.32 percentage points year-on-year [1] - The financial expense ratio increased to 3.11%, primarily due to a decrease in foreign exchange gains [1] - The company recorded asset disposal income of 176 million RMB in Q3 2024, a significant increase from the previous year [1] Fleet and Operations - All 18 newly built 4600TEU vessels have been put into operation, with a weighted average self-owned capacity of 2.592 million deadweight tons, representing 73.54% of total capacity [1] - The company plans to sell two vessels for an estimated total price of 112-120 million USD, which is expected to generate a tax-adjusted asset disposal income of 236-267 million RMB [1] Profit Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 are maintained at 1.75 billion RMB, 1.81 billion RMB, and 1.94 billion RMB respectively [1] - The report reiterates the "Buy" rating based on the company's potential for profit improvement as operational efficiency increases [1]

证券代码：603565 证券简称：中谷物流 公告编号： 2024-033 上海中谷物流股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 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： 投资者可于 2024 年 11 月 14 日(星期四) 至 11 月 20 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 上海中谷物流股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 11 月 21 日 下午 14:00- 15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,705,158,005.81, a decrease of 14.08% compared to the same period last year[2] - Net profit attributable to shareholders was ¥351,998,271.91, an increase of 16.44% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥184,536,653.74, down 22.21% from the previous year[2] - The basic earnings per share for the period was ¥0.17, reflecting a growth of 21.43%[2] - Total operating revenue for Q3 2024 was CNY 8,166,511,478.55, a decrease of 9.7% compared to CNY 9,042,499,398.76 in Q3 2023[15] - Net profit for Q3 2024 was CNY 1,112,423,262.71, down from CNY 1,194,841,220.38 in Q3 2023, representing a decline of 6.9%[13] - Operating profit for Q3 2024 was CNY 1,486,238,903.33, compared to CNY 1,597,997,190.64 in Q3 2023, reflecting a decrease of 6.9%[13] - Total comprehensive income for Q3 2024 was CNY 1,105,849,223.31, compared to CNY 1,212,281,925.39 in Q3 2023, indicating a decrease of 8.8%[14] Assets and Liabilities - Total assets at the end of the period reached ¥24,459,251,453.89, an increase of 4.53% year-on-year[3] - Current assets as of September 30, 2024, totaled CNY 13,168,455,824.51, an increase of 7.3% from CNY 12,272,242,778.68 at the end of 2023[9] - Non-current assets amounted to CNY 11,290,795,629.38, up from CNY 11,126,931,666.67 at the end of 2023, reflecting a growth of 1.5%[10] - Total assets reached CNY 24,459,251,453.89, representing an increase of 4.5% from CNY 23,399,174,445.35 at the end of 2023[11] - Total liabilities increased to CNY 14,127,121,047.07, up from CNY 12,646,204,758.47, indicating a rise of 11.7%[11] - The company reported a total equity of CNY 10,332,130,406.82, down from CNY 10,752,969,686.88, reflecting a decrease of 3.9%[11] - The total equity attributable to shareholders was ¥10,309,042,616.80, a decrease of 3.82% compared to the end of the previous year[3] Cash Flow - The company reported a net cash flow from operating activities of ¥1,392,223,976.36, a decrease of 15.47% year-on-year[2] - The net cash flow from financing activities was negative at -¥170,648,657.25, compared to a positive ¥2,001,605,303.73 previously[17] - The cash inflow from investment activities for Q3 2024 was CNY 16,585,500,499.99, down from CNY 19,991,105,384.19 in Q3 2023[16] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 1,392,223,976.36, down from CNY 1,646,929,302.31 in the same period of 2023[16] - The ending balance of cash and cash equivalents reached ¥6,601,719,563.41, compared to ¥5,634,345,590.05 at the end of the previous period[17] Shareholder Information - The company had a total of 20,462 common shareholders at the end of the reporting period[5] Expenses and Investments - Research and development expenses for Q3 2024 were CNY 15,720,297.36, slightly down from CNY 16,544,646.54 in Q3 2023[13] - The company reported a decrease in sales expenses to CNY 19,882,608.34 from CNY 24,150,123.05 in Q3 2023, a reduction of 17.5%[13] - The company achieved investment income of CNY 142,216,997.53 in Q3 2024, an increase from CNY 114,683,083.12 in Q3 2023, representing a growth of 24.0%[13] Borrowings - The company’s short-term borrowings were CNY 250,000,000.00 at the end of 2023, indicating a reduction in short-term debt[10] - The company’s long-term borrowings increased to CNY 6,361,915,861.07 from CNY 5,461,293,887.39, an increase of 16.5%[11] Cash and Cash Equivalents - The company's cash and cash equivalents were CNY 6,603,619,563.41, compared to CNY 5,567,813,296.24 at the end of 2023, marking an increase of 18.6%[9] - The impact of exchange rate changes on cash and cash equivalents was -¥65,021,077.95, contrasting with a positive impact of ¥103,435,694.75 last year[17] - The net increase in cash and cash equivalents for the period was ¥1,285,906,267.17, up from ¥925,114,913.57 in the previous year[17]

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。 证券代码：603565 证券简称：中谷物流 公告编号：2024-032 上海中谷物流股份有限公司股东减持股份计划公告 重要内容提示： 一、减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | 例 | | | 宁波谷泽投资管理合伙 | 其他股东：控股 | 74,552,705 | 3.55% | IPO 前取得：26,181,626 股 | | 企业（有限合伙） | 股东一致行动人 | | | 股 其他方式取得：48,371,079 | 注：其他方式取得是指公司资本公积转增股本实施完成后取得的股份。 1 上述减持主体存在一致行动人： 股东名称 持股数量（股） 持股比例 一致行动关系形成原因 第一 组 中谷海运集团有限公司 1,206,682,881 57.46% 受同一实际控制人控制 宁波谷洋投资管理合伙企业（有限合伙） 147,245,4 ...

丨证券研究报告丨 公司研究丨点评报告丨中谷物流（603565.SH） [Table_Title] 压力期重效率，盈利保持韧性 报告要点 [Table_Summary] 公司上半年实现营业收入 57.4 亿，同比下降 6.6%，实现归母净利润 7.6 亿，同比下降 14.9%。 分析师及联系人 [Table_Author] 韩轶超 张宜泊 SAC：S0490512020001 SAC：S0490520080004 SFC：BQK468 请阅读最后评级说明和重要声明 中谷物流（603565.SH） 相关研究 [Table_Title2] 压力期重效率，盈利保持韧性公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司上半年实现营业收入 57.4 亿，同比下降 6.6%，实现归母净利润 7.6 亿，同比下降 14.9%。 事件评论 ⚫ 水运业务有所承压，陆运业务增幅明显。从营收结构看，公司上半年实现水运业务收入 45.5 亿，同比下降 9.6%，实现陆运业务收入 11.9 亿，同比增加 7.3%。水运业务中，境 外贡献为 5.7 亿（推断主要为租船收入）， ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 66 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,523,204,426 | | 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（%） | 72.5313 | (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。 证券代码：603565 证券简称：中谷物流 公告编号：2024-029 上海中谷物流股份有限公司 2024 年第一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。 重要内容提示： 会议由公司董事会召集，现场会议由公司董事长周斌先生主持。本次会议的 召集、召开符合《公司法》和《公司章程》等法律、法规和其他规范性文件的有 关规定。公司根据上海证券交易所发布的《关于做好新网投系统上线并行期有关 (一) 股东大会召开的时间：2024 年 9 月 13 日 (二) 股东大会召开的地点：上海市浦东新区民生路 1188 ...

一、 监事会会议召开情况 上海中谷物流股份有限公司（以下简称"公司"）第四届监事会第一次会议于 2024 年 9 月 13 日召开，监事会会议通知及相关文件已于会议前通知全体监事。 本次会议在公司会议室召开，应参加表决的监事 3 人，实际参加表决的监事 3 人，会议由监事会主席赵尉华女士主持，符合《公司法》、《公司章程》的有关 规定，会议合法有效。 二、监事会会议审议情况 1. 审议通过《关于选举监事会主席的议案》 根据《公司法》、《公司章程》等相关规定，公司于 2024 年 9 月 13 日召开股 东大会完成了监事会换届选举。公司第四届监事会选举赵尉华女士为监事会主 席，任期与本届监事会任期一致。 证券代码：603565 证券简称：中谷物流 公告编号：2024-030 上海中谷物流股份有限公司 第四届监事会第一次会议决议公告 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。 三、备查文件 1、第四届监事会第一次会议决议。 特此公告。 上海中谷物流股份有限公司 监事会 2024 年 9 月 14 日 表决结果：赞成 3 票，反对 ...

证券代码：603565 证券简称：中谷物流 公告编号：2024-031 上海中谷物流股份有限公司 第四届董事会第一次会议决议公告 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法律责任。 一、董事会会议召开情况 2. 审议通过《关于选举董事会专门委员会委员的议案》 根据《公司法》、《公司章程》等相关规定，为完善公司法人治理结构，促进 公司董事会科学高效决策，建立健全公司管理层的绩效评价机制和激励机制，在 第四届董事会下设战略、提名、审计、薪酬与考核四个专门委员会。第四届董事 会拟选举专门委员会委员及主任委员（召集人）如下： | | | | 战略委员会 | 周斌 | 周斌、卢宗俊、宋德星 | | --- | --- | --- | | 提名委员会 | 宋德星 | 宋德星、卢宗俊、余慧芳 | | 审计委员会 | 潘飞为会计专业人士，并担 任主任委员 | 潘飞、周斌、余慧芳 | | 薪酬与考核委员会 | 余慧芳 | 余慧芳、周斌、潘飞 | 上海中谷物流股份有限公司第四届董事会第一次会议于 2024 年 9 月 13 日召 开，会议通知及相关文 ...