各位投资人晚上好我是华创交易研究员卢浩敏那么昨天我们发布了大物流时代系列的报告的第26篇这篇报告我们聚焦在内贸集运的龙头公司中股物流接下来就由我为大家来做一个汇报我们的核心观点是 内贸经营市场的格局家具备内需甚周期的一个属性中股物流作为行业龙头它的经营能力出众业绩弹性可期同时公司也是重视股东回报然后分红比例较高 首先我们来给大家做一个投资逻辑的一个数据概括首先从行业层面来讲中国物流它所在的内贸集运行业具有格局优势以及需求潜力那么其中格局优势是指内贸集运行业已经形成了三足鼎立的格局CR3的占比接近80% 而需求潜力是指散改机对集装箱跨率的一个提升以及多次联运对集装箱应用场景的一个拓展它会给内贸集运的一个需求端带来向上的弹性再回到公司层面中国物流它是内贸集运龙头的公司之一然后如果看运力规模的话它的排名是在行业前三同时公司的航天网络覆盖面广然后班机也比较稳定 同时从公司历史的业绩当中也能看出公司的经营能力是非常出众的例如17到22年的话公司通过持续扩大盈利规模实现了收入和利润的稳定增长我们看规模净利的一个符合增长率的话达到了49%然后ROE的话也是持续超过了15% 然后而在这个二二年之后的一个行业成压期的话公司的业 ...

Investment Rating - The report gives a "Recommend" rating for Zhonggu Logistics (603565) for the first time [1] Core Views - The domestic container shipping industry has a strong competitive landscape and demand potential, with a CR3 of nearly 80% [2] - Zhonggu Logistics is a leading player in the domestic container shipping industry with outstanding operational capabilities [2] - The company benefits from the cyclical recovery of domestic demand, with potential for significant earnings elasticity [9] Industry Overview - The domestic container shipping industry is characterized by a stable growth in demand, with a CAGR of 6.4% from 2014 to 2023, slightly higher than GDP growth [2] - The industry is dominated by three major players, with Zhonggu Logistics holding a 22% market share [80] - Key drivers for the industry include the increasing containerization rate and the expansion of multimodal transportation [19][20][21] Company Overview - Zhonggu Logistics was founded in 2003 and went public in 2020, with a total fleet capacity of 3.68 million deadweight tons as of June 30, 2024 [8] - The company operates a comprehensive logistics network covering 25 major coastal ports and over 50 inland ports [8] - Zhonggu Logistics has demonstrated strong financial performance, with a CAGR of 48.7% in net profit from 2017 to 2022 and an ROE consistently above 15% [8] Financial Performance - The company's revenue and net profit have shown resilience despite industry pressures, with a gross margin maintained at 13%-14% in 2023 and the first three quarters of 2024 [8] - Zhonggu Logistics is expected to achieve net profits of 1.64 billion, 1.77 billion, and 1.92 billion yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.78, 0.84, and 0.91 yuan [10] - The company has a high dividend payout ratio, with a cash dividend ratio of 88% in 2023, corresponding to a dividend yield of 8% [10] Cyclical Recovery and Earnings Elasticity - The domestic container shipping market is expected to improve as the economy recovers, with the PDCI index increasing by 57% from September 20 to November 15, 2024 [9] - A 10% increase in the PDCI index is estimated to result in an additional 400 million yuan in revenue and 300 million yuan in net profit for Zhonggu Logistics [9] - The company is well-positioned to benefit from the cyclical recovery of domestic demand, with its services closely tied to the transportation of bulk goods and finished products [9] Investment Recommendation - The report sets a one-year target price of 11.71 yuan for Zhonggu Logistics, representing a 30% upside from the current price [10] - The company is valued at 2.2 times PB for 2025, corresponding to a market capitalization of 24.6 billion yuan [10]

2024 年第三季度业绩说明会召开情况 2024 年 11 月 21 日（星期四）下午 14:00-15:00，上海中谷物流股份有 限 公 司 （ 以 下 简 称 " 公 司 " ） 通 过 上 证 路 演 中 心 （ http:// roadshow.sseinfo.com/）召开了 2024 年第三季度业绩说明会。 一、业绩说明会召开情况 公司在上海证券交易所网站(www.sse.com.cn)和《中国证券报》、《上 海证券报》、《证券时报》、《证券日报》披露了《关于召开 2024 年第三季 度业绩说明会的公告》。 2024 年 11 月 21 日（星期四）下午 14:00-15:00，公司董事/总经理李 永华先生、独立董事余慧芳女士、财务负责人曾志瑛女士、董事会秘书代鑫先 生共同出席了 2024 年第三季度业绩说明会，与投资者进行互动交流和沟通， 并就投资者普遍关注的问题进行了回答。 二、投资者提出的主要问题及公司回复情况 问题 1：中谷分红一直是比较好的，请问今年怎么规划分红？分红比例能 有多少？ 回复：尊敬的投资者，您好！公司长期以来注重投资者回报，上市以来均 保持了较高比例的分红。公司此前已经制定 ...

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 ...

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 ...