证券代码：603565 证券简称：中谷物流 公告编号：2024-020 上海中谷物流股份有限公司 一、交易概述 2024 年 6 月 11 月，上海中谷物流股份有限公司（以下简称 "公司"）第三届 董事会第二十一次会议审议通过了《关于出售船舶的议案》。公司拟出售 2 艘集 装箱船舶，预计出售总价为 1.12-1.20 亿美元。截止 2024 年 6 月，拟出售船舶账 面资产价值为人民币 4.31 亿元，占公司最近一期经审计归属母公司股东权益的 4.02%。 本次交易尚未完成，集装箱船舶出售的实施存在一定的不确定性，敬请广大 投资者注意投资风险。 关于出售集装箱船舶的公告 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。 二、本次交易对公司的影响 经公司初步测算，本次出售将产生人民币 2.36-2.67 亿元的税后资产处置收益 （具体金额以交易完成后，经会计师事务所审计确认后的结果为准），占公司最 近一期经审计归属于归属母公司股东净利润的 13.74%-15.56%。本次船舶处置不 会影响公司持续经营能力，符合公司及全体股东的利益 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 12.40 yuan based on DDM valuation and comparable company PE estimates for 2024 [7][20][31]. Core Insights - The company, Zhonggu Logistics, is a leading player in China's domestic container shipping market, providing multimodal transport services centered around container water transport. The company has experienced significant revenue and profit growth from 2014 to 2022, although it faced a temporary decline in 2023 due to falling shipping rates [29][67]. - The report anticipates a rebound in profitability for 2024-2025, driven by rising international shipping rates, which are expected to positively impact domestic shipping rates as well [20][31][67]. - The company's rental business is projected to see substantial profit increases due to a significant rise in container ship rental rates, with potential for increased rental volume and profitability [12][15][18][44]. Summary by Sections Company Overview - Zhonggu Logistics is recognized as a leader in domestic container shipping, integrating water, road, and rail transport resources to provide comprehensive logistics solutions. The company has maintained a high return on equity (ROE) above 15% and a significant dividend payout ratio, reaching 88% in 2023 [29][67][59]. Market Dynamics - The report highlights a correlation between international and domestic shipping rates, suggesting that an increase in international rates will lead to higher domestic rates. This is attributed to the interrelated nature of shipping demand and capacity adjustments [11][29][61][63]. Rental Business Outlook - The rental business is expected to benefit from a surge in container ship rental rates, with projections indicating that a 10,000 USD/day increase in rental rates could lead to a gross profit increase of approximately 1 billion yuan [12][18][44]. The company is poised to increase its rental fleet significantly, enhancing revenue and profit potential [15][18]. Financial Projections - The financial outlook for Zhonggu Logistics includes a forecasted recovery in revenue and profit for 2024, with expected earnings per share (EPS) of 1.04 yuan in 2024 and 1.20 yuan in 2025, reflecting a positive growth trajectory [20][46].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 2.79 billion in Q1 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 390 million, down 36.3% year-on-year [6][8]. - The industry is experiencing pressure on freight rates due to weak demand and increased capacity from 2023, with the PDCI index averaging 1127 points in Q1 2024, a decline of 26.8% year-on-year [6][7]. - Despite the downturn, the company has shown resilience through cost control and efficiency improvements, with a gross margin of 16.5% in Q1 2024, reflecting a 1.7 percentage point increase from the previous quarter [7][8]. - The company is optimizing its fleet structure and has recorded asset disposal gains of 100 million in Q1 2024, although other income decreased by 170 million due to government subsidy timing issues [8][14]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.79 billion, a decrease of 8.2% year-on-year, and a net profit of 390 million, down 36.3% year-on-year [6][8]. - The company’s operating costs decreased by 13.3% quarter-on-quarter, leading to a gross profit margin improvement despite a year-on-year decline in gross profit of 25.2% [7][8]. - The company expects net profits for 2024-2026 to be 1.42 billion, 1.79 billion, and 1.97 billion respectively, with corresponding PE ratios of 13, 10, and 9 times [14]. Market Dynamics - The domestic trade container throughput at major ports showed a slight year-on-year decline of 0.2% in January-February 2024, with expectations for a slight increase in Q1 2024 due to post-holiday resumption [6][7]. - The company has successfully increased its domestic trade transport volume by 7.5% year-on-year in Q1 2024, despite the overall industry challenges [7][8]. Strategic Outlook - The company is focusing on internal efficiency and external rental income opportunities, demonstrating strong operational resilience and profit generation capabilities [14]. - The company has maintained a high dividend payout ratio, reaching 88% at the end of 2023, indicating a strong commitment to returning value to shareholders [14].

[Table_Summary 事件：中谷物流公布 ] 2023年年报以及 2024年一季报。2023年公司实现营业收 入 124.39亿元，较上年同期下滑 12.5%，其中水运业务收入 101.1亿元，较上 年同期下滑 17.9%，陆运业务收入 23.3 亿元，较上年同期增长 25.1%。2024 年一季度实现营收 27.9亿元，同比下降 8.2%。2023年全年公司实现归母净利 润 17.2亿元，归母净利率为 13.8%，较 22年下降 5.5pp。2024年一季度公司 实现归母净利 3.9 亿元，归母净利率为 14%。 盈利预测与投资建议：我们看好公司新增运力释放下，内贸业务量的持续提升， 预计公司 2024/25/26年归属母公司净利润分别为 17.6、18.3、19.9亿元，EPS 分别为 0.84元、0.87元、0.95元。选取航运物流板块公司进行对标，兼顾集运 和物流属性，同行可比公司 2024 年 PE 估值 12 倍，而中谷物流当前 PE 估值 11 倍，仍具性价比。首次覆盖，给予"持有"评级。 投资要点 西南证券研究发展中心 数据来源：聚源数据 1 内贸集装箱运输行业的民营龙头企业 表 1： ...

Financial Performance - Total operating revenue for Q1 2024 was approximately ¥2.79 billion, a decrease of 8.24% compared to ¥3.04 billion in Q1 2023[10] - Net profit attributable to shareholders for Q1 2024 was approximately ¥388.59 million, down 36.34% from ¥611.82 million in Q1 2023[15] - Basic earnings per share for Q1 2024 was ¥0.19, reflecting a decrease of 36.34% compared to the same period last year[15] - The total comprehensive income for Q1 2024 was RMB 390,029,570.30, compared to RMB 603,746,800.27 in Q1 2023[56] - The diluted earnings per share for Q1 2024 was RMB 0.19, down from RMB 0.29 in Q1 2023[56] - Net profit attributable to shareholders decreased by 36.34% due to a year-on-year decline in domestic freight rates, leading to a reduction in operating profit[35] - Basic and diluted earnings per share both fell by 36.34%, reflecting the same reasons as the net profit decline[35] Cash Flow - The net cash flow from operating activities for Q1 2024 was approximately ¥286.09 million, a decline of 42.29% year-on-year[15] - Cash flow from operating activities decreased by 42.29%, primarily due to a reduction in other income received compared to the previous year[35] - The company's cash flow from operating activities in Q1 2024 was RMB 2,518,557,340.34, down from RMB 2,719,903,552.74 in Q1 2023[56] Costs and Expenses - Total costs for Q1 2024 were approximately ¥2.41 billion, down from ¥2.58 billion in Q1 2023[10] - The company reported a significant increase in financial expenses, totaling approximately ¥19.32 million in Q1 2024 compared to ¥94.27 million in Q1 2023[10] - Research and development expenses for Q1 2024 were approximately ¥4.91 million, slightly up from ¥4.78 million in Q1 2023[10] - Financial expenses dropped by 79.51%, mainly due to increased foreign exchange gains and interest income from time deposits[35] - Other income decreased by 96.42% due to timing differences in received fiscal support compared to the previous year[35] Assets and Liabilities - The company’s cash and cash equivalents at the end of Q1 2024 amounted to approximately ¥5.74 billion, a decrease from ¥5.89 billion at the end of Q1 2023[12] - The company’s total assets at the end of Q1 2024 were not explicitly stated but are implied to be stable given the cash flow and revenue figures[10] - Total assets reached $24,135,956,388.74, reflecting a 3.15% increase from $23,399,174,445.35[28] - The company's total assets as of March 31, 2024, amounted to RMB 12,542,324,300.20, an increase from RMB 12,272,242,778.68 at the end of 2023[53] - Total liabilities increased to $12,992,957,131.56, up from $12,646,204,758.47, representing a growth of 2.74%[19] - Total equity attributable to shareholders rose to $11,108,547,195.22, compared to $10,718,878,887.18, marking an increase of 3.64%[28] - The total equity increased by $390,668,307.04, reflecting a positive trend in shareholder equity[19] Investment Activities - Cash inflow from investment activities was $5,264,050,940.92, down from $8,474,358,498.37, indicating a decline of 37.5%[24] - Cash outflow from investment activities totaled $5,645,301,941.72, compared to $8,590,900,551.67, showing a decrease of 34.5%[24] - The net cash flow from investment activities was -$381,251,000.80, worsening from -$116,542,053.30 in the previous period[24] - Long-term equity investments increased by 36.01% due to new external investments during the reporting period[35] - Cash flow from investing activities saw a significant decline of 227.14%, attributed to cash outflows from ship disposals and external investments[35] Operational Metrics - The average shipping capacity for domestic container transport was 2.1533 million tons, representing a year-on-year increase of 2.39%[51] - The domestic transport volume reached 3.223 million TEU, reflecting a year-on-year growth of 7.45%[51]

证券代码：603565 证券简称：中谷物流 公告编号：2024-019 上海中谷物流股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.72 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/4/29 | － | 2024/4/30 | 2024/4/30 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/4/29 | － | 2024/4/30 | 2024/4/30 | 四、 分配实施办法 1. 实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 ...

证券代码：603565 证券简称：中谷物流 公告编号：2024-018 上海中谷物流股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (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： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,501,167,376 | | 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（%） | 71.4820 | (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。 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 工作的通知》、《关于新网络投票系统上线及发布<上市公 ...

Merits Tree 植德 1.本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资 格、会议表决程序及表决结果的合法性发表意见,不对本次会议所审议的议案内 容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； 北京植德(上海)律师事务所 关于上海中谷物流股份有限公司 2023 年年度股东大会的 法律意见书 植德沪(会) 字|2024|0010 号 致:上海中谷物流股份有限公司（贵公司） 北京植德(上海)律师事务所(以下简称"本所")接受贵公司的委托,指派 律师出席并见证贵公司 2023 年年度股东大会(以下简称"本次会议")。 本所律师通过现场方式参加本次会议进行见证,并根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东大会规则》(以下简称"《股东大会规则》")、《律师 事务所从事证券法律业务管理办法》(以下简称"《证券法律业务管理办法》")、 《律师事务所证券法律业务执业规则(试行)》(以下简称"《证券法律业务执业 规则》")等相关法律、法规、规章、规范性文件及《上海中谷物流股份有限公司 章程》(以下简称 ...

上证公监函〔2024〕0088 号 上 海 证 券 交 易 所 关于对上海中谷物流股份有限公司及有关责任 人予以监管警示的决定 当事人： 上海中谷物流股份有限公司，A 股证券简称：中谷物流，A 股证 券代码：603565； 卢宗俊，上海中谷物流股份有限公司时任董事长； 孙 瑞，上海中谷物流股份有限公司时任总经理； 曾志瑛，上海中谷物流股份有限公司时任财务负责人； 代 鑫，上海中谷物流股份有限公司时任董事会秘书。 公司募集资金管理和使用不规范，违反了《上市公司监管指引 第 2 号--上市公司募集资金管理和使用的监管要求》(证监会公告 〔2012〕44 号)第八条、《上市公司监管指引第 2 号--上市公司募集 资金管理和使用的监管要求》(证监会公告〔2022〕15 号)第九条、 《上海证券交易所股票上市规则》（以下简称《股票上市规则》）第 1.4 条、第 2.1.1 条和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》第 6.3.2 条、6.3.14 条等有关规定。 责任人方面，根据《警示函》认定，公司时任董事长卢宗俊作 为公司主要负责人，时任总经理孙瑞作为公司经营管理事项的具体 负责人，财务负责人曾 ...

上海中谷物流股份有限公司 2023 年年度股东大会会议资料 603565 中国·上海 二〇二四年四月 上海中谷物流股份有限公司 2023 年年度股东大会会议议程 一、会议时间、地点 （一）现场股东大会 日期、时间：2024 年 4 月 16 日（星期二）下午 14:30 地点：上海市浦东新区民生路 1188 号 18 楼会议室 （二）网络投票 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：2024 年 4 月 16 日至 2024 年 4 月 16 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台的投票时间为 股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议召集人 上海中谷物流股份有限公司董事会 三、会议表决方式 现场投票和网络投票相结合 四、会议内容 （一）主持人宣布会议开始 （二）主持人报告会议出席情况 （三）主持人宣布提交本次会议审议的议案 1. 关于 2023 年度董事会工作报告的议案 2. 关于 2023 年度监事会工作报告的议案 3. ...