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长久物流(603569):整车物流运输领先企业,反内卷推动公司盈利改善
上 市 公 司 交通运输 2025 年 08 月 05 日 长久物流 (603569) ——整车物流运输领先企业,反内卷推动公司盈利改善 投资要点: 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 4,175 | 1,157 | 4,896 | 5,711 | 6,587 | | 同比增长率(%) | 10.3 | 28.2 | 17.3 | 16.7 | 15.3 | | 归母净利润(百万元) | 80 | 4 | 88 | 129 | 153 | | 同比增长率(%) | 13.1 | -73.3 | 10.8 | 46.7 | 18.1 | | 每股收益(元/股) | 0.13 | 0.01 | 0.15 | 0.21 | 0.25 | | 毛利率(%) | 11.6 | 9.7 | 12.0 | 12.4 | 12.7 | | ROE(%) | 2.7 | 0.1 | 2.9 | 4.1 | 4.6 | | 市盈率 | 61 | | 55 ...
长久物流(603569):公路运输反内卷,车辆运输车治超
Tianfeng Securities· 2025-07-26 11:28
Investment Rating - The report maintains a "Buy" rating for the company [4][6][17] Core Views - The implementation of vehicle transport regulation is expected to lead to increased freight rates and improved profitability for the company, similar to the effects observed during previous regulatory periods [2][4] - The company's self-owned transport vehicles exhibit significant profit elasticity, which could benefit from a rebound in freight rates and increased mileage due to regulatory compliance [3][4] - The forecasted net profit for 2025 has been adjusted downwards due to declining vehicle freight rates, but the long-term outlook remains positive with expectations of recovery driven by regulatory actions [4][5] Summary by Sections Regulatory Impact - The Ministry of Transport, Public Security, and Industry and Information Technology has initiated a special governance action for vehicle transport, effective from July 2025, aimed at strict management of new vehicle market access and enhanced enforcement against overloaded vehicles [1] - Historical data shows that similar regulatory actions in 2016-2018 led to a significant increase in freight rates and profitability for the company, with average freight rates rising by 23% and net profit reaching 400 million yuan by 2018 [2] Financial Performance - The company's revenue is projected to grow from 3,783.01 million yuan in 2023 to 4,888.02 million yuan by 2027, with a compound annual growth rate of approximately 4.99% [5][12] - The net profit attributable to the parent company is expected to fluctuate, with a forecast of 73.63 million yuan for 2025, down from previous estimates, but anticipated to rebound to 416.81 million yuan by 2027 [5][12] Valuation Metrics - The report provides various valuation metrics, including a projected P/E ratio of 65.24 for 2025 and an EV/EBITDA of 11.29, indicating a potential undervaluation relative to future earnings growth [5][12]
福建金森林业股份有限公司关于完成工商变更登记并换发营业执照的公告
Group 1 - The company has elected a new chairman during the 13th meeting of the 6th board of directors on July 16, 2025 [1] - The company has completed the relevant business registration changes and obtained a new business license from the Sanming Market Supervision Administration [2] - The legal representative of the company has changed to Mr. Pan Longying, while other details remain unchanged [2] Group 2 - The registered capital of the company is 235.756 million yuan [2] - The company was established on April 18, 1996, and operates in various sectors including forestry management, seedling cultivation, and environmental monitoring [2] - The company is classified as a publicly listed joint-stock company with a unified social credit code of 91350000705188269J [2]
长久物流(603569) - 2025 Q2 - 季度业绩预告
2025-07-14 09:50
[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company anticipates a substantial year-on-year decline in both net profit and non-recurring net profit for H1 2025, with figures ranging from 7-10.5 million yuan and 6-9 million yuan respectively Key Financial Performance Forecast | Metric | 2025 H1 Forecast (million yuan) | 2024 H1 (million yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 7.00 - 10.50 | 52.5659 | ↓ 80.03% - 86.68% | | Non-Recurring Net Profit Attributable to Shareholders | 6.00 - 9.00 | 53.2037 | ↓ 83.08% - 88.72% | - The data in this performance forecast represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant[2](index=2&type=chunk) [Operating Performance in Prior Period](index=2&type=section&id=Item%202.%20Operating%20Performance%20and%20Financial%20Position%20in%20Prior%20Period) In H1 2024, the company reported a net profit attributable to shareholders of 52.57 million yuan and non-recurring net profit of 53.20 million yuan, with basic EPS of 0.09 yuan 2024 H1 Key Financial Data | Metric | 2024 H1 Data | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 52.5659 million yuan | | Non-Recurring Net Profit Attributable to Parent Company Shareholders | 53.2037 million yuan | | Basic Earnings Per Share | 0.09 yuan/share | [Analysis of Main Reasons for Performance Decline](index=2&type=section&id=Item%203.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Decline) The H1 2025 profit decline is attributed to intensified domestic price competition, geopolitical disruptions affecting overseas operations, falling international shipping rates, and vessel maintenance impacting gross profit - Domestic OEM clients' cost-cutting measures led to lower bid prices, resulting in a decline in gross profit despite a year-on-year increase in shipment volume[5](index=5&type=chunk) - Geopolitical conflicts disrupted certain overseas client routes, leading to a reduction in business volume[5](index=5&type=chunk) - The international sea freight market achieved supply-demand balance, causing freight rates to decline compared to the same period last year; concurrently, the company's roll-on/roll-off vessels underwent maintenance and preparation in the first half, impacting profitability[5](index=5&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=Item%204.%20Risk%20Warning) The company clarifies that this unaudited performance forecast is a preliminary estimate, with final accurate data to be presented in the official 2025 semi-annual report, and confirms no material uncertainties affecting its accuracy - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant, thus it contains uncertainties[6](index=6&type=chunk) - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report, cautioning investors about investment risks[7](index=7&type=chunk)
长久物流(603569) - 长久物流:关于追加公司及下属子公司2025年度日常关联交易的公告
2025-06-30 09:45
股票代码:603569 股票简称:长久物流 公告编号:2025-039 北京长久物流股份有限公司 关于追加公司及下属子公司 2025 年度日常关联交易 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个别及连带责任。 重要内容提示: 一、 追加日常关联交易基本情况 (一)追加日常关联交易履行的审议程序 2025年4月25日,北京长久物流股份有限公司(以下简称"公司")第五届 董事会第十次会议审议通过了《关于预计公司及下属子公司2025年度日常关联 交易的议案》,关联董事回避了此项议案的表决,前期亦经公司第五届董事会 独立董事专门会议第三次会议审议通过。该议案亦通过了公司2024年年度股东 大会审议。具体内容详见公司于2025年4月26日在上海证券交易所网站披露的 《关于预计公司及下属子公司2025年度日常关联交易的公告》(公告编号: 2025-019)。 2025年6月30日,公司第五届董事会第十二次会议审议通过了《关于追加公 司及下属子公司2025年度日常关联交易的议案》,关联董事薄世久、薄薪澎、 闫超、张振鹏回避表决,该议案无 ...
长久物流(603569) - 长久物流:关于公司董事会秘书变动的公告
2025-06-30 09:45
证券代码:603569 证券简称:长久物流 公告编号:2025-038 北京长久物流股份有限公司 关于公司董事会秘书变动的公告 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。 重要内容提示: 北京长久物流股份有限公司(以下简称"公司")董事会于近日收到公司董 事会秘书闫超先生的辞职报告,闫超先生因工作调整原因申请辞去公司董事会秘 书职务。辞职后,闫超先生将在公司继续担任董事、总经理及旗下多家子公司董 事、经理、监事等职务。经公司第五届董事会第十二次会议审议通过,聘任马伟 先生为公司董事会秘书,任期自本次董事会审议通过之日起至第五届董事会任期 届满之日止。 | | | | | | 是否继续 | | 是否存 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 离任 | 在上市公 | 具体职务 | 在未履 | | 姓名 | 离任职务 | 离任时间 | 原定任期到期日 | | 司及其控 | | 行完毕 | | | | | | 原因 | 股子公司 | (如适用) | ...
长久物流(603569) - 长久物流:第五届董事会第十二次会议决议公告
2025-06-30 09:45
证券代码:603569 证券简称:长久物流 公告编号:2025-040 北京长久物流股份有限公司 第五届董事会第十二次会议决议公告 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个别及连带责任。 二、董事会会议审议情况 1、审议通过《关于公司董事会秘书变动的议案》 表决情况:赞成 7 票,反对 0 票,弃权 0 票 表决结果:审议通过 上述议案已经公司董事会提名委员会审议通过,具体内容详见上海证券 交易所网站同日公告的 2025-038 号公告。 2、审议通过《关于追加公司及下属子公司 2025 年度日常关联交易的议案》 表决情况:赞成 3 票,反对 0 票,弃权 0 票 表决结果:审议通过 上述议案已经第五届董事会独立董事专门会议第四次会议审议通过,关 联董事薄世久、薄薪澎、闫超、张振鹏回避表决。具体内容详见上海证券交 易所网站同日公告的 2025-039 号公告。 一、董事会会议召开情况 北京长久物流股份有限公司(以下简称"公司")第五届董事会第十二次会 议于 2025 年 6 月 30 日以现场表决方式召开,董事会会议通知及相关文 ...
长久物流(603569) - 长久物流:关于控股股东部分股份质押的公告
2025-06-20 09:15
公司于2025年6月20日接到控股股东长久集团通知,获悉其所持有本公司的 部分股份被质押,具体事项如下: 一、上市公司股份质押 证券代码:603569 证券简称:长久物流 公告编号:2025-037 北京长久物流股份有限公司 关于控股股东部分股份质押的公告 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个别及连带责任。 重要内容提示: | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | 持股比 | 本次质押前 | 本次质押后 | 占其所 | 占公司 | 已质押 | 已质押 | 未质押 | 未质押 | | 名称 | 持股数量 | 例 | 累计质押数 | 累计质押数 | 持股份 | 总股本 | 股份中 | 股份中 | 股份中 | 股份中 | | | | | 量 | 量 | 比例 | 比例 | 限售股 | 冻结股 | 限售股 | 冻结股 | | | | | | | ...
铁路公路物流25年下半年投资策略:数智时代,边界重构
Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]
长久物流(603569) - 长久物流:为子公司申请年度银行授信提供担保的进展公告
2025-06-12 09:45
证券代码:603569 证券简称:长久物流 公告编号:2025-036 北京长久物流股份有限公司 为子公司申请年度银行授信提供担保的进展公告 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个别及连带责任。 重要内容提示: 一、担保情况概述 被担保人名称及是否为上市公司关联人:吉林省长久物流有限公司(以下简 称"吉林长久")为北京长久物流股份有限公司(以下简称"公司")全资子 公司。 本次担保金额及已实际为其提供的担保余额:本次公司向吉林长久提供总额 度为 4,000 万元的最高额保证;截止本公告披露日,公司已向吉林长久提供 担保额度共计 4,000 万元。 本次担保是否有反担保:否 对外担保逾期的累计数量:无 成立时间:2001-12-21 经营范围:许可项目:道路货物运输(不含危险货物);国际道路货物运输。(依 法须经批准的项目,经相关部门批准后方可开展经营活动,具体经营项目以相关部 门批准文件或许可证件为准)一般项目:普通货物仓储服务(不含危险化学品等需 许可审批的项目);国内集装箱货物运输代理;国内货物运输代理;集装箱租赁服务; ...