证券代码：000039、299901 证券简称：中集集团、中集 H 代 中国国际海运集装箱（集团）股份有限公司 投资者关系活动记录表 编号：2024-010 | --- | --- | --- | --- | |---------------------------|--------------------------------------------------------------|-----------------------------------------|-----------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | □特定对象调研 | □分析师会议 | | | 投资者关系活 | □媒体采访 □业绩说明会 □新闻发布会 √路演活动 | | | | 动类别 | | | | | | □现场参观 □其他 | （请文字说明其他活动内容） | | | | | | | | 参与单位名称 及人员姓名 | 策略会： 2024 年 10 月 17 2 ...

Investment Rating - Buy (Maintained) [1] Core Views - Q3 net profit attributable to parent company was in line with expectations, driven by strong container demand recovery and improved offshore engineering performance [2] - Container demand is supported by global trade recovery and replacement needs, with the company maintaining a stable market share of over 40% [4] - Offshore engineering business benefits from cyclical recovery, with new orders increasing significantly [5] Financial Performance - 2024 Q1-3 revenue reached 129 billion yuan, up 36% YoY, with net profit attributable to parent company at 1.83 billion yuan, up 269% YoY [2] - Q3 revenue was 49.9 billion yuan, up 44% YoY, with net profit attributable to parent company at 960 million yuan, up 892% YoY [2] - 2024 Q3 gross margin was 13.6%, flat YoY, while net margin improved by 1.3pct to 2.7% [3] - 2024 Q3 operating expense ratio decreased by 0.57pct to 9.3% [3] Container Business - 2024 Q1-3 standard dry container sales reached 2.49 million TEU, up 422% YoY [2] - Global container fleet is approximately 50 million TEU, with annual replacement demand of 2.5 million TEU based on a 20-year lifespan [4] - Global container trade volume growth is expected to increase from 0.7% in 2023 to 5.2% in 2024, with continued growth in 2025 [4] Offshore Engineering Business - 2024 Q1-3 offshore engineering revenue increased by 78% YoY [2] - New orders for offshore engineering in 2024 Q1-3 reached 3.25 billion USD, up 121% YoY, with total backlog at 7.4 billion USD, up 42% YoY [5] - Offshore drilling platforms and FPSO orders are expected to grow due to stable oil prices and increased capital expenditure by oil companies [5] Profit Forecast and Valuation - 2024-2026 net profit attributable to parent company is forecasted at 2.5/3.3/4.8 billion yuan, with corresponding P/E ratios of 19/14/10x [5] - 2024-2026 revenue is forecasted at 140.8/157.9/171 billion yuan, with YoY growth of 10.17%/12.11%/8.32% [1] - 2024-2026 EPS is forecasted at 0.46/0.61/0.88 yuan per share [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [8]. Core Insights - The company achieved a significant year-on-year increase in net profit of 891.78% in Q3 2024, with a net profit of 962 million yuan [1]. - For the first three quarters of 2024, the company reported a revenue of 129 billion yuan, up 35.58% year-on-year, and a net profit of 1.828 billion yuan, reflecting a 269% increase [1]. - The container business saw a remarkable growth in sales volume, with dry cargo container sales reaching 2.4863 million TEU, a year-on-year increase of approximately 421.78% [2]. - The marine engineering segment also performed well, with a revenue increase of 77.75% year-on-year and a total order value of 7.4 billion USD, up 42% [2]. Revenue and Profit Analysis - The company’s revenue for Q3 2024 was 49.9 billion yuan, representing a 44.3% increase year-on-year and a 6.82% increase quarter-on-quarter [1]. - The gross profit margin for Q1-Q3 2024 was 11.84%, a decrease of 1.85 percentage points year-on-year, while the net profit margin improved to 2.11%, an increase of 0.58 percentage points [1]. - The company expects a revenue CAGR of 5.3% and a net profit CAGR of 34.8% from 2024 to 2026, with projected net profits of 2.601 billion, 3.616 billion, and 4.726 billion yuan for those years respectively [2]. Segment Performance - The container segment's sales volume for Q3 2024 was 1.1 million TEU, a quarter-on-quarter increase of 24% [2]. - The vehicle segment faced challenges, with a revenue decline of 19.14% year-on-year, although domestic sales benefited from the "Starlink Project" [2]. - The company’s subsidiary, CIMC Enric, reported a revenue of 17.969 billion yuan for the first three quarters of 2024, marking an 8% year-on-year increase [2].

今天下午,深圳轄区100多家上市公司的高管将通过网络在线交流形式就公司财务数据、经营状况、公司治理、现金分红、发展战略、重大事项、可持续发展等广大投资者所关心的问题,通过互动平台与投资者进行一对多的沟通与交流。 全年网也将多渠道对活动进行实时报道。感谢各位的热情关注与支持。 下面请允许我向大家介绍参加今天活动的嘉宾他们是中正中小投资者服务中心投资者教育部执行经理石岩女士中国银河证券宏观经济分析师詹璐女士深圳市全景网络有限公司总经理陈伟先生深圳上市公司协会副会长兼秘书长文华先生 同时还有深圳辖区一百多家上市公司以远程的方式参与此次活动欢迎首先有请深圳上市公司协会副会长兼秘书长文华先生为本次活动致辞尊敬的各位嘉宾女士们先生们下午好今天我们再次相聚云端共同迎来第七届投资者网上集体接待日活动 自2019年以来这项活动已成为深圳辖区上市公司与广大投资者真诚沟通深化互信的重要平台本次100多家上市公司的高管齐聚线上与广大投资者展开深度交流这既是对资本市场投资者关系管理要求的积极响应更是对传价值处信任共机遇理念的深化践行 しかし ... I love you. ស្រុងក្រុងក្រុងក្រុងក្រុងក្រុងក ...

Summary of the Conference Call Company Overview - The conference call was held by Zhongqi Group to discuss its 2024 performance and future outlook. The company primarily operates in logistics equipment and services, as well as energy equipment and services. New business directions include renewable energy, such as hydrogen energy and offshore wind power [1][3]. Financial Performance - The company reported a record high revenue of 177.7 billion, a year-on-year increase of 39%. The net profit increased over sixfold to 2.97 billion [2]. - The container sales volume surged by 417% year-on-year, with the manufacturing segment achieving profitability for the first time [2]. - The financial and asset management segment also saw significant improvement, with net profit rising to 640 million [2]. - The company’s interest-bearing debt ratio decreased to 22%, and operating cash flow doubled to 9.3 billion by year-end [4]. Business Segments - Container manufacturing remains the largest revenue contributor, accounting for 35% of total revenue. The marine engineering segment contributed nearly 9% [5]. - Logistics services generated 31.3 billion, representing about 18% of the total revenue, with overseas operations exceeding 50% [5]. - The marine engineering sector showed significant improvement, nearing 900 million in profit [2]. Industry Dynamics - The global macroeconomic environment is recovering, with increased trade demand. The container shipping rates have rebounded significantly due to strong demand and tight supply [6]. - The container industry’s production is expected to exceed 8 million units in 2024, a 263% increase compared to 2023 [8]. - The logistics sector, particularly the international freight forwarding segment, has also seen substantial growth, with revenue reaching 31.4 billion, up 55.7% year-on-year [9]. Strategic Initiatives - The company is focusing on expanding its presence in the renewable energy sector, particularly in hydrogen energy and offshore wind power [3][12]. - The company aims to maintain a dividend payout ratio below 30% while continuing to optimize its debt structure and reduce financing costs [3][4]. - The company is also exploring modular construction and green methanol production as part of its strategic initiatives for future growth [25][49]. Future Outlook - The company anticipates a stable demand for containers, although there may be fluctuations due to global trade dynamics [20][21]. - The management expressed confidence in the growth potential of the hydrogen energy sector, despite current challenges in the industry [50]. - The company plans to continue optimizing its debt structure and expects to reduce its interest-bearing debt further by the end of 2025 [46][48]. Key Risks and Considerations - The company faces uncertainties related to global economic conditions, including potential impacts from geopolitical tensions and trade policies [19][20]. - The management acknowledged the challenges in the hydrogen energy market and the need for further development of the industry [50]. Conclusion - Zhongqi Group demonstrated strong financial performance in 2024, with significant growth across various segments. The company is strategically positioning itself in the renewable energy sector while maintaining a focus on optimizing its financial structure and managing risks associated with global market dynamics.

Investment Rating - The report maintains a "Recommend" rating for CIMC (000039 SZ) [1][3] Core Views - CIMC's Q3 2024 performance exceeded expectations, with significant growth in container and offshore engineering businesses [1] - The company's container manufacturing business saw a 421 78% YoY increase in dry container sales and a 16 60% YoY increase in refrigerated container sales in the first three quarters of 2024 [1] - Offshore engineering business revenue grew 77 75% YoY in the first three quarters of 2024, with new orders increasing 121% YoY to $3 25 billion [1] - The report forecasts CIMC's net profit attributable to parent company to reach RMB 2 598 billion in 2024, RMB 3 831 billion in 2025, and RMB 4 419 billion in 2026 [1] Financial Performance - In Q1-Q3 2024, CIMC achieved revenue of RMB 128 971 billion, a 35 58% YoY increase, and net profit attributable to parent company of RMB 1 828 billion, a 268 87% YoY increase [1] - Q3 2024 revenue was RMB 49 856 billion, a 44 30% YoY increase, with net profit attributable to parent company of RMB 962 million, a 891 78% YoY increase [1] - Gross margin was 11 84% in Q1-Q3 2024, down 1 86 percentage points YoY, while net margin was 2 11%, up 0 58 percentage points YoY [1] Industry Outlook - Global container trade volume growth is expected to increase from 0 7% in 2023 to 5 2% in 2024, with further growth of 2 8% expected in 2025 [1] - The offshore drilling platform market remains strong due to limited supply growth and steady demand increase [1] - International oil prices remain high due to regional conflicts and slower global energy transition, benefiting the offshore engineering market [1] Valuation - The report forecasts CIMC's PE ratio to be 18X in 2024, 12X in 2025, and 11X in 2026 [1] - EPS is expected to be RMB 0 48 in 2024, RMB 0 71 in 2025, and RMB 0 82 in 2026 [2] - PB ratio is forecasted at 0 9X in 2024, 0 8X in 2025, and 0 8X in 2026 [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 128.97 billion yuan, up 35.58% year-on-year, and net profit attributable to shareholders at 1.83 billion yuan, up 268.87% year-on-year [2] - The demand for containers is recovering, driven by a global trade rebound, with the WTO projecting a 2.7% growth in global merchandise trade for 2024 [2] - The offshore engineering sector is expected to improve, with rising rental rates for offshore equipment and a forecasted increase in oil prices [2] Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 49.86 billion yuan, a year-on-year increase of 44.30%, and a net profit of 962 million yuan, up 891.78% year-on-year [2] - The gross margin for Q3 2024 was 13.6%, showing improvements from previous quarters [2] Container Manufacturing Business - The company is a leader in the global container industry, with significant increases in sales volumes for dry containers and refrigerated containers in the first three quarters of 2024 [2] - Dry container sales reached 2.4863 million TEU, a 422% increase year-on-year, while refrigerated container sales grew by 17% [2] Offshore Engineering Business - The company is positioned as a leading player in offshore equipment, with a 77.75% year-on-year increase in offshore revenue for the first three quarters of 2024 [2] - The value of new signed orders increased by 121% year-on-year to 3.25 billion USD, with total backlog orders rising by 42% to 7.4 billion USD [2] Profit Forecast and Valuation - Revenue projections for 2024-2026 are 149.64 billion yuan, 167.55 billion yuan, and 181.88 billion yuan, respectively, with net profits expected to be 2.4 billion yuan, 3.42 billion yuan, and 4.47 billion yuan [2] - The corresponding price-to-earnings ratios are projected to be 19X, 13X, and 10X for the respective years [2]

Financial Performance - Operating revenue for Q3 2024 reached RMB 49,855,644 thousand, an increase of 44.30% year-on-year[4] - Net profit attributable to shareholders for Q3 2024 was RMB 962,239 thousand, a significant increase of 891.78% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses for Q3 2024 was RMB 871,190 thousand, up 280.89% year-on-year[4] - Cash flow from operating activities for Q3 2024 amounted to RMB 3,057,404 thousand, reflecting a 417.32% increase compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 reached RMB 128,970,687 thousand, representing a 35.58% increase compared to RMB 95,124,111 thousand in the same period of 2023[10] - Net profit attributable to shareholders was RMB 1.828 billion, up 268.87% from RMB 0.496 billion in the previous year, with basic earnings per share rising to RMB 0.3357 from RMB 0.0830, a growth of 304.46%[17] - The total profit for the first nine months of 2024 was RMB 4,285,377 thousand, up from RMB 2,555,813 thousand in the same period of 2023, reflecting a growth of approximately 67.6%[41] Earnings and Shareholder Value - The basic earnings per share for Q3 2024 was RMB 0.1788, a remarkable increase of 1092.00% year-on-year[4] - The diluted earnings per share for Q3 2024 was RMB 0.1788, reflecting a 3786.96% increase compared to the same period last year[4] - The company reported a basic earnings per share of RMB 0.1788 for Q3 2024, compared to RMB 0.0150 in Q3 2023, marking an increase of about 1,192%[40] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 180,854,440 thousand, representing an 11.80% increase from the end of 2023[5] - The company's accounts receivable rose by 45.53% to RMB 33,397,878 thousand as of September 30, 2024, up from RMB 22,949,473 thousand at the end of 2023, attributed to increased revenue scale[8] - Long-term borrowings increased by 46.74% to RMB 19,844,599 thousand, driven by new external long-term loans obtained in the first three quarters[9] - The total liabilities amounted to RMB 113,646,922 thousand, up from RMB 97,132,883 thousand, reflecting an increase of around 17.0%[30] - Non-current liabilities increased significantly to RMB 28,644,006 thousand from RMB 18,147,720 thousand, reflecting a rise of about 57.5%[30] Cash Flow and Investments - Cash flow from operating activities generated RMB 1,610,497 thousand in the first nine months of 2024, a recovery from a cash outflow of RMB 1,417,275 thousand in 2023[44] - Total cash inflow from investment activities was RMB 14,960,850 thousand in 2024, compared to RMB 6,712,023 thousand in 2023[44] - Cash flow from financing activities increased to RMB 36,184,461 thousand in 2024, up from RMB 23,509,059 thousand in 2023[46] - The company received RMB 25,053,063 thousand from loans in the first nine months of 2024, compared to RMB 17,256,035 thousand in 2023[46] Operational Highlights - In the logistics sector, the company sold 2.4863 million TEUs of dry containers, a significant increase of approximately 421.78% compared to 0.4765 million TEUs in the same period last year[18] - The sales volume of refrigerated containers reached 93,400 TEUs, up about 16.60% from 80,100 TEUs in the previous year[18] - The company’s logistics service business saw substantial growth in both revenue and profit indicators, driven by a focus on integrated multimodal transport products and expansion into overseas markets[21] - The clean energy segment saw a significant revenue increase of 26.2% year-on-year to RMB 12.599 billion, driven by growth in domestic natural gas consumption and LNG vehicle bottle sales[22] - The marine engineering business reported a revenue increase of 77.75% year-on-year, with new orders rising by 121% to USD 3.25 billion, marking a historical high[23] Strategic Initiatives - The company is actively exploring new business development paths in the airport and firefighting equipment sectors, aiming for diversification and sustainable growth[20] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[41] - The company’s focus on digital management and lean operations has led to improved performance in its circular packaging solutions, supporting carbon neutrality initiatives[21] Financial Adjustments and Accounting - The company has implemented retrospective adjustments to financial statements due to changes in accounting policies as per new guidelines issued in March 2024[6] - The company implemented new accounting standards in 2024, resulting in an increase in operating costs by RMB 101,892 and a corresponding decrease in selling expenses by the same amount for the January to September 2024 period[50]

Financial Performance - The company's operating revenue for Q3 2024 reached RMB 49,855,644 thousand, representing a 44.30% increase year-over-year[5] - Net profit attributable to shareholders for Q3 2024 was RMB 962,239 thousand, a significant increase of 891.78% compared to the same period last year[5] - The net cash flow from operating activities for Q3 2024 was RMB 3,057,404 thousand, up 417.32% year-over-year[5] - Basic earnings per share for Q3 2024 were RMB 0.1788, reflecting a 1092.00% increase compared to the same period last year[5] - Operating revenue for the first three quarters of 2024 reached RMB 128,970,687 thousand, a 35.58% increase compared to RMB 95,124,111 thousand in the same period of 2023[9] - Net profit for the first nine months of 2024 was RMB 2,726,205 thousand, up 87.7% from RMB 1,451,411 thousand in the same period of 2023[34] - The company's operating profit increased to RMB 4,219,218 thousand, compared to RMB 2,543,286 thousand in the first nine months of 2023, representing a growth of 66.1%[34] - Earnings per share for the first nine months of 2024 were RMB 0.3357, compared to RMB 0.0830 in the same period of 2023, reflecting a significant increase[34] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 180,854,440 thousand, an increase of 11.80% from the end of 2023[5] - The total liabilities increased to RMB 113.65 billion from RMB 97.13 billion, indicating a significant rise in financial obligations[28] - The company's total assets as of September 30, 2024, reached RMB 180.85 billion, an increase from RMB 161.76 billion at the end of 2023[27] - The total liabilities increased to RMB 23,255,852 as of September 30, 2024, compared to RMB 22,941,671 at the end of 2023, marking a rise of 1.4%[30] Revenue Growth by Segment - In the logistics sector, the company sold 2.49 million TEUs of dry containers, a significant increase of approximately 421.78% year-on-year, while refrigerated container sales rose by 16.60% to 93,400 TEUs[17] - The energy and chemical business segment reported a revenue increase of 8.0% to RMB 17.97 billion, with a backlog of orders growing by 25.2% to RMB 27.73 billion[21] - The marine engineering business saw a revenue increase of 77.75%, with new orders rising by 121% to USD 3.25 billion, marking a record high for the company[22] - The clean energy division's revenue grew by 26.2% to RMB 12.60 billion, driven by increased domestic natural gas consumption and significant growth in LNG vehicle bottle sales[21] - The logistics service business experienced substantial growth in revenue and profitability, focusing on integrated multimodal transport products and expanding into overseas markets[19] Financial Expenses and Cash Flow - Financial expenses surged by 175.76% to RMB 2,226,285 thousand, attributed to exchange losses from RMB to USD fluctuations[9] - The company's financial expenses for Q3 2024 were RMB 1,703,345, which is a notable increase from RMB 676,356 in the same period last year[32] - Operating cash inflow for the first nine months of 2024 reached RMB 129,725,985 thousand, a significant increase from RMB 97,625,897 thousand in the same period of 2023, representing a growth of approximately 32.9%[38] - The net cash flow from operating activities turned positive at RMB 1,610,497 thousand, compared to a negative cash flow of RMB (1,417,275) thousand in the first nine months of 2023[38] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 80,898, with 58.03% held by Hong Kong Central Clearing[10] - The top ten shareholders collectively hold significant stakes, with the largest shareholder owning 58.03% of the shares[10] Research and Development - Research and development expenses for Q3 2024 were RMB 695,247, an increase of 24.2% from RMB 559,784 in Q3 2023[32] - Research and development expenses for the first nine months of 2024 were RMB 1,821,142 thousand, an increase from RMB 1,679,561 thousand in the same period of 2023[34] Other Financial Metrics - The company recognized government subsidies of RMB 111,618 thousand during Q3 2024[7] - Investment income improved significantly, with a gain of RMB 76,606 thousand compared to a loss of RMB 566,830 thousand in the previous year, marking a 113.51% increase[9] - The company reported a significant increase in cash received from sales of goods and services, amounting to RMB 123,489,522 thousand in 2024, compared to RMB 94,104,530 thousand in 2023, representing a growth of approximately 31.2%[38] Market and Operational Insights - The company is focusing on enhancing its financial services and management capabilities to reduce foreign exchange transaction costs[24] - The company continues to execute normal lease contracts for offshore assets, maintaining service quality while adapting to market changes[24] - The company has adopted new accounting standards effective from 2024, impacting the reporting of warranty costs, which are now included in "cost of goods sold" rather than "selling expenses"[40] Report Details - The financial report for Q3 2024 of China International Marine Containers (Group) Co., Ltd. is unaudited[43] - The report was released on October 29, 2024[43] - No specific performance metrics or user data were provided in the report[43] - Future outlook and performance guidance were not detailed in the document[43] - There was no mention of new products or technology development in the report[43] - Market expansion and acquisition strategies were not discussed[43] - Other new strategies were not highlighted in the report[43] - The report does not include any financial figures or percentage changes[43] - The company did not provide any insights into operational performance or market conditions[43] - The document primarily serves as a formal announcement of the unaudited financial report[43]

中国国际海运集装箱（集团）股份有限公司关于召开 2024 年第二次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误 导性陈述或重大遗漏。 特别提示： 本通知按照《深圳证券交易所股票上市规则》要求编制。本公司H股股东参加本次 股东大会，请参见本公司于香港联合交易所有限公司（以下简称"香港联交所"）披露 易网站（www.hkexnews.hk）及本公司网站（www.cimc.com）向H股股东另行发出的《2024 年第二次临时股东大会通告》。涉及融资融券、约定购回、转融通业务相关账户、合格 境外机构投资者（QFII）、深股通投资者的投票，应按照《深圳证券交易所上市公司股 东大会网络投票实施细则》和《香港中央结算有限公司参与深股通上市公司网络投票实 施指引》等有关规定执行。 根据2024年10月24日中国国际海运集装箱（集团）股份有限公司（以下简称"本公 司"）第十届董事会2024年度第十三次会议审议并通过的《关于提请召开2024年第二次 临时股东大会的议案》，现就本公司2024年第二次临时股东大会（以下简称"本次股东 大会"）的有关事项通知如下： 一、召开会议基本情况 ...