Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [6][14]. Core Insights - The company reported strong performance in Q3 2024, with significant year-over-year growth in revenue and net profit, indicating a recovery in core business lines [2][5]. - The container manufacturing business showed remarkable growth, with dry cargo container sales increasing by approximately 421.78% year-over-year [4]. - The marine engineering segment also experienced substantial growth, with revenue up 77.75% year-over-year and new orders increasing by 121% [4]. - The company adjusted its profit forecasts for 2024-2026, expecting net profits of 26.4 billion, 35.1 billion, and 42.6 billion yuan respectively, reflecting a positive outlook on core business trends [5]. Financial Data Summary - Revenue for 2023 is projected at 127,809.52 million yuan, with a growth rate of -9.70% compared to 2022 [8]. - The net profit attributable to the parent company for 2023 is expected to be 421.25 million yuan, a decrease of 86.91% from 2022 [8]. - The company’s EBITDA for 2023 is forecasted at 10,317.12 million yuan, down from 13,330.59 million yuan in 2022 [8]. - The earnings per share (EPS) for 2023 is projected at 0.08 yuan, significantly lower than 0.60 yuan in 2022 [8]. - The price-to-earnings (P/E) ratio for 2023 is notably high at 111.24, indicating a potential overvaluation based on current earnings [8]. Performance Metrics - Gross margin and net margin for Q3 2024 were reported at 13.6% and 2.67% respectively, showing improvements compared to previous periods [3]. - The company’s operating expenses as a percentage of revenue decreased, indicating better cost management [2][3]. - The total assets of the company are projected to reach 169,829.33 million yuan by 2024, reflecting growth in asset base [8].

证券代码：000039、299901 证券简称：中集集团、中集 H 代 公告编号【CIMC】2024-091 中国国际海运集装箱（集团）股份有限公司 关于按照《香港上市规则》公布 2024年 10 月份证券变动月报表的公告 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。 根据《香港联合交易所有限公司证券上市规则》（简称"《香港上市规则》"）13.25B 条关于披露股份发行人的证券变动月报表的要求及《深圳证券交易所股票上市规则》 11.2.1 条关于境内外同步披露的要求，特此披露中国国际海运集装箱（集团）股份有限 公司在香港联交所披露易网站（www.hkexnews.hk）刊登的截至2024年10月31日的证券 变动月报表，供参阅。 特此公告。 中国国际海运集装箱（集团）股份有限公司 董事会 二〇二四年十一月四日 FF301 | | | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][7]. Core Views - The company has achieved rapid growth in performance, with a 35.58% year-on-year increase in revenue and a 268.87% increase in net profit attributable to shareholders for the first three quarters of 2024 [1]. - The container dry box sales reached a record high for the year in the third quarter, contributing significantly to the overall performance [1]. - The company is expected to benefit from a favorable outlook in global container trade, with a projected growth rate of 5.2% in 2024 [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 128.97 billion yuan, a 35.58% increase year-on-year, and a net profit of 1.828 billion yuan, up 268.87% year-on-year [1][2]. - The third quarter alone saw revenue of 49.856 billion yuan, a 44.30% increase year-on-year, and a net profit of 9.62 billion yuan, which is an increase of 891.78% year-on-year [1]. - The gross margin for the first three quarters was 11.84%, with a slight decrease of 1.85 percentage points year-on-year, while the net margin was 2.11%, an increase of 0.58 percentage points year-on-year [1]. Business Segment Performance - The container manufacturing segment achieved a record high in dry box sales, with 1.1036 million TEUs sold in the third quarter, representing a 417.15% increase [1]. - The shipbuilding business also maintained strong growth, with a 77.75% year-on-year increase in revenue, driven by a recovery in the offshore equipment market and new orders entering the construction phase [1]. - The company secured a significant EPC order for floating LNG production and storage units, marking a major breakthrough in high-end marine manufacturing [1]. Future Outlook - The company has a robust order backlog for containers, with orders scheduled through December, indicating a positive outlook for the fourth quarter despite seasonal slowdowns [1]. - The anticipated recovery in container pricing and the benefits from a declining interest rate environment are expected to support continued growth in profitability [1].

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：2024-011 | --- | --- | --- | |---------------------------|-------------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | □特定对象调研 | □分析师会议 | | | □媒体采访 √业绩说明会 | | | 投资者关系活 | □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） | | | | 2024 年 10 月 30 日： 券、国泰君安、 UBS | 第三季度业绩说明会：华泰证券、广发证券、长江证券、中信证 、光大证 ...

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].

于是我向大家介绍稍后将上台的管理层,他们有中纪集团董事长麦伯良先生、中纪集团总裁高祥先生、中纪集团副总裁兼财务总监曾晗先生。同时,我们也邀请了独立董事吕峰美女士、独立董事张光华先生、独立董事杨成先生同步参与线上直播,欢迎各位领导。 现在,本次说明会正式开始。让我们有请中企集团董事会秘书吴三强、吴总向大家介绍中企集团2024年盖栏。尊敬的投资者、分析师还有媒体朋友们,大家下午好。欢迎大家参加中企集团2024年度的业绩发布会。 首先我讲一下集团的基本概览。当然跟以前一样,我们的整个业务结构没有大的变化,基本还是围绕着物流装备并服务以及能源装备和服务。那么右下角的箭头代表了我们做的一些新的业务方向,比如新能源,包括氢能、海上风电等。 去年,整体的财务业绩还是比较亮眼的,营收创历史新高,我们扣黑硅谷经济论是历史上第四高位,保利率、经济率逐级环比攀升。 核心指标,营收同比增长了39%,达到了1777亿,硅谷金利润同比增长了6倍多,达到29.7亿,登鸿这次推出的方案同比增长了6.94倍,9.45亿整个精英的亮点,一个是我们的海工产业 盈利大幅改善,接近了9个亿。加上制造分部,我们首次的有亏为盈。金融及资产管理分部,就是大 ...

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]