来源：公司年报、国金证券研究所 买入（维持评级） 业绩简评 10 月 18 日，公司发布三季报业绩预告，24 年前三季度公司预计 实现归母净利润 16.5-20 亿元，同比增长 233%-304%。单 Q3 公司 预计实现归母净利润 7.84-11.34 亿元，同比增长 708%-1069%，业 绩高增。 经营分析 集装箱、海工景气复苏，公司前三季度业绩高增。根据公司公告， 24 年前三季度公司预计实现归母净利润 16.5-20 亿元，同比增长 233%-304%，业绩高增长主要系：1）2024 年前三季度集装箱运输 行业周期性恢复，且因红海事件拉长运距等因素，集装箱制造业需 求上行，公司集装箱制造业务标准干货箱销量同比大幅上涨，该分 部收入和净利润均同比大幅上升。2）海工业务受益于市场需求提 升，2024 年前三季度营收及净利润同比上升。3）公司 1-3Q24 的 非经常性损益项目同比预计大幅改善，主要由于 1-3Q24 汇率衍生 品合计损失人民币 3.37 亿元，较去年同期损失有大幅降低。 WTO 上调 24 年全球商品贸易增速，看好集装箱需求持续恢复。24 年随着中美逐步进入补库存周期，全球商品贸易回暖 ...

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：2024-009 | --- | --- | --- | --- | --- | |---------------------|---------------------------------|----------------------------------|-------------|----------------------------| | | | | | | | | | | | | | | | | | | | | □特定对象调研 | □媒体采访 □业绩说明会 | □分析师会议 | | | 投资者关系活 动类别 | | □新闻发布会 √路演活动 | | | | | □现场参观 □其他 | （请文字说明其他活动内容） | | | | | | | | | | | 一对多： 2024 年 9 月 2 | 日：华泰证券电话会议 | | | | | 策略会： | | | | | 参与单位名称 | 2024 年 9 月 5 | 日：华泰证券 2024 | | 年秋季投资 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中集集团（000039.SZ） [Table_Title] 中集集团 2024H1 点评：业绩符合预期，看好集 装箱利润释放+海工业务周期上行 | --- | --- | --- | |----------|-------|-------| | | | | | 报告要点 | | | 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 屈奇 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 中集集团（000039.SZ） cjzqdt11111 资料来源：Wind 相关研究 [Table_Title 中集集团 2024H1 2] 点评：业绩符合预期，看好集 装箱利润释放+海工业务周期上行 [Table_Summary2] 事件描述 中集集团发布 2024 年上半年业绩，2024H1 公司实现营收 791.15 亿元，同比+30.61%；实现 归母净利润 8.66 亿元，同比+117.23%；20 ...

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：2024-008 | --- | --- | --- | --- | |--------------|--------------------------------------------------------------------------------------|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | □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 | | | | 动类别 | □新闻发布会 √路演活动 □现场参观 | | | | | □其他 （请文字说明其他活动内 ...

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：2024-007 | --- | --- | --- | --- | |---------------------------|--------------------------------------------------------|------------------------------|-----------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | □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） | | | | | | | | 参与单位名称 | 2024 年 8 月 2 ...

中集集团（000039） 证券研究报告 2024 年 09 月 01 日 投资评级 行业 机械设备/通用设备 6 个月评级 买入（维持评级） 当前价格 7.51 元 目标价格 元 扣非归母净利润接近预告上限，核心业务线继续恢复向好 2024H1： 1）公司实现营收 791.15 亿元，同比+30.61%；归母净利润 8.66 亿元，同 比+117.23%；扣非归母净利润 8.20 亿元，同比-16%；归母及扣非归母净利 润均高于业绩预告中枢。 2）毛利率 10.73%，同比-2.93pct；净利率 1.76%，同比+0.12pct；期间费用 率 7.73%，同比-1.23pct，销售/管理/研发/财务费用率同比分别-0.55pct /-0.7pct/ -0.43pct/+0.44pct；三费管控优异，财务费用率提升主要系去年同 期净汇兑收益金额较大所致。 24Q2： 1）公司实现营收 466.72 亿元，同比+37.58%、环比+43.86%；归母净利润 7.82 亿元，同比+228.11%、环比+835.19%；扣非归母净利润 5.95 亿元，同 比-37.13%、环比+164.48%。 2）毛利率 11. ...

中集集团（000039.SZ） 优于大市 半年报业绩点评：收入同比增长 31%，集装箱制造收入实现修 复 2024 年上半年营业收入同比增长 30.61%，归母净利润同比增长 117.23%。 公司 2024 年上半年实现营业收入 791.15 亿元，同比增长 30.61%，归母净利 润 8.66 亿元，同比增长 117.23%，扣非归母净利润 8.20，同比下降 16.00%。 上半年收入、归母净利润同比增长主要系集装箱制造业务收入实现修复，海 工造船业务收入快速增长，同时本期衍生金融工具公允价值变动损失收窄， 而扣非净利润同比下滑主要系核心业务毛利率有所下滑，车辆业务因基数原 因利润同比下滑较多。同期毛利率/净利率分别为 10.73%/1.76%，同比变动 -2.93/+0.12 个百分点，分行业看集装箱/物流/海洋工程/车辆/能源化工等 收入占比10%以上的业务毛利率分别为12.25%/5.64%/4.60%/4.59%/12.68%， 同比变动-2.10/-0.65/-5.73/-14.68/-3.25 个百分点。 集装箱制造业务收入大幅修复，海工造船业务收入快速增长。分业务板块看， 1）集装箱业务收 ...

业绩简评 8 月 28 日，公司发布 24 年中报，1H24 公司实现收入 791.15 亿 元，同比+30.61%；归母净利润 8.66 亿元，同比+117.23%。公司 2Q24 实现收入 466.72 亿元，同比+37.58%；实现归母净利润 7.82 亿元，同比+228.11%。 经营分析 集装箱需求复苏，1H24 公司集装箱板块业绩高增。24 年随着中美 逐步进入补库存周期，全球商品贸易回暖，WTO 预计 24/25 年全球 商品贸易额增速为 2.6%/3.3%，较 23 年的-1.2%逐步复苏，预计带 动集装箱需求提升。根据公司公告，1H24 全球商品贸易需求回升， CTS 显示今年上半年全球集运贸易运输需求同比提升 7.1%至约 8960 万 TEU；同时，红海事件等不确定事件导致欧线绕航，降低了 集运运输效率，进一步催化集装箱需求提升。公司是全球集装箱行 业龙头，23 年标准干货箱、冷藏箱、特种箱产量均保持全球第一。 伴随行业需求复苏，公司 1H24 集装箱制造业务产销量同比明显增 长，其中干货集装箱累计销量 138.27 万 TEU，同比增长约 425.54%。 1H24 公司集装箱制造业务 ...

Financial Performance - Revenue for the first half of 2024 increased by 30.61% year-on-year to RMB 79,115,043 thousand[14] - Net profit attributable to shareholders of the parent company surged by 117.23% year-on-year to RMB 865,781 thousand[14] - Total assets grew by 10.72% compared to the end of the previous year, reaching RMB 179,111,959 thousand[15] - Operating cash flow improved by 27.95% year-on-year, with a net outflow of RMB 1,446,907 thousand[15] - Basic earnings per share for shareholders of the parent company increased by 128.57% year-on-year to RMB 0.16[17] - The company's total liabilities increased by 16.26% compared to the end of the previous year, reaching RMB 112,923,839 thousand[15] - Non-current liabilities saw a significant increase of 47.00% year-on-year, totaling RMB 26,676,877 thousand[15] - The weighted average return on equity (ROE) for the first half of 2024 was 1.77%, up by 0.98 percentage points year-on-year[17] - The company's total equity increased by 2.41% compared to the end of the previous year, reaching RMB 66,188,120 thousand[15] - Revenue for the first half of 2024 reached RMB 79,115,043 thousand, a year-on-year increase of 30.61%[25] - Net profit attributable to shareholders and other equity holders rose to RMB 865,781 thousand, up 117.23% year-on-year[25] - Container manufacturing business revenue increased by 82.54% to RMB 24.95 billion, with a net profit increase of 66.25% to RMB 1.276 billion[27] - Dry container sales surged by 425.54% to 1.3827 million TEU, while refrigerated container sales decreased by 13.20% to 44,700 TEU[26] - Road transport vehicle business revenue declined by 20.56% to RMB 10.7 billion, with net profit dropping 69.66% to RMB 574 million[28] - Global semi-trailer sales decreased by 25.97% to 50,174 units, generating revenue of RMB 7.601 billion[28] - Domestic semi-trailer sales in China increased by 15.77%, with a market share of 14.12%[29] - Overseas revenue accounted for 54.45% of total revenue, while domestic revenue accounted for 45.55%[24] - Logistics services revenue surged 54.28% to RMB 14.089 billion, with net profit skyrocketing 274.74% to RMB 204 million[34] - Circular packaging business revenue declined 16.18% to RMB 1.197 billion, with net loss widening by 73.29% to RMB 49 million, despite service business revenue growing 63%[37] - Energy, Chemical & Liquid Food Equipment business revenue rose 6.43% to RMB 12.121 billion, but net profit dropped 44.52% to RMB 242 million[39] - Clean Energy division revenue grew 25.1% to RMB 7.88 billion, driven by increased demand for LNG storage and transportation equipment[39] - Hydrogen energy business revenue surged 65.2% to RMB 450 million, supported by enhanced capabilities in hydrogen production, storage, and transportation[39] - New orders for Energy, Chemical & Liquid Food Equipment business increased 29.5% to RMB 16.4 billion, with backlog reaching a record high of RMB 29.35 billion[39] - Logistics services business achieved significant growth in Q2 compared to Q1, with improved profitability across most product lines[34] - Chemical and environmental division revenue decreased by 47.1% to RMB 1.30 billion (previous year: RMB 2.45 billion) due to weak global economic recovery and slowing demand for tank containers[40] - Liquid food division revenue increased by 14.7% to RMB 2.31 billion (previous year: RMB 2.01 billion), driven by steady progress in domestic beer projects and opportunities in the domestic spirits market[40] - Marine engineering business revenue surged by 88.95% to RMB 7.784 billion (previous year: RMB 4.119 billion), with net loss narrowing by 53.70% to RMB 84 million (previous year: RMB 182 million)[41] - New orders increased by 20.1% to USD 1.79 billion (previous year: USD 1.49 billion), with cumulative order value up 20.9% to USD 6.18 billion (previous year: USD 5.11 billion)[42] - Financial and asset management business revenue rose by 44.10% to RMB 1.156 billion (previous year: RMB 802 million), with net loss decreasing by 22.15% to RMB 876 million (previous year: RMB 1.125 billion)[43] - CIMC Finance provided credit funding of RMB 3.752 billion to member companies in the first half of the year[44] - Revenue from container manufacturing increased by 82.54% to RMB 24,949.526 million, accounting for 31.54% of total revenue[77] - Revenue from road transport vehicles decreased by 20.56% to RMB 10,699.669 million, accounting for 13.52% of total revenue[77] - Revenue from energy, chemical, and liquid food equipment increased by 6.43% to RMB 12,120.855 million, accounting for 15.32% of total revenue[77] - Revenue from marine engineering surged by 88.95% to RMB 7,783.714 million, accounting for 9.84% of total revenue[77] - Revenue from logistics services increased by 54.28% to RMB 14,088.831 million, accounting for 17.81% of total revenue[77] - Revenue from Asia (excluding China) grew by 92.21% to RMB 13,137.752 million, accounting for 16.61% of total revenue[77] - Container manufacturing revenue decreased by 39.97% to 13,667,707 thousand RMB, accounting for 22.56% of total revenue[78] - Road transport vehicles revenue increased by 20.31% to 13,469,630 thousand RMB, accounting for 22.24% of total revenue[78] - Energy, chemical, and liquid food equipment revenue increased by 18.69% to 11,388,087 thousand RMB, accounting for 18.80% of total revenue[78] - Marine engineering revenue increased by 60.41% to 4,119,440 thousand RMB, accounting for 6.80% of total revenue[78] - Logistics services revenue decreased by 47.15% to 9,131,975 thousand RMB, accounting for 15.08% of total revenue[78] - Total revenue increased by 30.61% to 79,115,043 thousand RMB compared to the same period last year[79] - Financial expenses increased by 299.24% to 522,940 thousand RMB due to significant net exchange gains in the same period last year[79] - Investment income increased by 70.26% to 126,134 thousand RMB due to reduced losses from derivative financial instruments[79] - Fair value change loss decreased by 77.81% to 249,762 thousand RMB due to reduced losses from derivative financial instruments[79] - Asset impairment loss decreased by 74.14% to 25,972 thousand RMB due to lower inventory write-downs compared to the same period last year[79] Shareholder and Dividend Information - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the 2024 semi-annual period[2] - The company did not distribute any cash dividends, stock dividends, or capital reserve to share capital for the first half of 2024[153] - The company implemented a cash dividend of RMB 0.22 per 10 shares for the 2023 fiscal year, with a total of 2,278,036,940 A shares as the base[154] - The company's core personnel shareholding plan has a duration of 10 years, with a lock-up period of 12 months for shares purchased or transferred in the secondary market[155] - The total number of shares held under the core personnel shareholding plan cannot exceed 10% of the company's total share capital, and no single participant can hold more than 1% of the total share capital[155] - As of the report date, no core personnel shareholding plan has been implemented[156] Subsidiaries and Business Units - The company's major subsidiaries include CIMC Vehicles, CIMC-TianDa, and CIMC Enric, among others[7] - CIMC Vehicles delisted from the Hong Kong Stock Exchange on June 3, 2024[7] - The company holds a 61.13% stake in CIMC Vehicles as of June 30, 2024[28] - CIMC Vehicles is advancing its "Star Chain Plan" to enhance cross-ocean operational efficiency and explore new productive forces through innovative semi-trailer design and production technology[54] - CIMC Vehicles aims to increase domestic market share, sales, and profit quality in the second half of 2024, while expanding overseas markets and incubating innovative businesses[55] - CIMC TianDa is focusing on developing new products like autonomous boarding bridges (L3 and L4 levels) and exploring new market areas such as aircraft ground static power supplies to maintain its leading position in the airport equipment market[56] - CIMC Containers (Group) Co., Ltd. reported total assets of RMB 40.87 billion, net assets of RMB 18.96 billion, and net profit of RMB 1.08 billion for the reporting period[119] - CIMC Vehicles reported total assets of RMB 24.38 billion, net assets of RMB 14.95 billion, and net profit of RMB 574 million for the reporting period[119] - CIMC Enric reported total assets of RMB 29.68 billion, net assets of RMB 12.45 billion, and net profit of RMB 503.8 million for the reporting period[119] - CIMC Logistics reported total assets of RMB 9.26 billion, net assets of RMB 2.91 billion, and net profit of RMB 204.4 million for the reporting period[119] Market and Industry Trends - Global container trade growth is expected to increase from 0.7% in 2023 to 5.1% in 2024, with further growth of 2.9% anticipated in 2025, driven by stable demand and increased customer willingness to stock containers due to uncertainties like the Red Sea crisis[52] - Deepwater drilling platform market benefited from increased investment by international oil companies, with global deepwater oil and gas drilling capital expenditure expected to rise by 10%[46] - Global LNG investment is expected to grow by over 50% by 2029, with global LNG supply surging by 80% by 2030[60] - China's share in LNG effective contracts is predicted to double from 12% in 2021 to around 25% by 2030[60] - The global tank container market reached 848,000 units by the end of 2023, with an average annual compound growth rate of 8.7% from 2013 to 2023[61] - The offshore engineering market is entering an upward cycle, with high short-term demand for FPSO/FLNG and long-term project reserves[63] - Global upstream exploration and development capital expenditure will continue to grow, maintaining an active offshore market[66] Environmental and Social Responsibility - The company's 37 key environmental units have obtained valid pollutant discharge permits[160] - The pollutant discharge permits for the company's subsidiaries are valid until various dates ranging from 2025 to 2029[161][162] - Non-methane total hydrocarbon emissions were 0.6820 tons in the first half of the year, with a concentration range of 0.48-5.14 mg/m³, and the annual emission limit is 9.5986 tons[163] - Particulate matter emissions were 3.4059 tons in the first half of the year, with a concentration range of 9.2-18.0 mg/m³, and the annual emission limit is 5.9968 tons[163] - Nitrogen oxide emissions were 0.0000 tons in the first half of the year, with no detection, and the annual emission limit is 1.059 tons[164] - Sulfur dioxide emissions were 0.0000 tons in the first half of the year, with no detection, and the annual emission limit is 0.226 tons[164] - Chemical oxygen demand in domestic wastewater was 0.0829 tons in the first half of the year, with a concentration range of 0-5 mg/L, and the annual emission limit is 24.815 tons[164] - Suspended solids in domestic wastewater were 0.0902 tons in the first half of the year, with a concentration range of 7-10 mg/L, and the annual emission limit is 15.826 tons[164] - Total nitrogen in domestic wastewater was 0.0908 tons in the first half of the year, with a concentration range of 12.9-13.2 mg/L, and the annual emission limit is not specified[164] - Toluene emissions were 0.0061 tons in the first half of the year, with a concentration range of 0-1.1 mg/m³, and the annual emission limit is 1.85 tons[164] - Volatile organic compounds (non-methane total hydrocarbons) emissions ranged from 7.3 to 30.5 mg/m³, with an average of 0.5669 mg/m³, not exceeding the standard[165] - Xylene emissions ranged from 1.29 to 35 mg/m³, with an average of 0.3109 mg/m³, not exceeding the standard[165] - Particulate matter emissions ranged from 0 to 20 mg/m³, with an average of 0.4592 mg/m³, not exceeding the standard[165] - Sulfur dioxide emissions ranged from 0 to 3 mg/m³, with an average of 0.0357 mg/m³, not exceeding the standard[165] - Nitrogen oxides emissions ranged from 0 to 17 mg/m³, with an average of 0.2113 mg/m³, not exceeding the standard[165] - Chemical oxygen demand in water discharge was 59 mg/L, with an average of 0.3190 mg/L, not exceeding the standard[165] - Ammonia nitrogen in water discharge was 14.7 mg/L, with an average of 0.0319 mg/L, not exceeding the standard[165] - Particulate matter emissions ranged from 1.800 to 5.200 mg/m³, with an average of 6.5977 mg/m³, not exceeding the standard[166] - Nitrogen oxides emissions ranged from 32.00 to 76.00 mg/m³, with an average of 4.2700 mg/m³, not exceeding the standard[166] - Non-methane total hydrocarbons emissions ranged from 7.95 to 20.90 mg/m³, with an average of 2.58 mg/m³, not exceeding the standard[166] - The company's wastewater discharge at the factory's north side outlet showed chemical oxygen demand (COD) levels ranging from 30.037 to 116.787 mg/L, with a compliance rate of 0.31%[167] - Ammonia nitrogen levels in the wastewater discharge ranged from 3.360 to 21.690 mg/L, with a compliance rate of 0.05%[167] - The total phosphorus discharge in wastewater ranged from 0.12 to 0.28 mg/L, with a compliance rate of 0.0006%[167] - The company's air emissions from the paint rooms in the low-temperature workshops showed toluene levels of 0.031 mg/m³, with a compliance rate of 0.0016%[167] - Nitrogen oxide emissions at the factory boundary were measured at 0.048 mg/m³, with a compliance rate of 0.0172%[167] - Particulate matter emissions from various workshops ranged up to 0.058 mg/m³, with a compliance rate of 0.3870%[168] - Non-methane total hydrocarbon emissions from paint rooms were measured at 0.251 mg/m³, with a compliance rate of 0.6734%[168] - Total nitrogen discharge in wastewater was measured at 53.300 mg/L, with a compliance rate of 0.0535%[168] - Total phosphorus discharge in wastewater was measured at 1.710 mg/L, with a compliance rate of 0.0017%[168] - Fluoride levels in wastewater discharge were measured at 1.660 mg/L, with a compliance rate of 0.0068%[168] - COD emissions from the company's total discharge outlet were 40.5 mg/L, with a corresponding emission value of 5.4700[170] - Total nitrogen emissions from the company's total discharge outlet were 47.2 mg/L, with a corresponding emission value of 2.0740[170] - Ammonia nitrogen emissions from the company's total discharge outlet were 8.1 mg/L, with a corresponding emission value of 0.2370[170] - Suspended solids emissions from the company's total discharge outlet were 16.5 mg/L, with a corresponding emission value of 0.6950[170] - Five-day biochemical oxygen demand (BOD5) emissions from the company's total discharge outlet were 10 mg/L, with a corresponding emission value of 0.4500[170] - Petroleum emissions from the company's total discharge outlet were 0.19 mg/L, with a corresponding emission value of 0.0050[170] - Total nickel emissions from the company's total discharge outlet were 0.26 mg/L, with a corresponding emission value of 0.0080[170] - Total chromium emissions from the company's total discharge outlet were 0.11 mg/L, with a corresponding emission value of 0.0030[170] - Hexavalent chromium emissions from the company's total discharge outlet were 0.019 mg/L, with a corresponding emission value of 0.0004[170] - Particulate matter emissions from the organized discharge at the factory's east side were not detected, with a corresponding emission value of 0[170] - The company's emissions of particulate matter at the eastern and central-northern plant areas were measured at 9.3 mg/m³, which is below the standard limit of 8.6 mg/m³[171] - The emission of VOCs (Vol

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：2024-006 □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 6 月： 策略会：华泰证券 2024 年中期投资峰会（上海）、光大证券 2024 年中期上市公司交流会（上海）、中信证券 2024 年资本市场论坛 （上海）、2024 中金公司中期投资策略会（上海）、国金证券 2024 中期策略会（深圳）、民生证券 2024 中期投资策略会（线上） 一对一：招商基金、太保基金、摩根基金、国投瑞银、华泰柏瑞、 华泰资产、汇添富（香港）、鸿德基金、国泰君安、国寿资产、 信达奥亚、前海开源、南方基金、鹏华基金、中信证券、嘉实基 参与单位名称 金、国联基金、联博资产、东方资管、立格资本等 及人员姓名 一对多：光大证券、华福证券、华安证券 2024 年 7 月： 策略会：兴业证券 2024 年度中期策略会（上海）、第二十二届再 创高峰亚洲投资峰会 2024（深圳）、浙 ...