Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [2][3]. Core Viewpoints - The company, China Merchants Port (001872.SZ), is a leading global port investment, development, and operation platform, managing assets from China Merchants Group. Its profits primarily come from domestic ports in the Pearl River Delta, Shanghai Port Group, Ningbo Port, and overseas port investments. The domestic port business benefits from strong export demand, while overseas profits are expected to benefit from the "Belt and Road" initiative and recent adjustments in shipping routes due to the "Red Sea Incident" [2][9][10]. Summary by Sections 1. Company Overview - China Merchants Port is a world-leading port operator, managing assets from China Merchants Group. The company is continuously enhancing its global port network, focusing on major coastal hubs in China and expanding into Asia, Africa, Europe, Oceania, South America, and North America [2][11]. 2. Domestic Operations - The company’s domestic port assets are distributed nationwide, with a concentration in the Pearl River Delta, Southeast, and Southwest regions. In 2023, domestic port business profits reached 3.833 billion yuan, a year-on-year increase of 6.26%, with a CAGR of 18.28% from 2020 to 2023. The company’s container throughput in mainland China and Hong Kong reached 91.569 million TEUs in the first seven months of 2024, up 9.77% year-on-year [2][9][10]. 3. Overseas Operations - The company’s overseas port assets are primarily located in Southeast Asia, Africa, and South America, with significant holdings in Sri Lanka, Indonesia, Togo, and Brazil. The overseas business is expected to grow due to the "Belt and Road" initiative and recent shipping route adjustments from the "Red Sea Incident," which led to significant increases in container throughput in Sri Lanka and Djibouti [2][9][10]. 4. Financial Forecast and Valuation - The report forecasts that the company will achieve operating revenues of 17.445 billion yuan, 18.558 billion yuan, and 19.471 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.76%, 6.38%, and 4.92%. The net profit attributable to the parent company is expected to be 4.026 billion yuan, 4.159 billion yuan, and 4.400 billion yuan for the same years, with corresponding EPS of 1.61, 1.66, and 1.76 yuan [2][3][4].

1 证券代码：001872/201872 证券简称：招商港口/招港 B 招商局港口集团股份有限公司 投资者关系活动记录表 编号：2024-07 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

债券简称：22 招港 02 债券代码：148058 股票代码：001872/201872 股票简称：招商港口/招港 B 公告编号：2024-069 招商局港口集团股份有限公司 2022 年面向专业投资者公开发行公司债券（第二期） 2024 年付息兑付暨摘牌公告 公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 债权登记日：2024 年 9 月 5 日 债券付息兑付日：2024 年 9 月 6 日 特别提示： 招商局港口集团股份有限公司（以下简称"本公司"或"公司"）2022 年 面向专业投资者公开发行公司债券（第二期）（以下简称"本期债券"）将于 2024 年 9 月 6 日支付 2023 年 9 月 6 日至 2024 年 9 月 5 日期间的利息和本期债 券的本金。本次付息兑付的债权登记日为 2024 年 9 月 5 日，凡在 2024 年 9 月 5 日（含）前买入并持有本期债券的投资者享有本次派发的利息和本金；2024 年 9 月 6 日（含）前卖出本期债券的投资者不享有本次派发的利息和本金。 根据《招商局港口集团股份有限公司 2022 年面向专 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 招商局港口集团股份有限公司 投资者关系活动记录表 编号：2024-06 | --- | --- | --- | --- | --- | |----------------|-----------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|----------|-----------------------| | | | | | | | 投资者关系活动 | 特定对象调研 | 分析师会议 | | | | 类别 | □媒体采访 | 业绩说明会 | | | | | □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） | | | | 参与单位名称及 | | 华创证券、天风证券、浙商证券、信达 ...

证 券 研 究 报 告 招商港口（001872）2024 年中报点评 强推（维持） 上半年净利同比增长 34%，港口行业增幅第 一，业绩超预期表现凸显公司稀缺价值 公司发布 2024 年半年报：1）2024 年上半年，实现营业收入 79.75 亿元，同比 增长 2.31%，归母净利润 25.47 亿元，同比增长 33.88%，扣非净利润 21.64 亿 元，同比增长 20.14%，业绩表现超预期，公司上半年归母净利增速位于港口 行业第一。2）分季度看，2024Q1，实现营业收入 38.67 亿元，同比增长 4.69%， 归母净利润 10.37 亿元，同比增长 21.96%，扣非净利润 8.13 亿元，同比增长 12.2%；2024Q2，实现营业收入 41.09 亿元，同比增长 0.17%，归母净利润 15.1 亿元，同比增长 43.51%，扣非净利润 13.51 亿元，同比增长 25.48%。注：非 经主要为转回以前期间计提的减值准备 3.2 亿元。 公司国内、海外集装箱业务呈现高景气度。1）集装箱业务：参控股港口集装 箱吞吐量 9578.6 万 TEU，同比增长 10.0%；其中内地吞吐量 7457.3 万 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-067 公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 欢迎广大投资者积极参与！ 特此公告。 招商局港口集团股份有限公司 董事会 招商局港口集团股份有限公司 关于举行 2024 年半年度业绩网上投资者交流会的公告 2024 年 8 月 31 日，招商局港口集团股份有限公司（以下简称"公司"）《2024 年半年度报告》全文及其摘要已披露于巨潮资讯网（http://www.cninfo.com.cn）， 摘要同步披露于《证券时报》《中国证券报》《上海证券报》。为了方便投资者了 解公司半年度业绩的相关情况，公司将于 2024 年 9 月 6 日下午举行网上投资者交 流会，届时本公司管理层将就公司 2024 年半年度业绩等事宜与投资者进行交流， 欢迎广大投资者参与。 本次网上投资者交流会采用网络远程的方式举行，投资者可登陆"全景·路演 天下"参与本次网上投资者交流会。 会议时间：2024 年 9 月 6 日（星期五）15:00-16:00 交流网址：http://rs.p5w.net/c/ ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-062 招商局港口集团股份有限公司 第十一届董事会第三次会议决议公告 公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 招商局港口集团股份有限公司（以下简称"本公司"）于 2024 年 8 月 19 日 以电子邮件和专人送达的方式发出第十一届董事会第三次会议的书面通知。会议 于 2024 年 8 月 29 日在深圳市南山区工业三路 1 号招商局港口大厦 25 楼 A 会议 室，以现场结合通讯的方式召开。会议应出席董事 12 名，实际出席董事 12 名， 其中，董事吴昌攀先生、吕以强先生、独立董事李琦女士以通讯方式出席会议。 会议由冯波鸣董事长主持，本公司监事会成员和高级管理人员列席会议。会议的 召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于<2024 年半年度报告及摘要>的议案》 会议以 6 票同意、0 票反对、0 票弃权、6 票回避审议通过《关于<招商局集 团财务有限公司 2024 年 6 ...

Financial Performance - The company reported a total revenue of RMB 5.2 billion for the first half of 2024, representing a year-on-year increase of 12%[8]. - The company's operating revenue for the reporting period was ¥7,975,193,083.64, representing a 2.31% increase compared to ¥7,795,261,570.99 in the same period last year[13]. - Net profit attributable to shareholders was ¥2,546,828,456.08, a significant increase of 33.88% from ¥1,902,334,759.43 year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥2,164,145,793.00, up 20.14% from ¥1,801,393,373.15 in the previous year[13]. - Basic and diluted earnings per share rose to ¥1.02, reflecting a 34.21% increase from ¥0.76 in the previous year[13]. - The company reported a net profit for the same period of RMB 5,039,645,709.31, representing a growth of 24.1% from RMB 4,060,626,620.70 in the prior year[161]. - The total comprehensive income for the period was RMB 4,300,714,415.91, a decrease of 21.6% from RMB 5,487,800,325.77 in the previous year[161]. Operational Highlights - The container throughput reached 1.5 million TEUs, an increase of 8% compared to the same period last year[8]. - The company achieved a container throughput of 25.7 million TEU at Shunde New Port, up 43.6% year-on-year, benefiting from business synergy with Shenzhen West Port[39]. - The company's port projects achieved a total container throughput of 95.786 million TEU in the first half of 2024, representing a year-on-year growth of 10.0%[34]. - The total bulk cargo throughput was 640 million tons, with domestic ports contributing 630 million tons (up 0.7%) and overseas ports achieving 4.696 million tons (up 67.9%) in the same period[34]. - The company has established a comprehensive port network across major coastal hubs in China, including Shenzhen, Hong Kong, and Shanghai, and is expanding its global presence across six continents[18][19]. Strategic Initiatives - The company plans to expand its operations in Southeast Asia, targeting a 15% growth in market share by 2025[8]. - The company is exploring potential acquisitions in the logistics sector to enhance its service offerings[8]. - The company has invested RMB 300 million in new technology development, focusing on smart port management systems[8]. - The company is actively exploring the "Front Port-Mid Zone-Back City" comprehensive development model, which has shown significant results in overseas markets, creating new profit growth points[32]. - The company aims to enhance its logistics service level through the South Asia Trade and Logistics Center project, which is progressing as planned[50]. Risk Management - The company faces risks related to global supply chain disruptions and is developing contingency plans to mitigate these risks[1]. - The company is focusing on optimizing global layout and enhancing core technology capabilities to mitigate risks from macroeconomic fluctuations and geopolitical tensions[69]. - The company is facing policy risks due to global uncertainties, including inflation and potential strikes affecting operations[70]. Environmental and Social Responsibility - The company is focusing on green port construction and digital product promotion, completing 54 electric truck modifications and adding 175 electric trucks in Shenzhen West Port[49]. - The company invested a total of 36 million yuan in environmental protection measures during the reporting period[86]. - The company has implemented 37 carbon reduction projects, achieving a total reduction of 3,300 tons of carbon emissions[90]. - The company organized three growth camp activities for over 300 rural children, providing gifts and engaging courses[92]. - The company donated 120 trees and raised 50,000 RMB for green initiatives in Shantou, contributing to the "Green Shantou" ecological construction[93]. Financial Position - Total assets at the end of the reporting period were ¥200,745,131,615.31, a 1.10% increase from ¥198,557,296,667.26 at the end of the previous year[13]. - The company's cash and cash equivalents reached CNY 17,378,542,552.70, compared to CNY 16,079,646,178.24 at the end of the previous year[156]. - The total liabilities increased from CNY 72,987,362,238.45 to CNY 73,771,373,516.10, an increase of approximately 1.1%[157]. - The company's total equity increased from CNY 125,569,934,428.81 to CNY 126,973,758,099.21, a rise of about 1.1%[157]. Shareholder Information - The company has 29,237 ordinary shareholders at the end of the reporting period[136]. - China Merchants Port Investment Development Company Limited holds 45.94% of the shares, while Zhejiang Provincial Port Investment Operation Group Company holds 23.07%[137]. - The largest shareholder, China Merchants Port Investment Development Company, holds 1,148,648,648 shares, representing 46.67% of the total share capital[141]. - The company did not disclose any significant undisclosed information during the reporting period[132]. Corporate Governance - The company held its annual general meeting on May 31, 2024, with a participation rate of 89.93%[73]. - The company has established a mechanism for ongoing communication and engagement with investors, including investor relations activities[131]. - The company has completed the internal control system construction covering both management and legal entities, with a quarterly reporting mechanism established[131]. Accounting and Financial Reporting - The financial statements for the period from January 1 to June 30, 2024, are prepared in Renminbi (RMB)[194]. - The company’s accounting year aligns with the calendar year, running from January 1 to December 31[173]. - The company uses RMB as its functional currency for domestic operations, while foreign subsidiaries determine their functional currency based on their economic environment[175]. - The accounting basis is accrual, with historical cost as the measurement basis, except for financial instruments measured at fair value[177].

证券代码：001872/201872 证券简称：招商港口/招港 B 招商局集团财务有限公司 2024 年 6 月 30 日风险评估报告 招商局港口集团股份有限公司（以下简称"本公司"）查验了招 商局集团财务有限公司（以下简称"财务公司"）《金融许可证》《营 业执照》等证件资料，审阅了财务公司资产负债表、利润表、现金流 量表等定期财务报告，对财务公司的经营资质、业务和风险状况进行 了评估，现将有关风险评估情况报告如下： 一、财务公司基本情况 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批 准正式成立，并取得《金融许可证》，是具有企业法人地位的非银行 金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 号 法定代表人：周松 注册资本：人民币 50 亿元，其中招商局集团有限公司和中国外运 长航集团有限公司分别出资人民币 25.5 亿元和人民币 24.5 亿元，分 别占比 51%和 49%。 统一社会信用代码：9111000071782949XA 财务公司业务范围包括：吸收成员单位存款；办理成员单位贷款； 办理成员单位票据贴现；办理成员单位资金结算与收付 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2024-063 招商局港口集团股份有限公司 第十一届监事会第三次会议决议公告 公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、监事会会议召开情况 招商局港口集团股份有限公司（以下简称"本公司"）于 2024 年 8 月 19 日 以电子邮件和专人送达的方式发出第十一届监事会第三次会议的书面通知。会议 于 2024 年 8 月 29 日在深圳市南山区工业三路 1 号招商局港口大厦 25 楼 A 会议 室，以现场方式召开。会议应出席监事 4 名，实际出席监事 4 名。会议由杨运涛 监事会主席主持，总法律顾问（首席合规官）、董事会秘书刘利兵先生列席会议。 会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定。 二、监事会会议审议情况 （一）审议通过《关于<2024 年半年度报告及摘要>的议案》 （二）审议通过《关于调整公司股票期权激励计划（第一期）行权价格的议 案》 根据《招商局港口集团股份有限公司股票期权激励计划（第一期）》（以下 简称《股票期权激励计划》）的相关规 ...