蓝思科技：拟以5亿元-10亿元回购公司股份，用于实施员工持股计划或股权激励计划。回购 股份价格上限35元/股。 4月8日盘前，"国家队"果断出手之际，A股上市公司也掀起回购潮，用行动表信心，为市场注入稳定信 号。 招商局集团旗下7家上市公司计划提速实施股份回购计划，贵州茅台已着手起草新一轮回购股份方案， 国泰君安、美的集团、复星医药、京东方Ａ、蓝思科技等也纷纷加入回购： 招商局集团旗下7家上市公司招商蛇口、招商港口、招商轮船、招商公路、中国外运、辽港 股份、招商积余集体发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认 可，计划提速实施股份回购计划，切实维护上市公司全体股东权益，持续巩固市场对上市公 司的信心，提升上市公司投资价值。 贵州茅台：公司已着手起草新一轮回购股份方案，公司控股股东已着手起草增持方案。据公 告，截至2025年4月7日，贵州茅台已累计回购股份1,315,901股，占公司总股本的比例为 0.1048%，购买的最高价为1,584.06元/股、最低价为1,417.01元/股，已支付的总金额为 1,948,495,151.53元（不含交易费用）。上述回购进展符合法律法规的规定及公司披露 ...

国泰君安公告，公司董事长朱健于2025年4月7日提议，公司通过集中竞价交易方式回购部分公司A股股 份，回购股份将用于维护公司价值及股东权益。回购股份种类为人民币普通股(A股)股票，价格上限不 高于董事会审议通过回购股份方案决议前30个交易日公司股票交易均价的150%，资金总额为10亿元-20 亿元，资金来源为公司自有资金，回购期限为自董事会审议通过方案之日起3个月内。 东方证券：拟以2.5亿元-5亿元回购股份 A股市场剧烈波动关键时刻，上市公司回购潮再起！据不完全统计，从昨日收盘到今晨，A股超20家上 市公司发布回购计划或提速回购计划。 "招商系"7家上市公司：坚定信心提速回购 招商局集团旗下7家上市公司招商蛇口（001979）、招商港口（001872）、招商轮船（601872）、招商 公路（001965）、中国外运（601598）、辽港股份（601880）、招商积余（001914），4月8日盘前集体 发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认可，计划提速实施股份回购计划， 切实维护上市公司全体股东权益，持续巩固市场对上市公司的信心，提升上市公司投资价值。 国泰君安：董事长提议以10亿元-2 ...

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-027 招商局港口集团股份有限公司 关于加快回购公司股份的公告 本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。 招商局港口集团股份有限公司（以下简称"公司"）于 2024 年 10 月 20 日在 巨潮资讯网（www.cninfo.com.cn）披露了《关于以集中竞价交易方式回购公司股 份方案的公告》（公告编号：2024-079），公司拟以自有资金或自筹资金通过深 圳证券交易所以集中竞价交易方式回购公司股份，回购的股份全部用于注销并减 少注册资本。 董事会 2025 年 4 月 8 日 公司自股东大会审议通过本次回购股份方案以来，积极实施股份回购，截至 2025 年 3 月 31 日，公司累计回购金额占本次拟回购金额上限的 56.1%。 基于对公司未来持续发展的信心和对公司价值的认可，公司将加快实施回购 公司股份，以维护广大投资者的利益，增强投资者对公司的投资信心，稳定及提 升公司价值。 公司将严格按照《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号——回 ...

Summary of the Conference Call for China Merchants Port Company Overview - **Company**: China Merchants Port - **Year**: 2024 - **Key Performance**: Net profit attributable to shareholders reached 4.516 billion yuan, a year-on-year increase of over 26% [3][4] Core Insights and Arguments - **Revenue Growth**: The company achieved approximately 10% revenue growth in 2024, driven by over 8% growth in both domestic and overseas markets [3][4] - **Dividend Increase**: Proposed dividend of 7.4 yuan per ten shares, representing an increase of over 20% compared to 2023 [3][4] - **Impact of U.S. Tariff Policy**: The new U.S. tariff policy affects a wide range of countries, with China facing a 34% tariff. The company has adjusted its industrial structure and trade patterns to maintain growth [3][5][23] - **Overseas Performance**: Significant growth in overseas consolidated performance and investment income, with revenue reaching approximately 5.5 billion yuan, accounting for nearly 34% of total revenue, an increase of about 3 percentage points year-on-year [3][7] - **Investment Returns**: Overseas investment income approached 600 million yuan, a year-on-year increase of over 30%, primarily from the Terminal Link joint venture and Turkey's Maple Leaf Port [3][9] Additional Important Points - **Investment in Brazil**: The investment in Brazil's BEST oil terminal is based on energy security and demand diversification, capturing about 70% of Brazil's export share [3][10] - **Port Fee Increases**: Expected fee increases of 3%-5% for overseas ports in 2025, linked to local GDP growth; domestic ports may see around 3% growth due to high capacity utilization [3][11] - **Global Port Asset Advantage**: The company benefits from a global network of port assets, creating synergies that outperform single-point port companies [3][14] - **Domestic and International Strategy**: The company maintains a dual focus on domestic and international markets, with significant operational improvements in the Shenzhen West Port area [3][15] - **Regional Performance**: The East and Southwest regions saw investment income rise from 50 million to 450 million yuan, partly due to the liquidation of Shantou International Port [3][17] - **Market Conditions**: Despite global trade fluctuations, the port industry remains relatively stable, with port assets providing a hedge against market volatility [3][25] Conclusion China Merchants Port demonstrated strong financial performance in 2024, with significant growth in both domestic and international markets. The company is strategically positioned to navigate challenges posed by global trade dynamics and tariff policies while continuing to enhance its operational efficiency and investment returns.

Financial Performance - The company achieved a revenue of CNY 16.131 billion, representing a year-on-year growth of 2.4% [7] - The net profit attributable to shareholders reached CNY 4.516 billion, with a year-on-year increase of 26.4% [7] Dividend Policy - The company plans to distribute no less than 40% of the annual distributable profits in cash for each fiscal year from 2024 to 2026 [2][12] Impact of U.S. Tariffs - The U.S. "reciprocal tariff" plan affects all countries trading with the U.S., with varying tax rates, and the company is closely monitoring its impact on global trade and the port industry [3][10] - The management is optimistic about adapting strategies in response to the evolving trade environment [3][10] Strategic Investments - The company is focusing on investments in key global hub ports and regions with high economic growth potential to enhance its port network [4][12] - The company is committed to improving operational efficiency and profitability through strategic acquisitions and investments [5][12] Business Strategy - The company aims to drive high-quality development through a strategy of "global layout, lean operation, and innovative upgrades," focusing on port investment, operation, logistics, and smart technology [8][19] - The company is implementing low-carbon strategies and digital transformation to adapt to market changes [8][19] Market Positioning - The company is addressing its market valuation issues by enhancing operational quality and investor returns through share buybacks and increased dividends [13][14] - The management is actively working to improve the company's image in the capital market and enhance its financing capabilities [13][14]

Core Viewpoint - China Merchants Port achieved record high performance in 2024, with significant growth in revenue and net profit, driven by a recovering global economy and increased trade activities [1][4]. Financial Performance - In 2024, China Merchants Port reported revenue of 16.131 billion yuan, a year-on-year increase of 2.41% [1][4]. - The net profit attributable to shareholders reached 4.516 billion yuan, up 26.44% year-on-year [1][4]. - The net profit excluding non-recurring gains and losses was 4.047 billion yuan, reflecting a growth of 21.2% [1][4]. - The company plans to distribute a cash dividend of 7.40 yuan per 10 shares, totaling 1.843 billion yuan [1][4]. Operational Highlights - The total container throughput for 2024 was 195.159 million TEU, representing an 8.3% increase [1][6]. - The bulk cargo throughput reached 1.26 billion tons, with a slight growth of 0.6% [1][6]. - The overseas container throughput amounted to 36.835 million TEU, marking an 8.1% increase [7]. Strategic Developments - China Merchants Port is actively expanding its overseas strategy, successfully entering the Indonesian market with the acquisition of a 51% stake in the NPH project [6]. - The company has established a comprehensive port network across 26 countries and regions, including major hubs in Asia, Africa, Europe, Oceania, South America, and North America [3]. Shareholder Returns - The total amount for cash dividends and share buybacks in 2024 was 1.893 billion yuan, accounting for 41.92% of the net profit [2][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][24]. Core Views - The company achieved a revenue of 16.131 billion yuan in 2024, with a year-on-year growth of 2.4%, and a net profit attributable to shareholders of 4.516 billion yuan, reflecting a significant year-on-year increase of 26.4% [6][2]. - The report emphasizes the strategic value of the company's overseas port assets, highlighting its role as a pioneer in the "Belt and Road" initiative, which is expected to enhance its long-term performance stability and growth potential [6][1]. - The company is projected to maintain a strong performance in container business, with a total throughput of 195.159 million TEUs in 2024, representing an 8.3% increase year-on-year [6][10]. Financial Summary - **Revenue Forecast**: The company is expected to generate total revenue of 16.146 billion yuan in 2025, with a projected growth rate of 0.1% [2]. - **Net Profit Forecast**: The net profit for 2025 is estimated at 4.606 billion yuan, with a growth rate of 2.0% [2]. - **Earnings Per Share (EPS)**: The EPS is projected to be 1.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 times [2][6]. - **Target Price**: The target price for the company is set at 25.6 yuan for 2025, indicating a potential upside of 29% from the current price of 19.92 yuan [2][6]. Operational Highlights - The company reported a significant increase in investment income, reaching 6.547 billion yuan in 2024, with a year-on-year growth of 3.12% [6][2]. - The report notes that the company’s container business outperformed the industry average, with notable market share gains in key regions [6][10]. - The company plans to distribute a cash dividend of 7.4 yuan per 10 shares, totaling 1.843 billion yuan, which corresponds to a dividend yield of 3.7% based on the closing price on April 3, 2025 [6][2].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's revenue growth in 2024 is primarily driven by an increase in container throughput and the consolidation of the Indonesian NPH project. The total global throughput reached 195 million TEU, reflecting an 8.3% increase, which is higher than the average growth rate of domestic ports [1] - The company has strengthened its domestic hub position, with the Shenzhen West Port area achieving a throughput of 15.99 million TEU, up 17.7%, and foreign trade market share exceeding 50% [1] - The company has also seen significant contributions from overseas projects, with notable performances from Brazil's TCP (+24.3%), Togo's LCT (+3.9%), and Djibouti's PDSA (+47.9%). The newly acquired Indonesian NPH contributed an additional 417,000 TEU since July [1] - The company has effectively controlled operating costs, resulting in a 1.3% decrease in operating costs year-on-year, leading to an increase in gross profit by 500 million yuan and a gross margin of 43.0%, up 2.15 percentage points [1] - The proposed cash dividend of 0.74 yuan per share for 2024 represents a dividend payout ratio of 40.8%, the highest in eight years, with a dividend yield of 3.7% [1] Financial Summary - The company forecasts revenue of 161.31 billion yuan for 2024, with a year-on-year growth of 2.41%. The net profit attributable to shareholders is projected to be 45.16 billion yuan, reflecting a 26.44% increase [4] - The earnings per share (EPS) is expected to be 1.81 yuan for 2024, with a price-to-earnings (P/E) ratio of 11.03 [4] - The company anticipates net profits of 47.56 billion yuan, 49.8 billion yuan, and 52.27 billion yuan for 2025, 2026, and 2027, respectively [3][4] Industry Outlook - The company's global network is expected to continue deepening, with the full-year consolidation of the Indonesian NPH and the ramp-up of HIPG's container business. The throughput growth for Terminal Link is projected to be 5.7% year-on-year in 2024 [2] - The RCEP benefits are expected to persist, with Southeast Asian ports likely to maintain high growth rates, further solidifying the company's hub positions in the Pearl River Delta and Yangtze River Delta regions [2]

Financial Performance - The company achieved operating revenue of CNY 16.131 billion, a year-on-year increase of 2.4% [2] - The net profit attributable to shareholders reached CNY 4.516 billion, marking a 26.4% year-on-year growth, setting a historical high [2] - A cash dividend of CNY 7.4 per 10 shares (including tax) is proposed, reflecting a 27.6% increase compared to the previous year [2] Business Operations - Container throughput reached 19.5159 million TEUs, an increase of 8.3% year-on-year [2] - Bulk cargo throughput was 1.26 billion tons, with a slight growth of 0.6% [2] - The Shenzhen West Port area achieved a record container throughput of 15.991 million TEUs, up 17.7% year-on-year, surpassing 50% market share in Shenzhen's foreign trade [4] Strategic Advantages - The Shenzhen West Port's geographical advantage positions it as the closest port to international natural waterways in South China's economic center [4] - The port has a total of 189 shipping routes, with 152 routes in Asia, benefiting from regional trade agreements like RCEP [5] - The company operates a combination port model, enhancing service efficiency for inland customers [5] Future Outlook - In 2025, domestic port rates are expected to increase by approximately 3%, while overseas rates will remain at 3-4% [7] - The overseas port projects achieved a container throughput of 36.835 million TEUs, a growth of 8.1% year-on-year, with significant contributions from emerging markets [8] - The company plans to focus on investments in the Middle East, Latin America, and Southeast Asia [8] Shareholder Returns - The total cash dividend distribution for 2024 is estimated at CNY 1.843 billion, representing 40.8% of the net profit [10] - The company has a three-year shareholder return plan, committing to distribute at least 40% of the annual distributable profit in cash [10]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, growing by 26.44% year-on-year in 2024, with a total of 4.516 billion yuan [3] - The company is expected to continue expanding its overseas port resources, anticipating the release of synergistic effects from recent acquisitions [3] Financial Performance Summary - **Revenue**: In 2024, the company reported total revenue of 16.131 billion yuan, a year-on-year increase of 2.41%. The fourth quarter revenue was 3.964 billion yuan, showing a slight decline of 0.77% [3] - **Net Profit**: The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%. In Q4 2024, net profit reached 780 million yuan, marking an impressive increase of 84.67% year-on-year [3] - **Container Throughput**: The company reported a 16.31% increase in container throughput in the Pearl River Delta region, totaling 17.267 million TEUs in 2024. Overseas container throughput also grew by 9.68%, reaching 37.363 million TEUs [3] - **Investment Income**: Investment income from core holdings showed strong growth, with Shanghai Port Group contributing 4.182 billion yuan (up 13.00%) and Ningbo Port contributing 1.134 billion yuan (up 7.99%) in 2024 [3] - **Dividends**: The company announced a total dividend of 1.843 billion yuan for 2024, with a payout ratio of 41%. The planned dividend payout for 2025-2027 is set to be no less than 40% of distributable profits, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion yuan, 17.329 billion yuan, and 17.911 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3.85%, 3.45%, and 3.36% [5] - The net profit attributable to shareholders is expected to be 4.457 billion yuan, 4.691 billion yuan, and 4.919 billion yuan for the same years, with growth rates of -1.30%, 5.24%, and 4.86% respectively [5] - The earnings per share (EPS) are forecasted to be 1.78 yuan, 1.88 yuan, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]