面对4月以来，由美国所谓的"对等关税"带来的全球市场剧烈波动，A股市场多家上市公司发布了股东增持、股份回 购等计划公告，连续释放积极信号。 方正证券首席经济学家燕翔对券商中国记者表示，近年来，A股上市公司增持回购的积极性出现了明显提升。 2024 年，A股市场共有超过2100家上市公司实施了股票回购，回购金额合计超过1600亿元，创历史新高，同比增长 71.1%。截至4月9日，今年已有684家上市公司已经实施了超过300亿元的股票回购。 燕翔表示，上市公司增持回购规模持续增加，一方面表达了市场主体坚定看好中国市场的信心和决心；另一方面， 增持回购持续增加也反映出我国上市公司的自身实力在不断增强。 市场关键时期，上市公司增持回购潮再起。 他认为，在政策支持下，未来上市公司增持回购规模有望持续提升。自2024年10月央行正式设立上市公司股票回购 增持再贷款政策工具以来，上市公司积极响应，截至2025年4月9日，已经有430家上市公司累计披露454单股票回 购增持贷款计划，拟申请贷款金额上限合计超过900亿元。 增持回购对于上市公司而言，无疑表达出对中国市场的信心和决心，与此同时，在市场波动之下，拿出真金白银回 购 ...

作 者丨 见习记者李益文 编 辑丨陈思颖 尹华禄 黎雨桐 4月8日下午，据央视新闻消息，国务院国资委8日表示， 将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力度，切实 维护全体股东权益，持续巩固市场对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。 同时，加大对央企市值管理工作的指导， 引导中央企业持续为投资者打造负责任、有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 此前，A股市场回购与增持热潮已持续升温。截至8日1 3时3 0分左右， 当日已有近3 0家公司宣布加入股票增持回购行列，涉及金额最高超3 0 0 亿元。 继宁德时代（3 0 0 7 5 0 .SZ）、中国核电（6 0 1 9 8 5 .SH）之后，贵州茅台( 6 0 0 5 1 9 .SH)、招商蛇口( 0 0 1 9 7 9 .SZ)、荣盛石化（0 0 2 4 9 3 .SZ）等一 众龙头企业也相继公布了新一轮回购及增持计划。据Wi n d数据不完全统计，从4月7日盘后到截至目前，总共有7 0余家公司发布了回购公告， 2 0余家公司发布了增持公告。与此同时，"国家队"也同步表态加码， ...

Core Viewpoint - China Merchants Port achieved record high performance in 2024, focusing on global hub ports and regions with high market potential for investment opportunities in ports, logistics, and related infrastructure [1][2] Financial Performance - In 2024, China Merchants Port reported revenue of 16.131 billion yuan, a year-on-year increase of 2.41% - The net profit attributable to shareholders reached 4.516 billion yuan, up 26.44% year-on-year, with a net profit of 4.047 billion yuan after deducting non-recurring gains, reflecting a 21.2% increase [1][2] - The company plans to distribute a cash dividend of 7.40 yuan per 10 shares, totaling approximately 1.843 billion yuan, and has repurchased shares worth 50.548 million yuan, bringing total cash returns to 1.893 billion yuan, which is 41.92% of the net profit [1] Business Segments - China Merchants Port operates three main business segments: port operations, bonded logistics, and property development and investment, with port operations being the core segment, generating 15.363 billion yuan in revenue, accounting for 95.24% of total revenue [2] - The company achieved a container throughput of 195.159 million TEU in 2024, an increase of 8.3% year-on-year, and a bulk cargo throughput of 1.26 billion tons, up 0.6% [2] Container Throughput - Container throughput at the Shenzhen Western Port reached 15.991 million TEU, a 17.7% increase, with foreign trade containers capturing over 50% market share [3] - Other ports under the company's control also saw growth, with Shantou Port, Zhanjiang Port, Shunde New Port, and Zhangzhou Terminal reporting increases in container throughput [3] Global Expansion - The company is focusing on overseas investments, with a strategy to enhance its global port network, covering 26 countries and regions across Asia, Africa, Europe, Oceania, South America, and North America [3][4] - Recent acquisitions include a 51% stake in the Indonesian NPH project and a share purchase agreement for the Brazilian VAST oil terminal project [5] Market Trends - The global port and shipping market is undergoing significant changes, with geopolitical tensions and trade frictions exposing vulnerabilities in supply chains [6] - The Baltic International Maritime Council projects a 4% to 5% growth in cargo volume for 2024, while global container fleet capacity is expected to grow by 10.2% [6] Future Outlook - The company anticipates a shift towards globalized port networks, integrated port services, digitalized operations, and green development [7] - Investments in automation and smart port technologies are being prioritized to enhance operational efficiency and competitiveness [7][8]

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]