| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于下属公司申请交割仓库资质的公告 2 / 2 公司下属公司常州宏川石化仓储有限公司、福建港丰能源有限公 司拟向大连商品交易所（以下简称"大商所"）申请纯苯指定交割仓 库资质。 本次申请纯苯指定交割仓库资质，将有助于提高客户信任度、增 强客户粘性，促进纯苯仓储业务开展，进一步提升公司的盈利能力和 市场竞争力。 本次申请纯苯指定交割仓库资质事宜尚存在不确定性，最终是否 取得纯苯交割仓库资质需以大商所审核结果为准。公司将持续关注本 次申请进展并及时履行信息披露义务。 特此公告。 1 / 2 2025 年 5 月 10 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东宏川智慧物流股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日召开了第四届董事会第十二次会议，审议通过了《关于下属 公司申请交割仓库资质的议案》。现将有关情况公告如下 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于公司申请银行授信并接受关联方 提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、交易及担保情况概述 广东宏川智慧物流股份有限公司（以下简称"公司"）拟向北 京银行股份有限公司深圳分行（以下简称"北京银行"）申请 10,000.00 万元银行授信额度，相关方提供连带责任保证担保。 本次申请银行授信并接受关联方担保事项已经公司第四届董事 会第十二次会议以 5 票赞成、0 票反对、0 票弃权表决通过，关联董 事林海川、林南通对该事项进行回避表决。本次关联担保事项已经 公司独立董事专门会议审议通过并发表相关意见，尚需提交公司股 东大会审议，与本次关联担保有关联的股东将回避表决。 本次关联担保不构成《上市公司重大资产重组管理办法》规定 的重大资产重组、不构成重组上市，以及不需要经过有关部门批准。 二、关联方基本情况 1 / 4 公司因 ...

| 证券代码：002930 | 证券简称：宏川智慧 公告编号：2025-057 | | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | 特别风险提示： 广东宏川智慧物流股份有限公司 本次担保不涉及具体担保金额，广东宏川智慧物流股份有限公司 （以下简称"公司"）及控股子公司经审议批准且正在履行的担保额 度（即前期审议通过的且有明确担保金额的担保额度）占最近一期经 审计净资产的 224.41%。 关于为下属公司交割仓库资质提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 公司下属公司常州宏川石化仓储有限公司（以下简称"常州宏 川"）、福建港丰能源有限公司（以下简称"福建港能"）拟向大连 商品交易所（以下简称"大商所"）申请纯苯指定交割仓库资质，公 司拟为常州宏川、福建港能参与期货交割等业务承担连带责任保证担 保。 本次担保事项已经公司第四届董事会第十二次会议以 7 票赞成、 1 / 6 0 票反对、0 票弃权表决通过，本次担保事项尚需提交公司股东大会 以特别决议审议。 二、被担保方基本情况 （一）常州 ...

Core Viewpoint - The company plans to apply for designated delivery warehouse qualifications for pure benzene at Dalian Commodity Exchange, which is expected to enhance customer trust and loyalty, promote the development of its pure benzene storage business, and further improve profitability and market competitiveness [1] Group 1 - The subsidiary companies, Changzhou Hongchuan Petrochemical Storage Co., Ltd. and Fujian Gangfeng Energy Co., Ltd., are involved in the application process [1] - The outcome of the application for pure benzene delivery warehouse qualifications is subject to the review results of the Dalian Commodity Exchange [1]

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于增加 2024 年年度股东大会临时提案 暨会议补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届董 事会第十一次会议审议通过了《关于召开 2024 年年度股东大会的议 案》，决定于 2025 年 5 月 20 日召开公司 2024 年年度股东大会，具 体详见《关于召开 2024 年年度股东大会的通知》（公告编号：2025- 050）。 公司于 2025 年 5 月 9 日召开第四届董事会第十二次会议，审议 通过了《关于为下属公司交割仓库资质提供担保的议案》《关于公司 申请银行授信并接受关联方提供担保的议案》，具体内容详见刊登在 2025 年 5 月 10 日《证券时报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《关于为下属公司交割仓库 ...

| 证券代码：002930 | 证券简称：宏川智慧 公告编号：2025-054 | | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | 广东宏川智慧物流股份有限公司 第四届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、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 经审核，监事会认为：由于 2022 年股票期权激励计划第二个行 权期内部分激励对象未行权，公司董事会决定对该部分尚未行权的股 票期权进行注销；由于 2022 年股票期权激励计划股票期权第三个行 1 / 3 权期公司层面业绩考核目标未达成，第三个行权期行权条件未成就， 公司董事会决定对该部分已获授但尚未行权的股票期权进行注销，符 合《上市公司股权激励管理办法》等法律法规及公司《2022 年股票期 权激励计划》《2022 年股票期权激励计划实施考核管理办法》的相关 规定，本次股票期权注销合法、有效，监事会同意本次注销安排。 具体详见刊登在 2025 年 5 月 10 日《证券时报》《上海证券报》 及巨潮资讯网（http://www.cninfo.com.cn）上的《关 ...

| 证券代码：002930 | 证券简称：宏川智慧 公告编号：2025-053 | | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | 广东宏川智慧物流股份有限公司 第四届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届董 事会第十二次会议通知已于 2025 年 5 月 6 日以电子邮件方式送达各 位董事，会议于 2025 年 5 月 9 日以现场结合通讯表决方式召开。本 次会议应参加表决的董事 7 名，实际参加表决的董事 7 名（其中：董 事金勇、张荣武、徐胜广以通讯方式参加会议并表决）。公司监事及 高级管理人员列席了本次会议，会议由董事长林海川先生主持。本次 会议的召集、召开和表决程序符合《中华人民共和国公司法》《公司 章程》等有关规定。 二、董事会会议审议情况 （一）审议通过了《关于 2022 年股票期权激励计划股票期权第 三个行权期行权条件未成就及部分股票期权注销的议案》 公司董事会薪酬与考核委员会审议通过本议案。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][5][13] Core Views - The company experienced a decline in profitability in 1Q25, with a focus on awaiting demand recovery [1][4] - The petrochemical logistics sector is facing downward pressure due to reduced demand, impacting the company's performance [4][5] - Long-term structural characteristics of the petrochemical industry in China suggest sustained demand for cross-regional transportation and storage [4] Financial Performance Summary - In 2024, the company reported revenue of Rmb1,450 million, a decrease of 6.27% year-on-year, and a net profit of Rmb158 million, down 46.57% year-on-year [3][12] - For 1Q25, revenue was Rmb323 million, down 14.98% year-on-year, with a net profit of Rmb21 million, down 65.10% year-on-year [3][12] - The company's gross margin in 1Q25 was 43.94%, a decline of 8.76 percentage points year-on-year, and the net margin was 6.49%, down 9.32 percentage points year-on-year [4] Earnings Forecast and Valuation - The forecast for net profit is Rmb188 million for FY25, Rmb247 million for FY26, and Rmb294 million for FY27, with corresponding EPS of Rmb0.41, Rmb0.54, and Rmb0.64 respectively [5][13] - The target price is set at Rmb10.27 based on a 25x FY25E P/E ratio [5][13]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company's net profit for 2024 is projected at 160 million yuan, a year-on-year decrease of 47%, while the first quarter of 2025 shows a net profit of 21 million yuan, down 65% year-on-year [1][6]. - The total revenue for 2024 is expected to be 1.45 billion yuan, reflecting a decline of 6.3% compared to the previous year, with a recovery anticipated in subsequent years [2][6]. - The company is expanding its chemical logistics footprint through self-construction, acquisitions, and management output, with a new joint venture announced in March 2025 [6][12]. Financial Performance Summary - **2024 Financial Projections**: - Total Revenue: 1,450 million yuan, down 6.3% year-on-year - Net Profit: 158 million yuan, down 46.6% year-on-year - Earnings Per Share (EPS): 0.35 yuan [2][6]. - **2025 Financial Projections**: - Total Revenue: 1,709 million yuan, expected growth of 17.8% - Net Profit: 179 million yuan, expected growth of 13.3% - EPS: 0.39 yuan [2][6]. - **2026 and 2027 Projections**: - Continued revenue growth is expected, with 1,864 million yuan and 2,005 million yuan projected for 2026 and 2027, respectively [2][6]. Business Segment Analysis - In 2024, the revenue breakdown by service includes: - Terminal tank comprehensive services: 1.27 billion yuan (87% of total revenue) - Chemical warehouse comprehensive services: 80 million yuan (5.7%) - Transshipment and other services: 60 million yuan (4%) [6][12]. - The company’s storage tank capacity increased by 4% to 5.19 million cubic meters, while warehouse capacity rose by 78% to 115,000 square meters [6][12]. Regional Performance - Revenue from East China and South China regions for 2024 is projected at 1.14 billion yuan and 300 million yuan, respectively, with East China showing an 8% decline and South China remaining flat year-on-year [6][12].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company's net profit for 2024 is projected at 160 million yuan, a year-on-year decrease of 47%, while the first quarter of 2025 shows a net profit of 21 million yuan, down 65% year-on-year [1][6]. - Total revenue for 2024 is expected to be 1.45 billion yuan, reflecting a decline of 6.3% compared to the previous year, with a recovery anticipated in subsequent years [2][6]. - The company is expanding its chemical logistics footprint through self-construction, acquisitions, and management output, with a new joint venture announced in March 2025 [6][12]. Financial Performance Summary - **2024 Financial Projections**: - Total Revenue: 1,450 million yuan, down 6.3% year-on-year - Net Profit: 158 million yuan, down 46.6% year-on-year - Earnings Per Share (EPS): 0.35 yuan [2][6]. - **2025 Financial Projections**: - Total Revenue: 1,709 million yuan, up 17.8% year-on-year - Net Profit: 179 million yuan, up 13.3% year-on-year - EPS: 0.39 yuan [2][6]. - **2026 Financial Projections**: - Total Revenue: 1,864 million yuan, up 9.1% year-on-year - Net Profit: 249 million yuan, up 38.6% year-on-year - EPS: 0.54 yuan [2][6]. - **2027 Financial Projections**: - Total Revenue: 2,005 million yuan, up 7.6% year-on-year - Net Profit: 297 million yuan, up 19.3% year-on-year - EPS: 0.65 yuan [2][6]. Business Segment Analysis - In 2024, the revenue breakdown by service includes: - Terminal tank comprehensive services: 1.27 billion yuan (87% of total revenue) - Chemical warehouse comprehensive services: 80 million yuan (5.7%) - Transshipment and other services: 60 million yuan (4%) [6][12]. - The company’s total tank capacity reached 5.19 million cubic meters, a 4% increase year-on-year, while warehouse capacity increased by 78% to 115,000 square meters [6][12]. Market Position and Outlook - The company is positioned as a leader in the chemical storage industry, with high barriers to entry and potential for market share growth as industry demand recovers [6][12]. - The report forecasts a gradual recovery in the industry, with expected net profits of 180 million yuan in 2025, 250 million yuan in 2026, and 300 million yuan in 2027 [6][12].