Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's capacity expansion continues, and its performance is expected to recover as demand rebounds [2] - The company's assets maintain strong scarcity, and the recovery in demand is expected to drive both capacity ramp-up and turnover improvement, leading to a gradual recovery in growth and profitability [4] - The company's business model is clear, and the industry's consolidation trend is certain, with future growth expected to be driven by its core business of terminal storage tanks, chemical warehouses, and a strategy of mergers and acquisitions supplemented by self-construction [4] Financial Performance - In H1 2024, the company reported revenue of RMB 736 million, a year-on-year decrease of 4.83%, and net profit attributable to shareholders of RMB 133 million, a year-on-year decrease of 17.05% [2] - In Q2 2024, the company reported revenue of RMB 356 million, a year-on-year decrease of 10.40%, and net profit attributable to shareholders of RMB 73 million, a year-on-year decrease of 20.30% [2] - The company's terminal storage tank business revenue in H1 2024 was RMB 638 million, a year-on-year decrease of 6.98%, while chemical warehouse revenue was RMB 39 million, a year-on-year decrease of 3.75% [3] - Other business revenue in H1 2024 was RMB 59 million, a year-on-year increase of 26.18% [3] - The gross margin of the terminal storage tank business in H1 2024 was 51.86%, a year-on-year decrease of 7.19 percentage points [3] Market Data - The current stock price is RMB 10.84, with a 52-week price range of RMB 10.04-22.60 [3] - The total market capitalization is RMB 4,959.19 million, and the circulating market capitalization is RMB 4,693.60 million [3] - The circulating shares are 432.99 million [3] Capacity Expansion - The company's operating tank capacity increased to 5.1869 million m³ in H1 2024, a year-on-year increase of 18.26% [3] - The company has under-construction chemical warehouse capacity of 94,100 square meters, distributed in Chengdu, Nantong, Suzhou, and Changzhou, which will increase the existing warehouse area by 144.99% upon completion [3] - In May 2024, the company acquired a 60% stake in Rizhao Hongchuan Storage Co Ltd, located in the Bohai Rim Economic Circle, providing strategic support for expanding into the Bohai Rim market [3] Profit Forecast - Revenue for 2024-2026 is forecasted to be RMB 1.587 billion, RMB 1.895 billion, and RMB 2.216 billion, with year-on-year growth rates of 3%, 19%, and 17%, respectively [6] - Net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 272 million, RMB 352 million, and RMB 453 million, with year-on-year growth rates of -8%, 29%, and 29%, respectively [6] - The P/E ratios for 2024-2026 are forecasted to be 18.25x, 14.10x, and 10.96x, respectively [6] Financial Ratios - ROE for 2024-2026 is forecasted to be 10%, 12%, and 13%, respectively [7] - Gross margin for 2024-2026 is forecasted to be 52%, 53%, and 54%, respectively [7] - The P/B ratios for 2024-2026 are forecasted to be 1.79x, 1.62x, and 1.45x, respectively [7] - The P/S ratios for 2024-2026 are forecasted to be 3.12x, 2.62x, and 2.24x, respectively [7]

| 证券代码：002930 | 证券简称：宏川智慧 公告编号：2024-114 | | --- | --- | | 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"宏川转债"回售的提示性公告 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。 特别提示： 9、在回售资金发放日之前，如持有的本期债券发生司法冻结或 划扣等情形，债券持有人的该笔回售申报业务失效。 截至 2024 年 8 月 27 日，广东宏川智慧物流股份有限公司（以下 简称"公司"）股票已经在连续三十个交易日的收盘价低于当期转股 1 / 5 1、回售价格：100.286 元/张（含息税） 2、回售条件触发日：2024 年 8 月 27 日 3、回售申报期：2024 年 9 月 13 日至 23 日 4、发行人资金到账日：2024 年 9 月 26 日 5、回售款划拨日：2024 年 9 月 27 日 6、投资者回售款到账日：2024 年 9 月 30 日 7、回售期内"宏川转债"暂停转股 8、本次回售不具有强制性 价格的 70%，且"宏川转债"处于最后两个计息年 ...

9、在回售资金发放日之前，如持有的本期债券发生司法冻结或 划扣等情形，债券持有人的该笔回售申报业务失效。 截至 2024 年 8 月 27 日，广东宏川智慧物流股份有限公司（以下 简称"公司"）股票已经在连续三十个交易日的收盘价低于当期转股 | 证券代码：002930 | 证券简称：宏川智慧 公告编号：2024-113 | | --- | --- | | 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"宏川转债"回售的提示性公告 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。 特别提示： "宏川转债"已进入最后两个计息年度，且公司股票已连续三十 个交易日的收盘价格低于当期转股价格的 70%，根据《募集说明书》 中的约定，"宏川转债"有条件回售条款生效。 1 / 5 1、回售价格：100.286 元/张（含息税） 2、回售条件触发日：2024 年 8 月 27 日 3、回售申报期：2024 年 9 月 13 日至 23 日 4、发行人资金到账日：2024 年 9 月 26 日 5、回售款划拨日：2024 年 9 月 27 ...

来源：公司年报、国金证券研究所 宏川智慧 (002930.SZ) 买入(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 8 月 30 日，宏川智慧发布 2024 年半年报。2024H1 公司实 现收入 7.4 亿元，同比下降 4.8%；归母净利为 1.3 亿元，同比下 降 17%；其中 Q2 公司实现收入 3.6 亿元，同比下降 10.4%；归母 净利为 0.7 亿元，同比下降 20.3%。 经营分析 石化行业需求偏弱，2024H1 营收同比下降。2024H1 公司实现收入 7.4 亿元，同比下降 4.8%，主要原因为石化行业市场需求偏弱， 公司业务未达预期。分业务看，2024H1 码头储罐综合服务收入为 6.4 亿元，同比下降 7%；化工仓库综合服务收入为 0.39 亿元，同 比下降 3.75%；中转及其他服务收入为 0.29 亿元，同比增长 33.17%。 2024H1 盈利能力下滑，期间费用率同比增长。2024H1 公司实现毛 利率 52.2%，同比下降 7.2pct，其中 2024H1 码头储罐综合服务毛 利率为 51.9%，同比下降 7.2pct。2024H1 公司期间费用率为 32.4 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2024-105 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 第四届监事会第三次会议决议公告 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。 具体详见刊登在 2024 年 8 月 31 日《证券时报》《中国证券报》 及巨潮资讯网（http://www.cninfo.com.cn）上的《2024 年半年度报告 摘 要 》 （ 公 告 编 号 ： 2024-106 ） 以 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《2024 年半年度报告》。 广东宏川智慧物流股份有限公司 一、监事会会议召开情况 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届监 事会第三次会议通知已于 2024 年 8 月 20 日以电子邮件方式送达各 位监事，会议于 2024 年 8 月 30 日在公司会议室以现场表决方式召 开。本次会议应参加表决的监事 3 名，实际参加表决的监事 3 名。会 议由监事会主席刘彦先生主持。本次 ...

广东宏川智慧物流股份有限公司 总裁工作细则 第一章 总则 第一条 为完善广东宏川智慧物流股份有限公司（以下简称"公司"或"本 公司"）治理结构，明确总裁工作职责，保障总裁履行职权，提高民主决策、科 学决策及高效决策水平，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等有关法律法规、规范性文件和《广东宏川智慧物流股份有限公司章 程》（以下简称"《公司章程》"）的规定，特制订本细则。 第二条 公司总裁及其他高级管理人员的任职及行为必须符合《公司法》《证 券法》等法律法规、规范性文件、《公司章程》及本细则的有关规定，在就任时 应签订《高级管理人员声明及承诺书》。 第三条 公司设总裁一名。 第二章 轮值总裁机制 第四条 公司实行轮值总裁机制。 第五条 每届总裁任期内，由至少三名轮值总裁轮值担任，每位轮值总裁当 值时间为一年，当值期间届满后不连任。 若轮值总裁在其当值期间不能继续履行职责的，可向董事会提出辞职或由董 事会解聘。如轮值总裁在其当值期间出现 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2024-109 | | --- | --- | --- | | 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 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届董 事会第三次会议审议通过了《关于召开 2024 年第四次临时股东大会 的议案》，决定于 2024 年 9 月 18 日召开公司 2024 年第四次临时股 东大会，审议董事会提交的相关议案，现将本次会议的有关事项通知 如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第四次临时股东大会 关于召开 2024 年第四次临时股东大会的通知 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。 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议的召开符合《中 华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 有关法律、行政法规、部门规章、规范性文件以及《公司章程》的规 定。 1 / 10 4 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2024-110 | | --- | --- | --- | | 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 关于举行 2024 年半年度报告网上说明会的通知 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"）《2024 年半年度报告》经公司第四届董事会第三次会议、第四届监事会第三 次 会 议 审 议 通 过 ， 已 于 2024 年 8 月 31 日在巨潮资讯网 （http://www.cninfo.com.cn）予以披露。 为使广大投资者进一步了解公司《2024 年半年度报告》相关信 息，公司定于 2024 年 9 月 4 日（星期三）下午 15:00-17:00 在全景网 举办 2024 年半年度报告网上说明会（以下简称"本次说明会"）。 本次说明会的召开方式将采用网络远程的方式举行，投资者可登录 "全景•路演天下"（http://rs.p5w.net）参与本次说明会。 出席本次说明会的人员有：公司董事 ...

| 证券代码：002930 | 证券简称：宏川智慧 公告编号：2024-108 | | --- | --- | | 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 二、被担保方基本情况 1、基本情况 关于下属公司申请银行授信并接受公司提供担保的 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。 特别风险提示： 本次担保后，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）以及预计担保额度（即本 次董事会审议的且有明确担保金额的担保额度）总额占最近一期经 审计净资产的 220.45%。 一、交易及担保情况概述 公司全资子公司东莞三江港口储罐有限公司（以下简称"东莞 三江"）拟向兴业银行股份有限公司东莞分行（以下简称"兴业银 行"）申请 7,000.00 万元银行授信额度，用于置换东莞三江已支付 的收购日照宏川仓储有限公司（以下简称"日照宏川"）60%股权 的交易价款。公司拟为本次银行授信事项提供连带责任保证担保。 1 / 5 本次担保事 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[6]. - The net profit attributable to shareholders was RMB 200 million, up 10% compared to the same period last year[6]. - The company's operating revenue for the reporting period was ¥736,243,478.02, a decrease of 4.83% compared to the same period last year[11]. - Net profit attributable to shareholders was ¥132,687,153.82, down 17.05% year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥108,416,179.92, reflecting a decline of 29.75% compared to the previous year[11]. - The net cash flow from operating activities was ¥468,169,043.81, a decrease of 13.59% from the same period last year[11]. - The company has set a revenue target of RMB 2.5 billion for the full year 2024, indicating a growth forecast of 20%[6]. - The company reported a net profit of 60,734,503.43 CNY from its subsidiary Taicang Yanghong, contributing over 10% to the overall net profit[44]. - The subsidiary Longxiang Group generated a net profit of 47,488,869.26 HKD, also significantly impacting the company's financial performance[44]. - The company reported a net loss of CNY 114,650,063 for the first half of 2024[129]. - The total comprehensive income for the first half of 2024 was CNY -3,976,896.14, significantly lower than CNY 260,990,586.66 in the first half of 2023[122]. Market Expansion and Development - User data showed an increase in active users by 25%, reaching 500,000 by the end of June 2024[6]. - The company plans to expand its market presence by opening 10 new logistics centers in key regions by the end of 2024[6]. - The company is exploring potential acquisitions to enhance its service offerings and market share in the logistics sector[6]. - The company is focused on dual-track development in its main businesses: terminal tank storage and chemical warehouse storage, leveraging synergies across its service offerings[19]. - The company has established a strong foundation for long-term development in the petrochemical storage industry due to an imbalance between supply and demand[19]. - The company expanded its storage tank and terminal business through the acquisition of Rizhao Hongchuan, enhancing its operational scale in the Bohai Economic Circle[45]. - The company is actively pursuing mergers and acquisitions in key economic regions, including the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, to drive growth[47]. Research and Development - Research and development expenses increased by 20%, totaling RMB 50 million, focusing on new logistics technologies[6]. - The company has obtained 163 patents, including 17 invention patents and 146 utility model patents, reflecting its commitment to innovation[31]. - Research and development investment rose significantly by 71.04% to ¥24,091,094.53, reflecting an increase in the scope and subjects of R&D[35]. - The company emphasizes continuous innovation and cultural values to maintain competitive advantages in the market[20]. Sustainability and Environmental Management - The company emphasized its commitment to sustainability and plans to implement eco-friendly practices across its operations[6]. - The company has implemented a comprehensive environmental management strategy to address major pollution issues and ensure compliance with industry standards[55]. - The company has established emergency response plans for environmental incidents, registered with local ecological environment bureaus[62]. - The company is actively exploring carbon reduction measures in the petrochemical storage industry, enhancing awareness of carbon neutrality among employees[64]. - The company invested CNY 29.62 million in environmental governance and protection during the reporting period, and paid CNY 100,000 in environmental protection tax[62]. Financial Position and Assets - Total assets at the end of the reporting period amounted to ¥9,614,243,418.16, representing an increase of 1.52% from the end of the previous year[11]. - The company's total assets reached CNY 3,108,495,446.28, reflecting a significant increase compared to the previous year[130]. - The company's total liabilities increased to CNY 6,505,747,971.88 from CNY 6,470,415,160.57[113]. - The total equity attributable to shareholders increased by CNY 2,562,676.48 during the period, reflecting positive comprehensive income contributions[128]. Shareholder Engagement and Governance - The company held two temporary shareholder meetings with participation rates of 61.36% and 60.57% respectively, indicating strong shareholder engagement[49]. - The company has a governance structure that includes a shareholders' meeting, board of directors, and supervisory board, ensuring proper oversight[137]. - The company has not reported any significant impact from the acquisition of Chengdu Highway Port, suggesting a stable integration process[45]. - The company reported no changes in its controlling shareholder or actual controller during the reporting period[91]. Cash Flow and Financing Activities - The net cash flow from financing activities was positive at CNY 42,099,952.07, compared to a negative CNY 170,958,491.63 in the previous year, indicating an improvement in financing operations[124]. - The total cash inflow from investment activities was CNY 772,844,021.47 in the first half of 2024, an increase from CNY 590,982,594.75 in the same period of 2023[123]. - The company reported a significant decrease in investment income, with CNY 7,507,875.00 in the first half of 2024 compared to CNY 249,254,923.69 in the same period of 2023[121]. - The company’s cash inflow from operating activities was CNY 1,274,609.09, a significant drop from CNY 22,641,025.51 in the previous year, highlighting operational challenges[125]. Compliance and Risk Management - The management highlighted risks related to regulatory changes and market competition, with strategies in place to mitigate these risks[1]. - The company adheres to the Guangdong Province water pollutant discharge limits, specifically the second-stage tertiary standard for chemical oxygen demand and suspended solids[57]. - The company has implemented strict compliance with environmental regulations across its operations, including regular assessments of legal applicability[55]. Share Capital and Stock Options - The company has granted a total of 3,293.50 million stock options under various incentive plans, representing 7.16% of the total share capital as of June 28, 2024[53]. - The company has successfully completed the registration of stock options under the 2024 stock option incentive plan, involving 715.50 million stock options[53]. - The total number of shares increased to 460,277,852 shares after the issuance of 579,075 new shares due to stock option plans[82]. - The company’s stock repurchase strategy is aimed at enhancing shareholder value and stabilizing the stock price[83].