Investment Rating - The report maintains an "Outperform" rating for Guangdong Great River Smarter Logistics [1][3] Core Views - The company experienced a decline in revenue and profitability in 3Q24, with total revenue of Rmb1,088 million, down 6.29% year-on-year, and net profit of Rmb171 million, down 28.81% year-on-year [6][7] - The report highlights the short-term pressure on domestic petrochemical logistics demand, with the petrochemical industry facing a situation of "increased production and sales without increased profits" [2] - Despite short-term challenges, the long-term outlook for the petrochemical storage and logistics market remains supported by significant storage and transportation demand [2] Financial Performance Summary - For 3Q24, the company reported revenue of Rmb351 million, a decrease of 9.20% year-on-year, and a net profit of Rmb39 million, down 52.14% year-on-year [6][7] - The gross profit margin for 3Q24 was 48.53%, down 11.0 percentage points year-on-year, while the net profit margin was 13.15%, down 10.57 percentage points year-on-year [2] - The company forecasts revenue for FY24-26E to be Rmb1,629 million, Rmb1,902 million, and Rmb2,209 million, respectively, with net profit estimates of Rmb228 million, Rmb319 million, and Rmb420 million [7] Growth Drivers - Future growth points include improved occupancy rates from new acquisitions and ongoing projects, as well as the extension of the chemical logistics supply chain [3] - The company is expected to continue its strategy of organic and inorganic growth to expand capacity [7] Valuation - The target price is set at Rmb13.85 per share based on a 20x FY25E PE ratio, reflecting a potential upside of 45% from the current price [3][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.09 billion RMB for the first three quarters of 2024, a year-on-year decrease of 6.3%, and a net profit attributable to shareholders of 170 million RMB, down 28.8% year-on-year [2] - The decline in revenue is attributed to weak demand in the petrochemical industry and underperformance in business expectations [2] - The company announced a cash dividend distribution plan, proposing to distribute 1.00 RMB per 10 shares, totaling 45.75 million RMB, which accounts for 26.71% of the net profit attributable to shareholders for the first three quarters of 2024 [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 350 million RMB, a decrease of 9.2% year-on-year, and a net profit of 40 million RMB, down 52.1% year-on-year [2] - The gross profit margin for Q3 2024 was 48.5%, a decline of 11 percentage points year-on-year, primarily due to the merger of non-similar controlled enterprises and unmet business expectations [2] - The operating expenses ratio increased to 34.3%, up 2.4 percentage points year-on-year, with sales expenses at 2.9%, management expenses at 10%, and financial expenses at 17.8% [2] Business Development - The company operates 14 terminals and has a total tank capacity of 5.1869 million cubic meters, establishing a high barrier to entry in the petrochemical storage industry [2] - The company is pursuing a merger and acquisition strategy to enhance its growth in the chemical warehousing sector, with future warehouse capacity expected to increase [2] Profit Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 have been revised down to 230 million RMB, 310 million RMB, and 420 million RMB, respectively [2]

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2024-146 | | --- | --- | --- | | 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 关于召开 2024 年第五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。 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届董 事会第五次会议审议通过了《关于召开 2024 年第五次临时股东大会 的议案》，决定于 2024 年 11 月 14 日召开公司 2024 年第五次临时股 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 年第五次临时股东大会 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：2024-138 | | --- | --- | --- | | 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 第四届监事会第四次会议决议公告 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 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届监 事会第四次会议通知已于 2024 年 10 月 25 日以电子邮件方式送达各 位监事，会议于 2024 年 10 月 28 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、 监事会会议审议情况 （一）审议通过了《2024 年第三季度报告》 公司监事出具了书面确认意见，认为董事会编制和审核公司 《2024 年第三季度报告》的程序符合法律、行政法规和中国证监会的 规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在 ...

| 证券代码：002930 | 证券简称：宏川智慧 公告编号：2024-143 | | --- | --- | | 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 212.69%。 一、交易及担保情况概述 公司下属公司常熟宏智仓储有限公司（以下简称"常熟宏智"） 拟向苏州银行股份有限公司常熟支行（以下简称"苏州银行"）申 请 4,000.00 万元银行授信额度，用于"常熟宏智扩建化学品仓库及 辅助用房项目"（以下简称"化工仓项目"）建设。常熟宏智拟以 其部分土地使用权及其附属房屋建筑物提供抵押担保，公司拟为本 注册地址：江苏省常熟市碧溪街道建业路 8 号 法定代表人： ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2024-147 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 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 年第三季度报告》经公司第四届董事会第五次会议、第四届监事会第 四次会议审议通过，已于 2024 年 10 月 29 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 年第三季度报告》相关 信息，公司定于 2024 年 11 月 1 日（星期五）下午 15:00-17:00 在全 景网举办 2024 年第三季度报告网上说明会（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：公司董事长林海川先生；公司董事、 总裁黄韵涛先生；公司独立董事张荣武先生；公司高级副总裁、财务 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥351,335,576.71, a decrease of 9.20% compared to ¥386,933,526.50 in the same period last year[4] - Net profit attributable to shareholders for Q3 2024 was ¥38,565,414.41, down 52.14% from ¥80,583,812.94 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥36,660,670.84, reflecting a 52.21% decline compared to ¥76,713,895.61 in the previous year[4] - The basic earnings per share for Q3 2024 was ¥0.08, a decrease of 55.56% from ¥0.18 in the same period last year[4] - The weighted average return on net assets decreased to 1.45%, down 1.77 percentage points from 3.24% year-on-year[4] - The total number of common shareholders at the end of the reporting period is 14,056[15] - The total comprehensive income for Q3 2024 is CNY 191,199,042.09, a decrease of 34.5% from CNY 292,323,436.40 in Q3 2023[27] - Basic and diluted earnings per share for Q3 2024 are both CNY 0.37, down from CNY 0.53 in Q3 2023[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,468,144,890.96, showing a slight increase of 0.08% compared to the previous year-end[4] - Total assets increased slightly to ¥9,478,344,562.87 from ¥9,470,323,580.57, showing a growth of 0.1%[24] - Total liabilities decreased to ¥6,336,933,529.07 from ¥6,470,415,160.57, a decline of 2.1%[24] - Non-current liabilities increased to ¥5,175,382,796.58 from ¥4,835,360,918.29, an increase of 7.1%[24] - The total liabilities decreased to CNY 1,843,043,385.05 in Q3 2024 from CNY 2,860,178,597.69 in Q3 2023, indicating a reduction in financial leverage[29] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥729,046,700.02, down 8.53% from ¥797,072,354.17 in the same period last year[4] - Cash received related to operating activities increased by 65.82% to CNY 80,846,099.54, driven by project construction subsidies[12] - Cash paid for fixed asset construction increased by 50.97% to CNY 319,478,867.97 due to increased investment in chemical warehouse projects[12] - Cash outflow for debt repayment decreased by 38.76% to CNY 1,501,912,661.10, reflecting a reduction in bank loan repayments[12] - The company reported a net cash outflow from investing activities of CNY -442,627,236.61 in Q3 2024, an improvement from CNY -650,213,512.01 in Q3 2023[29] Shareholder Information - Guangdong Hongchuan Group Co., Ltd. holds 31.51% of the shares, making it the largest shareholder[15] - The company distributed a cash dividend of RMB 2.50 per 10 shares based on a total of 458,600,252 shares[17] - The actual controller, Lin Haichuan, increased his shareholding by 602,095 shares, accounting for 0.13% of the total share capital as of July 10, 2024[18] - The company repurchased 2,788,372 shares, representing 0.61% of the total share capital, with a total expenditure of RMB 34.99 million[18] Operational Changes - The company reported a significant increase in trading financial assets, with a growth rate of 370.83% due to bank wealth management products not yet redeemed[7] - Accounts receivable notes increased by 102.99%, primarily due to an increase in bank acceptance bills received during the period[7] - Prepayments decreased by 52.45% to CNY 4,762,267.68 due to a reduction in daily operating payments[9] - Other receivables increased by 51.66% to CNY 13,792,159.05 primarily due to the merger with Rizhao Hongchuan Warehousing Co., Ltd. in May 2024[9] - Inventory rose by 34.15% to CNY 10,491,721.08, also attributed to the merger with Rizhao Hongchuan Warehousing Co., Ltd.[9] - Other current assets surged by 151.19% to CNY 134,605,773.88 due to the reclassification of bank wealth management products[9] - Short-term borrowings decreased by 74.30% to CNY 100,083,333.33 as a result of repaying bank loans[9] - Operating income from non-operating activities increased by 833.84% to CNY 20,415,681.64 due to gains from the merger with Rizhao Hongchuan Warehousing Co., Ltd.[11] Future Outlook and Reporting - The third quarter report of Guangdong Hongchuan Smart Logistics Co., Ltd. has not been audited[30] - The company will implement new accounting standards starting from 2024[30] - The report was released on October 28, 2024[30] - There are no specific performance summaries or user data provided in the report[30] - Future outlook and performance guidance details are not included in the document[30] - Information regarding new product and technology development is absent[30] - Market expansion and acquisition strategies are not mentioned[30] - Other new strategies are not discussed in the report[30] - The document does not provide any financial figures or percentages[30]

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2024-142 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 公司下属控股公司常州宏川石化仓储有限公司（以下简称"常 州宏川"）拟向中国建设银行股份有限公司常州分行（以下简称 "建设银行"）申请 14,000.00 万元银行授信额度，用于"常州宏川 化学品仓储项目"（以下简称"化工仓项目"）建设。常州宏川拟以 其化工仓项目建成后的土地使用权及其附属房屋建筑物作抵押担保， 广东宏川智慧物流股份有限公司 关于下属公司申请银行授信并接受公司及 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。 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 212.69%。 一、交易及担保情况概述 1/7 公司拟为本次授信事项 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2024-145 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 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 2024 年 10 月 28 日召开了第四届董事会第五次会议、第四届监事会第四 次会议，审议通过了《关于 2025 年度使用自有闲置资金进行现金管 理的议案》，同意公司及下属子公司在确保资金安全、操作合法合 规、保证日常经营不受影响的前提下，使用总额不超过 10 亿元的自 有闲置资金适时进行现金管理。具体情况如下： 一、现金管理情况概述 1、投资目的：提高资金使用效率，合理利用闲置自有资金，增 加公司收益； 2、资金来源：公司及子公司暂时闲置的自有资金； 3、投资额度：总额不超过 10 亿元，在该额度范围内，资金可 以滚动使用； 1/4 4、使用期限：投资额度的使用期限为 2025 年 1月 1 日至 12月 31 日； 广东宏川智慧物流股份有限公司 关于 2025 年度使用自 ...

公司下属公司东莞三江港口储罐有限公司（以下简称"东莞三 江"）、太仓阳鸿石化有限公司（以下简称"太仓阳鸿"）、南通阳 鸿、常熟宏川石化仓储有限公司（以下简称"常熟宏川"）、常州宏 川石化仓储有限公司（以下简称"常州宏川"）为大连商品交易所（以 下简称"大商所"）乙二醇指定交割仓库，下属公司东莞三江、南通 1/9 | 证券代码：002930 | 证券简称：宏川智慧 公告编号：2024-144 | | --- | --- | | 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 关于为下属公司交割仓库资质继续提供担保的公告 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）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 212.69%。本次被担保方南通阳鸿石化储运有 限公司（以下简称"南通阳鸿"）的资产负 ...