| 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 ...

宏川智慧（002930）公告，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 商品交易所申请纯苯指定交割仓库资质。本次申请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。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。 ...

| 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].

Group 1: Management and Stability - The company emphasizes the stability of its management team and continuous professional development through long-term incentive mechanisms and internal promotion systems [1] - A rotating presidency system and management meetings have been implemented to enhance the management team's capabilities and cohesion [1] Group 2: Financial Performance and Challenges - The company reported a revenue of 1.547 billion yuan in 2023, a year-on-year increase of 22.44%, and a net profit of 296 million yuan, up 31.73% [11] - The decline in performance is attributed to macroeconomic cyclical factors and a decrease in market demand, impacting revenue and occupancy rates [2][7] - The company has a current cash flow of approximately 500 million yuan, with short-term liabilities of about 1.1 billion yuan and long-term borrowings nearing 5 billion yuan [2][8] Group 3: Debt Management and Financial Strategy - The company maintains a good debt repayment capacity and plans to optimize its loan structure by replacing high-cost loans with low-cost ones [2][8] - The net cash flow from operating activities for 2024 is projected to reach 912 million yuan, approximately 5.77 times the net profit for the same period [11] Group 4: Market Conditions and Strategic Responses - The company is monitoring the impact of U.S. tariffs and trade wars on the petrochemical industry, noting that the effects on its operations are minimal due to its domestic focus [2] - The company is committed to expanding its market presence and enhancing service offerings to adapt to changing market conditions [5][10] Group 5: Future Outlook and Growth Plans - The company aims to continue its acquisition strategy to expand its operational capacity and enhance service integration [7][9] - Future growth is expected to be driven by improved market conditions and strategic collaborations within its extensive storage network [10][11]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 9.70 RMB [7][8]. Core Views - The company's revenue for 2024 is projected to be 1.45 billion RMB, a decrease of 6.3% year-on-year, with a net profit attributable to the parent company of 158.33 million RMB, down 46.6% year-on-year, which is below expectations [1][4]. - The decline in profitability is primarily due to weak demand in the downstream petrochemical industry, leading to lower rental rates and occupancy for storage tanks and chemical warehouses [1][2]. - Despite the weak demand, the company is expected to see a slight improvement in profitability in 2025 due to new project launches, although overall petrochemical storage demand is anticipated to remain weak [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit of 720 million RMB, a decline of 19.3% year-on-year, with a gross margin of 49.6%, down 8.0 percentage points [2]. - The gross profit for the fourth quarter of 2024 was 170 million RMB, with a gross margin of 45.6% [2]. - For the first quarter of 2025, the gross profit was 140 million RMB, with a gross margin of 43.9% [2]. Business Segments - The revenue from terminal tank services in 2024 was 1.27 billion RMB, down 7.5% year-on-year, accounting for 87.2% of total revenue, with a gross profit of 620 million RMB, down 21.1% [3]. - The chemical warehouse services generated revenue of 81.88 million RMB, a slight decrease of 1.8%, but the gross profit increased by 7.3% to 42.41 million RMB, attributed to new projects [3]. Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been reduced by 47% and 38% respectively, with the new net profit estimates set at 175.31 million RMB for 2025 and 255.13 million RMB for 2026 [4][6]. - The target price has been adjusted down by 18% to 9.70 RMB, reflecting the weak demand in the petrochemical storage industry [4][8].