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交通运输产业行业研究:顺丰业务量增速领跑,油运景气加速向上
SINOLINK SECURITIES· 2025-06-22 07:02
Investment Rating - The report recommends "顺丰控股" (SF Express) in the express delivery sector and "海晨股份" (Haichen Co.) in the logistics sector, as well as "中国国航" (Air China) and "南方航空" (Southern Airlines) in the aviation sector [3][4][5]. Core Views - The express delivery sector shows strong growth, with SF Express's business volume growth significantly outpacing the industry, and the overall express delivery volume in May reaching 173.2 billion pieces, a year-on-year increase of 17.2% [3]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Haichen Co. benefiting from improved demand in consumer electronics [4]. - The aviation sector is experiencing a robust recovery, with domestic passenger volume in May reaching 56.45 million, a year-on-year increase of 7%, and international passenger volume increasing by 23% [5][58]. Summary by Sections 1. Transportation Sector Market Review - The transportation index decreased by 0.1% during the week of June 14-20, while the Shanghai and Shenzhen 300 index fell by 0.5%, outperforming the market by 0.4% [2][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The shipping sector is facing mixed conditions, with container shipping rates under pressure, while oil shipping rates are rising due to geopolitical tensions [6][22]. - The China Export Container Freight Index (CCFI) was 1342.46 points, up 8.0% week-on-week but down 30.2% year-on-year [6][22]. 2.2 Aviation and Airports - The aviation sector is showing strong upward momentum, with domestic and international passenger volumes recovering significantly compared to 2019 levels [5][58]. - The average daily flights reached 14,867, with international flights increasing by 16.17% year-on-year [5]. 2.3 Rail and Road - The rail and road sectors are stable, with rail passenger volume in April reaching 382 million, a year-on-year increase of 5.97% [84]. - The national highway freight traffic increased by 2.46% week-on-week, indicating a positive trend in road logistics [7][88]. 2.4 Express Delivery and Logistics - The express delivery sector saw a total of 39.3 billion pieces collected in the week of June 9-15, with a year-on-year increase of 17.5% [3]. - The average revenue per express delivery piece decreased by 7.6% year-on-year, indicating pricing pressures in the sector [3].
乐聚发布业界首款5G-A具身智能机器人,国内具身智能加速发展
Xuan Gu Bao· 2025-06-19 14:52
Group 1 - The Shanghai World Mobile Communication Conference (MWC Shanghai 2025) showcased the first 5G-A embodied intelligent robot developed by Leju in collaboration with China Mobile and Huawei, addressing technical challenges in high-concurrency scenarios [1] - The "Kua Fu" humanoid robot, which debuted at the HDC 2024 Huawei Developer Conference, utilizes Huawei's cloud-based Pangu intelligent model and demonstrates multi-scenario application capabilities based on 5G-A technology [1] - The 5G-A network's high bandwidth supports large-scale data collection, providing training data for humanoid robots' deep learning models, thus shortening development cycles and adapting to diverse industry needs [1] Group 2 - Haichen Co., Ltd. signed a strategic cooperation agreement with Leju Robotics to collaborate on intelligent logistics robots and automated warehousing systems, aiming to promote the intelligent upgrade of the logistics industry [2] - BlueDai Technology's wholly-owned subsidiary, BlueDai Automation, and Leju Robotics have invested in Wuxi Quanzhibo Technology, with the latter commissioning BlueDai Technology for the research and production of integrated robotic joints and core components [2]
交通运输行业2025年中期投资策略:重视新交运、新物流机会
Minsheng Securities· 2025-06-19 13:41
Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].
铁路公路物流25年下半年投资策略:数智时代,边界重构
Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]
海晨股份(300873) - 江苏海晨物流股份有限公司章程(2025年6月)
2025-06-06 11:02
江苏海晨物流股份有限公司 章程 二〇二五年六月 | 第一章 | | 总则 | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 2 | | 第三章 | | 股份 | 3 | | | 第一节 | 股份发行 | 3 | | | 第二节 | 股份增减和回购 | 4 | | | 第三节 | 股份转让 | 6 | | 第四章 | | 股东和股东会 | 7 | | | 第一节 | 股东的一般规定 | 7 | | | 第二节 | 控股股东和实际控制人 | 9 | | | 第三节 | 股东会的一般规定 11 | | | | 第四节 | 股东会的召集 | 14 | | | 第五节 | 股东会的提案与通知 | 16 | | | 第六节 | 股东会的召开 | 18 | | | 第七节 | 股东会的表决和决议 | 21 | | 第五章 | | 董事和董事会 | 25 | | | 第一节 | 董事的一般规定 | 25 | | | 第二节 | 董事会 | 29 | | | 第三节 | 独立董事 | 34 | | | 第四节 | 董事会专门委员会 | 37 | | 第六章 | | 高级管理 ...
海晨股份(300873) - 关于董事会延期换届选举的提示性公告
2025-06-06 11:01
证券代码:300873 证券简称:海晨股份 公告编号:2025-028 江苏海晨物流股份有限公司 关于董事会延期换届选举的提示性公告 江苏海晨物流股份有限公司 董事会 2025 年 6 月 7 日 1 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。 江苏海晨物流股份有限公司(以下简称"公司")第三届董事会的任期届满, 鉴于相关换届工作尚在筹备中,为确保公司董事会工作的连续性,公司董事会将 延期换届,董事会各专门委员会及高级管理人员的任期也将相应顺延。 在换届选举完成前,公司第三届董事会全体董事、董事会各专门委员会成员 及高级管理人员将依照相关法律法规和《公司章程》等有关规定继续履行其义务 和职责。 公司董事会的延期换届不会影响公司的正常运营。公司将加快推进董事会换 届选举工作进程,并及时履行信息披露义务。 特此公告。 ...
海晨股份(300873) - 关于修订《公司章程》的公告
2025-06-06 11:01
证券代码:300873 证券简称:海晨股份 公告编号:2025-026 江苏海晨物流股份有限公司 关于修订《公司章程》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、《公司章程》修订基本情况 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司 章程指引》、《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》和其他有关规定,为进 一步优化公司治理结构,江苏海晨物流股份有限公司(以下简称"公司")于 2025 年 6 月 6 日召开了第三届董事会第二十二次会议,审议修订了《公司章程》,具 体修订如下: 第一百〇九条 修订前: 公司设董事会,董事会由七名董事组成,设董事长一人,独立董事 3 人,可 以设副董事长。董事长和副董事长由董事会以全体董事的过半数选举产生。 第一百〇九条 修订后: 公司设董事会,董事会由七名董事组成,设董事长一人,独立董事人数不少 于三分之一,可以设副董事长。董事长和副董事长由董事会以全体董事的过半数 选举产生。 第一百一十八条 修订前: 董事会召开临时 ...
海晨股份(300873) - 关于召开2024年年度股东大会的通知
2025-06-06 11:01
江苏海晨物流股份有限公司 关于召开 2024 年年度股东大会的通知 证券代码:300873 证券简称:海晨股份 公告编号:2025-027 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。 江苏海晨物流股份有限公司(以下简称"公司")第三届董事会第二十二次会 议决定于 2025 年 6 月 27 日(星期五)下午 14:30 在本公司召开 2024 年年度股 东大会(以下简称"本次股东大会"),本次股东大会将采用现场投票和网络投票 相结合的方式,根据有关规定,现将股东大会的相关事项通知如下: 一、召开会议的基本情况 1、股东大会届次:2024年年度股东大会 2、会议召集人:董事会 3、会议召开的合法、合规性:本次股东大会的召集、召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》等相关规定。 4、会议时间: (1)现场会议时间:2025 年 6 月 27 日(星期五)下午 14:30 开始; (2)网络投票时间:通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 27 日上午 9:15-9:25,9:30-11:30,下午 13:0 ...
海晨股份(300873) - 第三届董事会第二十二次会议决议的公告
2025-06-06 11:00
二、董事会会议审议情况 1、审议通过《关于修订公司章程的议案》 具体内容详见同日刊登于巨潮资讯网(http://www.cninfo.com.cn)《关于修订公司章 程的公告》及《公司章程(2025年6月)》。 表决结果:7票同意,0票反对,0票弃权。 证券代码:300873 证券简称:海晨股份 公告编号:2025-025 江苏海晨物流股份有限公司 第三届董事会第二十二次会议决议的公告 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、董事会会议召开情况 江苏海晨物流股份有限公司(以下简称"公司")已于 2025 年 6 月 3 日向公司全体董 事发出会议通知,以现场加通讯表决方式于 2025 年 6 月 6 日召开第三届董事会第二十 二次会议并作出本董事会决议。本次董事会会议应出席董事 7 人,实际出席董事 7 人, 会议由董事长梁晨女士主持,符合《中华人民共和国公司法》和《公司章程》关于召开 董事会会议的规定。 特此公告。 1 江苏海晨物流股份有限公司 董事会 2025 年 6 月 7 日 2 2、审议通过《关于提请召开公司 2024 年年度股东大会的议 ...
交运行业2024年年报及2025年一季报综述:油散承压静待回暖,三大航与廉航表现分化,快递量增价减趋势不变
Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].