证券研究报告 海丰国际 (1308 HK) 3Q25 公司完成集装箱量 92.0 万标准箱,同环比+8.9%/-11.0%。货量同比 增长强劲主因产业重塑带动亚洲区域市场运输需求,环比下滑主因传统淡季 影响。展望 4Q,受益于季节性旺季叠加产业重塑带动的新增需求,我们预 计公司货量同环比+3.8%/+15.0%至 106 万标准箱。 3Q 单箱收入同比下跌主因上年同期高基数;4Q 环比或将上涨 3Q25 公司单箱收入同环比-12.0%/-5.7%至 712 美金/标准箱;总收入同环 比-1.8%/-12.1%至 7.9 亿美金。同期,东南亚出口集装箱运价指数(SEAFI) 均值同环比-28.2%/-14.5%；Clarksons 亚洲区域内集装箱运价指数均值同 环比-12.6%/-2.6%。运价同比显著下滑主因上年同期运价高基数。展望 4Q, 伴随亚洲市场传统旺季到来，我们预计公司单箱收入环比上涨 6.7%至 760 美金/标准（同比下滑 4.6%）。 亚洲集运市场供需结构向好,中小型船供给趋紧 在全球供应链重塑背景下,公司专注亚洲区域市场,凭借高频率高密度的航 线网络,持续受益于区域内贸易增长红利。根据 A ...

智通财经APP获悉，海丰国际(01308)再涨超4%，高见29.48港元创历史新高。截至发稿，涨4.34%，报 29.34港元，成交额1.65亿港元。 消息面上，海丰国际近日公布上半年业绩，收入约为16.645亿美元，同比增长28.0%；毛利约为6.694亿 美元，同比增长66.3%，毛利率由31.0%升至40.2%；利润为6.334亿美元，同比增长79.5%；每股基本盈 利0.24美元。收入增长主要归因于集装箱运量增加7.3%以及平均运费上涨22.8%。 华泰证券研报指出，公司盈利按年大幅增长主因关税扰动，东南亚集装箱运价按年大幅上升推动。该行 持续看好产业重塑带动亚洲区域内货量增长；同时，中小型集装箱船舶供给趋紧，亚洲集运市场兼具韧 性和增长性。该行将公司目标价上调11%至31港元，维持"买入"评级。 ...

Group 1 - The core viewpoint of the report indicates that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the forecast of $600 million [1] - The significant growth in profitability is attributed to tariff disruptions and a substantial rise in container shipping rates in Southeast Asia [1] - The report maintains a positive outlook on the restructuring of the industry, which is expected to drive cargo growth within the Asian region, alongside a tightening supply of small and medium-sized container ships [1] Group 2 - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving [1] - The report anticipates a significant increase in the price level compared to the 2010-2019 cycle [1] - Based on strong mid-term performance, the company has raised its net profit forecast for 2025 by 7% to $1.17 billion, while keeping the 2026 and 2027 profit forecasts unchanged [1] Group 3 - The target price for SeaLand International has been raised by 11% to HKD 31, based on a projected price-to-earnings ratio of 9.2 times for 2025, while maintaining a "Buy" rating [1]