成都外贸增量从何来？ 转自：成都日报锦观 外贸主体规模、航空进出口均创新高 1月19日，最新的四川外贸"成绩单"公布。在2025年全年外贸数据中，有两组数据尤为抢眼：一是外贸 主体规模同比增长一成多，首次突破1万家，创历史新高；二是成都航空口岸进出口货物首次突破7000 亿元，也创历史新高，占全国空运比重提升。 外贸主体是外贸发展的"晴雨表"，也是外贸发展的活力源泉。数据显示，去年四川有进出口实绩企业达 10329家，首次突破1万家，同比增加13.8%。成都海关统计分析处副处长肖晓文表示，外贸主体规模不 断扩大，为外贸未来发展筑牢了根基。 产业结构优化+空中通道联动 开放产业在"空中丝路"双向奔赴 成都航空口岸进出口货物快速增长，是去年四川外贸运行中的另一个亮点。 "这说明成都国际航空枢纽的能级持续提升，航空枢纽效应越发凸显，'口岸+物流+贸易'的产业联动模 式正将航空枢纽流量转化成外贸发展的增量。"中智供应链智库总工程师宋文远认为，成都深入实施产 业建圈强链，推动产业结构不断优化，电子信息、高端制造、航空航天、生物医药等适航产业优势愈发 明显，加上航空口岸营商环境日益优化，支撑着开放产业在"空中丝路"上双向 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's Q3 non-net profit increased by 65% year-on-year, meeting expectations, with a total revenue of 25.61 billion yuan in Q3, down 5.34% year-on-year, and a net profit of 3.39 billion yuan, down 3.71% year-on-year [1] - The significant growth in non-net profit by 85.51% year-on-year is attributed to the synergy strategy of "improving domestic trade and increasing foreign trade," with foreign trade leasing becoming a core growth driver [2] - The company has implemented a mid-term dividend for the first time, with a payout ratio of 84%, reflecting a commitment to shareholder returns [3] - The outlook for Q4 is positive, with expectations of continued strong performance in both domestic and foreign trade due to seasonal demand and stable pricing [3] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 78.98 billion yuan, a decrease of 6.46% year-on-year, and a net profit of 14.10 billion yuan, an increase of 27.21% year-on-year [1] - The forecast for the company's net profit for 2025-2027 is projected to reach 20.1 billion, 21.0 billion, and 22.2 billion yuan respectively, indicating a stable growth trajectory [4] - The company maintains a strong cash reserve of approximately 12 billion yuan, supporting its high dividend policy [3] Market Position and Strategy - The company has effectively optimized its domestic trade capacity, alleviating supply pressure in the domestic market, which has led to improved profitability despite a decline in volume [2] - The foreign trade leasing business has capitalized on high market demand, with foreign revenue reaching 1.41 billion yuan in the first half of the year, a year-on-year increase of 146% [2] - The company is well-positioned to benefit from the ongoing demand for small vessels, enhancing its leasing opportunities [3]