孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： 基本数据 2025 年 10 月 30 日 收盘价（元） 6.43 一 年 内 最 高 / 最 低 （元） 总市值（百万元） 13,744.90 流通市值（百万元） 13,709.78 总股本（百万股） 2,137.62 资产负债率（%） 67.90 每股净资产（元/股） 9.12 资料来源：聚源数据 厦门国贸(600755.SH) 证券研究报告 交通运输 | 物流 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 03 日 证券分析师 投资评级： 买入（维持） ——收入环比回升 ...

Core Viewpoint - *ST Haichin (600753) reported significant improvements in financial performance for the first half of 2025, with a notable increase in revenue and net profit compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 325 million yuan, a year-on-year increase of 50.38% [1]. - The net profit attributable to shareholders was 7.47 million yuan, up 120.41% from the previous year [1]. - In Q2 2025, total revenue was 242 million yuan, reflecting a staggering year-on-year increase of 541.4% [1]. - The net profit for Q2 2025 was 8.99 million yuan, an increase of 151.99% year-on-year [1]. - Gross margin improved significantly to 5.24%, up 704.48% year-on-year, while net margin reached 2.3%, an increase of 113.58% [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 7.77 million yuan, representing only 2.39% of revenue, a decrease of 84.96% year-on-year [1]. - The company reported a significant reduction in accounts receivable, down 70.78% to 38.35 million yuan, indicating improved cash flow management [1][3]. - Interest-bearing liabilities decreased by 77.58% to 4.52 million yuan, reflecting a stronger balance sheet [1]. Cash Flow and Investment Insights - Operating cash flow per share was -0.06 yuan, a decrease of 15.66% year-on-year, indicating challenges in cash generation despite improved profitability [1][4]. - The company experienced a 42.87% increase in cash flow from investing activities, attributed to reduced long-term asset investments in the charging service business [3]. - Financing activities saw a dramatic increase of 2608.55% in cash flow, primarily due to new borrowings from major shareholders for raw material purchases [3]. Business Operations and Strategic Developments - The company has expanded its LPG distribution business, which has contributed to the significant revenue growth [3]. - There was a notable increase in inventory levels by 1728.39%, driven by the procurement of raw materials for the LPG business [3]. - The company has also shut down inefficient charging stations, leading to asset disposal gains that significantly impacted financial results [4].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 6.61 RMB [8][9]. Core Insights - The company reported a revenue of 201.9 billion RMB and a net profit of 3.7 billion RMB for 2024, reflecting a year-on-year decline of 0.6% and 46.0% respectively. The first quarter of 2025 showed a revenue of 50.73 billion RMB and a net profit of 1.9 billion RMB, with a year-on-year increase of 13.7% but a decline of 21.2% in net profit [1]. - The energy and chemical business experienced significant growth, with a revenue increase of 107.3% to 32.99 billion RMB and a gross profit surge of 2558.8% to 690 million RMB in 2024. The sales volume of energy products rose by 157.3% [2]. - The black and non-ferrous supply chains faced challenges, with revenues of 137.91 billion RMB and 1.68 billion RMB respectively, showing a decline of 11.7% and an increase of 88.8%. Gross profit for the black supply chain dropped by 63.3% [3]. - The new business segment, focusing on recycled resources, saw a revenue decrease of 8.2% to 14.12 billion RMB, but gross profit increased by 41.0% to 240 million RMB [4]. Summary by Sections Financial Performance - The company’s revenue is projected to reach 220.47 billion RMB in 2025, with a net profit forecast of 5.56 billion RMB, reflecting a decrease of 26.4% from previous estimates. The EPS is expected to be 0.79 RMB [5][7]. - The company’s revenue for 2024 is expected to be 201.9 billion RMB, with a slight decline of 0.57% compared to 2023 [7]. Business Segments - The energy and chemical supply chain is expected to continue its growth trajectory, with significant contributions from newly established teams [2]. - The black supply chain is facing a downturn, with a projected revenue drop due to weak demand [3]. - The new business segment is focusing on high-quality development in the recycled steel sector [4]. Valuation Metrics - The report assigns a PE ratio of 8.4x for 2025, aligning with industry averages, and sets a target price of 6.61 RMB, slightly above the previous estimate [5][9].