公司研究 证 券 研 究 报 告 厦门港务（000905）深度研究报告 推荐（首次） 拟注入资产焕新颜，盈利能力、红利属性或 双提升 当前价：8.28 元 风险提示：并购整合进度不及预期；经济大幅下滑、腹地经济明显波动。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,147 | 20,679 | 21,133 | 21,417 | | 同比增速(%) | -3.4% | -6.6% | 2.2% | 1.3% | | 归母净利润(百万) | 200 | 217 | 231 | 264 | | 同比增速(%) | -13.8% | 8.6% | 6.5% | 14.5% | | 每股盈利(元) | 0.27 | 0.29 | 0.31 | 0.36 | | 市盈率(倍) | 31 | 28 | 27 | 23 | | 市净率(倍) | 1.2 | 1.2 | 1.2 | 1.1 | 资料来源：公司公告，华创证券预测 注：股价为 2 ...

Core Viewpoint - The Chinese port industry is undergoing regional integration to optimize resource allocation, enhance port efficiency, and promote smart and green transformation, with Fujian province initiating a consolidation of its port operations [2][5]. Group 1: Company Actions - Xiamen Port Development Co., Ltd. plans to acquire 70% of Xiamen Container Terminal Group Co., Ltd. for approximately 6.178 billion yuan, pending shareholder and regulatory approvals [3][4]. - The acquisition aims to create synergies between the existing bulk cargo operations and the container terminal business, enhancing the overall competitiveness of the company [3][4]. - The restructuring is part of a broader strategy to fulfill commitments made by the controlling shareholder, Fujian Port Group, and to inject quality assets into the listed company [3][4]. Group 2: Financial Performance - Xiamen Container Terminal has shown strong financial performance, with net profits of 491 million yuan, 567 million yuan, and 154 million yuan for 2023, 2024, and Q1 of this year, respectively [4]. - Xiamen Port Development reported a revenue of 10.542 billion yuan and a net profit of 141 million yuan for the first half of the year, reflecting a year-on-year growth of 9.44% [4]. - The company achieved a cargo throughput of 20.528 million tons in the first half of 2025, a 7.73% increase, maintaining its leading position in Xiamen Port [4]. Group 3: Industry Context - The integration of the port industry in China began in the mid-2000s, driven by top-level design in the transportation sector, aiming for a more coordinated regional development [5][6]. - The Ministry of Transport has been promoting port integration through policy guidance and market-oriented measures, facilitating resource consolidation within provinces [5][6]. - The focus of the industry is shifting towards smart transformation, green development, and optimizing functions as regional restructuring progresses [6]. Group 4: Future Developments - The company is advancing the construction of smart and green ports, aiming to enhance operational efficiency and reduce logistics costs through intelligent systems [7][8]. - The fundraising plan includes investments in multi-modal logistics centers and upgrading terminal equipment, aligning with the goal of building a world-class port [7][8]. - The development projects are expected to improve Xiamen Port's capacity to handle large container ships and support the growth of foreign trade [8].

Core Viewpoint - Qin Port Co., Ltd. reported a slight decline in revenue and net profit for the first half of 2025, but showed resilience in core business operations with a notable increase in cargo throughput [1][2]. Financial Performance - The company achieved a revenue of 3.451 billion yuan, a year-on-year decrease of 0.30% - Net profit attributable to shareholders was 988 million yuan, down 2.22% - Non-recurring net profit increased by 4.08% to 982 million yuan - Basic earnings per share stood at 0.18 yuan [1]. Cargo Throughput - Total cargo throughput reached 208.38 million tons, an increase of 6.22 million tons or 3.08% compared to the same period in 2024 - Key port areas showed differentiated growth: - Qinhuangdao Port: 89.42 million tons, a slight increase of 0.31% - Caofeidian Port: 68.04 million tons, up 4.07% - Huanghua Port: 50.92 million tons, a significant increase of 6.88% [1][2]. Cargo Structure - Core cargo types showed stable growth, with emerging businesses experiencing significant increases: - Coal throughput: 106.46 million tons, up 3.92% - Metal ore throughput: 76.43 million tons, a slight increase of 0.50% - Oil and liquid chemicals: 0.87 million tons, up 10.13% - Container throughput: 8.73 million tons, with a box volume increase of 20.75% - General cargo: 15.89 million tons, up 1.53% [2]. Competitive Advantage - The company continues to strengthen its industry position through resource integration and strategic partnerships - The controlling shareholder, Hebei Port Group, coordinates port resources to avoid disorderly competition - Long-term cooperation with major clients like China Coal Group and State Energy Investment Group supports business stability [3]. Future Outlook - For the second half of 2025, the company plans to focus on developing new cargo sources, expanding metal ore business, and enhancing service efficiency - The company aims for steady annual performance growth by leveraging market changes and national economic policies [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註册成立的股份有限公司） (股份代號:03369) 海外監管公告 本公告乃由秦皇島港股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 以下為本公司於上海證券交易所網站刊發之《秦皇島港股份有限公司第六屆董事會第二次會議 決議公告》《秦皇島港股份有限公司 2025 年半年度報告摘要》《秦皇島港股份有限公司 2025 年 半年度報告》《秦皇島港股份有限公司對河北港口集團財務有限公司的風險持續評估報告》《秦 皇島港股份有限公司關於持股 5%以上股東權益變動觸及 1%刻度暨減持計畫完成的公告》《秦 皇島港股份有限公司控股股東及其一致行動人權益變動觸及 1%刻度暨增持計畫完成的公告》 《北京錦路安生律師事務所關於河北港口集團(天津)投資管理有限公司增持秦皇島港股份有限 公司 A 股股份之專項核查意見》，僅供參閱。 承董事會命 秦皇島港股份有限公司 董事長 ...