证券研究报告 公司研究 点评： 2025 年第一季度，公司货物吞吐量实现 1.77 亿吨，同比增长 2.9%。 综合考虑集装箱吞吐量的影响，我们认为公司干散杂货、液体散货吞吐 量整体表现优于行业，一定程度上受益于腹地需求韧性。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 青岛港(601298) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号 S1500524070004 邮箱 kuangpeiqin@cindasc.com 黄安 交运行业分析师 执业编号 S1500524110001 邮箱 huangan@cindasc.com 相关研究 [Table_OtherReport] 青岛港（601298.SH）2024 年年报点评： 归母净利润+6.33%，延续前期分红政 策 青岛港（601298.SH）2024 年业绩快报 点评：24Q4 归母净利润+15%，出口重 箱增量支撑业绩 青岛港（601298.SH）事件点评：重组 改为现金收购，EPS 增幅或优于原 ...

Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report highlights that Qingdao Port's first-quarter performance in 2025 shows a 6.51% year-on-year increase in net profit attributable to shareholders, indicating stable operations and a positive outlook for future dividend capabilities [2][4] - The company's cargo throughput reached 177 million tons in the first quarter of 2025, reflecting a 2.9% year-on-year growth, outperforming the industry due to resilient demand from the hinterland [3][4] - The report emphasizes the strong growth in container throughput, which increased by 7.2% year-on-year to 8.22 million TEUs, supported by robust export demand from Shandong Province [4] - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 4.0% based on a 40% payout ratio of distributable profits [4] Financial Performance Summary - In Q1 2025, Qingdao Port achieved an operating revenue of 4.807 billion yuan, a year-on-year increase of 8.51% [4] - The net profit attributable to shareholders for Q1 2025 was 1.402 billion yuan, reflecting a 6.51% increase compared to the previous year [4] - The report forecasts that from 2025 to 2027, the company will achieve operating revenues of 19.475 billion, 19.998 billion, and 20.542 billion yuan, with year-on-year growth rates of 2.82%, 2.69%, and 2.72% respectively [4][6] - The projected net profit attributable to shareholders for the same period is expected to be 5.517 billion, 5.804 billion, and 6.095 billion yuan, with growth rates of 5.38%, 5.21%, and 5.02% respectively [4][6]

Core Viewpoint - The draft regulation for promoting the marine economy in Qingdao emphasizes the need for the development of high-end, intelligent, unmanned, and green marine vessels and engineering equipment, aiming to enhance the overall capabilities in design, manufacturing, and system integration [1] Group 1: Industry Development - The government is encouraged to promote the high-end, intelligent, unmanned, and green development of marine vessels and engineering equipment [1] - There is a focus on improving the design, manufacturing, system integration, and general contracting capabilities of marine vessels and engineering equipment [1] - The regulation aims to enhance the construction capabilities for deep-sea oil and gas development equipment [1] Group 2: Port and Infrastructure - Support for integrated port development is highlighted, with an emphasis on optimizing port infrastructure [1] - The regulation aims to expand the maritime route network and improve the comprehensive transportation system [1] - The transformation of Qingdao Port into a hub port, trade port, and financial port is promoted, along with the construction of an international shipping center [1]

齐鲁晚报·齐鲁壹点记者 张玉岩 经营效益平稳向好。一季度，省属企业营业收入增速较1-2月同比增幅扩大0.6个百分点，3月份营业收入、利润总额环比增长40.7%、 58.8%。其中，山东黄金、山东重工等8户企业利润总额增速在5%以上。 转自：大众报业·齐鲁壹点 4月30日，省政府新闻办举行新闻发布会，邀请省国资委负责同志等介绍2025年一季度山东省属企业经济运行情况。 山东省国资委副主任秦春玲介绍，一季度，山东省属企业整体经济运行呈现"总体平稳、稳中有进"良好态势。截至3月末，省属企业资产 总额54097.4亿元，同比增长6.5%。累计实现营业收入6116.9亿元，同比增长6.9%；实现利润总额227.6亿元，净利润172.2亿元，为全省 经济社会高质量发展提供有力支撑。 工业运行稳健有力。省属企业实现工业总产值、工业销售产值2663.7亿元、2714.5亿元，同比分别增长18.1%、16.1%。山东重工、山东 黄金、华鲁集团、山东能源、山钢集团5户省属工业企业合计实现利润总额127.6亿元，对省属企业的利润贡献超过50%。山东能源稳住 产量"基本盘"，在去年商品煤产量大幅增长的基础上，今年一季度继续实现同比增 ...

Core Viewpoint - The company, Liaoning Port Co., Ltd., is set to reappoint Xinyong Zhonghe Accounting Firm as its auditor for the fiscal year 2025, following the approval of the board and supervisory committee [8][38]. Financial Data - The first quarter financial report for 2025 has not been audited [3]. - The company reported significant operational changes in various segments, including an increase in container throughput due to new ocean routes and stable port occupancy [5]. - The oil and chemical segment saw increased throughput driven by futures oil outflows and rising demand for crude oil [5]. - The bulk cargo segment experienced a decline in overall business volume due to various market factors, including price discrepancies in steel materials [5]. Shareholder Information - The company has a total of 9 board members present at the recent board meeting, with all voting in favor of the proposals [23][26]. - The proposals include the appointment of the accounting firm and revisions to the company’s articles of association, which will be submitted for shareholder approval [25][38]. Audit Firm Information - Xinyong Zhonghe Accounting Firm has a long history, established in 2012, with a significant number of partners and registered accountants [8][9]. - The firm reported a revenue of 4.046 billion yuan for 2023, with audit services contributing 3.015 billion yuan [9]. - The proposed audit fee for 2025 is set at 4.66 million yuan, remaining consistent with the previous year [15]. Governance Changes - The company is revising its articles of association to reflect recent legal changes, including the elimination of the supervisory board and the establishment of an audit committee [43][44]. - Key revisions aim to enhance the rights of minority shareholders and clarify the responsibilities of controlling shareholders [44].

2025年4月29日，日照港(600017.SH)发布2025年一季报。 公司营业总收入为18.23亿元，在已披露的同业公司中排名第16，较去年同报告期营业总收入减少1.63亿 元，同比较去年同期下降8.22%。归母净利润为1.52亿元，在已披露的同业公司中排名第22，较去年同 报告期归母净利润减少3281.43万元，同比较去年同期下降17.80%。经营活动现金净流入为2.62亿元， 在已披露的同业公司中排名第21，较去年同报告期经营活动现金净流入减少9722.81万元，同比较去年 同期下降27.06%。 公司最新资产负债率为59.59%，在已披露的同业公司中排名第33，较上季度资产负债率减少0.73个百分 点，较去年同期资产负债率减少0.37个百分点。 公司最新总资产周转率为0.05次，在已披露的同业公司中排名第29，较去年同期总资产周转率减少0.01 次，同比较去年同期下降10.45%。最新存货周转率为6.16次，在已披露的同业公司中排名第21，较去年 同期存货周转率减少3.33次，同比较去年同期下降35.10%。 公司股东户数为9.55万户，前十大股东持股数量为17.52亿股，占总股本比例为56.96% ...

按照退市新规，结合前次处罚决定认定的违规实施，公司股票已触及重大违法强制退市风险警示情形。 记者关注到，本次公司可能出现重大违法强制退市或早有预兆。在本次行政处罚事先告知书作出前，公 司已经披露2次立案调查暨风险提示公告，重点提示了重大违法强制退市风险。此次行政处罚事先告知 书的作出，进一步向投资者揭示了公司的重大问题，提示投资者切勿"火中取栗"。 监管作出顶格处罚 此前，公司2024年11月1日收到行政处罚决定书，认定公司财务造假行为，予以顶格处罚，证监会在当 日对公司再次立案调查，反映出公司仍然存在新的违法违规行为待进一步查实。 4月29日晚，公司披露再次收到证监会行政处罚事先告知书，显示2022年至2024年，公司通过虚假贸易 业务及跨期确认港口包干作业费收入等方式虚增利润，2022年虚增利润3，610.45万元，占当期报告披 露利润总额的22.46%;2023年虚增利润6，808.78万元，占当期报告披露利润总额的65.96%；2024年第一 季度虚增利润1537.75万元，占当期报告披露利润总额的62.05%。 就前述造假违规行为并结合公司未按期披露2024年半年报、未及时披露关联交易等违规行为，证 ...

Core Insights - The company reported a total operating revenue of 1.643 billion yuan for Q1 2025, marking a year-on-year increase of 6.73% and ranking 18th among peers [1] - The net profit attributable to shareholders was 196 million yuan, a significant decline of 49.87% year-on-year, ranking 20th among peers [1] - Operating cash flow showed a strong performance with a net inflow of 991 million yuan, up 160.17% year-on-year, ranking 9th among peers [1] Financial Ratios - The latest debt-to-asset ratio stands at 44.53%, a decrease of 0.06 percentage points from the previous quarter and down 7.13 percentage points year-on-year, ranking 25th among peers [3] - The gross profit margin is reported at 29.74%, down 2.33 percentage points from the previous quarter and down 2.06 percentage points year-on-year, ranking 12th among peers [3] - Return on equity (ROE) is at 1.10%, a decrease of 1.69 percentage points year-on-year, ranking 27th among peers [3] Earnings Per Share and Turnover - The diluted earnings per share (EPS) is 0.09 yuan, a decline of 61.09% year-on-year, ranking 15th among peers [3] - The total asset turnover ratio is 0.05 times, unchanged from the previous year, ranking 28th among peers [3] - The inventory turnover ratio is 25.53 times, an increase of 4.07% year-on-year, achieving three consecutive years of growth, ranking 6th among peers [3] Shareholder Structure - The number of shareholders is reported at 37,900, with the top ten shareholders holding 1.684 billion shares, accounting for 73.95% of the total share capital [3] - The largest shareholder is Guangxi Beibu Gulf International Port Group Co., Ltd., holding 56.51% of shares [3]

Core Viewpoint - The company, Shanghai International Port Group, has announced its participation in the 2024 annual performance briefing for state-owned listed companies, aiming to enhance communication with investors regarding its operational performance and future strategies [6][7]. Financial Data - The first quarter financial report for 2025 has been approved by the board of directors, and it is noted that the financial statements are unaudited [14][15]. - The report includes significant financial data and indicators, although specific figures are not detailed in the provided documents [2][3]. Shareholder Information - The company has confirmed the total number of ordinary shareholders and the status of major shareholders, although specific details are not disclosed [3]. Meeting Details - The performance briefing will be held on May 9, 2025, from 13:30 to 16:45, via video live streaming and online interaction [7][9]. - Key participants in the meeting will include the chairman and other senior executives, with the possibility of adjustments to the attendee list [7][8]. Investor Participation - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center online [8][10]. - Questions can be submitted via email before the meeting, and the company will address common concerns during the session [8][12].

Core Viewpoint - In Q1 2025, Beibu Gulf Port reported a revenue of 1.643 billion yuan, a year-on-year increase of 6.73%, but a net profit attributable to the parent company of 196 million yuan, a significant decrease of 49.87% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 1.643 billion yuan, up 6.73% year-on-year, while the net profit attributable to the parent company was 196 million yuan, down 49.87% year-on-year [1] - The non-recurring net profit attributable to the parent company was 183 million yuan, reflecting a year-on-year increase of 3.85% [1] - The gross profit margin decreased by 2.06 percentage points year-on-year to 29.74%, primarily due to the pressure from fixed asset conversion [3] Group 2: Volume and Trade Growth - The company's throughput volume increased by 12.89% year-on-year to 80.7421 million tons, with container throughput rising by 12.07% to 2.1739 million TEUs [2] - The export value from Guangxi Province to ASEAN countries reached 84.293 billion yuan, a year-on-year increase of 24%, contributing to the growth in throughput [2] - The ongoing trade tensions and the Belt and Road Initiative are expected to sustain high growth in throughput [2] Group 3: Cost and Profitability - The company faced cost pressures with approximately 1.78 billion yuan in construction projects being capitalized, impacting short-term gross profit [3] - The overall expense ratio remained stable at 12.46%, with a year-on-year decrease of 1.34 percentage points [3] - The net profit margin attributable to the parent company decreased by 13.46 percentage points year-on-year to 11.93%, influenced by a high base from a previous one-time gain [3] Group 4: Future Outlook - Revenue projections for Beibu Gulf Port from 2025 to 2027 are estimated at 7.361 billion yuan, 7.864 billion yuan, and 8.485 billion yuan, with year-on-year growth rates of 5%, 7%, and 8% respectively [4] - The net profit attributable to the parent company is forecasted to be 1.203 billion yuan, 1.351 billion yuan, and 1.553 billion yuan for the same period, with a slight decrease in 2025 followed by growth in subsequent years [4] - The company maintains a "buy" rating based on projected price-to-earnings ratios of 17, 15, and 13 for the years 2025, 2026, and 2027 respectively [4]