Group 1 - The closing price of Yantian Port is 4.69 yuan, down 1.26%, with a rolling PE ratio of 18.13 times and a total market value of 24.386 billion yuan [1] - The average PE ratio for the shipping and port industry is 14.54 times, with a median of 14.67 times, placing Yantian Port at the 24th position in the industry ranking [1] - As of September 30, 2024, Yantian Port has 55,833 shareholders, a decrease of 1,053 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Yantian Port's main business includes the development and operation of terminals, cargo handling and transportation, construction and operation of supporting transportation facilities, and warehousing and industrial facility construction and operation [1] - The latest financial report for Q3 2024 shows that the company achieved an operating income of 613 million yuan, a year-on-year decrease of 9.52%, and a net profit of 1.004 billion yuan, a year-on-year increase of 5.70%, with a gross profit margin of 24.93% [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Liaoport Co., Ltd, indicating a decline in revenue and profit compared to the previous year [1][2] - As of April 11, Liaoport's stock closed at 1.5 yuan, down 1.32%, with a rolling PE ratio of 31.35 times and a total market capitalization of 35.858 billion yuan [1] - The average PE ratio for the shipping and port industry is 14.54 times, with Liaoport ranking 31st among its peers [1][2] Group 2 - The company reported a revenue of 11.067 billion yuan for the year 2024, representing a year-on-year decrease of 9.44%, and a net profit of 1.144 billion yuan, down 14.83% [1] - The sales gross margin for the company stands at 21.50% [1] - As of March 31, 2014, the number of shareholders for Liaoport was 89,923, a decrease of 3,348 from the previous count, with an average holding value of 352,800 yuan per shareholder [1]

Investment Rating - The investment rating for the company is "Buy" [6][4]. Core Views - The domestic chemical shipping market is experiencing a decline in freight rates, with a projected decrease of 5% in 2024. However, the company's domestic business gross margin is expected to improve to 40.6% from 36% in 2023, attributed to long-term contracts with major clients [1][4]. - Global chemical shipping rates are at historically high levels but are expected to start declining in the second half of 2024. The company's foreign business gross margin is projected at 29% for 2024, which may be impacted by falling freight rates [2][4]. - The company's shipping capacity is expected to grow significantly, with a 48% increase in 2023 and a 12% increase in 2024, leading to revenue growth of 58% and 22% respectively, and net profit growth of 22% and 39% [3][4]. Financial Projections - The company's revenue is projected to reach 1,858.22 million yuan in 2025, with a growth rate of 22.68%. The net profit attributable to the parent company is expected to be 405.88 million yuan, reflecting a growth rate of 15.83% [5][22]. - The company's EBITDA is forecasted to be 783.00 million yuan in 2025, with a corresponding increase in net profit margins [5][22]. - The company maintains a strong financial position with a projected net profit of 4.06 billion yuan for 2025, down from an earlier estimate of 5.24 billion yuan, while introducing new profit forecasts for 2026 and 2027 [4][22]. Market Context - The domestic chemical shipping market is nearing a supply-demand inflection point, with some major shipowners shifting capacity to foreign trade routes due to declining domestic rates [1][2]. - The global chemical shipping capacity is expected to grow at rates of 4.9% and 5.7% in 2025-26, which may exert pressure on future freight rates [2][16].

4月10日，南京港今日收盘7.15元，上涨3.17%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到23.50倍，创78天以来新低，总市值35.03亿元。 从行业市盈率排名来看，公司所处的航运港口行业市盈率平均14.21倍，行业中值14.75倍，南京港排名 第28位。 股东方面，截至2025年3月31日，南京港股东户数22269户，较上次减少680户，户均持股市值35.28万 元，户均持股数量2.76万股。 南京港股份有限公司是一家主要从事管道原油和内外贸海轮进江原油、液体化工产品的储存、中转的公 司,是目前我国内河最大的石油、液体化工产品中转储存的港口运输企业。现已发展成为集管道原油、 成品油、乙二醇、环已醇、环已烷、环已酮、对二甲苯、苯乙烯、萘、硫酸、磷酸、液碱、沥青、糖蜜 等多种石油、化工中转储存的综合港区,是长江中下游地区理想的石油及液体化工原料集疏换装基地。 最新一期业绩显示，2024年三季报，公司实现营业收入7.27亿元，同比7.32%；净利润1.24亿元，同比 7.91%，销售毛利率45.60%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)28南京港23.5023.50 ...

4月8日，宁波港今日收盘3.59元，上涨4.36%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到14.26倍，总市值698.41亿元。 从行业市盈率排名来看，公司所处的航运港口行业市盈率平均13.19倍，行业中值14.03倍，宁波港排名 第21位。 截至2024年年报，共有177家机构持仓宁波港，其中基金169家、其他8家，合计持股数1772102.89万 股，持股市值682.26亿元。 最新一期业绩显示，2024年年报，公司实现营业收入287.02亿元，同比10.42%；净利润48.98亿元，同 比4.91%，销售毛利率29.33%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)21宁波港14.2614.260.89698.41亿行业平均 13.1912.691.11267.75亿行业中值14.0314.251.10127.05亿1凤凰航运-272.45-444.287.4038.66亿2宁波海 运-171.0029.580.8433.06亿3ST锦港-1.2030.490.5525.03亿4中远海控4.294.290.902108.02亿5招商南油 6.776.771.20130 ...

招商港口分析师会议 调研日期：2025年04月07日 调研行业：航运港口 参与调研的机构：个人投资者等 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 / 机构调研pro小程序 DJvanbao.com | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The report highlights that the company's profit is expected to significantly increase in 2024, driven by structural factors such as the Red Sea detour and extended North American inventory replenishment cycles, which may support price resilience in 2025 [2][3] - The company is focusing on enhancing its container shipping and port operations, with strategic developments in key locations such as Peru and Abu Dhabi, which will diversify its revenue structure [2] - The company has a strong financial position with a cash balance of 185.1 billion and a price-to-book ratio of only 0.99, indicating sustained investment value [3] Financial Summary - The company achieved a revenue of 233.9 billion in 2024, representing a year-on-year increase of 33.29%, and a net profit of 49.1 billion, up 105.78% [4][8] - Forecasted revenues for 2025, 2026, and 2027 are 226.9 billion, 211.5 billion, and 202.3 billion respectively, with expected net profits of 41.1 billion, 25.2 billion, and 12.6 billion [4] - The earnings per share (EPS) for 2024 is projected at 3.08, decreasing to 2.57 in 2025 and further to 1.58 in 2026 [4] Operational Performance - The company maintains a leading position in global shipping capacity with a self-operated fleet exceeding 3.3 million TEU, and has extended its ocean alliance cooperation until 2032 [8] - The average revenue per container increased by 30.3% to 1,375 USD/TEU due to rising shipping rates following the Red Sea events [8] - The company has implemented a high dividend and share buyback strategy, distributing 1.03 per share in dividends with a payout ratio of 50% [8]

3月31日，南京港今日收盘6.53元，下跌1.36%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到21.46倍，总市值31.99亿元。 从行业市盈率排名来看，公司所处的航运港口行业市盈率平均14.10倍，行业中值14.75倍，南京港排名 第28位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)28南京港21.4621.460.9831.99亿行业平均 14.1013.561.20286.81亿行业中值14.7515.831.13134.40亿1凤凰航运-308.11-502.438.3743.72亿2宁波海 运-187.2332.390.9236.20亿3ST锦港-1.3233.660.6027.63亿4中远海控4.734.730.992322.43亿5招商南油 7.407.401.31142.13亿6上港集团9.259.251.031350.32亿7重庆港9.599.520.9659.70亿8招商轮船 10.4010.401.33530.98亿9秦港股份11.9611.960.97187.18亿10中远海特12.0812.081.47184.94亿11青岛港 12.1812.181 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a strong growth trajectory in revenue and net profit, with significant year-on-year increases projected for the coming years [4][5] - The company is expected to achieve a revenue of 25,911 million RMB in 2025, reflecting an 11.48% growth compared to 2024 [5] - The net profit attributable to shareholders is forecasted to reach 5,035 million RMB in 2025, representing a 24.73% increase from the previous year [5] Financial Summary - The closing price of the company's stock is 11.27 RMB, with a market capitalization of 53,766.65 million RMB [3] - The company has a total share capital of 4,770.78 million shares and a debt-to-asset ratio of 51.90% [3] - Earnings per share (EPS) is projected to be 1.06 RMB in 2025, with a price-to-earnings (P/E) ratio of 10.68 [5][7] - The return on equity (ROE) is expected to be 12.95% in 2025, indicating strong profitability [5][7] - The company’s gross margin is projected to improve to 30.65% by 2025, with a net profit margin of 21.11% [7]

Core Viewpoint - Qinhuangdao Port Co., Ltd. reported a slight decrease in revenue but an increase in net profit for the fiscal year 2024, indicating resilience in profitability despite revenue challenges [1][4]. Financial Performance - The company achieved a total revenue of 6.865 billion RMB in 2024, a year-on-year decrease of 2.69% [1][4]. - The net profit attributable to shareholders was 1.566 billion RMB, reflecting a year-on-year increase of 2.2% [2][4]. - The net profit excluding non-recurring items was 1.496 billion RMB, up 0.63% year-on-year [1][4]. - In Q4 2024, the company reported a quarterly revenue of 1.796 billion RMB, an increase of 6.08% year-on-year [1]. - The quarterly net profit attributable to shareholders was 226 million RMB, a decrease of 5.28% year-on-year [1]. Dividend Distribution - The company proposed a cash dividend of 0.85 RMB per 10 shares (including tax), totaling 474.93 million RMB to be distributed to shareholders [2][4]. Shareholder Structure - As of the end of the reporting period, the total number of ordinary shareholders was 53,871, an increase from 52,476 at the end of the previous month [3]. - Hebei Port Group Co., Ltd. remains the largest shareholder with a holding of 3.256 billion shares, representing 58.27% of the total shares [3][4].