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 ...

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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].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported weak performance in 2024, with revenue of 23.244 billion yuan, a year-on-year increase of 5.22%, and a net profit of approximately 4.037 billion yuan, up 20.47% year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The foreign trade oil transportation business volume increased by 14.4% year-on-year, but gross profit fell by 13.5% to 3.59 billion yuan, primarily due to weak global economic performance and a shift towards lower-cost black market oil [10][14]. - The domestic oil and LNG segments showed stable growth, with domestic oil transportation turnover increasing by 4.2% and LNG contributing a net profit of 0.81 billion yuan, up 2.7% year-on-year [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to broaden the company's operational scope and enhance energy logistics [2][15]. - Looking ahead to 2025, the supply-demand dynamics are expected to improve, with potential upward elasticity in freight rates due to anticipated OPEC+ production increases and a return of black market demand to compliant markets [2][15]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.244 billion yuan, a 5.22% increase year-on-year, and a net profit of approximately 4.037 billion yuan, reflecting a 20.47% increase year-on-year. However, the net profit excluding non-recurring items decreased by 3.77% to 3.979 billion yuan [10][4]. - The gross profit from foreign trade oil transportation was 3.59 billion yuan, down 13.5% year-on-year, with specific contributions from crude oil, refined oil, and chartering showing significant variances [14][10]. Business Segments - Domestic oil transportation (crude + refined oil) turnover grew by 4.2% year-on-year, with a gross profit of 1.48 billion yuan, a slight decline of 0.9% [2][15]. - The LNG business contributed a net profit of 0.81 billion yuan, showing a stable performance with a year-on-year growth of 2.7% [2][15]. - The acquisition of LPG and chemical transportation businesses is expected to enhance the company's operational capabilities and logistics efficiency [2][15]. Future Outlook - The supply-demand situation is projected to improve in 2025, with expectations of increased freight rates due to OPEC+ production increases and a potential return of black market oil demand to compliant markets [2][15]. - The company maintains a strong confidence in the global oil transportation market, anticipating a tightening supply side and potential upward elasticity in freight rates [2][15].

Core Viewpoint - Ningbo Port's stock closed at 3.75 yuan, up 1.35%, with a rolling PE ratio of 14.95 times and a total market value of 72.954 billion yuan [1] Company Summary - Ningbo Port's main business includes container handling, iron ore, crude oil, coal, liquefied oil products, grain, and other cargo handling and related services. It is one of the largest terminal operators in the country, capable of accommodating the largest global vessel types for various cargoes [1] - The latest performance report for the third quarter of 2024 shows that the company achieved operating revenue of 21.811 billion yuan, a year-on-year increase of 13.50%, and a net profit of 4.107 billion yuan, a year-on-year increase of 2.02%, with a gross profit margin of 29.20% [1] Industry Summary - The average PE ratio for the shipping and port industry is 14.90 times, with a median of 16.01 times, placing Ningbo Port at 17th in the industry ranking [2] - The total number of shareholders for Ningbo Port as of September 30, 2024, is 134,044, a decrease of 2,549 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]

Investment Rating - The investment rating for the company is "Buy" (Maintain) [1] Core Views - The report highlights a significant decline in revenue and profit for 2023, with a projected revenue of 175,448 million RMB, representing a year-on-year decrease of 55.14% [6] - A recovery is expected in 2024, with revenue forecasted to increase by 33.29% to 233,859 million RMB, and a substantial rise in net profit to 49,100 million RMB, reflecting a year-on-year growth of 105.78% [6] - The company is projected to face challenges in 2025, with revenue expected to drop by 19.09% to 189,223 million RMB and net profit declining by 45.62% to 26,702 million RMB [6] Financial Summary - The company's total market capitalization is approximately 233,040.62 million RMB, with a closing price of 14.60 RMB per share [4] - The total assets are projected to grow from 497,472 million RMB in 2024 to 542,838 million RMB by 2027 [8] - The company's debt-to-asset ratio stands at 42.70%, indicating a moderate level of leverage [4] - Earnings per share (EPS) is expected to fluctuate, with a forecast of 3.08 RMB in 2024, dropping to 1.67 RMB in 2025, and stabilizing around 1.36 RMB by 2027 [6][8]