人民财讯8月27日电，中集集团（000039）8月27日晚间披露半年报，2025年上半年，公司实现营业收入 760.9亿元，同比下降3.82%；归属于母公司股东及其他权益持有者的净利润12.78亿元，同比增长 47.63%；基本每股收益0.23元。报告期内，集团干货集装箱销量112.59万TEU(上年同期：138.27万 TEU)，受上年同期高基数影响同比下降约18.57%。与此同时，报告期内南美水果出口需求旺盛，冷链 运价保持高位运行，冷箱需求呈现增长，本集团冷藏箱销量9.20万TEU(上年同期：4.47万TEU)，同比 增长约105.82%。 ...

格隆汇8月27日｜根据联合国贸发组织，预计2025年上半年全球贸易总额将同比增长3000亿美元，其中 2300亿为商品贸易增长贡献，主要受美国进口激增和欧盟出口增长的推动；受益与此，全球集装箱贸易 量也呈现增长趋势。同时，在集装箱标准化物流运输效率提升与成本控制下，国内多式联运在规模、枢 纽布局、通道网络等方面成效显著，国内客户对集装箱标准干箱新箱的需求显著增长。 中集集团 (000039.SZ，2039.HK)8月28日披露的中期业绩显示，在南美水果出口需求旺盛、冷链运价保持高位运 行的驱动下，集团实现冷藏箱销量达9.20万TEU，同比大幅增长105.82%。今年上半年，集团集装箱制 造业务实现营业收入217.35亿元，实现净利润14.44亿元，在去年同期高基数的基础上仍实现了13.20% 的可观增长。 ...

中集集团（000039）(02039)公布2025年中期业绩，营业收入约760.9亿元，营业利润约28.17亿元，同比 增长33.15%;归属于母公司股东及其他权益持有者的净利润约12.78亿元，同比增长47.63%;基本每股收益 0.23元。 该集团持续巩固全球化布局战略，目前研发中心及制造基地分布在全球近20多个国家和地区，海外实体 企业超过30家，以欧洲、北美等地区为主。得益于不断夯实的全球营运平台基础，集团能够平抑单一地 区的风险波动，实现稳健有质发展。报告期内，集团国内营业收入占比约51%，国外营业收入占比约 49%，维持较好的市场格局。 其中，集装箱制造业务实现营业收入217.35亿元，实现净利润14.44亿元，同比上升13.20%。报告期 内，该集团干货集装箱销量112.59万TEU(上年同期：138.27万TEU)，受上年同期高基数影响同比下降 约18.57%。与此同时，报告期内南美水果出口需求旺盛，冷链运价保持高位运行，冷箱需求呈现增 长，集团冷藏箱销量9.20万TEU(上年同期：4.47万TEU)，同比增长约105.82%。 ...

其中，集装箱制造业务实现营业收入217.35亿元，实现净利润14.44亿元，同比上升13.20%。报告期 内，该集团干货集装箱销量112.59万TEU(上年同期：138.27万TEU)，受上年同期高基数影响同比下降 约18.57%。与此同时，报告期内南美水果出口需求旺盛，冷链运价保持高位运行，冷箱需求呈现增 长，集团冷藏箱销量9.20万TEU (上年同期：4.47万TEU)，同比增长约105.82%。 该集团持续巩固全球化布局战略，目前研发中心及制造基地分布在全球近20多个国家和地区，海外实体 企业超过30家，以欧洲、北美等地区为主。得益于不断夯实的全球营运平台基础，集团能够平抑单一地 区的风险波动，实现稳健有质发展。报告期内，集团国内营业收入占比约51%，国外营业收入占比约 49%，维持较好的市场格局。 智通财经APP讯，中集集团(02039)公布2025年中期业绩，营业收入约760.9亿元，营业利润约28.17亿 元，同比增长33.15%;归属于母公司股东及其他权益持有者的净利润约12.78亿元，同比增长47.63%;基本 每股收益0.23元。 ...

Group 1 - The Shanghai Composite Index fell by 0.37% to close at 3559.95 points, while the Hang Seng Index decreased by 1.07% to 24507.81 points [1] - China Merchants Industry Holdings Co., Ltd. (the "Company") has an A/H premium of 129.79%, ranking 15th among A/H shares [1] - The Company’s A-shares closed at 2.47 yuan, down 0.8%, and H-shares closed at 1.17 HKD, remaining flat [1] Group 2 - The Company is a subsidiary of China Ocean Shipping Group Co., Ltd. and specializes in shipping logistics and financial operations [1] - Established in 1997 and headquartered in Shanghai, the Company is listed in both Hong Kong and Shanghai [1] - The Company focuses on container manufacturing, leasing, and shipping leasing, supported by investment management for integrated development [1] - The container manufacturing business has an annual design capacity exceeding 1.4 million TEU, making it the second largest in the world [1] - The Company serves global renowned shipping lines and major leasing companies, enhancing its core competitiveness through technological innovation and green transformation [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a strong performance in Q1 2025, with revenue reaching 36.026 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 544 million yuan, up 550% year-on-year [6][9]. - The container segment continues to see profit release, while the offshore engineering segment is experiencing an upward cycle [2][6]. - The company is expected to benefit from the development of deep-sea technology, with a strong order backlog in various business segments [2][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 36.026 billion yuan, a year-on-year increase of 11%, and a net profit of 544 million yuan, which is a significant increase of 550% year-on-year. The net profit excluding non-recurring items was 523 million yuan, up 132% year-on-year [6][9]. - The sales volume of dry cargo containers reached 531,200 TEU, a year-on-year growth of approximately 7.44%, while refrigerated container sales surged to 36,400 TEU, a year-on-year increase of about 291.40% [11]. Business Segments - The offshore engineering segment is performing steadily, with new effective orders amounting to 60 million USD in Q1 2025, and a total order value of 6.3 billion USD, with oil and gas business orders accounting for two-thirds [11]. - The energy, chemical, and liquid food equipment business saw a revenue increase of 24.2% to 5.765 billion yuan, driven by strong delivery capabilities and a robust order backlog [11]. Future Outlook - The company is well-positioned to benefit from the growth in deep-sea oil and gas and renewable energy sectors, with a comprehensive layout in offshore engineering and special ship manufacturing [11]. - The forecast for net profit attributable to shareholders is 3.48 billion yuan and 4.47 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 12 and 9 times [11].

Group 1 - The core business of the company is container manufacturing, which showed significant growth in Q1 2025 with a revenue of 36.026 billion yuan, an increase of 11.04% year-on-year, and a net profit of 544 million yuan, up 550.21% year-on-year [1] - Container sales volume increased, with dry container sales reaching 531,200 TEU, a year-on-year growth of approximately 7.44%. The demand for refrigerated containers surged, with sales of 36,400 TEU, a remarkable increase of 291.40% year-on-year due to high demand for South American fruit exports and elevated cold chain freight rates [1] - The company benefited from a continuation of orders received in 2024 and a low base from the same period last year, leading to increased revenue and net profit in the container manufacturing business for Q1 2025 [1] Group 2 - The company's second-largest business, road transportation vehicles, also performed well in Q1 2025, with global sales of various vehicles totaling 29,800 units, an increase of 1.12% year-on-year, generating revenue of 4.591 billion yuan [2] - The uncertainty surrounding U.S. tariff policies is expected to continue to raise concerns about global economic growth, which may impact the demand for containers in the global shipping market in the short term [2]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first quarter of 2025, driven by strong performance in its logistics and energy sectors, despite challenges posed by global trade uncertainties and U.S. tariff policies [11][16]. Financial Data - The company achieved operating revenue of RMB 36.026 billion, an increase of 11.04% year-on-year from RMB 32.443 billion [11]. - Net profit attributable to shareholders was RMB 544 million, a substantial increase of 550.21% compared to RMB 84 million in the same period last year [11]. - Basic earnings per share rose to RMB 0.0971, up 670.63% from RMB 0.0126 [11]. Logistics Sector Performance - The container manufacturing business benefited from a surge in demand due to U.S. tariff impacts, with dry cargo container sales reaching 531,200 TEU, a year-on-year increase of approximately 7.44% [11]. - Refrigerated container sales saw a dramatic increase to 36,400 TEU, up 291.40% from 9,300 TEU in the previous year, driven by strong demand for South American fruit exports [11]. Energy Sector Performance - The energy, chemical, and liquid food equipment business reported a revenue increase of 24.2% to RMB 5.765 billion, supported by a robust order backlog of approximately RMB 28.309 billion [16]. - The clean energy segment experienced a significant revenue growth of 33.4%, reaching RMB 4.342 billion, largely due to increased sales in offshore clean energy and high-end low-temperature equipment [16]. Innovation and New Business Development - The company is expanding its cold chain logistics and energy storage businesses, focusing on strategic layouts in pharmaceutical cold chain and industrial temperature control [20]. - The modular construction business is actively exploring domestic and international markets, achieving recognition for its innovative projects in the housing sector [20].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a significant year-on-year increase in net profit attributable to shareholders of 550.21% in Q1 2025, with total revenue reaching 36.03 billion RMB, reflecting an 11.04% increase year-on-year [1] - The container business has shown resilience amid trade policy disruptions, while the energy and marine engineering sectors are gradually releasing backlogged orders, contributing to diversified growth opportunities [1][3] - The company is focusing on innovative business layouts, particularly in cold chain logistics and modular construction, which are expected to create new growth drivers [4] Financial Performance - In Q1 2025, the company's gross margin improved to 12.10%, up 1.92 percentage points year-on-year, despite a quarter-on-quarter decline of 2.23 percentage points [2] - The financial expense ratio increased quarter-on-quarter due to foreign exchange losses, with the financial expense rate at 0.99%, up 0.52 percentage points year-on-year [2] Business Segments - The container segment saw a year-on-year revenue increase, with dry container sales up 7.44% to 531,200 TEUs and refrigerated container sales soaring 291.40% due to strong demand from South American fruit exports [3] - The energy segment, particularly through its subsidiary CIMC Enric, achieved revenue of 5.765 billion RMB, a 24.2% increase year-on-year, driven by sales in clean energy and high-end low-temperature equipment [3] Order Backlog and Future Growth - As of Q1 2025, the company had a robust order backlog in the energy sector amounting to 28.309 billion RMB, a 5.2% increase year-on-year, and in marine engineering, the backlog was 6.3 billion USD, up 34.04% year-on-year [4] - The company is actively expanding its presence in the pharmaceutical and temperature-controlled sectors, focusing on large clients to enhance its energy storage business [4] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 3.009 billion RMB, 3.602 billion RMB, and 3.995 billion RMB, respectively, with corresponding EPS of 0.56, 0.67, and 0.74 RMB [5] - The target price is set at 8.96 RMB, reflecting a 16x PE ratio, indicating a premium valuation due to its industry leadership and potential benefits from deep-sea technology [5]

Core Insights - The company reported a revenue of 36.026 billion RMB for Q1 2025, representing an increase of 11.04% year-on-year [1] - Net profit attributable to shareholders was 544 million RMB, showing a significant increase of 550.21% compared to the previous year [1] - Basic earnings per share were 0.0971 RMB [1] Group 1: Container Manufacturing Business - The global container trade demand was influenced by the US tariff increases, leading to a trend of urgent shipments [2] - The container supply chain index in China remained in a prosperous range during the reporting period, with new dry container shipments exceeding the same period last year [2] - The container manufacturing segment benefited from orders received in 2024 and a low base from the same period last year, resulting in increased revenue and net profit for Q1 2025 [2] Group 2: Sales Performance - The sales volume of dry containers reached 531,200 TEU, up approximately 7.44% from 494,400 TEU in the same period last year [2] - The demand for refrigerated containers surged due to strong exports of South American fruits, with sales reaching 36,400 TEU, a remarkable increase of about 291.40% from 9,300 TEU in the previous year [2] Group 3: Market Outlook - The uncertainty surrounding US tariff policies is expected to continue impacting global economic growth and, consequently, the demand for container shipping in the short term [2] - According to the WTO, the global merchandise trade volume is projected to decline by 0.2% in 2025, with a moderate recovery of 2.5% expected in 2026 [2]