行业研究 证 券 研 究 报 告 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 华创交运|红利资产月报（2025 年 6 月） H 股较 A 股表现更优，重视港股红利资产投 推荐（维持） 资机会 交通运输 2025 年 06 月 23 日 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 122 | 0.02 | | 总市值(亿元) | 33,240.61 | 3.34 | ...

Group 1 - The core viewpoint of the news is that Xiamen Port Development Co., Ltd. is experiencing a decline in stock price and financial performance, with a significant drop in revenue and net profit in the latest quarterly report [1][2] - As of June 19, the closing stock price of Xiamen Port was 7.92 yuan, down 4.00%, with a rolling price-to-earnings (PE) ratio of 31.69 times, and a total market capitalization of 5.875 billion yuan [1] - The average PE ratio for the shipping and port industry is 13.63 times, with a median of 14.94 times, placing Xiamen Port at the 29th position in the industry ranking [1][2] Group 2 - In terms of capital flow, on June 19, Xiamen Port saw a net outflow of 44.0587 million yuan, with a total outflow of 77.6843 million yuan over the past five days [1] - The main business segments of Xiamen Port include bulk cargo handling and storage, port logistics services, and port trade, with key products such as bulk cargo handling, towing services, agency services, and cross-border e-commerce logistics [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating revenue of 4.328 billion yuan, a year-on-year decrease of 31.65%, and a net profit of 63.0931 million yuan, down 18.46%, with a gross profit margin of 4.73% [1]

关于 2025 年 5 月业务量数据的自愿性信息披露公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 | 业务指标 | 2025 年 | 5 月 | 同比变化 | 本年累计 | 同比变化 | | --- | --- | --- | --- | --- | --- | | 集装箱总计（万 TEU） | | 1,759.2 | 4.4% | 8,367.3 | 6.4% | | 内地码头 | 1,387.7 | | 5.6% | 6,535.0 | 6.9% | | 其中：珠三角 | | 156.8 | -1.1% | 748.5 | 11.7% | | 长三角 | 918.0 | | 9.1% | 4,327.3 | 8.5% | | 环渤海 | 286.0 | | -0.4% | 1,326.2 | 0.2% | | 东南地区 | | 17.4 | 8.2% | 85.9 | 10.0% | | 西南地区 | | 9.5 | -17.0% | 47.1 | -6.2% | | 港澳台码头 | | 42.9 | -21.0% | 243.3 | 0.5% | | ...

智通财经6月13日电，招商港口(001872.SZ)公告称，2025年5月集装箱总计1,759.2万TEU，同比增长 4.4%；散杂货总计11,375.8万吨，同比增长7.4%。 招商港口：2025年5月集装箱总计同比增长4.4% ...

Core Insights - The company announced a total of 17.59 million TEUs in container throughput for May 2025, representing a year-on-year increase of 4.4% [1] - Cumulative container throughput for the year reached 83.67 million TEUs, showing a year-on-year growth of 6.4% [1] Container Throughput Breakdown - Inland terminals handled 13.88 million TEUs, up 5.6% year-on-year [1] - Pearl River Delta terminals recorded 1.57 million TEUs, down 1.1% year-on-year [1] - Yangtze River Delta terminals processed 9.18 million TEUs, reflecting a 9.1% year-on-year increase [1] - Bohai Rim terminals managed 2.86 million TEUs, a slight decline of 0.4% year-on-year [1] - Southeast region terminals accounted for 174,000 TEUs, up 8.2% year-on-year [1] - Southwest region terminals saw a significant drop to 95,000 TEUs, down 17.0% year-on-year [1] - Hong Kong, Macau, and Taiwan terminals reported 429,000 TEUs, down 21.0% year-on-year [1] - Overseas terminals achieved 3.29 million TEUs, marking a 3.9% year-on-year increase [1] Bulk Cargo Performance - Total bulk cargo reached 114 million tons, reflecting a year-on-year increase of 7.4% [1] - Cumulative bulk cargo for the year was 526 million tons, showing a slight decline of 0.4% year-on-year [1]

Core Viewpoint - Liao Port Co., Ltd. has a current stock price of 1.53 yuan, with a PE ratio of 37.46, which is significantly higher than the industry average of 14.05 and the median of 15.79, indicating potential overvaluation in comparison to peers [1][2] Company Summary - Liao Port Co., Ltd. operates in various logistics sectors, including oil products, container, automobile, bulk cargo, grain, and passenger roll-on/roll-off services, with a focus on port value-added and support services [1] - The company reported a revenue of 2.527 billion yuan for Q1 2025, reflecting a year-on-year decrease of 12.51%, and a net profit of 204 million yuan, down 45.09% year-on-year, with a gross margin of 22.86% [1] Industry Summary - The average PE ratio for the shipping and port industry is 14.05, with a median of 15.79, indicating that Liao Port Co., Ltd. is ranked 31st among its peers in terms of valuation [2] - The total market capitalization of Liao Port Co., Ltd. is 36.575 billion yuan, which is higher than the industry average market cap of 29.861 billion yuan [2]

丨证券研究报告丨 公司研究丨点评报告丨青岛港（601298.SH） [Table_Title] 集装箱板块高增长，静待内需油散修复 报告要点 青岛港（601298.SH） cjzqdt11111 [Table_Title2] 集装箱板块高增长，静待内需油散修复 [Table_Summary] 2025 年第一季度公司实现营业收入 48.1 亿元，同比+8.5%；实现归母净利润 14.0 亿，同比 +6.5%。经营层面，集装箱吞吐量受益于对美抢出口，保持高增长；散杂货，特别是油品吞吐 量受制于地炼开工率低迷而承压。业绩方面，公司毛利增长主要受益于集装箱吞吐量高增长。 投资收益下降或是液体散货板块业务量下滑所致。展望未来，地炼开工率有企稳回升迹象，铁 水产量和高炉开工率上行，油品和干散货吞吐量或修复上行，多元业务凸显公司经营韧性。 分析师及联系人 [Table_Author] 韩轶超 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 2025 年第一季度公司实现营业 ...

总体费用控制良好。2025 年第一季度，公司期间费用为8.53 亿元，较上年同期减少1.46 亿元；期间费 用率为20.2%，较上年同期下降了5.6pp。其中，管理费用同比减少9.1%，财务费用同比减少21.1%，而 研发费用同比增长20.5%，体现出公司在成本控制和战略投入上的平衡。 事件：招商港口发布 2025年一季报。公司实现营业总收入42.14亿元，同比增长9%；归母净利润10.91 亿元，同比增长5.2%；扣非净利润10.6 亿元，同比增长30.4%。 集装箱业务延续较快增长态势。2025年第一季度，公司港口项目共完成集装箱吞吐量4895.7 万TEU，同 比增长7.1%；港口散杂货吞吐量为3.1 亿吨，同比下降3%。集装箱业务方面，内地港口项目完成集装箱 吞吐量3810 万TEU，同比增长7.8%；香港及台湾地区共完成集装箱吞吐量152.3 万TEU，同比增长 8.1%；海外地区港口项目共完成集装箱吞吐量933.4 万TEU，同比增长3.9%。 散杂货业务方面，内地港口项目共完成散杂货吞吐量3 亿吨，同比下降3.1%；海外港口完成散杂货吞吐 量246.9 万吨，同比增长3.9%。 海外拓展扎实推进 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601880 证券简称：辽港股份 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 一、主要财务数据 (一)主要会计数据和财务指标 □适用 √不适 ...

本文源自：金融界 作者：行情君 厦门港务发展股份有限公司的主营业务是散杂货码头装卸与堆存业务、临港综合物流服务和港口贸易三 大业务板块。公司的主要产品是散杂货码头装卸、拖轮业务、代理业务、海铁联运、理货与检疫业务、 拖车业务、海运快件、跨境电商物流、仓储堆场业务、港口贸易。 最新一期业绩显示，2024年年报，公司实现营业收入221.47亿元，同比-3.40%；净利润2.00亿元，同 比-13.84%，销售毛利率2.84%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)29厦门港务27.6727.671.1155.26亿行业平均 13.8513.571.14276.39亿行业中值14.4014.811.15131.68亿1凤凰航运-300.27-489.638.1642.61亿2ST锦 港-1.0426.590.4821.82亿3中远海控4.664.660.982290.43亿4招商南油8.456.751.17129.65亿5上港集团 8.648.640.971292.12亿6招商轮船9.749.741.24497.59亿7青岛港10.5510.551.30552.39亿8招商港口 10.5610.5 ...