公司研究 证 券 研 究 报 告 厦门港务（000905）深度研究报告 推荐（首次） 拟注入资产焕新颜，盈利能力、红利属性或 双提升 当前价：8.28 元 风险提示：并购整合进度不及预期；经济大幅下滑、腹地经济明显波动。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,147 | 20,679 | 21,133 | 21,417 | | 同比增速(%) | -3.4% | -6.6% | 2.2% | 1.3% | | 归母净利润(百万) | 200 | 217 | 231 | 264 | | 同比增速(%) | -13.8% | 8.6% | 6.5% | 14.5% | | 每股盈利(元) | 0.27 | 0.29 | 0.31 | 0.36 | | 市盈率(倍) | 31 | 28 | 27 | 23 | | 市净率(倍) | 1.2 | 1.2 | 1.2 | 1.1 | 资料来源：公司公告，华创证券预测 注：股价为 2 ...

在以"优化资源配置、提升港口效率、增强区域协同发展，并推动智慧化、绿色化转型"等目标指引下， 中国港口业数年来进行了一系列区域性的整合动作。各地通过集中优势资源将区域内原本分散的港口码 头业务板块进一步集中至省级港口集团乃至核心上市企业，从而希望实现减少"内耗"，提升整体竞争力 的目标。 作为港口资源大省的福建，也将顺应这一政策导向开启省内港口业务整合的大幕。在8月底宣布拟由厦 门港务发展股份有限公司（下称"厦门港务"）收购母公司旗下厦门集装箱码头集团有限公司（下称"厦 门集装箱码头"）70%股权获得福建省国资委原则同意批复之后，如在本月能够在股东大会审议通过， 并获得相关监管机构审核与批准，福建省的港口业务也将开始进入"大一统"时代。 优质资产注入 根据厦门港务8月初发布的"发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草 案）"（下称"报告书"）显示，其计划通过发行股份及支付现金的方式，向控股股东厦门国际港务有限 公司（下称"国际港务"）购买其持有的厦门集装箱码头70%股权，交易价格约61.78亿元，并计划同时向 不超过35名特定对象发行股份募集配套资金。 厦门港务是福建省港口集团旗下唯一港口 ...

Core Viewpoint - Xiamen Port Authority is progressing steadily in integrating port resources through a significant asset restructuring involving the acquisition of 70% of Xiamen Container Terminal Group for approximately 6.178 billion yuan, which is expected to enhance the company's competitive position and business structure [1][2]. Group 1: Transaction Details - The acquisition involves a combination of share issuance and cash payment, with a total transaction price of approximately 6.178 billion yuan [1][2]. - The valuation of 100% equity of the container terminal group is approximately 8.826 billion yuan, resulting in a premium rate of about 17.78% [2]. - The cash component of the transaction is 927 million yuan, while the share component is 5.251 billion yuan, with an issuance price of 6.64 yuan per share [2]. Group 2: Financial Position - As of the end of Q1 2025, Xiamen Port Authority's debt ratio was 51.44%, with cash holdings of 942 million yuan and interest-bearing liabilities of 2.185 billion yuan [3]. - The container terminal group has a lower debt ratio of 38.06% and has shown stable profitability, with a net profit of approximately 154 million yuan in Q1 2025 [4][9]. Group 3: Strategic Implications - The acquisition is expected to create significant synergies between Xiamen Port Authority's existing operations and the container terminal group's services, enhancing the overall business structure [6][7]. - The restructuring aims to position Xiamen Port Authority as a comprehensive modern port logistics service provider, covering multiple business segments including container and bulk cargo handling [7][10]. - Following the completion of the acquisition and fundraising, the financial health of Xiamen Port Authority is anticipated to improve, leading to enhanced competitiveness and profitability [5][10]. Group 4: Performance Comparison - Xiamen Port Authority has faced operational pressure in recent years, with revenues of 22.927 billion yuan and 22.147 billion yuan in 2023 and 2024, respectively, showing a decline in net profit [8]. - In contrast, the container terminal group has demonstrated stable revenue growth, with revenues of 2.475 billion yuan and 2.644 billion yuan in 2023 and 2024, respectively, and a net profit of 567 million yuan in 2024 [8][9].