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密尔克卫(603713):2025年半年报点评:25H1归母净利3.5亿元,同比+13%,积极推动全球化布局,静待周期景气回暖
Huachuang Securities· 2025-08-18 06:09
证 券 研 究 报 告 密尔克卫(603713)2025 年半年报点评 推荐(维持) 25H1 归母净利 3.5 亿元,同比+13%,积极推动全 球化布局,静待周期景气回暖 公司公告 2025 年中报:1)业绩表现:25H1 营收 70.4 亿,同比+17.4%;归母 净利 3.5 亿,同比+13.1%。其中 25Q1 营收 33.4 亿,同比+15.4%;归母净利 1.7 亿,同比+14.0%。25Q2 营收 36.9 亿,同比+19.3%;归母净利 1.8 亿,同 比+12.3%。 2)分业务来看,全球移动、化工品分销增长亮眼。2025 上半年全球货代业务 营收 16.9 亿,同比+4.85%;毛利 1.8 亿,同比+5.3%;毛利率 10.86%,同比 +0.04pct。仓配一体化业务营收 12.2 亿,同比-1.9%;毛利 2.3 亿,同比-9.2%; 毛利率 18.67%,同比-1.5pct。全球移动业务营收 7.0 亿,同比+50.9%;毛利 0.88 亿,同比+37.9%;毛利率 12.49%,同比-1.2pct。化工品分销业务营收 33.8 亿,同比+27.1%;毛利 2.7 亿,同比+50. ...
海航科技:6月9日召开分析师会议,渤海证券、华福证券等多家机构参与
Zheng Quan Zhi Xing· 2025-06-09 15:07
Group 1 - The company aims to develop in the direction of "shipping + trade" with a focus on improving operational efficiency in its shipping business through a combination of owned and chartered vessels [2] - The company plans to mitigate the impact of market fluctuations by expanding its upstream and downstream commodity trading business while maintaining strict risk control [2] - The company successfully revitalized its owned property assets in the first half of 2024, with the renovated hotel operations expected to enhance asset returns [2] Group 2 - In 2024, the company implemented measures such as short-term capacity locking and expanding market chartering during downturns, resulting in a shipping business revenue of 562 million yuan, a year-on-year increase of 48.95% [3] - The company's gross profit margin for the shipping business reached 11.93%, an increase of 19.84 percentage points year-on-year [3] - The company reported a main revenue of 262 million yuan in Q1 2025, a year-on-year decrease of 11.27%, with a net profit attributable to shareholders of 42.98 million yuan, down 22.68% [4] Group 3 - The company has a significant amount of cash on its balance sheet, primarily used for daily operations and enhancing the performance of its fleet [2] - The company aims to improve the efficiency and profitability of its commodity trading business while optimizing its financial structure [2] - The company has received a recent rating of "buy" from one institution in the last 90 days [5]
内河航运业务持续承压 凤凰航运2024年亏损8270万元
Jing Ji Guan Cha Bao· 2025-04-30 00:34
Core Viewpoint - Phoenix Shipping reported a significant increase in cargo volume and turnover for 2024, but faced substantial losses due to declining profit margins and increased competition in the market [1][2] Financial Performance - In 2024, the company achieved a cargo volume of 32.26 million tons, an increase of 2.01 million tons or 6.64% year-on-year [1] - The cargo turnover reached 46.15 billion ton-kilometers, up by 4.34 billion ton-kilometers, reflecting a growth of 10.37% compared to the previous year [1] - The net profit attributable to shareholders was -82.7 million yuan, indicating an expanded loss [1] Business Operations - Phoenix Shipping's main operations include dry bulk shipping and port logistics services, with a focus on self-operated, time-chartered, and voyage-chartered shipping models [1] - The company has a self-owned capacity of nearly 400,000 tons, which is significantly lower compared to leading shipping companies [1] Market Challenges - The company has experienced a decline in gross profit margins due to insufficient market demand, intensified industry competition, and provisions for asset impairment [1][2] - The main business revenue for 2024 was 799 million yuan, with an overall gross margin turning negative for the first time, decreasing by 3.41% year-on-year [2] - Coastal transportation faced severe challenges, with gross margins dropping to -7.43%, a reduction of 8.49% year-on-year, significantly impacting overall performance [2] Strategic Initiatives - In response to the declining margins, the company has initiated a project to convert domestic vessels for international operations, aiming to improve asset structure and profitability [2] - A new foreign trade vessel was added to the fleet, which helped the ocean transportation segment achieve a gross margin of 4.71%, indicating a relatively stable performance [2]