丨证券研究报告丨 公司研究丨点评报告丨厦门国贸（600755.SH） [Table_Title] Q2 经营持续承压，期待主业经营拐点 报告要点 [Table_Summary] 2025 年上半年，由于外部有效需求不足和内部经营策略调整，公司供应链管理业务实现营收同 比下降 22.4%，期现毛利润同比下降 30.9%。尽管期间费用管控良好，但由于主业经营承压， 归母净利润同比显著下滑。公司持续优化业务结构和经营战略，较高分红比例提供安全边际， 期待主业经营拐点。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 1 厦门国贸（600755.SH） cjzqdt11111 [Table_Title2] Q2 经营持续承压，期待主业经营拐点 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 厦门国贸披露 2025 年中期业绩：2025 年上半年，公司实现 ...

Investment Rating - The report assigns an "Accumulate" rating for Xiamen International Trade (600755) [1] Core Views - The company is focusing on its core supply chain management business after divesting from real estate and financial services, positioning itself to navigate through economic cycles [8][10] - The domestic bulk commodity supply chain market presents significant growth potential, with the company holding only 0.85% market share as of 2023, indicating room for expansion [9][62] - The investment logic is based on a combination of demand recovery, internal growth, and a high dividend yield, making it a balanced investment option [10] Summary by Sections Company Overview - Xiamen International Trade has transitioned from a diversified business model to a focus on supply chain management, shedding non-core assets [34][37] - The company has a stable ownership structure backed by local state-owned assets, with 35.82% of shares held by Xiamen State-owned Assets Supervision and Administration Commission [38] Business Model - The company operates as a midstream circulation organizer with high turnover and low profit margins, leveraging its advantages in credit, capital, operations, and logistics [7][12] - The business model includes both self-operated and agency trading modes, with revenue primarily generated from the sale of goods [18] Financial Performance - The company’s revenue and profit growth rates are positioned in the upper-middle tier of the industry, with stable ROE and net profit margins [55][56] - Revenue projections for 2024 to 2026 are estimated at CNY 389.05 billion, CNY 404.61 billion, and CNY 418.84 billion, with corresponding net profits of CNY 1.22 billion, CNY 1.61 billion, and CNY 2.09 billion [10] Market Position - Xiamen International Trade is a leading player in the domestic bulk commodity supply chain, particularly strong in metals and paper products [42][43] - The company’s market share in key categories like steel, iron ore, and copper ranks among the top in the industry [43] Growth Strategy - The company is pursuing a dual growth strategy of horizontal expansion into new product categories and vertical integration along the supply chain [9][61] - The focus on emerging sectors such as health and renewable energy is part of its strategy to diversify and mitigate demand fluctuations [78]