Core Viewpoint - The 2024 Carbon Peak and Carbon Neutrality Forum and Shenzhen International Low Carbon City Forum successfully concluded, focusing on the theme of "Developing New Quality Productivity to Promote Comprehensive Green Transformation" [1] Group 1: Forum Overview - The forum lasted for three days and included an opening ceremony, ten thematic forums, and several thematic activities, attracting international guests from 16 countries and regions [1] - Shenzhen has emerged as a focal point for low-carbon intellectual resources and discussions during the forum [1] Group 2: Energy Transition Insights - The energy industry has transitioned from "waves" to "tides," with green electricity, green hydrogen, and green storage identified as the three key components of future energy development [2] - High safety and long-duration energy storage technology are crucial for achieving a low-carbon energy transition [2] Group 3: Technological Innovations and Industry Growth - The integration of "dual carbon" goals with new quality productivity is essential, focusing on breakthroughs in low-carbon energy technologies and carbon capture [3] - The new energy vehicle sector is experiencing unprecedented growth, becoming a significant driver for industry, consumption, and exports [3] Group 4: Investment Opportunities - The dual carbon strategy is expected to lead to a massive green investment market worth trillions of yuan over the next few decades, driving economic recovery and green growth [4] - The forum serves as a platform for showcasing new research results and innovations in the green low-carbon sector [5] Group 5: Regulatory Framework and Standards - A new regulatory framework for green low-carbon industries in Shenzhen was introduced, enhancing standardization and contributing to innovative management mechanisms [6] - Over 30 significant achievements and reports in the green low-carbon field were released during the forum [6] Group 6: Project Launches and Collaborations - The forum featured the launch of various projects, including the Silk Road Green Label project, aimed at enhancing product competitiveness and addressing international trade barriers [7] - Major results such as the Shenzhen International Low Carbon City 2024 Carbon Report and energy management systems were presented [7] Group 7: Innovation and Market Dynamics - The forum acted as a "racecourse" for innovative resources, promoting the integration of production, learning, research, and application in the green low-carbon sector [8] - Various green low-carbon projects were showcased, highlighting advancements in materials and technologies [9] Group 8: Future Directions - The forum aims to continue serving as a "wind vane" for green low-carbon transformation, emphasizing the importance of technology and innovation in achieving sustainability [10] - The forum has evolved over 12 years, adapting to global trends and focusing on the dual carbon action plan [11]

Financial Performance - Net profit attributable to shareholders for Q3 2024 was RMB 600.16 million, a decrease of 1.55% compared to the same period last year [5]. - Operating revenue for Q3 2024 was RMB 2.10 billion, down 6.39% year-on-year [5]. - The net profit attributable to shareholders for the first nine months of 2024 decreased by 10.71% to RMB 1.37 billion [5]. - Total operating revenue for the first nine months of 2024 was RMB 5,859,778,932.60, a decrease of 8.0% compared to RMB 6,371,288,240.00 in the same period of 2023 [28]. - Net profit attributable to shareholders of the parent company for the first nine months of 2024 was RMB 1,374,015,126.12, down 10.7% from RMB 1,538,899,495.84 in 2023 [28]. - Operating profit for the first nine months of 2024 was RMB 1,892,340,898.81, a decrease of 8.5% compared to RMB 2,067,515,474.36 in the same period of 2023 [28]. - Basic earnings per share for Q3 2024 was RMB 0.254, a decline of 1.68% compared to the previous year [5]. - Basic and diluted earnings per share for the first nine months of 2024 were both RMB 0.566, down from RMB 0.642 in 2023 [29]. - The company reported a decrease in total costs from RMB 5,094,425,319.22 in 2023 to RMB 4,678,911,218.76 in 2024, reflecting a cost reduction strategy [28]. - The company experienced a significant increase in investment income, which rose to RMB 801,076,752.19 in the first nine months of 2024, compared to RMB 642,835,759.51 in 2023, indicating improved performance in this area [28]. Asset and Liability Management - As of September 30, 2024, total assets decreased by 1.19% to RMB 66.71 billion from RMB 67.51 billion at the end of 2023 [4]. - Total liabilities decreased to RMB 38,957,652,482.96 from RMB 39,508,787,105.65, reflecting a reduction of approximately 1.4% [25]. - Short-term borrowings dropped to RMB 3,784,150,417.85 from RMB 11,105,625,836.85, a decrease of around 66.0% [25]. - Long-term borrowings increased to RMB 14,419,081,986.43 from RMB 9,567,707,809.79, indicating a rise of approximately 50.5% [25]. - The equity attributable to shareholders decreased to RMB 22,231,331,626.09 from RMB 22,357,997,457.11, a decline of about 0.6% [27]. - The company's total assets amounted to RMB 66,705,407,211.40, down from RMB 67,507,469,090.77, representing a decrease of approximately 1.2% [26]. Cash Flow Analysis - Cash flow from operating activities for the first nine months of 2024 was RMB 2.75 billion, down 8.05% year-on-year [4]. - Cash flow from operating activities for the first nine months of 2024 was RMB 2,751,908,590.91, down 8.0% from RMB 2,992,715,053.98 in 2023 [30]. - Cash flow from investment activities generated a net cash inflow of RMB 234,871,765.72 in the first nine months of 2024, compared to RMB 62,751,299.49 in 2023 [30]. - Cash flow from financing activities resulted in a net cash outflow of RMB 2,044,139,432.37 in the first nine months of 2024, an improvement from RMB 3,276,066,981.44 in 2023 [31]. - The company’s cash flow management appears strong with a significant increase in cash reserves, which may support future investments and operational needs [24]. Shareholder Information - The total number of shareholders as of the report date was 18,128, with 17,889 being A-share shareholders [7]. - The largest shareholder, HKSCC Nominees Limited, holds 33.46% of the shares, totaling 729,845,242 shares [7]. - The company plans to extend the validity period of the shareholder meeting resolution for the issuance of shares by 12 months to facilitate the issuance process [19]. Project and Revenue Highlights - The company reported a total revenue of RMB 182,202.27 thousand for the organic waste treatment projects in the first nine months of 2024, with a projected subsidy income based on waste processing volume included [15]. - The company’s Guizhou project processed 47.35 thousand tons of organic waste in Q3 2024, contributing RMB 25,728.36 thousand in revenue [15]. - The company’s Nanning project processed 45.36 thousand tons of organic waste in Q3 2024, generating RMB 24,653.78 thousand in revenue [15]. - The company’s total revenue from organic waste treatment projects in Q3 2024 was RMB 365.93 thousand, with a total of 1,027.10 thousand tons processed [16]. - The average daily mixed traffic volume for the Meiguan Expressway was 179, with a daily toll revenue of RMB 463 thousand for the third quarter of 2024 [12]. - The average daily toll revenue for the Longda Expressway was RMB 450 thousand, with a 89.93% stake held by the company [12]. - The average daily toll revenue for the Outer Ring project was RMB 3,460 thousand, with a 100% stake held by the company [12]. - The average daily toll revenue for the Shui Guan Expressway was RMB 1,887 thousand, with a 50% stake held [12]. - The company’s total revenue from the Longyou project was RMB 957.77 thousand in Q3 2024, with a 100% stake held [15]. Financing Activities - The company plans to issue up to approximately 654 million A-shares, with total fundraising adjusted to not exceed 4.703 billion RMB for investment in external projects and repayment of interest-bearing debts [19]. - The company completed the issuance of the second phase of ultra-short-term financing bonds on July 22, 2024, with a scale of 1.5 billion RMB and a coupon rate of 1.75% [22]. - The company issued 5 billion RMB of medium-term notes with a term of 3 years and an interest rate of 2.16% on October 18, 2024 [22]. Wind Power Generation - The company reported wind power generation data for Q3 2024, with total on-grid electricity of 400,854.46 MWh and wind power business revenue of 125.81 million RMB for the first nine months of 2024 [18]. - The company’s Xinjiang Mu Lei project generated 554,642.46 MWh of on-grid electricity and contributed 251.78 million RMB in revenue for the first nine months of 2024 [18]. - The company’s Baotou South Wind project reported 95,339.37 MWh of on-grid electricity and 31.32 million RMB in revenue for Q3 2024 [18]. - The company’s Huai'an Zhongheng project, with a 20% holding, generated 140,534.20 MWh of on-grid electricity and contributed 64.20 million RMB in revenue for the first nine months of 2024 [18].

Logistics and Infrastructure Development - The group focuses on strategic regions including the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, investing in logistics infrastructure across four major areas: water, land, air, and rail[5]. - As of June 30, 2024, the group operates multiple logistics parks and has a significant presence in various cities, with a 100% ownership in several key logistics facilities[6]. - The group aims to enhance value for shareholders through investments in logistics and environmental protection sectors, expanding into integrated logistics services and smart warehousing[5]. - Future outlook for the second half of 2024 includes continued expansion in logistics services and infrastructure development, with a focus on enhancing operational efficiency[43]. - The group is actively pursuing mergers and acquisitions to strengthen its market position and expand its service offerings in the logistics sector[5]. - The logistics business segment has shown resilience, contributing significantly to overall revenue, with a focus on optimizing operational capabilities[9]. - The group is investing in new technologies for cold chain logistics to improve service delivery and efficiency in supply chain management[5]. - The company plans to enhance its market presence through strategic partnerships and collaborations within the logistics ecosystem[5]. - The company is committed to building a comprehensive logistics ecosystem, integrating various transport modes and smart cold chain solutions[12]. - The company is focusing on transforming logistics parks in core cities, maximizing asset value through industrial upgrades and redevelopment[52]. Financial Performance - Total revenue for the first half of 2024 was HKD 6,610 million, a decrease of 4% compared to HKD 6,918 million in 2023[10]. - Operating profit decreased by 20% to HKD 1,686 million from HKD 2,115 million year-on-year[11]. - Profit attributable to shareholders surged by 609% to HKD 653 million, up from HKD 92 million in the previous year[12]. - Basic earnings per share increased significantly to HKD 0.27, compared to HKD 0.04 in 2023, representing a 575% increase[11]. - The company reported a decrease in total assets to HKD 127,667 million, down 2% from HKD 130,495 million[11]. - The debt-to-asset ratio increased to 59% from 54% in the previous year, indicating a rise in financial leverage[11]. - Financial costs decreased significantly, with net financial costs reported at HKD (859) million compared to HKD (1,446) million in the previous year[10]. - The company aims to enhance risk management and cost efficiency, with a focus on maintaining high-quality development amid economic challenges[12]. - The company reported a strong financial position, with a focus on maintaining liquidity and managing debt effectively to support growth initiatives[46]. Revenue Breakdown - Revenue from logistics services was HKD 137 million, down from HKD 170 million, reflecting a 19% decline[10]. - The company achieved total revenue of approximately HKD 6.61 billion for the six months ended June 30, 2024, a decrease of 4% compared to the same period last year[13]. - Shareholders' profit increased by 609% to approximately HKD 653 million, primarily due to the successful placement of two logistics port projects into the 华夏深國際REIT, generating a post-tax income of approximately HKD 587 million[13]. - Operating profit for the period was approximately HKD 1.69 billion, a decrease of 20% year-on-year, mainly due to a fair value loss of approximately HKD 209 million on logistics projects[13]. - Revenue from logistics operations was approximately HKD 882 million, down 5% year-on-year, while shareholders' profit rose by 34% to approximately HKD 527 million[13]. Project Developments - The group managed and operated 40 logistics port projects with a total operational area of approximately 4.94 million square meters as of June 30, 2024[14]. - The logistics business segment saw an 88% increase in revenue to approximately HKD 63.12 million, driven by the full operation of the 深國際華南數字谷 project[14]. - The company has established 14 logistics projects in the Greater Bay Area, with 7 projects already in operation, covering an operational area of approximately 810,000 square meters[20]. - The Shenzhen International Smart Logistics Port (Shenzhen Li Guang) has an overall occupancy rate of approximately 74% as of June 30, 2024, with a temperature-controlled warehouse occupancy rate reaching 90%[21]. - The Shenzhen Yantian project, which focuses on bonded logistics, has been operational since the first half of 2024 and has attracted major clients such as Maersk and DB Schenker[21]. Environmental Initiatives - The group is exploring opportunities in the environmental protection industry, aiming to integrate sustainable practices into its logistics operations[5]. - The environmental business segment reported a revenue decline of 7% year-on-year to approximately HKD 790 million, primarily due to a decrease in wind power revenue[87]. - The group has an organic waste processing capacity exceeding 6,900 tons per day, focusing on providing harmless treatment for organic solid waste and household garbage[85]. - The group holds a 92.29% stake in Lande Environmental Technology Group, which operates 20 organic waste processing projects, with 13 projects already in operation[85]. - The group is developing a "light storage and charging integration" project in Shenzhen, which is expected to be operational in the second half of 2024[84]. Strategic Partnerships and Collaborations - The company has signed a comprehensive cooperation agreement with China Telecom Group to explore collaboration in communication, logistics supply chain, and new energy sectors[36]. - The company is actively pursuing technological innovation and digital transformation to enhance operational efficiency and service levels in logistics warehousing[19]. - The company is focusing on enhancing its strategic layout in economically developed regions such as the Yangtze River Delta and Beijing-Tianjin-Hebei, aiming to increase market share and project density[25]. - The company is committed to enhancing its port business and is focusing on new project investments that improve business models and core competitiveness, with specific projects in Henan and Jiangsu provinces[93]. Operational Efficiency and Cost Management - The company aims to enhance operational efficiency and reduce costs while maintaining a stable cash flow and manageable debt levels[96]. - The company is focusing on digital transformation in toll road operations to improve efficiency and reduce management costs[95]. - The company continues to optimize its capital structure to mitigate liquidity risks and ensure sustainable business operations[106]. - The company is focusing on enhancing its core competitiveness in logistics by focusing on improving operational capacity and efficiency, while also exploring light asset operations and value-added services[93]. Human Resources and Employee Management - Employee benefits expenditure, including director remuneration, was approximately HKD 789 million for the period, compared to HKD 751 million in 2023, reflecting a commitment to competitive compensation[111]. - The company employed 8,675 staff as of June 30, 2024, a slight increase from 8,653 employees in 2023, indicating stable workforce growth[111]. - The company has implemented a performance-based compensation mechanism, linking employee evaluations to salary adjustments and promotions, aimed at enhancing employee motivation and productivity[111]. - The company actively participates in various recruitment activities to attract high-level professionals, including overseas PhD talent, to strengthen its management and operational capabilities[112]. - The company has established a comprehensive training program for employees, focusing on various fields such as investment operations and technological innovation, to ensure alignment with business needs[112]. Market Trends and Future Outlook - The logistics industry is expected to benefit from macroeconomic policies aimed at "expanding domestic demand and stabilizing growth," leading to a gradual balance in supply and demand across multiple sub-markets in the medium to long term[92]. - The company plans to invest more cautiously, prioritizing investments in core locations with strong operational efficiency and risk resistance, particularly in the Shenzhen area[93]. - The company is actively exploring the establishment of new logistics real estate private equity funds to maximize the value of its quality logistics assets while maintaining operational rights[30]. - The company is committed to building a comprehensive logistics ecosystem, integrating various transport modes and smart cold chain solutions[12].

2024 年 09 月 02 日 公司研究 评级：买入(维持) | --- | --- | --- | |--------------|-------|---------------------------------------------| | | | | | 研究所： | | | | 证券分析师： | | 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn | | 联系人 | ： | 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn | [Table_Title] REITs 出表贡献利润，2024H1 业绩实现高增 ——深圳国际（00152）2024 年半年报点评 事件: 最近一年走势 相对恒生指数表现 2024/08/30 表现 1M 3M 12M 深圳国际 -0.2% -3.6% 16.3% 恒生指数 5.8% -1.3% -2.7% 市场数据 2024/08/30 当前价格（港元） 6.23 52 周价格区间（港元） 4.37-7.36 总市值（百万港元） 15,012.05 流通市值（百万港元） 15,012.05 总股本（万股） 2 ...

Investment Rating - The report maintains a "Buy" rating for Shenzhen International (0152.HK) [2][3] Core Views - The company's 2024 interim performance met expectations, with total revenue of HKD 6.61 billion, a year-on-year decrease of 4.5%. Excluding construction service revenue from toll roads, revenue was HKD 6.30 billion, down 3% year-on-year. Shareholder profit reached HKD 653 million, a significant increase of 609.1% year-on-year, slightly above the previous earnings forecast range of HKD 550-650 million [2] - The logistics business confirmed substantial growth in REITs issuance revenue, awaiting the rollout of transformation projects. The logistics park business generated revenue of HKD 750 million, down 1% year-on-year, with shareholder profit of HKD 562 million, up 44% year-on-year. The successful issuance of public REITs in H1 2024 recorded a post-tax income of approximately HKD 587 million. The company is adjusting its investment strategy to focus on core assets in the Greater Bay Area, with 14 projects currently, 7 of which are operational or under management. As construction projects come online, logistics operating income is expected to continue growing [2][3] - The toll road and environmental protection businesses faced short-term pressure due to extreme weather and impairment provisions. Toll road revenue was HKD 3.75 billion, down 10% year-on-year, with net profit of HKD 1.065 billion, down 14% year-on-year. The decline was attributed to adverse weather conditions and increased free periods for small passenger vehicles during holidays. The environmental protection business generated revenue of HKD 790 million, down 7% year-on-year, with a net loss of HKD 157 million, primarily due to decreased wind power revenue and increased asset impairment [2][3] Financial Performance and Forecast - The company is optimizing its debt structure, achieving improved financial costs. As of June 30, 2024, the ratio of RMB to foreign currency loans was 83% to 17%, down from 73% to 27% in the same period of 2023. Net exchange losses were approximately HKD 26 million, a reduction of about HKD 584 million year-on-year [3] - The report maintains previous profit forecasts, expecting net profits attributable to shareholders of HKD 3.08 billion, HKD 4.02 billion, and HKD 4.25 billion for 2024-2026, corresponding to P/E ratios of 4.7x, 3.6x, and 3.4x respectively. With a projected 50% dividend payout ratio, the dividend yield is estimated at approximately 10.7%, 14.0%, and 14.8% for the respective years [3][4]

Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content [1] Business Line Data and Key Metrics - No specific business line data or key metrics changes mentioned in the provided content [1] Market Data and Key Metrics - No specific market data or key metrics changes mentioned in the provided content [1] Company Strategy and Industry Competition - No specific company strategy or industry competition details mentioned in the provided content [1] Management Commentary on Operating Environment and Future Outlook - No specific management commentary on the operating environment or future outlook mentioned in the provided content [1] Other Important Information - The company held a mid-year performance briefing for 2024, hosted by Wang Xiangyan from the Investor Relations Department [1] - The company expressed gratitude to investors, analysts, and media for their support and attention [1] Q&A Session - No Q&A session details provided in the content [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00152） 2024 年度中期業績公告 深圳國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公 司及其附屬公司（「本集團」）截至 2024 年 6 月 30 止六個月（「本期間」）未 經審核之中期綜合業績及中期綜合資產負債表，連同 2023 年同期之綜合業績及 2023 年年末之綜合資產負債表比較數字如下： | --- | --- | --- | --- | |-----------------------------------------|----------|-------------------------|-----------------------| | | 附註 | 2024 港幣千元 | 2023 港幣千元 | | 收入 | (4), (5) | 6,610,182 | 6,918,479 | | | | | | | 銷售成本 ...

也是外发了深圳国际的深度报告所以本次会主要是讲解一下深圳国际这家公司因为近期其实我们国军教育团队其实持续还是在推荐高普希这条主线相对来说因为港股确实还是有不少的比较好的标记还是值得大家重点关注 在早之前其实我们也是汇报了中石化惯德其实中石化惯德的这个国家表现还是非常可观的那这次我们主要是汇报下这个深圳国际因为深圳国际它的潜在的补习率目前也有9个点以上未来它的这个土地转型以及这个 瑞士出表等等也会给深圳国际带来比较大的业绩弹性然后港口还有高速公路这些行业奠定了深圳国际的一个基本盘然后历史上这家公司分红还是不错的保持50%左右的分红比例目前我们也是看到深圳国际其实相对来说 整个股价还是在偏底部的位置没有怎么涨所以这个位置我觉得建议大家可以再重点关注一下后期还是有非常多的催化后面时间交给泽家老师进行详细的讲解谢谢 好的 郑老师 尊敬的各位投资者晚上好我是国际交易员霍德嘉下面由我来讲解一下深圳国际这家公司那么深圳国际这家公司定位在深圳国资委旗下的一个交易资产管理平台 那么它的主要资产就包括深圳以及全国476万平方米的一个在运营的物流资产还有升高速52%的高速公路资产以及四个港口还有深圳航空49%的股权这些权益投资那么 ...

交通运输 首次覆盖报告 证券分析师 孙延 S1350524050003 sunyan01@huayuanstock.com 王惠武 S1350524060001 wanghuiwu@huayuanstock.com 市场表现: 相关研究 | 股价数据: | 年 07 月 02 日 | |----------------------|-------------------------------| | 收盘价(港元) | 6.40 | | 年内最高/最低(港 元) | 5.77/7.36 | | 总市值(百万港元) | 15421.69 | | 基础数据: | 2023 年 12 月 31 日 | | 总股本 (百万股 ) | 2393.15 | | 总资产(亿港元) | 1304.95 | | 净资产(亿港元) | 315.88 | | 每股净资产(港元) | 13.20 | 2024 年 07 月 03 日 深圳国际 0152.HK 买入(首次覆盖) ——转型升级释放盈利弹性,高股息价值突显 投资要点: ➢ 深圳国际全链条物流模式发展,分红派息政策稳定。2000 年深圳市投资控股有限公司完成对公 司的收购, ...

股 票 研 [Table_Industry] 运输 究 深 圳国际(0152) [评Tab级le_I：nve st] 增持 业绩有望持续高增长，高分红将保障高股息 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 6.55 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 外 yuexin@gtjas.com yinjiaqi@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 S0880524030004 52周内股价区间(港元) 4.49-7.34 司 当前股本(百万股) 2,393 本 报告导读： 当 前市值(百万港元) 15,675 （ 公司四轮驱动产业生态正循环，叠加前海与华南物流园项目将逐步展现盈利潜力。预 中 计2023年业绩将继续高增长，且高分红政策持续将提供具有吸引力的高股息。 国 投资要点： 52周内股价走势图 香 [T abl维e_持Su增mm持a评ry]级 。公司打造以现代物流、收费公路、港口、大 ...