| 证券代码：600057 | 证券简称：厦门象屿 | | | 号 公告编号：2024-071 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | 厦门象屿股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：因2020年股权激励计划首次授予激励对象中的8名激励对 象因个人原因离职，公司对该8人已获授但尚未解除限售的278,058股限制性股票予 以回购注销；因2023年公司业绩未达到解除限售条件，公司拟回购注销2020年股权 激励计划首次授予部分第三个解除限售期共188名激励对象已获授但尚未解除限 售的限制性股票7,041,154股和预留授予部分的第三个解除限售期共24名激励对象 已获授但尚未解除限售的限制性股票 ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2024-070 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | 厦门象屿股份有限公司 重要内容提示： 厦门象屿股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日披露 公司 2024 年第三季度报告。为便于广大投资者更全面深入了解公司 2024 年前三 季度经营成果和财务状况，公司计划于 2024 年 11 月 28 日(星期四)上午 9:00- 10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一） 会议召开时间： ...

| 股票代码：600057 | 股票简称：厦门象屿 | | | 公告编号：2024-069 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | 厦门象屿股份有限公司 关于对外投资暨关联交易的公告 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： 厦门象屿股份有限公司（以下简称"公司"）控股股东厦门象屿集团有限 公司（以下简称"象屿集团"）作为辽宁忠旺集团有限公司（以下简称"忠旺集 团"）系列企业重整的优选投资人，拟联合其他投资人投资忠旺集团铝主业资产 等重整资产，公司拟作为产业投资人共同参与投资。具体地，公司全资子公司厦 门象屿智慧物流港有限公司（以下简称"智慧物流港"）拟与象屿集团全资子公 司共同设立合资公司作为象屿方投资主体，该合资公司注册资本拟定为 43 亿元， 其中 ...

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The report indicates that the company's credit impairment has negatively impacted profitability, but there is an expectation for recovery as the commodity market stabilizes [2] - In Q3 2024, the company achieved revenue of RMB 94.218 billion, a year-on-year decrease of 30.25%, and a net profit attributable to shareholders of RMB 1.11 billion, down 61.80% year-on-year [2] - For the first three quarters of 2024, the company reported revenue of RMB 297.699 billion, a decline of 19.24%, and a net profit of RMB 8.90 billion, down 24.67% year-on-year [2] - The report emphasizes that weak procurement demand from downstream manufacturing clients and pressure on commodity prices have led to a decrease in the company's operating scale [2] - The report maintains a "Buy" rating based on the expectation that the company's performance will improve as the commodity market stabilizes and impairment risks are cleared [2] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of RMB 94.218 billion, a decrease of 30.25% year-on-year, and a net profit of RMB 1.11 billion, down 61.80% year-on-year [2] - For the first three quarters of 2024, revenue was RMB 297.699 billion, a decline of 19.24%, with a net profit of RMB 8.90 billion, down 24.67% year-on-year [2] - The report forecasts net profits for 2024-2026 to be RMB 1.218 billion, RMB 2.219 billion, and RMB 2.448 billion, reflecting a year-on-year change of -22.6%, +82.1%, and +10.3% respectively [2][3] Market Outlook - The report suggests that the company will continue to expand its advantages and optimize its business model, actively increasing its customer base [2] - It is anticipated that the overall economic fundamentals in China remain stable, and the commodity market is expected to gradually stabilize and recover [2] Valuation - The report adjusts the company's earnings per share (EPS) estimates for 2024-2026 to RMB 0.54, RMB 0.98, and RMB 1.08, with corresponding price-to-earnings (PE) ratios of 11.5, 6.3, and 5.7 [2][3]

Investment Rating - The investment rating for Xiamen Xiangyu (600057.SH) is "Buy" and is maintained [3][4]. Core Views - The report highlights that the company's operating performance remains resilient despite a significant decline in revenue and net profit due to macroeconomic challenges and bad debt provisions related to the DeLong Group [3][4]. - The company reported a revenue of 942.2 billion yuan for Q3 2024, a year-on-year decrease of 30.3%, and a net profit attributable to shareholders of 1.1 billion yuan, down 61.8% year-on-year [3][4]. - Excluding the impact of bad debt provisions, the company's net profit would have only slightly decreased, indicating stable core operations [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 297.7 billion yuan, a decline of 19.2% year-on-year, and a net profit of 0.89 billion yuan, down 24.7% year-on-year [3][4]. - In Q3 2024, the company faced a credit impairment loss of 2.4 billion yuan, primarily due to provisions for debts related to the DeLong Group, which reduced the net profit attributable to shareholders by 1.58 billion yuan [3][4]. Market Conditions - The report notes that downstream manufacturing clients are experiencing weak purchasing demand, with the Producer Price Index (PPI) continuing to show negative year-on-year changes [4]. - Commodity prices are under pressure, with the South China Metal Index, Energy Chemical Index, and Agricultural Products Index showing average year-on-year declines of 1.7%, 1.9%, and 9.4%, respectively [4]. Strategic Adjustments - The company is actively adjusting its agricultural product supply chain strategy, focusing on flow operations and rolling storage, although this has led to a decrease in operating cash flow [4]. - The report anticipates that as fiscal policies gradually take effect, the company's operational performance is expected to stabilize and recover [4]. Future Projections - The company is projected to achieve net profits of 1.03 billion yuan, 2.14 billion yuan, and 2.52 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 13.2, 6.3, and 5.4 times [4].

厦门象屿股份有限公司 关于为控股子公司申请铸造铝合金锭期货交割库提 供担保的情况说明 一、担保情况概述 厦门象屿股份有限公司（以下简称"公司"或"厦门象屿"）于2024年2月6 日召开第九届董事会第十七次会议，于2024年2月27日召开2024年第一次临时股 东大会，分别审议通过了《关于2024年度为子公司及参股公司提供担保额度的议 案》，同意2024年担保额度不超过等值人民币1,630亿元，其中为公司子公司提 供的担保总额不超过1,564亿元人民币；为参股公司提供的担保总额不超过6亿元 人民币；为公司开展应收账款资产证券化业务提供流动性支持、差额补足等增信 措施，额度不超过30亿元；为公司开展供应链（应付账款）资产证券化业务提供 增信措施，即对于上游供应商对公司的下属公司的应收账款债权，公司将以出具 《付款确认书》的方式成为共同债务人，对下属公司应履行的应收账款项下的付 款义务承担共同付款责任，额度不超过30亿元。详见公司于2024年2月8日披露的 《厦门象屿股份有限公司关于2024年度为子公司和参股公司提供担保额度的公 告》（公告编号：临2024-012号）。 二、本次担保进展情况 公司控股子公司厦门象屿 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with revenue at CNY 297.70 billion, down 19.24% year-on-year, and net profit at CNY 0.89 billion, down 24.67% year-on-year. However, the adjusted net profit increased by 42.60% year-on-year to CNY 0.285 billion [1][2]. - The company is focusing on enhancing its shipbuilding capacity to capitalize on the cyclical recovery in the shipbuilding market, with a backlog of 81 vessels as of mid-2024 and a projected 60% increase in annual production capacity following the acquisition of key assets [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of CNY 94.22 billion, a decrease of 30.25% year-on-year, and a net profit of CNY 1.11 billion, down 61.80% year-on-year. The gross margin for Q3 was 1.9%, a decline of 0.4 percentage points from the previous quarter, although it showed an improvement year-on-year [1][2]. - The company recorded asset impairment losses of CNY 0.192 billion and credit impairment losses of CNY 0.589 billion in the first three quarters of 2024, with significant provisions made for debts related to the Delong Group [2]. Business Outlook - The company is enhancing its shipbuilding capabilities, having secured 16 orders for stainless steel chemical tankers, and aims to shorten production cycles while reducing costs. The shipbuilding segment is expected to contribute positively to future earnings as market conditions improve [3]. - The earnings forecast for 2024-2026 has been revised downwards, with expected net profits of CNY 1.145 billion, CNY 2.250 billion, and CNY 2.625 billion respectively, reflecting the impact of weak terminal demand and asset impairments [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 297.6 billion yuan for the first three quarters of 2024, reflecting a year-on-year decrease of 19.24%. The net profit attributable to shareholders was 890 million yuan, down 24.7% year-on-year, while the net profit excluding non-recurring items increased by 42.6% year-on-year to 285 million yuan [2] - In Q3 2024, the company experienced a significant revenue drop of 30.3% year-on-year, primarily due to weak downstream demand from manufacturing clients and pressure on commodity prices, leading to a decline in the scale of commodity operations [2][3] - The company is adjusting its operational strategy to reduce risk exposure, focusing on enhancing flow management and rolling warehouse operations, which has led to a noticeable reduction in losses in H1 2024 [2] Financial Performance Summary - The total revenue for 2022 was 538.148 billion yuan, which decreased to 459.035 billion yuan in 2023, with an expected further decline to 386.969 billion yuan in 2024, representing a year-on-year change of -14.70% [1] - The net profit attributable to shareholders was 2.637 billion yuan in 2022, dropping to 1.574 billion yuan in 2023, with an expected decline to 1.356 billion yuan in 2024, reflecting a year-on-year change of -40.31% [1] - The latest diluted EPS is projected to be 0.60 yuan per share in 2024, with a P/E ratio of 9.74 based on the current price [1] Market Position and Outlook - The company is expected to benefit from an improvement in industry demand as manufacturing demand reaches a bottom, with a long-term advantage from increasing industry concentration [4] - The company’s market share in the commodity sector has been steadily increasing, even during the downturn, with a slight decrease of 0.6% in operating volume in H1 2024 [3][4]

Investment Rating - The report initiates coverage on Xiamen Xiangyu with a "Buy" rating [4] Core Views - Xiamen Xiangyu is a leading player in the bulk supply chain, with steady performance growth and a strategic entry into value-added manufacturing segments such as shipbuilding [1] - The company has transformed into a full-industry-chain service provider, leveraging its strengths in logistics and agricultural platforms [1] - From 2018 to 2022, the company achieved a CAGR of 23% in revenue and 27% in net profit attributable to shareholders [1] - The shipbuilding sector, particularly through subsidiary Xiangyu Shipbuilding, is poised for significant growth with orders extending to 2029 [2] Business Segments Bulk Supply Chain - The company operates in key bulk commodities including metals, minerals, agricultural products, energy, chemicals, and new energy, covering seven core categories [2] - It has built a comprehensive logistics network integrating road, rail, water, and warehousing, extending to domestic and international markets [2] - The bulk supply chain market is experiencing increased concentration, with the top five players (CR5) increasing their market share from 4.81% in 2021 to 5.46% in H1 2023 [32] Shipbuilding - Xiangyu Shipbuilding, a subsidiary, holds a leading position in the global dry bulk shipbuilding market, ranking second in Supramax bulk carriers and sixth in dry bulk carriers [72] - The shipbuilding sector is benefiting from a global fleet aging trend, environmental regulations, and a supply-demand imbalance, leading to a sustained shipbuilding cycle [76] - The company's shipbuilding orders are fully booked until 2029, with significant price increases for Supramax bulk carriers since 2021 [2][72] Financial Performance - Revenue for 2023 was RMB 459 billion, a 14.7% YoY decline, while net profit attributable to shareholders dropped 40.3% to RMB 1.57 billion [3] - The company forecasts revenue of RMB 447.5 billion, RMB 512.8 billion, and RMB 605.6 billion for 2024-2026, with net profits of RMB 1.02 billion, RMB 2.2 billion, and RMB 2.52 billion, respectively [3] - EPS is projected to be RMB 0.45, RMB 0.97, and RMB 1.11 for the same period [3] Market Position and Strategy - Xiamen Xiangyu has a strong market position in stainless steel supply chains, achieving a 19.2% market share in 2023 [42] - The company focuses on core commodities, leveraging its scale advantages and optimizing its product portfolio through industry cycles [39] - It has a stable customer base, with major clients including industry leaders in metals, energy, chemicals, and agriculture [46][52][54][57] Logistics and Network - The company has developed a multi-modal logistics network, including road, rail, water, and warehousing, with significant domestic and international coverage [60] - It operates 11 railway freight stations, 47 railway lines, and over 1,000 self-owned transport vehicles, with a total annual transport capacity exceeding 45 million tons [60] - The logistics network supports key routes such as "North Grain to South," "West Coal to East," and "North Coal to South" [60]

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2024-066 | | --- | --- | --- | --- | --- | | 债券代码：115589 | 债券简称：23 | 象屿 | Y1 | | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | 厦门象屿股份有限公司 第九届董事会第二十四次会议决议公告 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。 厦门象屿股份有限公司（以下简称"公司"）第九届董事会第二十四次会议 通过电子邮件的方式发出会议通知，于 2024 年 10 月 30 日以通讯方式召开，全 体九名董事出席会议。本次会议通知、召集及召开符合有关法律法规及《公司章 程》的规定。 会议通过签署或传真表决票的方式审议通过以下议案： 一、2024 年第三季度报告 表决结果：9 票同意，0 票反对，0 票弃权。 公司《2024 年第三季度报告》详见上海证券交易所网站。 修改后的制度见公司 ...