中信证券股份有限公司关于 兴通海运股份有限公司持续督导 保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 3 月 1 三、保荐工作概述 根据相关规定，保荐人对发行人的持续督导期间至 2024 年 12 月 31 日止。 本持续督导期间内，保荐人及其保荐代表人严格按照《证券发行上市保荐业务管 理办法》《上海证券交易所上市公司自律监管指引第 11 号—持续督导》等相关规 定，持续督导发行人履行规范运作、信守承诺、信息披露等义务，具体包括： 1、督导发行人有效执行并完善防止大股东、其他关联方违规占用发行人资 源的制度； 2、督导发行人有效执行并完善防止高管人员利用职务之便损害发行人利益 的内控制度； 一、发行人基本情况 | 发行人名称 | 兴通海运股份有限公司 | | | | | --- | --- | --- | --- | --- | | 发行人英文名称 | Xingtong Ltd. | Shipping | | Co., | | 成立日期 | 1997 年 18 | 12 月 | 日 | | | 法定代表人 | 陈兴明 | | | | | 注册资本 | 万元 28,000.00 | | ...

Core Viewpoint - Xingtong Co., Ltd. (603209.SH) has demonstrated strong financial performance in 2024, with a revenue of 1.515 billion yuan, a year-on-year increase of 22.43%, and a net profit of 350 million yuan, reflecting a growth of 38.95% [1][2] Financial Performance - In 2024, the company achieved a compound annual growth rate (CAGR) of 41% in revenue and 30% in net profit over the past five years, indicating robust growth momentum [2] - The company's gross margin, net margin, and return on equity (ROE) improved to 36.00%, 23.55%, and 14.85%, respectively, with significant year-on-year increases [3] - Operating cash flow reached 558 million yuan, a 6.97% increase from the previous year, and accounts receivable turnover days improved by 5.87 days to 26 days [3] Fleet Expansion and Market Position - The total fleet size reached 37 vessels, with a total capacity exceeding 429,500 deadweight tons, an increase of 44,500 deadweight tons from the previous year [2] - The company holds nearly 16% of the domestic market share for chemical transportation and has maintained the top position in new capacity assessments for six consecutive years [2] - The international business saw significant growth, with overseas revenue nearing 600 million yuan, a year-on-year surge of 91.75% [2] Strategic Partnerships and Innovations - A strategic cooperation framework was signed with Xiamen Jianfa to leverage opportunities in the international liquid hazardous goods market and enhance the company's competitive edge [3] - The company is focusing on high-end and intelligent transformation, with over 60% of its chemical vessels made of duplex stainless steel, and an average vessel age of 8.5 years for domestic trade and 3.8 years for foreign trade [4][5] Policy and Market Opportunities - The government has identified "marine economy" as a national strategic direction, which aligns with the company's "1+2+1" strategy focusing on digital platforms and new energy transportation [6] - The establishment of the Hainan Free Trade Port is expected to create significant cross-border logistics demand, benefiting the company as it operates within this framework [6][7] - The company's current valuation is significantly below the industry average, with potential upside of over 70% if it returns to a reasonable valuation range [7]

中信证券股份有限公司 关于兴通海运股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对兴通海运股份有限公司（以下简称"兴通股份""公司""上市 公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 马锐、张新 （三）现场检查人员 马锐、曾文煜 （四）现场检查时间 2025 年 3 月 25 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company has demonstrated continuous growth with a revenue increase of 22% year-on-year, reaching 1.515 billion yuan in 2024, and a net profit increase of 39%, amounting to 350 million yuan [3][4]. - The foreign trade business has shown significant growth, with revenue rising by 91.8% to 600 million yuan, driven by high demand and capacity expansion [4][5]. - The company is expected to continue its growth trajectory, with projected revenues of 1.943 billion yuan, 2.495 billion yuan, and 2.991 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 28%, 28%, and 20% [7][8]. Summary by Sections Recent Performance - The company's stock performance over the past year shows an 18.4% increase compared to the Shanghai and Shenzhen 300 index, which increased by 12.3% [2]. - As of March 27, 2025, the company's stock price is 15.91 yuan, with a market capitalization of 4.4548 billion yuan [2]. Financial Highlights - In Q4 2024, the company achieved a revenue of 353 million yuan, a year-on-year increase of 6.65%, and a net profit of 72 million yuan, up 3.35% year-on-year [3]. - The gross margin for the foreign trade business improved by 4 percentage points to 29%, while the gross margin for domestic trade increased by 4.6 percentage points to 40.6% [4]. Capacity Expansion - By the end of 2024, the company operated 23 domestic chemical vessels with a total capacity of 243,600 DWT, achieving a market share increase of 1.8 percentage points to 16% [5]. - The company plans to add at least 12 stainless steel chemical vessels with a total capacity of 235,000 DWT from 2025 to 2027, indicating ongoing capacity expansion in foreign trade [5][6]. Long-term Growth Potential - The report highlights the company's position as a leading compliant player in the liquid hazardous goods transportation industry, which is expected to benefit from stricter regulations and limited supply [6]. - The anticipated recovery in domestic demand and the expansion of foreign trade capacity are expected to drive long-term growth for the company [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][13] Core Views - The company's performance in 2024 is significantly boosted by the geopolitical crisis in the Red Sea, leading to a high growth in revenue and profit. The total revenue reached 1.515 billion RMB, a year-on-year increase of 22.43%, while the net profit attributable to shareholders was 350 million RMB, up 38.95% [1][7] - The main growth driver for the company in 2024 is the increase in both volume and price in the foreign trade chemical business, with foreign trade volume exceeding 1 million tons for the year. However, domestic chemical transportation revenue decreased by 8% due to factors such as domestic oil and chemical industry operating rates [1][10] - The company is expanding its fleet and increasing domestic shipping capacity, which reflects its strong competitive position in the chemical shipping industry. By the end of 2024, the company had 23 domestic chemical ships with a total capacity of 243,600 deadweight tons, accounting for nearly 16% of the market [2][12] - The company is committed to returning value to shareholders through dividends and share buybacks, planning to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 55.946 million RMB, with a payout ratio of 15.97% [2][12] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.515 billion RMB, a 22.43% increase year-on-year. The net profit attributable to shareholders was 350 million RMB, reflecting a 38.95% growth. The fourth quarter alone saw revenue of 353 million RMB, up 6.65%, and net profit of 72 million RMB, a 3.35% increase [1][7][4] Fleet Expansion - The company added 2 stainless steel chemical ships in domestic trade in 2024, increasing its capacity by 11,400 deadweight tons. By the end of the year, the fleet consisted of 23 domestic chemical ships with a total capacity of 243,600 deadweight tons [2][12] Shareholder Returns - Despite significant capital expenditures in 2024, the company plans to distribute cash dividends and has also initiated a share buyback program, demonstrating its commitment to returning value to shareholders [2][12] Future Outlook - The company's "1+2+1" strategy is progressing steadily, with expectations for foreign trade business growth and a potential recovery in domestic trade as the economy stabilizes. Earnings forecasts for 2025 and 2026 have been adjusted to 420 million RMB and 500 million RMB, respectively, with a projected PE ratio of 10.9 for 2025 [3][13]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to accelerate its foreign trade from 2026 to 2027, aiming to transform into an international transportation enterprise [1] - The company reported a total revenue of 1.515 billion yuan for 2024, representing a year-on-year growth of 22.43%, and a net profit attributable to shareholders of 350 million yuan, up 38.95% year-on-year [7] - The company is actively exploring foreign trade markets, with foreign trade revenue increasing by 91.75% in 2024, and plans to introduce new vessels to enhance capacity [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 1.237 billion yuan - 2024: 1.515 billion yuan - 2025E: 1.676 billion yuan - 2026E: 2.500 billion yuan - 2027E: 3.155 billion yuan - The net profit attributable to shareholders is projected to be: - 2023: 252 million yuan - 2024: 350 million yuan - 2025E: 379 million yuan - 2026E: 520 million yuan - 2027E: 641 million yuan [6][9] - The company’s gross margin is expected to be 38.2% in 2025, with a return on equity (ROE) of 13.2% [6] Operational Highlights - The company’s total shipping capacity reached 37 vessels by the end of 2024, with a total deadweight tonnage of 429,500 tons, marking an 11.59% increase year-on-year [7] - The company has maintained a stable domestic trade performance despite a slight decline in domestic shipping prices, with domestic revenue decreasing by only 1.01% in 2024 [7] - The company plans to deliver new vessels in 2025-2027, which will significantly enhance its foreign trade capacity [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][8]. Core Insights - In 2024, the company reported a revenue of 1.515 billion RMB, a year-on-year increase of 22.43%, and a net profit attributable to shareholders of 350 million RMB, up 38.95% [1]. - The growth in revenue was primarily driven by foreign trade chemical transportation, which saw a revenue increase of 92% to 600 million RMB [1]. - The company's gross margin improved to 36%, an increase of 2.76 percentage points, attributed to rising shipping rates due to geopolitical factors [2]. - The company has consistently secured new shipping capacity, ranking first in the 2024 capacity review, which enhances its market position [2]. Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted, with net profit estimates of 410 million RMB for 2025, 510 million RMB for 2026, and 580 million RMB for 2027 [3][6]. - The company’s return on equity (ROE) is projected to improve, reaching 15.17% by 2027 [6]. - The price-to-earnings (P/E) ratio is expected to decrease from 12.77 in 2024 to 8.06 in 2027, indicating potential undervaluation [6]. Market Demand and Capacity - The report highlights that domestic chemical transportation revenue declined by 1%, with a notable 8% drop in chemical transportation revenue, while refined oil and LPG transportation revenues grew by 10% and 27%, respectively [1]. - The company is expected to increase its shipping capacity by 36% with six chemical ships under construction, totaling 129,600 deadweight tons [2].

证券代码：603209 证券简称：兴通股份 公告编号：2025-026 兴通海运股份有限公司 关于提请股东大会授权董事会办理以简易程序向特 定对象发行股票的公告 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。 为扩大公司经营规模，提升核心竞争力，满足公司发展对资金的需求，依照 《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发行上市审 核规则》《上海证券交易所上市公司证券发行与承销业务实施细则》及《兴通海 运股份有限公司章程》（以下简称"《公司章程》"）等相关规定，兴通海运股 份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开第二届董事会第二十 五次会议，审议通过了《兴通海运股份有限公司关于提请股东大会授权董事会办 理以简易程序向特定对象发行股票的议案》，拟提请股东大会授权董事会办理以 简易程序向特定对象发行融资总额不超过人民币 3 亿元且不超过最近一年末净 资产 20%的人民币普通股（A 股）股票事宜（以下简称"本次发行"），授权期 限为本次授权相关议案经公司2024年度股东大会审议通过之日起至 ...

中信证券股份有限公司 关于兴通海运股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"保荐人"或"中信证券"）作为兴通海 运股份有限公司（以下简称"兴通股份"或"公司"）首次公开发行股票并上市 持续督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》等规定，对兴通股份 2024 年度募集资金存放与使用情况进行了 审慎核查，核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准兴通海运股份有限公司首次公开发行 股票的批复》（证监许可[2022]303 号）核准，公司向社会公众公开发行人民币普 通股股票（A 股）5,000 万股，发行价格为每股 21.52 元。本次发行募集资金总 额为 107,600.00 万元，扣除保荐承销费用、审计验资费用、律师费用、用于本次 发行的信息披露费用、发行上市手续费用及其他费用 8,573.33 万元（不含税）后， 实际募集资金净额为 99,026.67 万元。上述募集资金已 ...