Investment Rating - The report maintains a "Recommended" rating for Zhonggu Logistics, indicating a positive outlook for the company's performance in the near term [2][5]. Core Views - Zhonggu Logistics achieved a revenue of 11.258 billion yuan in 2024, a year-on-year decrease of 9.49%, while the net profit attributable to shareholders reached 1.835 billion yuan, a year-on-year increase of 6.88% [3]. - The fourth quarter of 2024 saw a significant increase in net profit, reaching 727 million yuan, up 38.3% year-on-year, driven by a rebound in domestic freight rates and an increase in foreign trade rental income [3]. - The company reported a non-recurring profit of 736 million yuan in 2024, up 7.9% from the previous year, primarily due to gains from the sale of vessels [4]. - The dividend payout ratio for 2024 was over 90%, with a total dividend of 1.66 billion yuan, reflecting the company's commitment to returning value to shareholders [5]. Financial Performance Summary - Revenue for 2024 was 11.258 billion yuan, down 9.49% from 2023, while net profit was 1.835 billion yuan, up 6.88% [12]. - The company expects net profits for 2025, 2026, and 2027 to be 1.772 billion, 1.883 billion, and 2.060 billion yuan, respectively, with corresponding EPS of 0.84, 0.90, and 0.98 yuan [5][12]. - The financial expenses decreased significantly to -24 million yuan in 2024, compared to 127 million yuan in 2023, mainly due to increased interest income from US dollars [4]. Market Position and Outlook - Zhonggu Logistics is recognized as a leading domestic container logistics company in China, with a strong focus on domestic coastal container transportation [6]. - The report anticipates that domestic freight rates will stabilize and improve, while foreign trade rental income may continue to benefit from geopolitical tensions affecting shipping routes [5].

Investment Rating - The report maintains a "Recommended" rating for Zhonggu Logistics, indicating a positive outlook for the company's performance in the near term [2][5]. Core Views - Zhonggu Logistics achieved a revenue of 11.258 billion yuan in 2024, a year-on-year decrease of 9.49%, while the net profit attributable to shareholders reached 1.835 billion yuan, an increase of 6.88% [3]. - The fourth quarter of 2024 saw a significant increase in net profit, reaching 727 million yuan, up 38.3% year-on-year, driven by a rebound in domestic freight rates and an increase in international freight rates [3]. - The company reported a non-recurring gain of 736 million yuan in 2024, primarily from the sale of vessels, which contributed to the overall profit increase [4]. - The dividend payout ratio exceeded 90%, with a total dividend of 1.66 billion yuan, reflecting the company's commitment to returning value to shareholders [5]. Financial Performance Summary - Revenue for 2024 was 11.258 billion yuan, down 9.49% from 2023, while net profit was 1.835 billion yuan, up 6.88% [12]. - The company expects net profits for 2025, 2026, and 2027 to be 1.772 billion, 1.883 billion, and 2.060 billion yuan, respectively, with corresponding EPS of 0.84, 0.90, and 0.98 yuan [5][12]. - The financial expenses decreased significantly to -24 million yuan in 2024, primarily due to increased interest income from US dollars [4]. Market Position and Outlook - Zhonggu Logistics is recognized as a leading domestic container logistics company in China, with a strong focus on domestic coastal container transportation [6]. - The report highlights that the company is well-positioned to benefit from the ongoing recovery in freight rates, particularly in the domestic market, while international freight rates may remain elevated due to geopolitical factors [5].

Investment Rating - The report maintains an "OUTPERFORM" rating for Shanghai Zhonggu Logistics [2][5][14] Core Insights - The company reported FY24 results that exceeded market expectations, with revenue of RMB 11.26 billion, a decrease of 9.5% year-on-year, and a net profit of RMB 1.835 billion, an increase of 6.9% year-on-year. The return on equity (ROE) reached 17.26% [3][12][13] - The company plans to distribute a dividend of RMB 0.79 per share for FY24, resulting in a dividend payout ratio of 90.39% and a dividend yield of 8.3%, indicating strong cash flow and commitment to shareholder returns [5][12][13] - The company is optimistic about domestic and foreign trade prices in 2025, having increased the proportion of its foreign trade business, which has improved revenue per TEU and overall profitability [4][13] Financial Performance Summary - For FY24, the company achieved a total transportation volume of 11.29 million TEUs, a decline of 23.9% year-on-year. Revenue from water transport and land transport was RMB 9.0 billion and RMB 2.24 billion, respectively, with year-on-year changes of -11.0% and -3.7% [4][8] - The overall gross profit margin for FY24 was 15.15%, an increase of 0.9 percentage points year-on-year. Despite a decline in domestic freight rates, the company shifted capacity to the more favorable foreign trade sector, enhancing unit prices and gross margins [4][8] - The report forecasts net profits for FY25, FY26, and FY27 to be RMB 1.966 billion, RMB 2.147 billion, and RMB 2.342 billion, respectively, with corresponding EPS of RMB 0.94, RMB 1.02, and RMB 1.12 [5][14] Valuation and Target Price - The target price is set at RMB 12.17, based on a price-to-earnings (P/E) ratio of 13x for FY25 [2][5][14] - The report highlights the company's strategy of selling ships purchased at lower prices during high market conditions, contributing to significant asset disposal gains [4][13]

公募基金方面，本期较上一期持股增加的公募基金共计1个，即宏利集利债券A，持股增加占比小幅上 涨。本期较上一季度持股减少的公募基金共计12个，主要包括南方匠心优选股票A、南方卓越优选3个 月持有混合A、南方智慧精选灵活配置混合、南方智诚混合、南方瑞祥一年定开灵活配置混合A等，持 股减少占比达2.16%。本期较上一季度新披露的公募基金共计240个，主要包括华泰柏瑞上证红利ETF、 易方达中证红利ETF、招商中证红利ETF、南方中证1000ETF、工银物流产业股票A等。本期较上一季 未再披露的公募基金共计3个，包括南方远见回报股票A、金元顺安桉盛债券A类、国富估值优势混合 A。 2025年4月1日，中谷物流(603565.SH)发布2024年年度报告。截至2025年3月31日，共有262个机构投资 者披露持有中谷物流A股股份，合计持股量达16.58亿股，占中谷物流总股本的78.94%。其中，前十大 机构投资者包括中谷海运集团有限公司、宁波谷洋投资管理合伙企业(有限合伙)、招商银行股份有限公 司-上证红利交易型开放式指数证券投资基金、上海美顿投资管理有限公司、中国平安人寿保险股份有 限公司-分红-个险分红、山东港口投 ...

Core Viewpoint - In 2024, Zhonggu Logistics reported a decline in revenue and transportation volume, primarily due to lower domestic shipping rates and container volumes, while managing to increase net profit through cost control measures [1][2]. Group 1: Financial Performance - In 2024, Zhonggu Logistics achieved an operating revenue of 11.258 billion yuan, a year-on-year decrease of 9.49% [1] - The company reported a net profit attributable to shareholders of 1.835 billion yuan, an increase of 6.88% compared to the previous year [2] - The net cash flow from operating activities decreased by 8.80% due to a 24% drop in transportation volume, totaling 11.29 million TEU [2] Group 2: Market Conditions - The average domestic container shipping market price in 2024 was 1101.42 points, the lowest since 2016, influenced by a prolonged low price period in the first half of 2023 [1] - The industry average price index for the first half of 2024 fell by 21% compared to the same period last year [1] Group 3: Operational Strategies - Zhonggu Logistics implemented cost-reduction measures, including optimizing fuel consumption and controlling fuel costs through its subsidiary [2] - The company increased its capacity allocation to the foreign trade market, resulting in a 41.36% increase in overseas revenue [2] - The company’s self-owned capacity ratio reached 72.71% in 2024, supported by the launch of 18 new container ships [3] Group 4: Future Outlook - The company anticipates a long-term demand for bulk commodity transportation in the domestic market, driven by stricter carbon emission regulations and the trend of "bulk to container" [3] - The signing of the RCEP agreement and the introduction of multi-modal transport policies are expected to align supply and demand in the industry [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company's performance exceeded expectations with a revenue of 11.26 billion yuan, down 9.5%, and a net profit attributable to shareholders of 1.84 billion yuan, up 6.9% [1] - In Q4 2024, the company achieved a revenue of 2.81 billion yuan, down 10.6%, and a net profit of 730 million yuan, up 38.0%, with a non-recurring net profit of 490 million yuan, up 79% [1] - The average PDCI freight rate for 2024 was 1104 points, down 11.8%, while Q4 saw an average of 1287 points, up 8.7% year-on-year and up 34.5% quarter-on-quarter [2] - The company reported a significant decrease in operating costs in Q4 2024, amounting to 2.23 billion yuan, down 16.8%, leading to a gross margin of 20.7%, up 5.8 percentage points year-on-year [2] - The company plans to maintain a high dividend payout ratio, reaching 90.4% in 2024, with a total dividend of 1.659 billion yuan, reflecting its strong cash flow position [8] Summary by Sections Financial Performance - For 2024, the company reported a revenue of 11.26 billion yuan and a net profit of 1.84 billion yuan, with projections for 2025-2027 net profits of 2.01 billion, 1.94 billion, and 2.01 billion yuan respectively [4] - The earnings per share (EPS) for 2024 is projected at 0.87 yuan, with a price-to-earnings (P/E) ratio of 10.93 [4] Market Outlook - The domestic economy is expected to recover moderately, with infrastructure investments driving growth in key cargo categories [2] - The company is well-positioned to benefit from the tightening supply in domestic trade and the sustained demand in foreign trade, particularly due to the favorable conditions following the Red Sea incident [2] Dividend Policy - The company has a strong dividend policy, with a cumulative dividend of 7.22 billion yuan from 2019 to 2024, representing 74% of the net profit during this period [8] - The year-end cash and cash equivalents totaled 12.3 billion yuan, supporting the company's ability to maintain high dividend payouts [8]

Summary of Key Points Core Viewpoint - Shanghai Zhonggu Logistics Co., Ltd. plans to distribute a cash dividend of 0.79 yuan per share (including tax) based on its total share capital as of the equity distribution registration date, reflecting a commitment to shareholder returns while maintaining a healthy financial position [1][2]. Profit Distribution Plan - The company achieved a net profit attributable to shareholders of 1,835.40 million yuan for the fiscal year 2024, with retained earnings at 3,205.82 million yuan as of December 31, 2024 [1]. - The total cash dividend distribution amounts to approximately 1,659.05 million yuan, which represents 90.39% of the annual net profit [1][2]. - The distribution plan is subject to approval at the upcoming shareholders' meeting [2]. Risk Warning and Compliance - The cumulative cash dividend over the last three fiscal years is 5,186.02 million yuan, which is 247.19% of the average annual net profit for the same period, indicating compliance with the Shanghai Stock Exchange's regulations [2][3]. - The company does not anticipate triggering any risk warnings under the relevant stock exchange rules, as the cash dividend does not fall below the stipulated thresholds [2][3]. Decision-Making Process - The profit distribution plan was approved during the fourth board meeting and the fourth supervisory board meeting held on March 28, 2025, and has been reviewed by independent directors [3].

Core Viewpoint - Shanghai Zhonggu Logistics Co., Ltd. emphasizes sustainable development and digital transformation in logistics, aiming to enhance operational efficiency and reduce carbon emissions while providing high-quality services to customers [1][2][3]. Company Overview - Zhonggu Logistics is one of the earliest companies in China specializing in domestic container shipping, having been listed on the Shanghai Stock Exchange in September 2020 [3][4]. - The company operates a comprehensive logistics service model that integrates container shipping, logistics, ship management, and investment [3][4]. Financial Performance - In 2024, the company reported a revenue of approximately 11.26 billion yuan, with a net profit attributable to shareholders of about 1.84 billion yuan, reflecting a profit margin of 16.3% [4][5]. - The cash dividend for 2024 is set at 1.66 billion yuan, representing 90.39% of the net profit, continuing a trend of strong shareholder returns since its IPO [4][5]. Operational Efficiency - The company has implemented a "one document multi-modal transport" system, significantly improving logistics efficiency and reducing carbon emissions [5][6]. - The total container capacity is approximately 3.39 million tons, with a container fleet of about 410,000 standard boxes [4][5]. Environmental Initiatives - Zhonggu Logistics is committed to reducing greenhouse gas emissions, achieving a carbon emission intensity of 71.94 tons of CO2 equivalent per million revenue in 2024, down from 80.95 tons in 2023 [5][6]. - The company has adopted green shipping technologies and practices, contributing to the industry's transition towards low-carbon operations [6][10]. Social Responsibility - The company invests in employee training, with an average training time of 51.15 hours per employee in 2024, up from 44.28 hours in 2023 [5][6]. - Zhonggu Logistics actively engages in community support and volunteer services, with total contributions amounting to 46,756 yuan in the reporting period [9][12]. Governance and ESG - The company has established a robust ESG governance framework, ensuring that sustainability is integrated into its operational strategy [6][8]. - Zhonggu Logistics has received an A rating from Wind ESG and a score of 22.7 from Sustainalytics, indicating a strong commitment to environmental, social, and governance practices [4][8].

证券代码：603565 证券简称：中谷物流 公告编号：2025-005 上海中谷物流股份有限公司 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： ? 投资种类：合法经营资格的金融机构销售的理财产品 公司及下属子公司拟利用不超过人民币 150 亿元的自有资金进行阶段性委 托理财，资金可以滚动循环使用，期限不超过一年。委托理财品种仅限于具有合 法经营资格的金融机构销售的理财产品，本次委托理财资金不得用于投资股票及 其衍生产品、证券投资基金以及以证券投资为目的的委托理财产品。公司在对资 金进行合理安排并确保资金安全的情况下，根据公司现金流的状况，委托理财以 不影响公司日常经营资金需求为前提条件。 本次委托理财不属于关联交易，如构成关联交易将单独履行相关程序。本议 案尚需提交公司股东大会审议表决。上述额度授权期限自本次股东大会审议批准 之日起至 2025 年度股东大会/董事会对该事项做出有效决议之前。 二、对公司日常经营的影响 在确保资金安全和日常经营活动资金需求的情况下，公司使用自有资金进行 委托理财，有利于提高自有 ...

上海中谷物流股份有限公司 《公司章程》、《监事会议事规则》等有关规定和要求，认真履行并行使监事会 的监督职权和职责。对公司的规范经营、财务状况、重大决策、关联交易及公司 董事、管理层履职情况等情况实施了有效监督，促进了公司的规范运作，维护了 公司整体利益和全体股东的利益。 一、监事会工作情况 （一）2024 年 3 月 26 日召开第三届监事会第十四次会议，审议通过议案如下： （二）2024 年 4 月 29 日召开第三届监事会第十五次会议，审议通过议案如下： （三）2024 年 7 月 26 日召开第三届监事会第十六次会议，审议通过议案如下： （四）2024 年 8 月 27 日，召开第三届监事会第十七次会议，审议通过议案如下： （五）2024 年 9 月 13 日，召开第四届监事会第一次会议，审议通过议案如下： （六）2024 年 10 月 30 日，召开第四届监事会第二次会议，审议通过议案如下： （七）2024 年 12 月 23 日，召开第四届监事会第三次会议，审议通过议案如下： 二、监事会对公司有关事项的意见 计知识、审计知识、业务知识的学习，不断拓宽专业知识和提高业务水平，严格 依照法律法规和公司 ...