2009 1210 2024 03 11 1 1 2012 2 a 2015 2019 b 2023 2 3 4 50 30 5 1 2013-15 2 2023 23 35%15%14%ROE 1 ROE 2.5 2 Vs 1 2022 51%35%8%2 2022 49%30%21%5 60%30%3 1 2023 2 1 3 8 PB 1.4 1 2+1 2020-22 64%99%70%0.2 2 ROE 3 PB 021-20572539 S0360516090002 玥 S0360523070001 010-63214633 S0360523070004 S0360523080001%()120 0.02()28,656.96 3.28()24,646.55 3.64%1M 6M 12M 1.8%-3.5%-14.4%-3.6%1.7%-2.2%2024-02-22-20%-12%-3%5%23/03 23/05 23/08 23/10 23/12 24/032023-03-102024-03-08 300 2009 1210 2023 3 2 22 1 1 2012 2 a 2015 2019 b 2023 2 3 4 50 30 5 1=*2 3 3 8 PB 1.4 1 1 2020-22 64%99%70%0.2 2 ROE 3 PB 1ZBYzQsPoNrQrPsRrMrOoP8ObP6MmOqQsQmQjMmMnOkPpOmObRrRuMwMtQtPvPmNoO 2009 1210 3.8.9=*.9.11.12.13“”.15.15 1.15 2“”.17.19.21.23.24“”“”.25 2013-15.25 2023.26.27 ROE.27 1.27 2.29 Vs.33 1.33 2.35 3.38.41.41.42 1.42 2“”.43.47.47+.48 2009 1210 4.49 2009 1210 5 1|“”.8 2.9 3 2022.9 4 2015.9 5.11 6.11 7.11 8.11 9.12 10%.12 11 2018-22.13 12%.13 13%.13 14%.13 15 A.14 16.14 17.15 18.15 19.15 20.15 21.16 22.16 23.17 24.18 25/TEU.20 26.20 27.20 28 2021 10%.21 29.22 30 2022.23 31 2019-22.24 32.25 33%.25 2009 1210 6 34 2013-15.26 35 2023.27 36.28 37.28 38.28 39 ROE.28 40.29 41.29 42 2022.29 43 2022.30 44.31 45 2017.31 46.31 47.31 48.32 49.32 50.33 51.34 52 2022.34 53.35 54.35 55 2022.36 56.36 57 2022.36 58.36 59.37 60.37 61.37 62.37 63.37 64.37 65 2022.38 66.38 67 2022.39 68.39 2009 1210 7 69/.39 70.39 71.40 72.40 73.40 74.40 75.40 76.40 77.41 78.41 79 2023.42 80 2020-2022.42 81 2023 1-11.42 82 CICT.43 83“”.44 84.45 85.46 86.46 87%.46 88%.46 89 2022.46 90 2022%.46 91 2022.47 92.48 2009 1210 8 2023 3|2 22 1|2009 1210 9 2=*1 1 6 2022 156.85 46.07 29.4%2.96 2023 2.77 TEU 1.65 TEU 6 2015 2015 58%19%10%8%5%2022 28.64 18.3%24.66 15.7%12.97 8.3%42.3%3 2022 4 2015 2015 156.9 46.1 29.4%110.8 28.6 18.3%13.0 8.3%24.7 15.7%8%58%10%19%5%2009 1210 10 2 2 A 2016 3 1 2015 206 2017 7 2017 104 202308 20 198 399 20 506 528 2024 QQCT 20 168 336 535 23 486 10%535 21/48/30/2009 1210 11 5 6 2022 22.86 2016 18.83 4.04 6 CAGR 3.3%2018 21-22 7 8 20-45 5 3 2 0 英 寸 4 0 英 寸普通重箱 528 792普通空箱 506 759普通重箱 560 840普通空箱 510 765普通重箱 399 598普通空箱 198 297普通重箱 240 360普通空箱 240 360服务环节（收费：元）外贸本地外贸中转内贸本地内贸中转2 0 英 寸 箱 装 卸 作 业 2 0 2 4 年（元）2 0 2 3 年（元）2 0 2 4 年 价 格 变 动（元）内贸空箱 168 168 0内贸普通箱 336 336 0外贸空箱 535 486 49外贸普通箱 535 535 0 2009 1210 12 9 40%2022 7.8%3.1%0.4%10%Wind 2020-2022 60.25%44%0.01.02.03.04.05.06.07.08.09.02011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2009 1210 13 2020-2022 44.8%29%2020-2022 63.8%45%11 2018-22 12%2020 2021 2022 13%14%1 2 3 0%10%20%30%40%50%60%70%80%2018 2019 2020 2021 2022集装箱处理及配套服务金属矿石、煤炭及其他货物处理以及配套服务液体散货处理及配套服务44.8393218.0112.1329.1905101520253035404550唐山港 宁波港 辽港股份 青岛港 上港集团 平均干散货装卸毛利率63.7738.0733.6545.16010203040506070青岛港 辽港股份 宁波港 平均油品装卸毛利率 2009 1210 14 15 A Wind 4 2015 2021 2022 2022 16 Wind 10 CAGR 5.24%3.82%10 CAGR 6.46%10 CAGR 11.51%01002003004005006002015 2016 2017 2018 2019 2020 2021 2022 26.324.222.522.125.623.925.025.3 25.527.628.5 28.314.813.913.512.116.415.419.616.419.9 20.022.823.50.05.010.015.020.025.030.02011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022销售毛利率%销售净利率%2009 1210 15 17 18 Wind Wind 1 2001 WTO 2001-2011 WTO 2008 2001-2011 20.78%15.39%2012-2019 2012-2019 5.67%3.76%19 20 Wind Wind 2020-10-505101520253035400.000.501.001.502.002.503.003.502001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022%0510152025300204060801001201401601802001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022%2009 1210 16 2018 2018-2021 CAGR 3%2010-2017 CAGR 3.8%2020 2021 1.1%1.5%21 iFind 2022 21323 5441 15882 2751 2300 451 2022 2013 32.9%4.1%39.1%13 37.5%43.1%14.5%2017-22 4%22 050010001500200025003000050001000015000200002500030000350002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2009 1210 17 2 1 2015 2019 2022 2015 23 a 2015 2015 8 2015 9 2016 1 85%-b 2019 2018 2 2009 1210 18 2019 9 2021 2 3 2 2023 a 2023 6 100%50%100%67.56%60%53.88%64.91%100%b 2022 9 35%100%2023 100 85%85 15%15 67.48%82.93%2023-25 16.98 17.80 17.24 2023 2023 11.08 134.85%0.26 136.11%24 1,672,819.85 2,331,579.49 39.38%1,639,564.14 2,275,123.86 38.76%1,116,229.69 1,699,650.95 52.27%1,085,435.16 1,646,163.01 51.66%35,977.70 35,977.70-79,760.96 79,760.96-28,729.91 51,666.47 79.84%48,530.55 101,902.55 109.98%25,942.45 48,643.90 87.51%44,998.94 97,582.85 116.86%0.12 0.11-1.60%0.2 0.23 13.81%2009 1210 19 1 2015 2015 1 1 2014 253 2016 3 1 2015 206 2017 7 2017 104 2 2019 500/TEU 630/TEU 1100/TEU 2000/TEU 2009 1210 20 25/TEU 2019 2019 20 10450 35 18(76.9%)5%26 27 2021 12 202111 2022 1 1 10%20 490/539/40 751/826/20 429/472/40 643/707/2024 QQCT 535 23 486 10%2009 1210 21 28 2021 10%5 8 2009 1210 22 29 2022 85%40%50%15%5%10%2022 40%40%30%5%20%2009 1210 23 30 2022 Wind 25 30 50 ROE%119.81 12.80 3.3%56.20 16.90 9.0%69.19 13.08 7.8%108.22 7.40 4.2%192.63 45.25 12.5%74.97 6.31 4.7%372.80 172.24 16.2%257.04 42.20 6.7%22.32 1.59 3.9%8.19 1.38 4.6%127.37 10.80 6.3%7.98 4.50 4.9%52.50 3.07 5.1%2009 1210 24 2019-22 30%2020 2021-22 64%99%70%2021 2021 3 31 2020 64%Wind2023 22 5%4%0.2 4%31 2019-22 Wind 2024/3/8 2020 ROE PB 2019 2020 2021 2022 273 1.3 30 64 99 70 9.0 669 0.9 38 38 33 40 7.1 45 1.1 32 58 34 39 3.9 478 1.2 34 44 42 39 12.4 446 0.7 31 35 31 34 7.5 47 0.8 37 34 35 33 2.5 345 0.9 38 84 34 33 3.3 178 1.0 54 36 30 30 7.8 125 0.7 30 30 30 30 4.2 234 1.2 31 31 31 30 7.2 140 1.0 29 28 32 30 8.6 29 0.9 16 17 18 24 4.7 203 1.1 8 10 15 22 4.9 44 0.9 21 21 25 21 5.0 85 0.6 12 17 17 20 4.7 1,253 1.0 37 36 30 19 16.3 47 1.0 11 8 14 18 5.9 49 0.8 24 21 32 0 1.9 1.0 28 34 32 30 2009 1210 25 32 2013-15 2017 13-15 1 BDI CCFI CBFI 2013-15 3 149%300 47.9%2013 21%14 85%6%72%300 8%52%2013 7 33%Wind 2020/2/4 2021/7/17 2023/3/14 2019/12/7 17.8 2.21 3.68 4.71 4.8 20.9 84.8 11.6-28.1 4.8-32.0 11.6-5.3 4.8 1.9 1.9-40-200204060801002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023(300 2009 1210 26 2 2013-2015 1 2013 7 12 192%2013 9 10 21 2014 2 2014 204%105%2 2013“”2014 12 40%3 2015 34 2013-15 Wind 3 2016 2016-22 41%300 3.8%2013 2023 2023 1.9%13.6%300 11.4%2014 300 10 23 5 2023+2023 35%15%14%23 ROE 111%335%79%60%204%53%53%105%41%46%104%31%30%103%30%2013 2014 2015 2009 1210 27 2023 3+PB ROE 2024 24 1 24 35 2023 Wind ROE 1 3 4.5 20 2018 2018 3 2019 7 9 100%2019 8 6 601298.SH 06198.HK 600017.SH 6117.HK 2009 1210 28 2022 1373.9+108.1%3 CAGR 61%2022 65+212%3 CAGR 74%2022 4.7%+1.2pct ROE 4.95%+2.95pct 2022 36 37 Wind Wind 38 39 ROE Wind Wind 39 2009 1210 29 12 15 ROE 35 108 2 2022 5.7 6.6 2022 20%23%39%38%40 41 Wind Wind 42 2022 Wind Wind 39 2 2023 100%50%100%67.56%60%53.88%64.91%100%ROE 2022 6.27 2682 TEU 2022 8 2009 1210 30 22 45 18%2022 ROE 22%7.7 43 2022 1 2022 5 2 a 2022 3.07 2.38 2022 2021 3.15 2017 2009 1210 31 2.9 1.74 0.25 0.89 2022 2017 44 45 2017 46 47 b 2022 0.82 3.1%2019-2022 CAGR 5.6%2022 1.12 2019-2022 CAGR 4.9%72.8%2009 1210 32 48 2022 49 2021 0.52 2019-2021 CAGR 23.9%2009 1210 33 50 2022 2024 3 8 Vs 1 487 A+H A 2022 12.8 6.7 2.8 84.4%23%1898 2002 9 2009 7 2022 2022 7 100%100%24%5 2009 1210 34 2022 51 2023 河北省国资委河北省港口集团唐山港口实业集团 秦皇岛港股份有限公司唐山港集团股份有限公司曹妃甸实业公司 曹妃甸煤炭公司 沧州渤海公司61.99%100%56.27%44.88%10%35%51%95.93%河北港口集团（天津）投资公司100%1.81%河北港口集团国际（香港）公司100%1.28%52 2022 2009 1210 35 53 54 2,50%3.83 1.88 69.2 56.2 13.1 16.9 34.8 12.0 7.8 9.0 30.3 70.1 2009 1210 36 2022 77%5 43-48 2020 55 2022 56 2022 51%35%8%2-2.2 1 57 2022 58 5 21 22 44%-48%2009 1210 37 59 60 2022 2018 16.1 2021 20.9 2022 16.9 61 62 2020 64%99%70%0.2 63 64 Wind Wind 2009 1210 38 3 2 2016 60%2022 49%30%21%2019 2020 6 2017 77 20%2022 115.5 2022 44.5%28.06%65 2022 66 2022 2.2 1.2 139 1621 2009 1210 39 5 3.8 5 2.2-2.4 60%5 1-1.2 30%67 2022 68 21-22 9-11 5 45%-53%25%-32%5%-10%-12%-55%69/70 5 65-70 2018 8.1 2022 13.08 2009 1210 40 71 72 Wind Wind 73 74 Wind Wind 2018 42.3%2023Q3 31.5%2020 2021 2020 12 2021 13.3 2022 7.1 75 76 Wind Wind 2009 1210 41 2020-2022 36%30%30%2017-2019 65%53%54%2020-2022 0.064 0.056 0.071 2017-2019 0.062 0.077 0.09 77 78 Wind Wind 2023 2023 41.8 0.2%19.5 2.8%46.6%6.9%2023 2023 15.5%0.4%5.3%8.1%4.6%1.8%2009 1210 42 79 2023 2020-2022 22.67%13.50%7.67%3.03%2.83%80 2020-2022 81 2023 1-11 Wind Wind 1 36817 0 15.5 27309 0.4 15.2 35226-5.3 14.8 19833 4.6 11 35198-8.1 14.8 11528-1.8 6.4 11076-3.5 4.7 11309-7.9 6.3 10467-2.2 4.4 11381-13.9 6.3 19333-1.3 8.1 958 84.3 0.5 4819-11.1 2 14033-10.5 7.8 7823 53.9 3.3 9093 18.6 5.1 4159 1 1.7 8625 18.4 4.8 8279 6.5 3.5 1301 12.2 0.7 1661 4.4 0.7 2245 3.7 1.2 2009 1210 43 2 2023 3 25 50 22 1 CICT HIPG CICT 3 1200 2014 35 85%15%2022 321.5 400 HIPG 10 3487 65%2017 60.7 99 2022 129 50 82 CICT 2009 1210 44 30 17 20%2 2012 12 1.65 23.5%DMP 4 100%100%66%23%-83 2.32 110 2022 33 95%2009 1210 45 2013 4 Terminal Link 49%51%Terminal Link 13 2019 Terminal Link 10 9.55 2020 3 8 8.15 Terminal Link 21 18 25 8 Odessa Terminal Holdco Ltd 50%CMA CGM-PSA Lion Terminal Pte.Ltd.49%Kingston Freeport Terminal Limited 100%Rotterdam World Gateway 30%24%First Logistics Development Company 47.25%Laem Chabang International Terminal Co Ltd 14.5%CMA CGM Terminal Iraq S.A.S Umm Qasr Terminal 100%84 2018 18 97 22 163 19-22 29 21 27 33.5 2019 37%2022 40.5%19 8.6%22 20.6%2023 117.55-3.02%31.49+14.36%10.35%+0.25pct 1.36%-0.1pct 11.84%-3.9pct 2010 2011 2012 2012 2013 2015 2017 2018 2020.3 2009 1210 46 85 86 Wind Wind 87%88%Wind Wind 24%2022 156 97%2022 4.5 3%25%75%2022 54%36%89 2022 90 2022%Wind Wind 2009 1210 47 2022 71.9 47.6 66.6%1.4 2%3.5 4.9%91 2022 Terminal Link SAS 1 3 8 18 PB 1 1.1 PB 1.4 1 0.8 PB 1 ROE 2022 12.4%PB 1.2 ROE 11-14%PB 1.8-2 2022*wind 5%2022 4.3%PB 1.3 4.3%2“1.40 1.95%Port of Newcastle 0.29 0.40%1.12 1.56%0.33 0.45%1.06 1.47%4.19 5.84%47.63 66.28%2.07 2.88%Terminal Link SAS 3.65 5.08%1.44 2.01%2.19 3.04%3.52 4.89%-0.14-0.19%7.31 10.17%67.66 94.16%71.85 100.00%2009 1210 48 1 2 3 4 50 30 5 92 Wind+ROE+1 1 2020-22 64%99%70%0.2 PB ROE 1.0 16.3 1,253 274.3 113.6 24%-15%372.8 172.2 9%17%0.9 7.1 669 192.2 40.3 3%60%257.0 42.2 11%-3%1.2 12.4 443 136.6 37.9-7%8%192.6 45.3 15%14%0.8 7.5 427 117.6 31.5 0%63%162.3 33.4 6%24%0.9 3.3 300 86.4 10.7 4%16%119.8 12.8-3%-33%1.4 9.0 273 44.5 16.1-14%18%56.2 16.9-7%-19%1.2 7.2 234 97.1 8.8 18%10%127.4 10.8 6%-5%1.1 4.9 203 6.8 5.0 22%34%8.0 4.5 17%-2%1.0 7.8 163 53.6 12.9-6%-7%69.2 13.1 5%26%1.1 8.6 140 49.0 8.5 12%9%63.8 10.4 8%2%0.7 4.2 125 82.7 9.3 24%38%108.2 7.4-25%-24%0.6 4.7 85 60.5 6.8-4%-23%75.0 6.3 15%-14%0.8 2.5 47 40.9 0.7-1%-24%49.6 1.4-9%112%1.0 5.9 47 170.2 2.2-23%74%220.0 2.5-7%3%0.7 1.9 47 22.1 0.5-12%-79%29.6 1.3 1%1%1.1 3.9 45 16.5 1.3-2%-22%22.3 1.6 10%46%0.9 5.0 44 40.6 2.3 6%2%52.5 3.1-20%-34%0.9 4.7 29 6.8 1.2 5%-14%8.2 1.4 3%-6%2009 1210 49 2 2022 49%30%21%2 ROE 3.8 2.5 ROE 2023*22 39%4.1%3 PB 2009 1210 50 2016 2023 21 Wind 2019-22 玥 2021 2021 2023 2023 2009 1210 51 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 52 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522