【券商聚焦】招商证券维持中远海运港口(01199)“增持”评级指其全球化布局优势强

金吾财讯

Apr 27

金吾财讯 | 招商证券发布研报指，中远海运港口(01199.HK)主营业务经营稳健，海外地区增速显著。2025年全年实现营业收入16.7亿美元，同比增长11%；实现归母净利润3.1亿美元，同比增长1.1%。其中Q4营业收入4.3亿美元，同比增长10.2%，归母净利润0.5亿美元，同比下降45.3%。人民币口径下，2025年营业收入117.3亿元，归母净利润21.9亿元。

吞吐量方面，2025年总吞吐量同比增长6.2%至1.5亿TEU，权益吞吐量同比增长3.4%至0.5亿TEU。分区域看，中国地区码头总吞吐量为1.2亿TEU，同比增长4.5%；海外地区总吞吐量为0.4亿TEU，同比增长11.6%。海外控股码头收入为9.3亿美元，同比增长18.5%，主要受益于比雷埃弗斯码头、CSP西班牙及秘鲁钱凯码头收入增长。海外地区利润为0.8亿美元，同比增长22.9%。

招商证券认为，中远海运港口作为全球领先的港口物流服务商，依托大股东航运资源，全球化布局优势强。国内重点控股码头资产较为成熟，海外重点控股码头分布范围广，前期绿地码头项目均已投产，长期利润释放潜力大。

评级方面，招商证券维持“增持”评级，未给出具体目标价。预计2026-2028年归母净利润分别为22.5亿元、23.5亿元、24.2亿元人民币，对应2026年PE为8.8x，PB为0.4x。风险提示包括国际宏观贸易形势变化、港口收费政策变动以及海外扩张不及预期。

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