研報掘金丨東興證券:首予中谷物流“推薦”評級,分紅比例維持在較高水平
東興證券研報指出,中谷物流(603565.SH)是我國內貿集裝箱龍頭企業。通過持續整合全國範圍內的鐵路及公路資源,形成了“公、鐵、水”三維物流網絡,建立了以水路運輸爲核心的多式聯運綜合物流體系。長期來看,我國規模以上港口集裝箱吞吐量佔規模以上港口貨物吞吐量的比例約爲20%,與歐美主流港口相比處於較低水平,“散改集”和多式聯運的比例具備較大的提升空間,將支撐我國內貿集裝箱航運的長期需求增長。公司對於中小股東權益較爲重視,分紅比例維持在較高水平。公司23-25年股東回報計劃承諾3年累計分配利潤不低於累計可分配利潤的60%,且公司在22-23年公司分紅比例都超過了70%,體現出公司很強的分紅意願。保守假設下,後續分紅比例取最低的60%,則24-26年公司股息率達到5.2%、5.7%和6.6%,在目前環境下有較強吸引力。綜合以上分析,首次覆蓋公司,給予“推薦”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.