【文章內(nèi)容簡(jiǎn)介】 publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 天津港集裝箱吞吐量及產(chǎn)能利用率15天津港： 天津港集裝箱分泊位吞吐量預(yù)測(cè)資料來(lái)源 : 中金公司研究部? 2023年公司投資 元投資北港池 3期合資公司，占 51%股權(quán)，預(yù)計(jì)于 2023年下半年投產(chǎn)，建成后將成為港區(qū)最大的集裝箱項(xiàng)目。? 受利于北港池 3期工程，預(yù)計(jì)集裝箱吞吐量將于 2023～ 2023年期間年復(fù)合增長(zhǎng) %至 2023年的 694萬(wàn) TEU，增長(zhǎng)速度快于整個(gè)天津港區(qū)約 。 ? 于天津港區(qū)集裝箱吞吐量的市場(chǎng)份額將由 2023年的 47%上升 6個(gè)百分點(diǎn)至 2023年的 53%。 This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 16天津港： 資產(chǎn)注入的盈利增厚遠(yuǎn)超出預(yù)期資料來(lái)源 : 中金公司研究部? 天津港股份將向 天津港集團(tuán)定向增發(fā)不超過(guò) 億股，用于收購(gòu)天津港集團(tuán)未上市運(yùn)營(yíng)資產(chǎn)。? 我們預(yù)計(jì)資產(chǎn)收購(gòu)后，公司 202 2023年每股盈利分別為 ，對(duì)應(yīng)增厚效應(yīng)46%及 58%。 This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 17天津港： 天津港區(qū)發(fā)展空間巨大資料來(lái)源 : 公司數(shù)據(jù)，中金公司研究部? 東疆港區(qū)：東疆港區(qū)占地約30平方公里，其中 10平方公里的地區(qū)為東疆保稅港區(qū)，是我國(guó)目前規(guī)模最大的保稅港區(qū)。? 南疆散雜貨物流中心：配合“北煤南移 ”的策略轉(zhuǎn)移，天津港集團(tuán)投資開(kāi)發(fā)了南疆散雜貨物流中心，占地約 13平方公里。? 臨港工業(yè)區(qū)：天津臨港工業(yè)區(qū)占地面積將達(dá)到 150平方公里，相當(dāng)于目前整個(gè)天津港區(qū)的 。預(yù)計(jì)到 2023年，臨港工業(yè)區(qū)將實(shí)現(xiàn)銷售收入 1000億元， GDP達(dá)到 300億元以上。This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 東疆港區(qū)規(guī)劃圖18天津港 ： 天津港集團(tuán)資產(chǎn)儲(chǔ)備仍比較豐富? 目前集團(tuán)旗下主要的未注入的資產(chǎn)包括在建的 30萬(wàn)噸原油碼頭，南疆散雜貨物流中心等。? 目前臨港工業(yè)園的股權(quán)比重仍未最終確定，但我們預(yù)計(jì)天津港集團(tuán)實(shí)現(xiàn)參股乃至控股的可能性仍比較大。? 注資完成之后天津港股份經(jīng)營(yíng)資產(chǎn)所涉及的面積僅為 ，而光南疆散雜貨物流中心面積就有 13平方公里左右，臨港工業(yè)區(qū)的面積更是與現(xiàn)有經(jīng)營(yíng)性資產(chǎn)的面積不在一個(gè)數(shù)量級(jí)。This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 19天津港： A股、 H股上市公司整合資料來(lái)源 : 公司數(shù)據(jù) , 中金公司研究部? 在同一港區(qū)兩個(gè)上市公司進(jìn)行同業(yè)競(jìng)爭(zhēng)（集裝箱業(yè)務(wù)）的格局不利于港區(qū)的長(zhǎng)期發(fā)展。因此港口資源整合具有較大的必要性。? 作為國(guó)資委系列的領(lǐng)導(dǎo)及天津港股份的董事長(zhǎng)，于汝民先生上任天津港發(fā)展（商務(wù)委員會(huì)系列公司）的董事長(zhǎng)給市場(chǎng)強(qiáng)烈的有關(guān) A股、 H股上市公司整合的暗示。? 我們判斷在集團(tuán)主要資產(chǎn)注入完成之后， A、 H股整合將有可能被提上議事日程。This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 20天津港 : 高 估值 不損長(zhǎng)期投資價(jià)值資料來(lái)源 : 彭博資訊，中金公司研究部? 天津港目前股價(jià)相當(dāng)于202 2023年市盈率 （考慮資產(chǎn)注入影響） 倍及 ，在 A股交通基礎(chǔ)設(shè)施中處于較高的水平。考慮增長(zhǎng)率的