2020年国内大宗商品供应链龙头厦门象屿专题研究：粮食贸易、黑色金属、煤铝产业链、多式联运

四、煤、铝产业链：依托物流优势，实现跨地区资源调配 ................................ 22 4.1 水铁联运搭建北煤南运通道 ..................................................... 22 4.2 铝产业链中下游运距长、流通复杂 ............................................... 24
七、风险提示 ..................................................................... 35 7.1 受疫情影响，出口业务不及预期 .......... 35 7.2 公允价值变动损益波动大于预期 ................................................. 36
五、物流板块：多式联运为营收及利润增长提供新动能 .................................. 28 4.1 多式联运物流服务作为公司未来利润增长来源 ..................................... 28 4.2 国内外对比，多式联运未来增长空间巨大 ......................................... 29 4.3 公司多式联运体系构建逐步完善.................................................. 31
二、农产板块：深耕北粮南运通道，巩固东北粮食贸易龙头地位 ........................... 9 2.1 临储政策取消对公司利润产生较大冲击 ............................................ 9 2.2 产前及产中：积极探索合作种植模式 ............................................. 11 2.3 产后：链接南北供给需求，打通粮食流转通道 ..................................... 12 2.4 南北粮食供需错配，北粮南运应运而生 ........................................... 14
三、黑色金属：连接产业链上下游，创效赋能价值分享 .................................. 16 3.1 “铁矿石-钢铁”供应链市场规模超 4.5 万亿 ...................................... 16 3.2 钢铁生产及消费主要集中在东部沿海地区 ......................................... 18 3.3 连接产业链上下游，创效赋能价值分享 ........................................... 20 3.4 合作实例：印尼不锈钢一体化冶炼厂 ............................................. 21
附表 ............................................................................. 37
图表目录
Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Figure 14 Figure 15 Figure 16 Figure 17 Figure 18 Figure 19 Figure 20 Figure 21 Figure 22 Figure 23 Figure 24 Figure 25 Figure 26 Figure 27 Figure 28 Figure 29 Figure 30 Figure 31 Figure 32 Figure 33 Figure 34 Figure 35 Figure 36 Figure 37 Figure 38 Figure 39 Figure 40 Figure 41 Figure 42 Figure 43
六、盈利预测及投资评级............................................................ 33 6.1 关键假设 ..................................................................... 33 6.2 盈利预测 ..................................................................... 35 6.3 投资评级 ..................................................................... 35
2020年国内大宗商品供应链龙头厦门象屿专题研究：粮食 贸易、黑色金属、煤铝产业链、多式联运
目录
一、国内大宗商品供应链龙头企业 ..................................................... 4 1.1 聚焦大宗商品供应链............................................................. 4 1.2 营业收入及净利润增长保持高增长 ................................................ 6 1.3 后临储时代盈利能力逐渐修复 .................................................... 8