资源描述
2009 1210 2024 4 7 2023+1 1 23 23 VLCC-TCE 4.32/+80.9%2001 VLCC-TCE 4.20/23Q4 VLCC-TCE 4.43/-34.4%2 23 41.3+197.3%46.4-3.5%3 VLCC 24-25 VLCC 1 5 2 1 23 MR-TCE 2.71/-14.8%2001 MR-TCE 1.78/2 15.6+8.6%3 1 a 23 SCFI 1005.8-70.5%CCFI 937.3-66.4%b 23 238.6-78.3%c 2 1 23 PDCI 1252.0 22 24.6%21 14.8%2 23 17.2-37.4%5.7-75.8%3 BDI Q4 1 2023 BDI 1378.4-28.7%2023Q4 BDI 2033.1+33.5%+70.3%2 23 9.0-58.6%1.85-72.4%3 2024 1 1 4 1 23 12 1 66.4%88.3%29.7%48.8%49.3%2 3 29 SCFI 1731 23 12 15 58.3%MR-/23 12 15 180.8%VLCC-/23 12 15 21.8%2+1 2 3 MR 4 2023 2024 40%88%50%021-20572539 S0360516090002 玥 S0360523070001 010-63214633 S0360523070004 S0360523080001%()17 0.00()5,025.80 0.57()3,902.82 0.57%1M 6M 12M 9.4%16.0%17.4%8.5%19.3%30.2%VLCC 2024-02-17 2024-01-21 2024-01-14-22%-9%4%17%23/04 23/06 23/08 23/11 24/01 24/032023-04-062024-04-03 300 2023 2009 1210 2.6.6 1 2023.6 2.11 3-.13.14 1.14 2.16.17.17 1.17 2.20.21 1.21 2.23 BDI Q4.24 1.24 2.26 2024“”.27.27 1.27 2.28 3.30.34.36.37 ZXDWzQnQtQqRqOmPnQoRqRaQ9R7NnPqQpNmQkPrRqMjMnNuM8OmNnRvPmMtPwMpNqM 2023 2009 1210 3 1 TCE$/day.6 2 20192023 VLCC-TCE$/day.6 3 VLCC 2001$/day.6 4 2001$/day.6 5 2001$/day.7 6 2001$/day.7 7 2023%.7 8 Q4%.7 9 2023%.8 10 Q4%.8 11 20012023.8 12%.9 13%.9 14%.10 15%.10 16.10 17.11 18%.11 19%.11 20%.12 21.12 22%.12 23 VLCC.13 24-.13 25 TCE$/day.14 26 TC7 TC11-TCE$/day.14 27 MR 2001$/day.14 28%.15 29%.15 30.16 31 2024 1900.16 32 CCFI.17 33 SCFI.17 2023 2009 1210 4 34%.18 35%.18 36 TEU.19 37/TEU.19 38%.19 39/.20 40%.21 41 PDCI.21 42.22 43.22 44%.23 45 20182024 PDCI.23 46 BDI.24 47 BCI.24 48 BPI.24 49 BSI.24 50.25 51.25 52.25 53.25 54.26 55-.26 56 GT.27 57 GT.27 58 GT.28 59 GT.28 60 SCFI.28 61 SCFIS 24 4.28 62 TCE$/day.29 63 TCE$/day.30 64 TCE$/day.30 65 VLCC TCE$/day.30 66.31 67.31 68.32 ajX/TVX3Iv4q3+KiMqD7D8iCYydMK33bsDsO0TSEcfYh3VldZUAlSb0fbOw17ugv 2023 2009 1210 5 69.32 70.33 71.33 72 23 12 15 24 4 5.34 73.35 74 2023.37 2023 2009 1210 6 1 2023 1 2023 VLCC-TCE 4.32/+80.9%TCE 5.35 5.55 3.22/+20.7%-0.9%-15.4%2001 VLCC-TCE 4.20/TCE 3.57 2.97 1.96/2023 23Q4VLCC-TCE 4.43/-34.4%+52.7%TCE 5.73 5.99 3.28/-29.6%-34.2%-35.5%+96.6%+129.2%+33.3%1 TCE$/day 2 20192023 VLCC-TCE$/day Clarksons Clarksons 3 VLCC 2001$/day 4 2001$/day Clarksons Clarksons 020,00040,00060,00080,000100,000120,000Average VLCC Long Run Historical Earnings VLCC 010,00020,00030,00040,00050,00060,00070,00080,0002001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023Average Suezmax Long Run Historical Earnings 2023 2009 1210 7 5 2001$/day 6 2001$/day Clarksons Clarksons 2 2023 258.8-12.9%220.9+18.4%2023 Q4 68.6-15.6%55.6-11.3%7 2023%8 Q4%2023 48.4-4.9%46.4 010,00020,00030,00040,00050,00060,0002001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023Average Aframax Long Run Historical Earnings 05,00010,00015,00020,00025,00030,00035,00040,00045,0002001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023Average Weighted Clean Product Tanker Earnings-15%-10%-5%0%5%10%15%20%0.050.0100.0150.0200.0250.0300.0350.0招商轮船 中远海能2022 2023 YOY-18%-16%-14%-12%-10%-8%-6%-4%-2%0%0.010.020.030.040.050.060.070.080.090.0招商轮船 中远海能22Q4 23Q4 YOY 2023 2009 1210 8-3.5%23 30.8 22 8.8 2022 48.1 33.5+130.0%41.3+197.3%2023 Q4 23Q1Q4 11.2 16.5 9.9 10.8-11.6%23Q1Q4 11.0 16.3 8.8 10.2-11.9%23Q1Q4 11.0 17.1 9.1-3.6 23Q1Q4 8.8 15.4 9.0 8.1+8.2%9 2023%10 Q4%11 20012023 Wind-50%0%50%100%150%200%250%0.010.020.030.040.050.060.0招商轮船 中远海能2022 2023 YOY-15%-10%-5%0%5%10%0.02.04.06.08.010.012.014.0招商轮船 中远海能22Q4 23Q4 YOY-60.00-40.00-20.000.0020.0040.0060.002001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 2009 1210 9 2023 18.7%+1.6pts 17.9%+1.7pts 15.2%+7.4pts 18.7%+11.3pts 2023 Q4 15.7%+0.7pts 14.9%+0.6pts-6.5%-19.6pts 14.6%+2.6pts 2023 30.83 8.99 8.73 2.66+249.2%-58.4%-58.2%+206.4%62.6%18.3%LNG 14.88 41.48 8.59+15.4%+184.4%+31.0%22.9%63.9%13.2%2023 Q4 7.4 3.3 2.4 0.5-1.8+2.2-0.1+0.004 66.8%30.2%LNG 3.71 6.60 1.56+26.8%-57.6%-1.1%30.8%54.7%12.9%12%13%Wind 2023 2.45 1.6%8752 9%9888 7%2023 2009 1210 10 1.73 1.0%5304.9 1.2%2023 217 2789 57 1665 VLCC 52 1611 93 1856 156 2306 VLCC 46 1411 LNG 43 720 14%15%16 Wind-200%-150%-100%-50%0%50%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4-200%-150%-100%-50%0%50%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 21Q1 21Q2 21Q3 21Q4 2021 22Q1 22Q2 22Q3 22Q4 2022 23Q1 23Q2 23Q3 23Q4 2023 30.8 30.4 31.7 34.1 127.0 34.8 40.3 48.8 62.6 186.6 56.3 59.4 49.6 55.6 220.9yoy-24.4%-46.6%-10.0%10.1%-22.5%13.0%32.8%53.9%83.6%46.9%61.9%47.3%1.5%-11.3%18.4%运输量（万吨）3985.0 4139.9 4155.1 4449.0 16729.0 4573.6 4341.2 4086.2 4435.0 17436.0 4296.0 4320.9 4289.1 4353.0 17259.0yoy 2.7%-2.2%4.5%11.9%4.1%14.8%4.9%-1.7%-0.3%4.2%-6.1%-0.5%5.0%-1.8%-1.0%运输周转量（亿吨海里）1,183.8 1,271.5 1298.7 1323.4 5,077.4 1,474.4 1186.1 1306.9 1400.5 5367.9 1405.7 1268.3 1213.1 1417.9 5304.9yoy-4.4%-5.2%25.4%6.2%4.5%24.6%-6.7%0.6%5.8%5.7%-4.7%6.9%-7.2%1.2%-1.2%3,989 2,837 503 5,378 3,218-3,590-2,978 31,740 67,650 23,885 54,777 44,644 29,044 44,347 43,203yoy-95.3%-96.8%-97.9%-65.1%-93.9%-190.0%-205.0%6208.7%1157.9%642.2%1625.8%1599.1%-8.5%-34.4%80.9%苏伊 士-T C E 9,156 5,177 4,207 10,547 7,338 16,666 30,861 46,217 81,281 44,324 70,911 56,636 29,125 57,252 53,481阿芙 拉-T C E 10,527 7,648 3,479 11,093 8,242 32,266 46,438 52,610 90,991 55,967 77,269 58,654 26,137 59,898 55,489成品 油轮-T C E 6,275 6,936 5,856 9,142 7,092 13,916 40,138 44,890 50,885 38,053 29,500 25,574 24,610 32,796 32,188营业成本 27.0 24.9 30.3 35.4 117.7 32.7 35.9 41.4 41.9 152.0 39.2 36.8 36.5 42.3 154.8yoy-12.0%-17.7%7.9%30.4%1.2%21.1%44.1%36.5%18.4%29.1%19.6%2.3%-11.7%0.9%1.8%毛利 3.7 5.4 1.4-1.3 9.3 2.0 4.4 7.5 20.7 34.6 17.1 22.7 13.1 13.3 66.1 3.4 2.0-1.0-54.2-49.8 0.25 1.34 4.81 8.17 14.6 11.0 17.1 9.08-3.63 33.5yoy-45.5%-91.2%-124.0%-469.4%-309.7%-92.7%-33.4%581.8%115.1%129.3%4272.6%1179.2%88.7%-144.5%130.0%3.4 2.1-1.0-54.2-49.6 0.26 1.26 4.90 7.49 13.9 8.8 15.4 9.04 8.11 41.3yoy-45.6%-90.7%-124.9%-471.4%-306.1%-92.3%-41.4%582.2%113.8%128.0%3247.6%1122.3%84.6%8.2%197.3%12.1%17.9%4.5%-3.8%7.3%5.8%10.9%15.3%33.0%18.6%30.4%38.1%26.4%23.9%29.9%归母净利率 11.1%6.6%-3.1%-158.9%-39.2%0.7%3.3%9.8%13.1%7.8%19.5%28.8%18.3%-6.5%15.2%11.1%7.1%-3.2%-158.8%-39.1%0.8%3.1%10.0%12.0%7.5%15.7%25.8%18.2%14.6%18.7%2023 2009 1210 11 17 Wind 3 40%50%2023 19.4 40.07%16.7 49.84%18%19%Wind Wind 2 1 VLCC 4.6%24-25 VLCC 1 5 2024 4 VLCC 908 2.80 21Q1 21Q2 21Q3 21Q4 2021 22Q1 22Q2 22Q3 22Q4 2022 23Q1 23Q2 23Q3 23Q4 2023 44.7 59.1 62.5 77.8 244.1 61.0 76.3 78.5 81.3 297.1 58.8 71.1 60.3 68.6 258.8yoy/13.0%36.5%29.1%25.6%4.5%21.7%-3.5%-6.9%-23.2%-15.6%-12.9%3,989 2,837 503 5,378 3,218-3,590-2,978 31,740 67,650 23,885 54,777 44,644 29,044 44,347 43,203yoy-95.3%-96.8%-97.9%-65.1%-93.9%-190.0%-205.0%6208.7%1157.9%642.2%-1625.7%1599.1%-8.5%-34.4%80.9%BDI 1739 2793 3732 3498 2943 2041 2530 1655 1523 1934 1011 1313 1194 2033 1378yoy 193.9%256.4%145.3%156.9%176.1%17.4%-9.4%-55.7%-56.5%-34.3%-50.5%-48.1%-27.9%33.5%-28.7%营业成本*36.5 48.5 51.7 61.7 198.4 44.5 59.8 63.8 63.9 232.0 43.3 51.4 46.6 50.5 191.8yoy/19.8%21.9%23.4%23.3%3.6%16.9%-2.8%-14.1%-26.9%-20.9%-17.3%5.8 8.2 9.2 12.8 36.1 13.1 15.8 9.8 12.2 50.9 11.2 16.5 9.9 10.8 48.4yoy/19.5%125.9%92.1%5.7%-4.9%40.9%-14.1%4.1%1.1%-11.6%-4.9%3.7 5.3 5.2 4.5 18.7 12.9 14.1 9.4 11.6 48.1 11.0 16.3 8.8 10.2 46.4yoy-70.1%-70.7%-43.5%/-32.5%248.8%166.8%81.1%158.6%157.2%-14.7%15.5%-6.3%-11.9%-3.5%5.9 8.4 9.3 13.0 36.6 13.1 15.9 9.9 11.8 50.7 11.2 16.5 10.1 11.1 49.2油轮运输 0.2-1.3-2.1-2.0-5.1-0.2-0.1 0.0 9.1 8.8 7.6 10.5 5.3 7.4 30.8干散货运输 2.5 5.6 7.4 9.1 24.6 7.0 7.7 5.8 1.1 21.6 1.0 2.6 2.1 3.3 9.0集装箱运输 0.3 2.6 2.9 6.4 13.9 5.5 7.2 5.8 2.4 20.9 2.1 2.5 1.8 2.4 8.7滚装运输 2.0 0.2 0.0 0.2 0.6 0.0 0.1 0.3 0.5 0.9 0.4 0.9 0.9 0.5 2.7 18.2%18.0%17.3%/18.7%27.0%21.7%18.8%21.4%21.9%26.5%27.7%22.7%26.3%25.9%归母净利率 12.9%13.9%14.8%16.5%14.8%21.4%20.8%12.4%15.0%17.1%19.1%23.2%16.4%15.7%18.7%8.3%9.0%8.3%5.8%7.7%21.2%18.5%12.0%14.3%16.2%18.7%23.0%14.6%14.9%17.9%0%5%10%15%20%25%30%35%40%45%0510152025 0%20%40%60%80%100%120%024681012141618200620072008200920102011201220132014201520162017201820192020202120222023 2023 2009 1210 12 20%Clarksons 21 22%Clarksons Clarksons 2 2023 VLCC 2023 OPEC+6.2%VLCC TD3C TD20 TD8 3.54/3.97/4.42/2022 110%39%71%3 Clarksons 20242025 VLCC 0.0%0.1%0%10%20%30%40%50%60%VLCC 304050607080901005060708090100110120130140VLCC 苏伊士 阿芙拉18.5%17.7%27.4%21.2%15.2%0-4 5-9 10-14 15-19 20 2023 2009 1210 13 20242025 VLCC 4.3%2.5%23 VLCC Clarksons 3-VLCC 330 7.10 15%TCE 1/VLCC 10.4 Aframax 1.0 TCE 5 32.0 TCE 10 88.7 24-Clarksons TCE 1/VLCC 10.6 Suezmax Aframax 0.6 1.2 12.3-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%2020 2021 2022 2023 2024E 2025E TCE 1 2 3 4 5 6 7 8 9 10 11 12 330 330 330 330 330 330 330 330 330 330 330 330 7.10 7.10 7.10 7.10 7.10 7.10 7.10 7.10 7.10 7.10 7.10 7.10VLCC 52 52 52 52 52 52 52 52 52 52 52 52-14.6-2.4 8.3 18.6 29.0 39.4 49.7 60.1 70.4 80.8 91.1 101.5 10.7 10.4 10.4 10.4 10.4 10.4 10.4 10.4 10.4 10.4Aframax 5 5 5 5 5 5 5 5 5 5 5 5-1.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0-15.8-2.4 9.3 20.6 32.0 43.3 54.7 66.0 77.4 88.7 100.1 111.4 2023 2009 1210 14 1 1 2023 MR-TCE 2.71/-14.8%TC7 TC11-TCE 2.62 1.91/-22.6%-32.2%2001 MR-TCE 1.78/2023 MR 2022 3.18/2023Q4 MR-TCE 2.85/-31.2%TC7 TC11-TCE 2.25 1.76/-49.1%-57.5%25 TCE$/day 26 TC7 TC11-TCE$/day Clarksons Clarksons 27 MR 2001$/day Clarksons 2023 2009 1210 15 1 A 2023 62.0-1.1%15.6+8.6%15.4+8.7%2023Q4 15.5-17.4%23Q1Q4 4.1 4.4 3.6 3.5-26.3%23Q1Q4 3.9 4.4 3.6 3.5-27.4%28%29%Wind Wind 2023 32.8%+2.8pts 25.1%+2.2pts 24.8%+2.2pts 2023Q4 31.9%-2.9pts-0.5pts 22.8%-2.8pts-1.3pts 22.5%-3.1pts-1.5pts 2023 2009 1210 16 30 Wind 2 2024 2024 1900 0.05%1 2023 2024 31 2024 1900 Clarksons 14.1%22 12 5.5%MR 11.0%2025 2024 1.7%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 2023 9.1 9.8 9.3 10.5 10.9 14.5 18.4 18.8 16.2 15.4 14.9 15.5 62.0yoy-14.3%-14.6%-5.9%24.7%20.3%48.9%98.2%79.1%47.8%5.7%-18.9%-17.4%-1.1%营业成本 7.1 7.9 8.0 8.6 9.0 10.6 12.0 12.2 10.8 10.2 10.1 10.6 41.6yoy-1.9%28.1%25.8%32.3%27.8%34.5%49.1%41.6%19.6%-4.1%-15.7%-13.8%-5.1%毛利 2.0 1.9 1.3 1.8 1.9 3.9 6.4 6.5 5.4 5.2 4.8 4.9 20.3 6124 7268 5671 7694 9749 33746 39878 41411 29272 26542 24423 28481 27086yoy-66.7%-73.9%-33.1%19.6%59.2%364.3%603.2%438.2%200.3%-21.3%-38.8%-31.2%-14.8%TC7 6395 7884 8573 7611 10256 32140 46590 44265 28402 29500 24237 22546 26161TC11 1717 2013 2017 2747 4477 23309 41904 41433 20532 22340 16315 17615 19149 1.1 1.0 0.5 0.3 1.0 3.3 5.2 4.8 4.1 4.4 3.6 3.5 15.6yoy-86.1%-75.0%-74.8%284.8%-2.4%222.1%864.4%1300.8%292.7%32.7%-30.8%-26.3%8.6%1.1 1.0 0.4 0.3 1.0 3.1 5.2 4.8 3.9 4.4 3.6 3.5 15.4yoy-60.7%-76.7%-81.8%318.0%-2.6%205.6%1148.6%1375.2%281.9%40.7%-31.0%-27.4%8.7%22.5%19.1%13.5%17.5%17.7%26.9%35.0%34.8%33.3%33.7%32.4%31.9%32.8%归母净利率 11.6%10.5%5.8%3.3%9.4%22.6%28.3%25.6%25.1%28.4%24.2%22.8%25.1%扣非归母净利率 11.6%10.4%4.5%3.1%9.4%21.3%28.3%25.6%24.3%28.3%24.1%22.5%24.8%05001000150020002500300035002021年第一批2021年第二批2021 年第三批2022年第一批2022 年第二批2022年第三批2022年第四批2022 年第五批2023 年第一批2023年第二批2023 年第三批2024 年第一批 2023 2009 1210 17 Clarksons 2024 6.4%2024 MR-TCE 3.50/2023 21.1%1 1 2023 SCFI 1005.8-70.5%1606.7 2529.4 882.0 1542.8/FEU TEU-71.6%-70.3%-81.8%-70.8%CCFI 937.3-66.4%2023Q4 SCFI 1088.7-20.8%1850.6 2539.9 989.3 1495.6/FEU TEU 13.7%-38.4%-33.6%-28.3%CCFI 853.6-47.1%2023 2022 2023 12 32 CCFI 33 SCFI Wind Wind 2 A a 2023 2009 1210 18 2023 1754.5-55.1%238.6-78.3%237.5-78.2%2023Q4 408.9-45.1%-4.3%17.9-85.5%-67.5%17.7-85.6%-67.6%34%35%Wind Wind 2023 16.4%-27.9pts 13.6%-14.4pts 13.5%-14.3pts 2023Q4 7.6%-30.3pts-4.6pts 4.4%-12.2pts-8.5pts 4.3%-12.2pts-8.5pts b Q4 2023 2355.5 TEU-3.5%426.0 435.8 799.1 262.1 432.4 TEU-5.5%-4.0%-2.3%-3.1%-3.4%2023Q4 610.0 TEU+3.8%+0.7%108.1 104.4 211.2 66.6 119.7 TEU+12.5%-2.1%+2.6%-2.5%+7.8%+0.7%-6.1%+0.8%+0.5%+7.1%2023 930/TEU-58.3%1055/TEU-60.0%1346 1072 778 2023 2009 1210 19 1400 375/TEU-64.5%-66.3%-52.1%-50.8%-12.6%2644/TEU-4.5%2023Q4 817/TEU-49.3%-5.4%933/TEU-50.2%-4.6%1279 882 695 1209 340/TEU-50.1%-59.7%-42.2%-50.6%-28.6%-4.5%-10.9%0.1%-5.2%-3.6%2429/TEU-20.9%-5.0%36 TEU 37/TEU Wind Wind 3 50%2023 0.74 118.66 49.73%12.60 131.26 38%Wind 0%10%20%30%40%50%60%01002003004005006002007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 2009 1210 20 39/Wind 2 1 Clarksons 2024 300.7 TEU 31.8%2024 8.8%2024 EEXI CII 2023 1 1 2 Clarksons-10700 13850 29%16 28 36 8 65 48/TEU 3 2M 2025 1 2024 4 21Q1 21Q2 21Q3 21Q4 2021 22Q1 22Q2 22Q3 22Q4 2022 23Q1 23Q2 23Q3 23Q4 2023 648.4 744.2 922.1 1022.2 3336.9 1055.3 1052.6 1057.6 745.2 3910.6 473.5 444.9 427.1 408.9 1754.5同比 79.6%96.1%111.2%90.9%94.8%62.8%41.4%14.7%-27.1%17.2%-55.1%-57.7%-59.6%-45.1%-55.1%CCFI 1952 2164 2992 3266 2616 3444 3157 2950 1615 2792 1113 940 876 854 937同比 112.3%153.2%228.8%161.2%165.7%76.5%45.9%-1.4%-50.6%6.8%-67.7%-70.2%-70.3%-47.1%-66.4%SCFI 2780 3259 4312 4698 3792 4851 4211 3279 1375 3410 982 984 986 1089 1006同比 198.6%263.2%256.8%137.9%199.8%74.5%29.2%-24.0%-70.7%-10.1%-79.8%-76.6%-69.9%-20.8%-70.5%678 706 661 646 2,691 616 631.0 606.3 588 2,441 545 594.2 606.0 610.0 2355.5同比 21.0%13.1%-6.7%-12.8%2.2%-9.2%-10.6%-8.2%-9.1%-9.3%-11.5%-5.8%-0.1%3.8%-3.5%跨太平洋 131.4 133.2 121.6 113.7 499.9 121.3 125.1 108.4 96.0 450.8 98.5 112.2 107.3 108.1 426.0亚欧（包括地中海）127.4 133.2 130.6 121.4 512.6 122.1 114.0 111.5 106.6 454.2 105.6 114.6 111.2 104.4 435.8亚洲区内（包括澳洲）224.8 216.8 200.8 213.1 855.5 200.4 206.7 205.0 205.7 817.9 184.9 193.6 209.5 211.2 799.1其他国际（包括大西洋）68.6 72.7 72.8 70.5 284.6 65.9 66.8 69.3 68.3 270.4 62.6 66.6 66.3 66.6 262.1中国大陆 126.1 149.8 134.9 127.8 538.6 106.5 118.4 111.9 111.0 447.9 93.8 107.2 111.8 119.7 432.4 1375 1513 2003 2336 1796 2536 2367 2383 1612 2232 1126 935 864 817 930同比 64.7%95.6%145.7%133.7%108.5%84.4%56.4%19.0%-31.0%24.3%-55.6%-60.5%-63.8%-49.3%-58.3%1609 1825 2421 2806 2151 2975 2817 2835 1876 2637 1272 1055 979 933 1055同比 69.5%97.0%148.1%142.0%112.8%84.9%54.4%17.1%-33.1%22.6%-57.3%-62.5%-65.5%-50.2%-60.0%跨太平洋 1830 2097 3184 3692 2654 3927 4158 4320 2563 3795 1525 1259 1339 1279 1346亚欧（包括地中海）2140 2419 3150 3647 2827 3765 3355 3320 2192 3183 1337 1081 991 882 1072亚洲区内（包括澳洲）1085 1161 1431 1644 1325 1853 1728 1727 1202 1626 942 803 694 695 778其他国际（包括大西洋）1913 2219 2573 3437 2538 3174 2757 3011 2447 2846 1736 1401 1276 1209 1400中国大陆 350 358 369 431 376 433 420 388 476 429 428 391 353 340 375营业成本 433.1 426.0 442.2 623.1 1925.4 627.5 486.0 603.4 462.9 2179.9 367.9 346.8 375.0 377.8 1467.6同比 31.7%24.7%19.4%45.7%31.1%44.9%14.1%36.5%-25.7%13.2%-41.4%-28.6%-37.9%-18.4%-32.7%毛利 215.3 318.2 479.9 399.0 1411.5 427.8 566.5 454.1 282.2 1730.7 105.6 98.1 52.1 31.1 286.9 30.1%39.2%49.7%34.6%38.9%38.1%51.2%44.3%35.4%42.8%20.3%27.0%15.8%4.1%17.2%154.5 216.5 305.0 217.1 893.5 276.2 371.0 324.9 123.8 1095.9 71.3 94.3 55.1 17.9 238.6同比 5200.6%2459.7%1019.8%257.8%799.5%78.7%71.4%6.5%-43.0%22.7%-74.2%-74.6%-83.0%-85.5%-78.3%154.1 216.1 304.0 217.6 891.8 274.8 369.4 323.0 123.1 1090.3 70.9 94.3 54.6 17.7 237.5同比 20237.7%2580.1%1025.5%262.0%829.6%78.4%70.9%6.2%-43.4%22.3%-74.2%-74.5%-83.1%-85.6%-78.2%33.2%42.8%52.0%39.0%42.3%40.5%53.8%42.9%37.9
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