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Can Management Be Trusted?

Can Management Be Trusted?

Assess buybacks, M&A, and capital use

Made by
LLim Jinny
Installed by
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FromYouMind

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厦门供应链「三剑客」2026 中报横向对比(建发股份 · 厦门象屿 · 厦门国贸)

对比对象:建发股份(600153.SH)、厦门象屿(600057.SH)、厦门国贸(600755.SH)——同处厦门、同为地方国资控股的大宗商品供应链龙头,市场并称「三剑客」。数据区间:三家公司均于 2026 年 8 月下旬披露 2026 年半年度报告。

阅读说明:以下为基于公开中报数据的横向观察,用于长期研究,不构成任何买卖或仓位建议。


一、核心财务指标对照(2026 上半年)

指标建发股份厦门象屿厦门国贸
营业收入3037.84 亿元(−3.66%)2090.45 亿元(+2.50%)1962.04 亿元(+29.37%)
归母净利润9.89 亿元(+17.62%)10.66 亿元(+3.28%)4.26 亿元(−18.50%)
扣非归母净利润10.77 亿元(+59.52%)9.42 亿元(+184.75%)8.26 亿元(扭亏为盈)
基本每股收益0.25 元(+25%)0.28 元(−9.68%)0.10 元(−23.08%)
加权平均 ROE1.68%(+0.64pct)5.04%1.08%
毛利率4.22%2.50%(+0.83pct)2.37%
净利率—0.73%0.19%
经营性现金流净额+66.41 亿元(−62.84%)−138.66 亿元−285.55 亿元
期末总资产8460.07 亿元(较年初 +15.40%)1361.35 亿元(+5.78%)1521.18 亿元(+44.39%)
资产负债率78.83%71.74%(−0.55pct)74.66%
EBITDA 利息保障倍数—6.572.48

注:三家的营收口径、业务构成差异较大,绝对值不宜直接对比,需结合结构看(见第四节)。


二、盈利质量:三家都在「修复」,但含金量不同

厦门供应链「三剑客」2026 中报横向对比(建发股份 · 厦门象屿 · 厦门国贸)

Description

Assess management and capital allocation like a shareholder, including whether buybacks and M&A are creating value.

Best for

For investors, researchers, and asset management professionals evaluating public-company management credibility, capital allocation, and governance risks.

How to use this Skill

  1. Provide your input

    Provide the public company name, ticker, analysis period, and available annual reports, filings, buyback, M&A, dividend, and governance materials. State what you want checked.

  2. Run the Skill

    Using public sources, carefully assess management promises and actions, capital allocation, governance structure, and alignment with shareholder interests. Distinguish facts, inferences, and unknowns.

  3. Review your result

    Receive a research report covering the source scope, evidence limits, capital allocation quality, governance risks, and key areas for follow-up. It does not provide buy, sell, or position-sizing advice.

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Information

Version
v6
Last updated
Runtime credits
Usage-based
Models
Auto
Use cases
Research & analysisBusiness & strategyInvestment & finance
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Can Management Be Trusted?