Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][24]. Core Views - The company achieved a revenue of 16.131 billion yuan in 2024, with a year-on-year growth of 2.4%, and a net profit attributable to shareholders of 4.516 billion yuan, reflecting a significant year-on-year increase of 26.4% [6][2]. - The report emphasizes the strategic value of the company's overseas port assets, highlighting its role as a pioneer in the "Belt and Road" initiative, which is expected to enhance its long-term performance stability and growth potential [6][1]. - The company is projected to maintain a strong performance in container business, with a total throughput of 195.159 million TEUs in 2024, representing an 8.3% increase year-on-year [6][10]. Financial Summary - **Revenue Forecast**: The company is expected to generate total revenue of 16.146 billion yuan in 2025, with a projected growth rate of 0.1% [2]. - **Net Profit Forecast**: The net profit for 2025 is estimated at 4.606 billion yuan, with a growth rate of 2.0% [2]. - **Earnings Per Share (EPS)**: The EPS is projected to be 1.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 times [2][6]. - **Target Price**: The target price for the company is set at 25.6 yuan for 2025, indicating a potential upside of 29% from the current price of 19.92 yuan [2][6]. Operational Highlights - The company reported a significant increase in investment income, reaching 6.547 billion yuan in 2024, with a year-on-year growth of 3.12% [6][2]. - The report notes that the company’s container business outperformed the industry average, with notable market share gains in key regions [6][10]. - The company plans to distribute a cash dividend of 7.4 yuan per 10 shares, totaling 1.843 billion yuan, which corresponds to a dividend yield of 3.7% based on the closing price on April 3, 2025 [6][2].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's revenue growth in 2024 is primarily driven by an increase in container throughput and the consolidation of the Indonesian NPH project. The total global throughput reached 195 million TEU, reflecting an 8.3% increase, which is higher than the average growth rate of domestic ports [1] - The company has strengthened its domestic hub position, with the Shenzhen West Port area achieving a throughput of 15.99 million TEU, up 17.7%, and foreign trade market share exceeding 50% [1] - The company has also seen significant contributions from overseas projects, with notable performances from Brazil's TCP (+24.3%), Togo's LCT (+3.9%), and Djibouti's PDSA (+47.9%). The newly acquired Indonesian NPH contributed an additional 417,000 TEU since July [1] - The company has effectively controlled operating costs, resulting in a 1.3% decrease in operating costs year-on-year, leading to an increase in gross profit by 500 million yuan and a gross margin of 43.0%, up 2.15 percentage points [1] - The proposed cash dividend of 0.74 yuan per share for 2024 represents a dividend payout ratio of 40.8%, the highest in eight years, with a dividend yield of 3.7% [1] Financial Summary - The company forecasts revenue of 161.31 billion yuan for 2024, with a year-on-year growth of 2.41%. The net profit attributable to shareholders is projected to be 45.16 billion yuan, reflecting a 26.44% increase [4] - The earnings per share (EPS) is expected to be 1.81 yuan for 2024, with a price-to-earnings (P/E) ratio of 11.03 [4] - The company anticipates net profits of 47.56 billion yuan, 49.8 billion yuan, and 52.27 billion yuan for 2025, 2026, and 2027, respectively [3][4] Industry Outlook - The company's global network is expected to continue deepening, with the full-year consolidation of the Indonesian NPH and the ramp-up of HIPG's container business. The throughput growth for Terminal Link is projected to be 5.7% year-on-year in 2024 [2] - The RCEP benefits are expected to persist, with Southeast Asian ports likely to maintain high growth rates, further solidifying the company's hub positions in the Pearl River Delta and Yangtze River Delta regions [2]

Financial Performance - The company achieved operating revenue of CNY 16.131 billion, a year-on-year increase of 2.4% [2] - The net profit attributable to shareholders reached CNY 4.516 billion, marking a 26.4% year-on-year growth, setting a historical high [2] - A cash dividend of CNY 7.4 per 10 shares (including tax) is proposed, reflecting a 27.6% increase compared to the previous year [2] Business Operations - Container throughput reached 19.5159 million TEUs, an increase of 8.3% year-on-year [2] - Bulk cargo throughput was 1.26 billion tons, with a slight growth of 0.6% [2] - The Shenzhen West Port area achieved a record container throughput of 15.991 million TEUs, up 17.7% year-on-year, surpassing 50% market share in Shenzhen's foreign trade [4] Strategic Advantages - The Shenzhen West Port's geographical advantage positions it as the closest port to international natural waterways in South China's economic center [4] - The port has a total of 189 shipping routes, with 152 routes in Asia, benefiting from regional trade agreements like RCEP [5] - The company operates a combination port model, enhancing service efficiency for inland customers [5] Future Outlook - In 2025, domestic port rates are expected to increase by approximately 3%, while overseas rates will remain at 3-4% [7] - The overseas port projects achieved a container throughput of 36.835 million TEUs, a growth of 8.1% year-on-year, with significant contributions from emerging markets [8] - The company plans to focus on investments in the Middle East, Latin America, and Southeast Asia [8] Shareholder Returns - The total cash dividend distribution for 2024 is estimated at CNY 1.843 billion, representing 40.8% of the net profit [10] - The company has a three-year shareholder return plan, committing to distribute at least 40% of the annual distributable profit in cash [10]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, growing by 26.44% year-on-year in 2024, with a total of 4.516 billion yuan [3] - The company is expected to continue expanding its overseas port resources, anticipating the release of synergistic effects from recent acquisitions [3] Financial Performance Summary - **Revenue**: In 2024, the company reported total revenue of 16.131 billion yuan, a year-on-year increase of 2.41%. The fourth quarter revenue was 3.964 billion yuan, showing a slight decline of 0.77% [3] - **Net Profit**: The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%. In Q4 2024, net profit reached 780 million yuan, marking an impressive increase of 84.67% year-on-year [3] - **Container Throughput**: The company reported a 16.31% increase in container throughput in the Pearl River Delta region, totaling 17.267 million TEUs in 2024. Overseas container throughput also grew by 9.68%, reaching 37.363 million TEUs [3] - **Investment Income**: Investment income from core holdings showed strong growth, with Shanghai Port Group contributing 4.182 billion yuan (up 13.00%) and Ningbo Port contributing 1.134 billion yuan (up 7.99%) in 2024 [3] - **Dividends**: The company announced a total dividend of 1.843 billion yuan for 2024, with a payout ratio of 41%. The planned dividend payout for 2025-2027 is set to be no less than 40% of distributable profits, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion yuan, 17.329 billion yuan, and 17.911 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3.85%, 3.45%, and 3.36% [5] - The net profit attributable to shareholders is expected to be 4.457 billion yuan, 4.691 billion yuan, and 4.919 billion yuan for the same years, with growth rates of -1.30%, 5.24%, and 4.86% respectively [5] - The earnings per share (EPS) are forecasted to be 1.78 yuan, 1.88 yuan, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, growing by 26.44% year-on-year in 2024, with a total of 4.516 billion yuan [3] - The company is expected to continue expanding its overseas port resources, anticipating the release of synergistic effects from recent acquisitions [3] Financial Performance Summary - Revenue for 2024 reached 16.131 billion yuan, a year-on-year increase of 2.41%, while the fourth quarter saw a slight decline of 0.77% [3] - The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%, with the fourth quarter showing a remarkable increase of 84.67% year-on-year [3] - Container throughput in the Pearl River Delta region increased by 16.31% year-on-year, totaling 17.267 million TEUs in 2024 [3] - Overseas container throughput also saw a growth of 9.68%, reaching 37.363 million TEUs in 2024 [3] - Investment income from core holdings, such as Shanghai Port Group and Ningbo Port, increased by 13.00% and 7.99% respectively [3] - The company plans to maintain a cash dividend ratio of no less than 40% of distributable profits from 2025 to 2027, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion, 17.329 billion, and 17.911 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3.85%, 3.45%, and 3.36% [5] - The net profit attributable to shareholders is expected to be 4.457 billion, 4.691 billion, and 4.919 billion yuan for the same years, with growth rates of -1.30%, 5.24%, and 4.86% respectively [5] - The earnings per share (EPS) is forecasted to be 1.78, 1.88, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]

Core Viewpoint - The company achieved record high performance in 2024, driven by a focus on "high-quality development" and a global strategy, resulting in significant growth in revenue and net profit [1][2]. Financial Performance - The company reported a revenue of 16.13 billion yuan, an increase of 2.4% year-on-year, and a net profit attributable to shareholders of 4.52 billion yuan, up 26.4% [1]. - A cash dividend of 7.4 yuan per 10 shares (including tax) was proposed, totaling 1.853 billion yuan, reflecting a year-on-year increase of 27.1% [1]. Port Operations - In 2024, China's total cargo throughput reached 17.6 billion tons, growing by 3.7%, while container throughput was 33.2 million TEU, up 7.0% [2]. - The company's core container business achieved a throughput of 19.5159 million TEU, marking an 8.3% increase [2]. - The Shenzhen Western Port area saw a record throughput of 1.5991 million TEU, a growth of 17.7%, significantly outperforming the industry average [3]. Global Strategy and Overseas Expansion - The company has established a collaborative network across 51 ports in 26 countries, contributing to a 15.0% year-on-year increase in overseas revenue, which reached 5.51 billion yuan [4][5]. - The overseas business accounted for 34.2% of total revenue, with a gross margin of 55.2%, enhancing overall profitability [4]. - Notable growth was observed in emerging markets, with Sri Lanka's CICT and Brazil's TCP achieving container throughput increases of 4.5% and 24.3%, respectively [5]. Shareholder Returns and Valuation Enhancement - The company announced a valuation enhancement plan, aiming for a dividend payout ratio of no less than 40% from 2024 to 2026, indicating a commitment to shareholder returns [6]. - Since the start of the buyback program, the company has repurchased 11.155 million shares, representing 0.446% of total shares, with a total expenditure of 218 million yuan [6]. Market Position and Investment Outlook - The stock price adjustment in the transportation sector has improved the company's dividend yield, enhancing its investment appeal [7]. - Analysts recommend buying or increasing holdings in the company, citing its high dividend assets, global growth potential, and valuation recovery prospects [7].

Core Viewpoint - The company proposes a profit distribution plan for the year 2024, emphasizing stable operations and good cash flow, aiming to reward shareholders and share the company's development achievements [1]. Summary by Sections 1. Profit Distribution Plan Overview - The company plans to distribute profits based on a net profit of CNY 4,516,301,317.16 for the year 2024, with a proposal to allocate 10% of the after-tax profit to the statutory reserve fund, reaching 50% of the registered capital [1]. - The remaining undistributed profit at the end of 2024 is projected to be CNY 2,285,715,457.11 [1]. - The total number of shares is 2,501,384,781, and the company will not issue bonus shares or convert capital reserves into share capital, with a total cash dividend distribution amounting to CNY 1,893,318,218.05, representing 41.92% of the net profit attributable to shareholders [1]. 2. Cash Dividend Plan Specifics - The cash dividend total for the current year is CNY 1,893,318,218.05, with the net profit attributable to shareholders being CNY 4,516,301,317.16, compared to CNY 3,571,800,762.16 in the previous year [2]. - The cumulative undistributed profit at the end of the current year is CNY 21,957,778,579.11 for the consolidated statements and CNY 2,285,715,457.11 for the parent company [2]. - The average net profit over the last three years is CNY 3,808,516,100.71, with no share buybacks recorded in the last three years [3]. 3. Reasonableness of Cash Dividend Plan - The profit distribution plan complies with relevant laws and regulations, considering the company's overall situation and aligning with the interests of the company and all shareholders [3]. - The cash dividend level is consistent with the average level of listed companies in the same industry, indicating no significant discrepancies [3].

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-017 招商局港口集团股份有限公司 第十一届监事会第四次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 （一）审议通过《关于<2024 年度监事会工作报告>的议案》 会议以 4 票同意、0 票反对、0 票弃权审议通过《关于<2024 年度监事会工作 报告>的议案》，并同意将《关于<2024 年度监事会工作报告>的议案》提交本公 司 2024 年度股东大会审议。报告具体内容详见附件。 （二）审议通过《关于<2024 年年度报告及摘要>的议案》 会议以 4 票同意、0 票反对、0 票弃权审议通过《关于<2024 年年度报告及摘 要>的议案》，并同意将《关于<2024 年年度报告及摘要>的议案》提交本公司 2024 年度股东大会审议。监事会发表独立书面审核意见如下： 根据有关规定，我们对本公司《2024 年年度报告及摘要》进行了认真审核， 经审核，监事会认为董事会编制和审议 2024 年年度报告的程序符合法律、行政 法规及中国证监会和深圳证券交易所的规定，报告内容真实、准 ...

2024 年 12 月 31 日 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于招商局港口集团股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 毕马威华振专字第 2501663 号 关于招商局港口集团股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 招商局港口集团股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了招商局港口集团股份有限公司（以下 简称"贵公司"）2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表 以及相关财务报表附注，并于 2025 年 4 月 1 日签发了无保留意见的审计报告。 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理委员会 和中国银行保险监督管理委员会发布的《上市公 ...

招商局港口集团股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 招商局港口集团股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | | | | 合并资产负债表 | 1 - | 3 | | 母公司资产负债表 | 4 - | 6 | | 合并利润表 | 7 - | 8 | | 母公司利润表 | 9 | | | 合并现金流量表 | 10 | | | 母公司现金流量表 | 11 | | | 合并股东权益变动表 | 12 - | 13 | | 母公司股东权益变动表 | 14 - | 15 | | 财务报表附注 | 16 - | 186 | 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2507318 号 招商局港口集团股份有限公司全体股东： 一、审计意见 我们审计了后附的招 ...