恒通股份新任董事长隋永峰：围绕港口打造第二增长曲线，引入耐心资本优化股东结构

Core Viewpoint - Hengtong Co., Ltd. is entering a new development phase under the control of Nanshan Group, which has increased its stake in the company through various capital operations, aiming to address the market perception of the company's undervaluation [1][6] Group 1: Strategic Transition - The company is transitioning from a traditional road transport enterprise to a comprehensive port service provider, with the core asset, Shandong Yulong Port Co., Ltd., expected to drive significant revenue growth in 2024 [1][2] - The new chairman, Sui Yongfeng, emphasizes a strategy focused on leveraging the port as a key growth driver, while also optimizing resource allocation through capital operations [1][4] Group 2: Financial Performance - In 2024, Hengtong's LNG business revenue decreased by 58.18%, while port business revenue surged by 120.26%, contributing to 10.87% of total revenue with a gross margin of 58.81% [2][4] - The Yulong Port's strategic position is highlighted as it serves as the exclusive port for the Yulong Petrochemical Industrial Park, ensuring stable business and future expansion opportunities [2][3] Group 3: LNG Business Strategy - The company is shifting its LNG business model from a trade and transport integration to a pure transportation model, aiming to enhance profitability amid market volatility [4][5] - Hengtong plans to extend its LNG operations upstream and downstream, collaborating with leading domestic companies and expanding terminal user bases to improve market share [5][6] Group 4: Capital Structure Optimization - The company is focused on enhancing its market valuation through strategic capital operations, including a recent tender offer by Nanshan Group, which aims to address the perceived undervaluation of Hengtong [6][7] - Nanshan Group's increased stake, now at 41.3%, is seen as a move to stabilize governance while ensuring the interests of minority shareholders are protected [6][7]