XMPD(SZ:000905) Zhong Guo Jing Ying Bao·2025-04-03 21:49Core Viewpoint - Xiamen Port Development Co., Ltd. continues to experience high revenue but low profit, as evidenced by its 2024 annual report showing a decline in both revenue and net profit [2][4]. Financial Performance - In 2024, the company achieved a revenue of approximately 22.15 billion yuan, a year-on-year decrease of 3.40% [3]. - The total profit for the year was 371 million yuan, down 7.72% year-on-year, while the net profit attributable to shareholders was around 200 million yuan, reflecting a decline of 13.84% [3]. - The company's gross profit margin for 2024 was 2.84%, showing a slight increase of 0.06 percentage points compared to 2023 [6]. Business Segments - The port trade business contributed 89.62% of the overall revenue, although it experienced a year-on-year decline of 4.09%, generating approximately 19.86 billion yuan [3]. - The bulk cargo terminal segment achieved a revenue of 1.02 billion yuan, a slight increase of 0.17% year-on-year, while the logistics segment generated 1.26 billion yuan, up 5.45% year-on-year [3]. Major Asset Restructuring - The company announced a significant asset restructuring plan to acquire 70% of Xiamen Container Terminal Group, aiming to enhance profitability [7]. - The acquisition is expected to create synergies with existing operations and improve the company's financial performance, as the container terminal group has shown strong profitability with net profits of approximately 492 million yuan and 562 million yuan for 2023 and 2024, respectively [7][9]. Historical Context - Since 2017, the company's revenue has consistently exceeded 10 billion yuan, surpassing 20 billion yuan since 2021, but net profits have remained below 300 million yuan [6]. - The gross profit margin has not exceeded 10% since 2013, consistently hovering around 3% in recent years [6].