ZPH(SZ:000507) Xin Lang Cai Jing·2025-05-29 00:29Core Insights - Zhuhai Port reported a total operating revenue of 5.125 billion RMB for 2024, a year-on-year decrease of 6.07%, while net profit attributable to shareholders increased by 5.37% to 292 million RMB [1] - The company plans to distribute a cash dividend of approximately 58.9 million RMB for 2024, representing about 20.2% of the annual net profit, with a dividend yield of approximately 1.2% based on the closing stock price on the report date [1] Segment Analysis - Port and Shipping Logistics: Revenue was 2.06 billion RMB, down 19.4% year-on-year, accounting for 40.2% of total revenue. Gross profit decreased by 2.3% to 520 million RMB, representing 38.9% of gross profit. The decline was primarily due to a 22.5% drop in container volume resulting from reduced demand for imported pulp [2] - New Energy: Revenue reached 2.43 billion RMB, an increase of 3.3% year-on-year, making up 47.5% of total revenue. However, gross profit fell by 4.6% to 650 million RMB, which is 48.3% of gross profit. The decline was attributed to extreme weather conditions and a decrease in comprehensive electricity prices following the extension of the Dali Wind Farm's operational life, leading to a 46.95% drop in operating profit [2] - Investment and Others: Revenue was 630 million RMB, up 15.9% year-on-year, contributing 12.3% to total revenue. Gross profit increased by 47.4% to 170 million RMB, accounting for 12.8% of gross profit. The significant growth was due to a decrease in the cost of capital for investment projects and increased returns [2] Investment Outlook - The company is optimistic about its four strategic directions and the continued incubation of its two subsidiaries, which are expected to enhance future performance. The substantial year-on-year increase in net profit for Q1 2025 is attributed to improvements in the core port and shipping business and optimized product sales from subsidiaries [3]