Ge Long Hui·2025-09-01 07:32Core Viewpoint - Huatai Securities reported that China Merchants Port's revenue for the first half of the year was HKD 6.46 billion, an increase of 11.4% year-on-year, while net profit was HKD 3.58 billion, a decrease of 19.5% year-on-year [1] Group 1: Financial Performance - Revenue for the first half of the year reached HKD 6.46 billion, reflecting an 11.4% year-on-year growth [1] - Net profit for the same period was HKD 3.58 billion, showing a year-on-year decline of 19.5% [1] Group 2: Future Outlook - Despite macroeconomic uncertainties, the company is expected to maintain stable performance in its core port operations in the second half of the year [1] - The long-term outlook remains positive due to the company's overseas terminal layout, which is anticipated to benefit from industry restructuring and drive steady growth in overall throughput [1] Group 3: Profit Forecast Adjustments - The company’s net profit forecasts for 2025 to 2027 have been revised down by 5%, 4%, and 4% respectively, to HKD 7.3 billion, HKD 7.86 billion, and HKD 8.51 billion [1] - The target price has been raised from HKD 15.6 to HKD 17.4 based on a 10 times price-to-earnings ratio for the fiscal year 2025, considering the growth potential from the overseas terminal layout [1]