XMPD(SZ:000905) Zheng Quan Shi Bao Wang·2025-09-10 11:36Core Viewpoint - Xiamen Port Authority (000905) has announced an action plan to enhance the "Quality Return Dual Improvement" initiative, focusing on asset integration, increased dividend distribution, business innovation, governance structure improvement, enhanced information disclosure quality, and deepening ESG practices [1] Group 1: Dividend Strategy - The company plans to significantly increase its dividend payout ratio to 60% of the distributable profit from 2025 to 2027, surpassing the previous target of 30% [1] - The average cash dividend payout ratio for listed companies in the port industry for 2024 is approximately 36.4%, with the highest at about 59.9%. If the company successfully implements its new dividend plan, it will achieve the highest payout ratio in the industry [1] Group 2: Asset Integration and Financial Impact - The integration of the container terminal group's assets is expected to significantly enhance the company's asset and profit scale, with projected net profit increasing from 200 million yuan to 596 million yuan in 2024, a rise of 198.43% [2] - Earnings per share are expected to grow from 0.27 yuan to 0.39 yuan, an increase of 44.44%, while the return on equity will rise from 4.06% to 5.94%, an increase of 1.88 percentage points [2] - The company's debt-to-asset ratio is projected to decrease from 50.92% to 42.07%, a reduction of 8.85 percentage points, indicating improved financial stability [2] Group 3: Market Analysis and Investor Appeal - The injection of high-quality container assets is anticipated to significantly enhance the company's profitability and cash flow, allowing for substantial dividend increases that will provide high returns to shareholders [2] - Market analysis suggests that the growing demand for stable returns among investors makes high-dividend assets attractive to long-term funds such as public offerings and insurance, aligning with the needs of "patient capital" [2]