Group 1 - The core viewpoint of Huayuan Securities is that Shenzhen International (00152) maintains a "buy" rating, as the transformation and upgrading project of the South China Logistics Park is entering a realization phase, with land preparation providing profit increments and dividends enhancing company value [1] Group 2 - The second phase of the South China Logistics Park's reserved land continues to be realized, with expected incremental revenue release in 2026-2027. The company signed a land preparation agreement in 2023, receiving HKD 1.058 billion in demolition compensation and 108,700 square meters of reserved land usage rights, including residential and commercial areas [2] - The estimated post-tax revenue from the land exchange for the 02-20-02 plot (approximately 140,000 square meters of residential area) is about HKD 2.6 billion, with an additional expected 337,500 square meters of land to be confirmed in two phases, potentially releasing about HKD 5.6 billion in post-tax land exchange revenue [2] Group 3 - Shenzhen International maintains a stable dividend policy, with a payout ratio of around 40% from 2013 to 2016, increasing to about 50% from 2017 to 2024. The total dividends paid from 2018 to 2024 amount to HKD 11.8 billion. Based on a 50% dividend ratio, the expected dividend yield for 2025-2027 is approximately 8.7%, 8.7%, and 6.7%, indicating a potential return to value under high dividends [3]
华源证券：维持深圳国际(00152)“买入”评级 转型升级项目持续兑现 高股息价值凸显