QDPI(SH:601298) ZHONGTAI SECURITIES·2024-08-31 03:01Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 9.31 yuan [1]. Core Insights - The company reported a slight decline in revenue for the first half of 2024, with a revenue of 9.067 billion yuan, down 0.98% year-on-year, while net profit increased by 3.05% to 2.642 billion yuan [3]. - The company is experiencing growth in container throughput, with a 9.0% increase in TEU (Twenty-foot Equivalent Unit) throughput to 15.82 million TEUs in the first half of 2024 [3]. - The ongoing integration of Shandong ports is expected to enhance the company's competitive position [3]. - The company forecasts net profits of 5.419 billion yuan, 6.014 billion yuan, and 6.593 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 0.83 yuan, 0.93 yuan, and 1.02 yuan [3]. Financial Performance Summary - Revenue Forecasts: - 2022A: 19,263 million yuan - 2023A: 18,173 million yuan - 2024E: 19,769 million yuan - 2025E: 21,513 million yuan - 2026E: 23,195 million yuan - Year-on-year growth rates: 20%, -6%, 9%, 9%, 8% [1]. - Net Profit Forecasts: - 2022A: 4,525 million yuan - 2023A: 4,923 million yuan - 2024E: 5,419 million yuan - 2025E: 6,014 million yuan - 2026E: 6,593 million yuan - Year-on-year growth rates: 14%, 9%, 10%, 11%, 10% [1]. - Earnings Per Share: - 2022A: 0.70 yuan - 2023A: 0.76 yuan - 2024E: 0.83 yuan - 2025E: 0.93 yuan - 2026E: 1.02 yuan [1]. - Valuation Ratios: - P/E ratios: 13.4, 12.3, 11.2, 10.0, 9.2 for 2022A to 2026E respectively [1]. - P/B ratios: 1.6, 1.5, 1.4, 1.2, 1.1 for 2022A to 2026E respectively [1]. Operational Highlights - The company achieved a container throughput of 15.82 million TEUs in the first half of 2024, with a 14.2% increase in transshipment volume [3]. - The company is actively expanding its inland port network, adding 9 new inland ports and launching 6 new sea-rail intermodal routes [3]. - The performance of liquid bulk and dry bulk segments faced challenges, with revenue declines attributed to increased competition and lower operational rates [3]. Strategic Developments - The company is in the process of acquiring assets from Rizhao Port Group and Yantai Port Group, with a total transaction value of 9.44 billion yuan, aimed at enhancing asset quality and profitability [3]. - The acquisition is expected to improve the company's earnings per share and strengthen its market position [3].