Investment Rating - The report maintains a "Buy" rating for Shenzhen International (00152) as of August 30, 2024 [1]. Core Views - The logistics business is under short-term pressure, but the REITs off-balance sheet contribution has significantly boosted profits, with a tax-adjusted gain of HKD 587 million from REITs [3]. - The company has successfully optimized its debt structure, reducing foreign currency loans to 17% of total borrowings, which has led to a substantial decrease in exchange losses to HKD 26 million, down from HKD 584 million year-on-year [4]. - The company is committed to high shareholder returns, maintaining a dividend payout ratio around 50%, with projected dividend yields of 9.69% and 12.97% for 2024 and 2025, respectively [5]. Summary by Sections Financial Performance - For H1 2024, Shenzhen International reported revenue of HKD 6.61 billion, a year-on-year decrease of 4.46%, while net profit attributable to shareholders reached HKD 653 million, a remarkable increase of 609.10% [2]. - The logistics segment generated revenue of HKD 882 million, down 4.69% year-on-year, but net profit from this segment increased by 34.39% to HKD 527 million [3]. Debt Management - The company has actively optimized its debt profile, resulting in a 27 percentage point reduction in foreign currency loan proportion compared to the previous year, effectively mitigating exchange rate risks [4]. Project Development - The South China logistics park project is progressing steadily, with the first land parcel successfully auctioned, providing a reference for land value within the company's development scope [5]. Earnings Forecast - The report forecasts revenues of HKD 15.99 billion, HKD 17.28 billion, and HKD 17.83 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of HKD 2.91 billion, HKD 3.89 billion, and HKD 3.11 billion [8].
深圳国际：2024年半年报点评：REITs出表贡献利润，2024H1业绩实现高增