Changjiang Securities·2024-09-18 01:12Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights the growth potential of the container segment, with a 9.0% year-on-year increase in container throughput, slightly outpacing the national average of 8.6% [5][6]. - The liquid bulk segment faces challenges due to weak downstream demand and the impact of new oil terminals in the vicinity, leading to a 5.1% decline in net profit for this segment [5][6]. - The overall revenue for the first half of 2024 is reported at 9.07 billion yuan, a slight decrease of 1.0% year-on-year, while net profit attributable to shareholders increased by 3.0% to 2.64 billion yuan [5][6]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved revenue of 9.07 billion yuan, down 1.0% year-on-year, with a gross profit of 3.38 billion yuan and a gross margin of 37.2%, up 0.4 percentage points from the previous year [5][6]. - The net profit attributable to shareholders was 2.64 billion yuan, reflecting a 3.0% increase year-on-year [5][6]. Container Segment Performance - Container throughput reached 15.82 million TEU, marking a 9.0% increase year-on-year, with the container segment's net profit rising by 20.1% to 0.95 billion yuan, increasing its contribution to 28.9% of total profits [5][6]. - The growth in the container segment is attributed to sustained external demand and alignment with the export growth of Shandong province, which saw a 9.1% increase in total exports [5][6]. Liquid Bulk Segment Performance - The liquid bulk segment reported a net profit of 1.03 billion yuan, down 5.1% year-on-year, with its contribution to total profits decreasing to 33.2% [5][6]. - The decline is primarily due to weak domestic refinery performance and the commissioning of new oil terminals nearby, which reduced transportation demand from Qingdao [5][6]. Logistics and Value-Added Services - The logistics and port value-added services segment saw a net profit of 0.66 billion yuan, up 9.3% year-on-year, benefiting from high demand in container shipping and increased operations [6]. - The total throughput for the company was 350 million tons, reflecting a 6.8% increase year-on-year [6]. Future Outlook - The report anticipates that the company will achieve integrated consolidation of quality oil terminals in Shandong, which is expected to stabilize the performance of the liquid bulk segment [6]. - Forecasted net profits for 2024-2026 are projected at 5.13 billion, 5.23 billion, and 5.59 billion yuan, with corresponding price-to-earnings ratios of 10.4, 10.2, and 9.6 times [6].