唐山港：吞吐量同比减少，Q3业绩下滑

Investment Rating - The report maintains a "Buy" rating for Tangshan Port (601000 SH) [1] Core Views - Tangshan Port's Q3 2024 revenue declined by 14 4% YoY to 13 05 billion RMB while net profit attributable to shareholders dropped 18 3% YoY to 477 million RMB [1] - The company's total cargo throughput for Q1-Q3 2024 decreased by 1% YoY to 174 million tons with Q3 throughput down 6% YoY to 55 million tons [1] - The port's berth construction project with a designed throughput capacity of 25 6 million tons is progressing with total investment estimated at 5 4 billion RMB [1] Financial Performance - For Q1-Q3 2024 Tangshan Port reported revenue of 42 8 billion RMB down 3 8% YoY and net profit of 15 8 billion RMB down 2 0% YoY [1] - The company's gross margin in Q3 2024 was 50 53% down 1 3 percentage points YoY while expense ratio decreased by 1 27 percentage points [1] - Net profit margin attributable to shareholders stood at 36 6% in Q3 2024 down 1 74 percentage points YoY [1] Cargo Throughput Analysis - Iron ore throughput in Q3 2024 increased by 2% YoY to 28 84 million tons driven by rising import demand [1] - Coal throughput declined by 11% YoY to 15 406 million tons due to reduced thermal power demand [1] - Steel product throughput dropped 18% YoY to 3 932 million tons likely due to lower steel mill operating rates [1] Future Projections - The report maintains 2024-2025 net profit forecasts of 21 61 billion RMB and 23 24 billion RMB respectively [1] - Revenue is projected to grow from 60 5 billion RMB in 2024E to 67 67 billion RMB in 2026E [3] - Net profit attributable to shareholders is expected to increase from 21 61 billion RMB in 2024E to 26 05 billion RMB in 2026E [3] Valuation Metrics - The company's P E ratio is forecasted to decrease from 9 44 in 2024E to 7 82 in 2026E [3] - ROE is projected to improve from 10 51% in 2024E to 11 83% in 2026E [3] - EPS is expected to grow from 0 365 RMB in 2024E to 0 440 RMB in 2026E [3]