QDPI(601298) Xinda Securities·2024-10-31 07:32Investment Rating - The investment rating for Qingdao Port (601298.SH) is "Buy" [1]. Core Views - The report highlights that Qingdao Port's operating performance remains stable, with a sequential improvement in container throughput. The total cargo throughput for the first three quarters of 2024 reached 533 million tons, a year-on-year increase of 5.72% [1]. - The report indicates a significant improvement in investment income, with a non-net profit attributable to the parent company increasing by 9.01% in Q3 2024 [1]. - Revenue for the first three quarters of 2024 was 139.78 billion yuan, reflecting a year-on-year growth of 2.34% [1]. - The report projects steady growth in revenue and net profit for Qingdao Port from 2024 to 2026, with expected revenues of 190.11 billion yuan, 198.94 billion yuan, and 206.90 billion yuan, representing growth rates of 4.61%, 4.64%, and 4.01% respectively [1]. Summary by Sections Operating Performance - Cargo throughput for Q1, Q2, and Q3 of 2024 was 172 million tons, 182 million tons, and 179 million tons, with year-on-year growth rates of 6.93%, 6.42%, and 3.90% respectively [1]. - Container throughput for the same periods was 7.67 million TEUs, 8.15 million TEUs, and 8.31 million TEUs, with year-on-year growth rates of 11.48%, 6.68%, and 6.27% respectively [1]. Financial Performance - Non-net profit attributable to the parent company for the first three quarters of 2024 was 38.85 billion yuan, a year-on-year increase of 4.75% [1]. - The report details that the revenue for Q1, Q2, and Q3 of 2024 was 44.30 billion yuan, 46.37 billion yuan, and 49.11 billion yuan, with year-on-year growth rates of -2.67%, 0.68%, and 9.10% respectively [1]. - The net profit attributable to the parent company for the first three quarters of 2024 was 39.31 billion yuan, a year-on-year increase of 3.78% [1]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 is 51.79 billion yuan, 55.84 billion yuan, and 59.96 billion yuan, with growth rates of 5.19%, 7.82%, and 7.38% respectively [1]. - The expected EPS for 2024, 2025, and 2026 is 0.80 yuan, 0.86 yuan, and 0.92 yuan [1].