CMPort(SZ:001872) Huachuang Securities·2024-10-31 16:37Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][13]. Core Insights - The company reported a slight decline in net profit for Q3, with a year-on-year decrease of 4.6%, attributed to reduced investment income from Shanghai Port [1]. - Revenue for the first three quarters of 2024 reached 12.17 billion yuan, a year-on-year increase of 3.5%, while Q3 revenue was 4.19 billion yuan, up 5.8% year-on-year [1]. - The company has a unique overseas port layout capability, positioning it as a leader in the "Belt and Road" initiative, with a compound annual growth rate (CAGR) of over 30% in net profit from 2019 to 2023, the highest among major listed port companies [1]. - The company has reduced capital expenditures, with a CAGR of -14% from 2019 to 2023, and is expected to generate increasing free cash flow as it enters a mature phase [1]. - The company emphasizes shareholder returns, with a cash dividend payout ratio of 41% in 2023, an increase of 7 percentage points year-on-year, and a 29% increase in dividends per share [1]. Financial Summary - For the first three quarters of 2024, the company achieved a net profit of 3.74 billion yuan, a year-on-year increase of 18.6%, while Q3 net profit was 1.19 billion yuan, down 4.6% [1]. - The company’s container throughput for the first three quarters of 2024 was 14.69 million TEUs, a year-on-year increase of 9.2%, with Q3 throughput at 5.13 million TEUs, up 8.1% year-on-year [1]. - The company’s total revenue projections for 2024-2026 are 4.19 billion yuan, 4.4 billion yuan, and 4.75 billion yuan, respectively, with corresponding earnings per share (EPS) of 1.68 yuan, 1.76 yuan, and 1.90 yuan [2][5].