TSPGC(SH:601000) Xinda Securities·2024-11-03 11:37Investment Rating - The investment rating for Tangshan Port (601000.SH) is "Accumulate" [1]. Core Views - The report highlights a decline in net profit attributable to shareholders by 18.30% in Q3 2024, with a decrease in cargo throughput [1]. - The total cargo throughput for the first three quarters of 2024 reached 174 million tons, a year-on-year decrease of 0.71% [1]. - Revenue for the first three quarters of 2024 was 4.283 billion yuan, down 3.75% year-on-year [1]. - The net profit attributable to shareholders for the first three quarters of 2024 was 1.581 billion yuan, a year-on-year decline of 2.01% [1]. - The debt-to-asset ratio at the end of Q3 2024 was 9.30%, a decrease of 1.25 percentage points year-on-year [1]. Summary by Sections Cargo Throughput - In Q3 2024, the cargo throughput was 55 million tons, with year-on-year growth rates of 2.11%, 1.57%, and -5.82% for Q1, Q2, and Q3 respectively [1]. Revenue - The revenue for Q1, Q2, and Q3 of 2024 was 1.484 billion, 1.494 billion, and 1.305 billion yuan, with year-on-year growth rates of 1.77%, 1.86%, and -14.42% respectively [1]. Net Profit - The net profit for Q1, Q2, and Q3 of 2024 was 541 million, 562 million, and 477 million yuan, with year-on-year growth rates of 4.81%, 9.68%, and -18.30% respectively [1]. Financial Forecast - The report forecasts that Tangshan Port will achieve revenues of 5.739 billion, 5.771 billion, and 5.791 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -1.81%, 0.56%, and 0.35% [1][2]. - The net profit attributable to shareholders is expected to be 1.927 billion, 1.950 billion, and 2.000 billion yuan for the same years, with growth rates of 0.09%, 1.19%, and 2.58% respectively [1][2].