盐田港区驱动公司业绩增长，重组配套募资顺利推进

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's performance is driven by the growth in the Yantian Port area, with successful fundraising for restructuring [1] - Despite a revenue decline of 9.5% year-on-year to 610 million yuan in the first three quarters of 2024, the net profit attributable to shareholders increased by 5.7% to 1.004 billion yuan, and the net profit excluding non-recurring items surged by 107.1% to 1.003 billion yuan [1] - The increase in investment income, which rose by 12% to 970 million yuan, is attributed to the strong performance of the Yantian Port area, with container throughput growing by 9.3% year-on-year [1] - The company has successfully launched its first African route and expanded its cross-border e-commerce routes to 11, enhancing its competitive position [1] Financial Summary - For the first three quarters of 2024, the company's gross margin decreased to 24.9%, down 7.7 percentage points year-on-year [1] - Financial expenses decreased significantly by 85.81% year-on-year, primarily due to increased interest income and reduced interest expenses [1] - The company raised a total of 4 billion yuan through a private placement, with a significant subscription from COSCO Shipping Holdings amounting to nearly 1 billion yuan [1] - The expected revenue for 2024-2026 is projected to be 860 million, 900 million, and 950 million yuan respectively, with net profits of 1.17 billion, 1.17 billion, and 1.21 billion yuan [1][5]