TSPGC(601000) 太平洋·2024-12-06 06:10Investment Rating - The report maintains an "Accumulate" rating for Tangshan Port (601000) with a target price based on the last closing price of 4.53 [1][6]. Core Views - The report highlights that Tangshan Port's Q3 performance faced cyclical pressures, with a notable decline in cargo throughput, which is expected to stabilize as the economic adjustment reaches its bottom [1][4][6]. - The company reported a total revenue of 4.283 billion, a year-on-year decrease of 3.75%, and a net profit attributable to shareholders of 1.581 billion, down 2.01% year-on-year [4][5]. - The report anticipates that the completion of new bulk cargo berths in the Jing-Tang Port area in 30 months will contribute positively to the company's performance in the medium to long term [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, Tangshan Port achieved a total revenue of 4.283 billion, a decrease of 3.75% year-on-year, and a net profit of 1.581 billion, down 2.01% year-on-year [4]. - The basic earnings per share were reported at 0.27, with a weighted average return on equity of 7.81% [4]. - The net cash flow from operating activities was 1.991 billion, reflecting a year-on-year increase of 3.83% [4]. Operational Insights - The company primarily engages in comprehensive port transportation services, including cargo handling and related services, with a diverse cargo mix mainly consisting of bulk goods such as ores, coal, and steel [5]. - The report notes a 7.14% decrease in costs, which was less than the revenue decline, attributed to the exclusion of certain subsidiaries from the consolidated financial statements [5]. Future Outlook - The report projects that as the economic cycle stabilizes, the cargo throughput at Tangshan Port is expected to show a steady recovery [6]. - The anticipated completion of new facilities is expected to enhance the company's revenue generation capabilities in the future [6].