TSPGC(601000) 太平洋·2024-12-06 06:36Investment Rating - The report maintains a "Buy" rating for Tangshan Port (601000) with a target price of 4.53 [1] Core Views - Tangshan Port's Q3 performance faced cyclical pressures, with a decline in revenue and net profit [4] - The company's revenue for the first three quarters of 2024 was 42.83 billion, a year-on-year decrease of 3.75% [4] - Net profit attributable to the parent company was 15.81 billion, down 2.01% year-on-year [4] - The company's cargo throughput for the first three quarters of 2024 was 1.74 billion tons, a year-on-year decrease of 0.7% [5] - The company's cost decreased by 7.14%, which was less than the decline in revenue, mainly due to the exclusion of certain subsidiaries from the consolidated financial statements [5] Financial Performance - The company's operating cash flow for the first three quarters of 2024 was 19.91 billion, a year-on-year increase of 3.83% [4] - The company's basic earnings per share for the first three quarters of 2024 was 0.27 yuan [4] - The weighted average return on equity (ROE) for the first three quarters of 2024 was 7.81% [4] Future Outlook - The company's cargo throughput is expected to stabilize as the economy bottoms out [6] - The completion of the 51st and 52nd bulk cargo berths at Jingtang Port Area in 30 months is expected to contribute to the company's performance [6] Financial Forecasts - The company's revenue is expected to grow by 0.2% in 2024, 0.5% in 2025, and 1.0% in 2026 [8] - Net profit attributable to the parent company is expected to grow by 2.9% in 2024, 1.4% in 2025, and 2.5% in 2026 [8] - The company's diluted earnings per share are expected to be 0.32 yuan in 2024, 0.33 yuan in 2025, and 0.34 yuan in 2026 [8] Valuation Metrics - The company's price-to-earnings ratio (PE) is expected to be 13.95 in 2024, 13.56 in 2025, and 13.36 in 2026 [8] - The company's price-to-book ratio (PB) is expected to be 1.40 in 2024, 1.34 in 2025, and 1.28 in 2026 [11] - The company's price-to-sales ratio (PS) is expected to be 4.62 in 2024, 4.44 in 2025, and 4.43 in 2026 [11]