Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to realize benefits from its transformation and upgrade, highlighting its high dividend value [4] - The company anticipates a significant increase in shareholder profit for 2024, estimated between HKD 2.8 billion to HKD 3.1 billion, representing a year-on-year increase of approximately 53% to 63% [7] - The profit growth is primarily driven by the confirmation of land exchange tax benefits from the South China logistics park transformation project, successful inclusion of two logistics port projects into public REITs, and a reduction in foreign exchange losses due to optimized borrowing currency structure [7] Financial Performance and Forecast - Revenue projections for the company are as follows: - 2022: HKD 15,529.3 million - 2023: HKD 20,523.8 million (32.2% YoY growth) - 2024E: HKD 14,842.7 million (-27.7% YoY decline) - 2025E: HKD 15,908.7 million (7.2% YoY growth) - 2026E: HKD 17,030.8 million (7.1% YoY growth) [6] - Net profit attributable to shareholders is projected as follows: - 2022: HKD 1,253.9 million - 2023: HKD 1,901.6 million (51.7% YoY growth) - 2024E: HKD 2,945.5 million (54.9% YoY growth) - 2025E: HKD 4,003.9 million (35.9% YoY growth) - 2026E: HKD 4,021.8 million (0.4% YoY growth) [6] - The company maintains a stable dividend policy, with a payout ratio increasing from approximately 40% (2013-2016) to around 50% (2017-2023), totaling HKD 12.4 billion in dividends during that period [7] Market Performance - The company is expected to return to a value range due to its high dividend yield, projected at approximately 8.2%, 11.2%, and 11.3% for 2024-2026 [7] - The transformation project of the South China logistics park is entering a realization phase, with land preparation providing profit increments [7]
深圳国际：转型升级兑现收益，高股息价值凸显-20250305