Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of HKD 6.7 billion for 2024, a year-on-year increase of 9.4%, while the net profit attributable to shareholders decreased by 9.3% to HKD 1.18 billion [2][3]. - The performance of the subsidiary, Huade Petrochemical, improved due to the initiation of naphtha unloading services, contributing to a revenue increase [2]. - Investment income decreased by 12.5% to HKD 860 million, primarily due to reduced returns from domestic terminals [3]. - The company has completed upgrades to the Ma Bian Zhou terminal, which is expected to enhance business volume by over 20% [4]. - The company has a strong cash position with HKD 6.94 billion in cash and deposits as of the end of 2024, and it plans to maintain its annual cash dividend at HKD 0.25 per share [4]. Financial Summary - For 2024, the company achieved a revenue of HKD 6.67 billion, with a gross profit of HKD 3.2 billion, reflecting a 25% increase year-on-year [2]. - The net profit forecast for 2025 and 2026 has been revised down to HKD 1.28 billion and HKD 1.31 billion, respectively, due to weakened crude oil import demand [5]. - The company’s diluted earnings per share for 2024 is projected at HKD 0.47, with a return on equity of 7.4% [7].
中石化冠德：码头投资收益减少 全年利润同比下降-20250318