QDPI(SH:601298) Xinda Securities·2025-03-20 12:57Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report indicates that Qingdao Port's performance is supported by a steady increase in cargo throughput and an improvement in container throughput quarter by quarter [3] - The company's revenue for 2024 is projected to be 18.941 billion yuan, representing a year-on-year growth of 4.23%, while the net profit attributable to shareholders is expected to reach 5.235 billion yuan, a growth of 6.33% [4] - The growth in performance is primarily attributed to the increase in export container volume and the logistics segment benefiting from the rise in container business [4] - The report maintains a positive outlook for the company's earnings growth, forecasting revenues of 19.407 billion yuan and 19.911 billion yuan for 2025 and 2026, respectively [4] Summary by Sections Operating Performance - Cargo throughput for 2024 is expected to reach 694 million tons, a year-on-year increase of 4.5% [4] - Container throughput is projected to be 32.17 million TEUs, with a year-on-year growth of 7.2% [4] Financial Performance - Revenue for 2024 is forecasted at 18.941 billion yuan, with quarterly revenues showing a growth trend [4] - The net profit attributable to shareholders for 2024 is expected to be 5.235 billion yuan, with a significant increase in Q4 net profit by 14.83% [4] - The report provides detailed quarterly revenue and net profit figures, indicating a positive trend in the latter half of the year [4] Earnings Forecast - The earnings per share (EPS) for 2024 is projected to be 0.81 yuan, with a corresponding price-to-earnings (P/E) ratio of 10.49 [4] - The report anticipates continued growth in net profit for the following years, with projections of 5.521 billion yuan for 2025 and 5.808 billion yuan for 2026 [4][5]