QDPI(601298) Xinda Securities·2025-03-20 13:42Investment 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 on a quarterly basis [3] - The company's revenue for 2024 is projected to be 18.941 billion, with a year-on-year growth of 4.23%, while the net profit attributable to shareholders is expected to reach 5.235 billion, reflecting a growth of 6.33% [4][5] - 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] 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 for 2024 is projected at 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, with quarterly revenues of 4.430 billion, 4.637 billion, 4.911 billion, and 4.963 billion, showing respective year-on-year growth rates of -2.67%, 0.68%, 9.10%, and 9.93% [4] - The net profit attributable to shareholders for 2024 is expected to be 5.235 billion, with quarterly figures of 1.317 billion, 1.325 billion, 1.290 billion, and 1.303 billion, reflecting year-on-year growth rates of 4.60%, 1.56%, 5.31%, and 14.83% [4] Earnings Forecast and Investment Rating - The earnings forecast for Qingdao Port from 2024 to 2026 includes revenues of 18.941 billion, 19.407 billion, and 19.911 billion, with corresponding net profits of 5.235 billion, 5.521 billion, and 5.808 billion [4] - The report maintains a "Buy" rating, with projected EPS of 0.81, 0.85, and 0.89 for the years 2024, 2025, and 2026 respectively [4]