QDPI(SH:601298) Xinda Securities·2025-03-29 10:23Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report highlights a 6.33% year-on-year increase in net profit attributable to shareholders for 2024, continuing the previous dividend policy [2][4] - The company achieved a total operating revenue of 18.941 billion yuan in 2024, representing a 4.23% year-on-year growth [4] - Container throughput increased by 7.2% year-on-year, benefiting from a rise in export container volumes [4] - The report anticipates revenue growth for 2025-2027, with projected revenues of 19.475 billion, 19.998 billion, and 20.542 billion yuan, respectively [7] Financial Performance Summary - Operating revenue for 2024 was 18.941 billion yuan, up 4.23% from the previous year; Q4 revenue was 4.963 billion yuan, up 9.93% [4] - Net profit attributable to shareholders for 2024 was 5.235 billion yuan, a 6.33% increase; Q4 net profit was 1.303 billion yuan, up 14.83% [4] - Total cargo throughput for 2024 reached 694 million tons, a 4.5% increase; Q4 throughput was 161 million tons, up 0.72% [4] - Container throughput for 2024 was 32.17 million TEUs, a 7.2% increase; Q4 throughput was 8.04 million TEUs, up 4.69% [4] - The company plans to maintain a high dividend payout ratio, with a total dividend of 2.039 billion yuan for 2024, representing 39% of net profit [4][5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 5.523 billion, 5.818 billion, and 6.119 billion yuan, respectively, with year-on-year growth rates of 5.5%, 5.4%, and 5.2% [7] - The report projects earnings per share (EPS) of 0.85, 0.90, and 0.94 yuan for 2025, 2026, and 2027, respectively [7] - The price-to-earnings (P/E) ratio is expected to be 11.34, 10.77, and 10.24 for the same years [7]