TSPGC(601000) Xinda Securities·2025-03-29 10:23Investment Rating - The investment rating for Tangshan Port (601000) is "Buy" [1] Core Views - The report highlights that Tangshan Port achieved a revenue of 5.724 billion yuan in 2024, a decrease of 2.06% year-on-year, while the fourth quarter saw a revenue increase of 3.33% to 1.442 billion yuan [3] - The net profit attributable to the parent company for 2024 was 1.979 billion yuan, reflecting a year-on-year growth of 2.80%, with a significant increase of 27.70% in the fourth quarter [3] - The company maintained a stable cargo throughput of 230 million tons in 2024, with a 12% increase in iron ore throughput, while coal and steel throughput saw declines of 14% and 7% respectively [3] - The report indicates a dividend payout ratio of 60%, with a total dividend of 1.185 billion yuan, corresponding to a dividend yield of 4.3% based on the closing price on March 28, 2025 [3] - Future revenue projections for 2025 to 2027 are estimated at 5.782 billion, 5.804 billion, and 5.838 billion yuan respectively, with net profits expected to grow to 2.004 billion, 2.016 billion, and 2.042 billion yuan [3][4] Financial Summary - Total revenue for 2024 was 5.724 billion yuan, down from 5.845 billion yuan in 2023, with a growth rate of -2.1% [4] - The gross profit margin for 2024 was 46.7%, an increase from 45.7% in 2023 [4] - The diluted EPS for 2024 was 0.33 yuan, with projections of 0.34 yuan for 2025 to 2027 [4] - The company's asset-liability ratio at the end of 2024 was 9.86%, a decrease of 0.24 percentage points year-on-year [3]