QDPI(SH:601298) Xinda Securities·2025-03-29 13:20Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report highlights that Qingdao Port achieved a revenue of 18.941 billion yuan in 2024, representing a year-on-year growth of 4.23%. The fourth quarter revenue reached 4.963 billion yuan, up 9.93% year-on-year [4] - The net profit attributable to shareholders for 2024 was 5.235 billion yuan, reflecting a growth of 6.33% year-on-year, with the fourth quarter net profit at 1.303 billion yuan, an increase of 14.83% year-on-year [4] - The total cargo throughput for 2024 was 694 million tons, a 4.5% increase year-on-year, with the fourth quarter throughput at 161 million tons, up 0.72% year-on-year [4] - Container throughput for 2024 was 32.17 million TEUs, growing by 7.2% year-on-year, with the fourth quarter at 8.04 million TEUs, a 4.69% increase year-on-year [4] - The report indicates a significant improvement in investment income, which reached 1.191 billion yuan in 2024, up 23.2% year-on-year [4] Financial Summary - The report projects that Qingdao Port will achieve revenues of 19.475 billion yuan, 19.998 billion yuan, and 20.542 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 2.82%, 2.69%, and 2.72% [7] - The net profit attributable to shareholders is expected to be 5.523 billion yuan, 5.818 billion yuan, and 6.119 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 5.50%, 5.36%, and 5.17% [7] - The report maintains a "Buy" rating based on the projected earnings per share (EPS) of 0.85 yuan, 0.90 yuan, and 0.94 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 11.34, 10.77, and 10.24 [7]