TSPGC(601000) Xinda Securities·2025-03-29 13:20Investment Rating - The investment rating for Tangshan Port (601000) is "Accumulate" [1] Core Views - The report highlights that Tangshan Port achieved a net profit attributable to shareholders of 1.979 billion yuan in 2024, representing a year-on-year increase of 2.80% [3] - The company's total revenue for 2024 was 5.724 billion yuan, a decline of 2.06% compared to the previous year [3] - The report emphasizes the stable operation of the hinterland industry chain, with a total cargo throughput of 230 million tons in 2024, remaining flat year-on-year [3] Financial Performance Summary - Revenue: In 2024, the company realized total revenue of 57.24 billion yuan, down 2.06% year-on-year; Q4 revenue was 14.42 billion yuan, up 3.33% year-on-year [3] - Net Profit: The net profit attributable to shareholders for 2024 was 19.79 billion yuan, up 2.80% year-on-year; Q4 net profit was 3.98 billion yuan, up 27.70% year-on-year [3] - Debt Ratio: The debt ratio at the end of 2024 was 9.86%, a decrease of 0.24 percentage points year-on-year [3] - Dividends: The company maintained 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] Volume and Cost Management - Cargo Throughput: The breakdown of cargo throughput in 2024 includes iron ore at 120 million tons (up 12% year-on-year), coal at 60 million tons (down 14% year-on-year), and steel at 17 million tons (down 7% year-on-year) [3] - Cost Control: The miscellaneous goods segment maintained cost control, with operating costs of 2.798 billion yuan, down 1.44% year-on-year, including a 4.27% decrease in wage costs and a 30.48% decrease in raw material consumption [3] Earnings Forecast - The report forecasts that Tangshan Port will achieve revenues of 57.82 billion yuan, 58.04 billion yuan, and 58.38 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 20.04 billion yuan, 20.16 billion yuan, and 20.42 billion yuan [3][4]