QDPI(SH:601298) Huachuang Securities·2025-04-01 11:22Investment Rating - The report maintains a "Strong Buy" rating for Qingdao Port (601298) with an expected price target of 12.7 CNY, representing a 29% upside from the current price of 9.82 CNY [1][3]. Core Insights - In 2024, Qingdao Port achieved a revenue of 18.941 billion CNY, reflecting a year-on-year growth of 4.23%. The net profit attributable to shareholders was 5.235 billion CNY, up 6.33% year-on-year [6]. - The company's cargo throughput reached 694 million tons, a 4.5% increase, while container throughput grew by 7.2% to 32.17 million TEUs [6]. - The report highlights that the growth in revenue and profit is primarily driven by increased export heavy container handling and enhanced logistics and port value-added services [6]. Financial Performance Summary - Revenue Forecast: - 2024A: 18,941 million CNY - 2025E: 19,675 million CNY (4.2% growth) - 2026E: 20,510 million CNY (4.2% growth) - 2027E: 21,448 million CNY (4.6% growth) [2] - Net Profit Forecast: - 2024A: 5,235 million CNY - 2025E: 5,494 million CNY (6.3% growth) - 2026E: 5,836 million CNY (6.2% growth) - 2027E: 6,200 million CNY (6.2% growth) [2] - Earnings Per Share (EPS): - 2024A: 0.81 CNY - 2025E: 0.85 CNY - 2026E: 0.90 CNY - 2027E: 0.96 CNY [2] - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to decrease from 12 in 2024 to 10 in 2027 [2]. Operational Highlights - The report indicates that the gross margin for 2024 was 35.45%, a slight decrease of 0.16 percentage points year-on-year, while the net profit margin improved by 0.5 percentage points to 27.6% [6]. - Investment income for 2024 was reported at 1.693 billion CNY, a 7.83% increase, with contributions from joint ventures benefiting from increased throughput [6]. Market Position - The report emphasizes that Qingdao Port's valuation should align with leading highway companies, suggesting a price-to-book (P/B) ratio of 1.8 times the expected net asset value per share for 2025 [6].