CMPort(001872) 信达证券·2025-04-03 07:48Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, growing by 26.44% year-on-year in 2024, with a total of 4.516 billion yuan [3] - The company is expected to continue expanding its overseas port resources, anticipating the release of synergistic effects from recent acquisitions [3] Financial Performance Summary - Revenue for 2024 reached 16.131 billion yuan, a year-on-year increase of 2.41%, while the fourth quarter saw a slight decline of 0.77% [3] - The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%, with the fourth quarter showing a remarkable increase of 84.67% year-on-year [3] - Container throughput in the Pearl River Delta region increased by 16.31% year-on-year, totaling 17.267 million TEUs in 2024 [3] - Overseas container throughput also saw a growth of 9.68%, reaching 37.363 million TEUs in 2024 [3] - Investment income from core holdings, such as Shanghai Port Group and Ningbo Port, increased by 13.00% and 7.99% respectively [3] - The company plans to maintain a cash dividend ratio of no less than 40% of distributable profits from 2025 to 2027, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion, 17.329 billion, and 17.911 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3.85%, 3.45%, and 3.36% [5] - The net profit attributable to shareholders is expected to be 4.457 billion, 4.691 billion, and 4.919 billion yuan for the same years, with growth rates of -1.30%, 5.24%, and 4.86% respectively [5] - The earnings per share (EPS) is forecasted to be 1.78, 1.88, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]