SIPG(600018) 华创证券·2025-04-05 07:25Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [2][17]. Core Insights - The company is projected to achieve a revenue growth of 13.26% in 2024, with a stable growth in its core port operations [2][7]. - The target price for the company's stock is set at 6.8 CNY, representing an 18% upside from the current price of 5.76 CNY [3][7]. Financial Performance Summary - Revenue and Profitability: - The company is expected to generate a revenue of 38,117 million CNY in 2024, with a year-on-year growth of 1.5% [3][7]. - The net profit attributable to shareholders is forecasted to be 14,954 million CNY, reflecting a growth of 13.3% [3][7]. - The gross profit margin is projected at 35.5%, a decrease of 1.9 percentage points year-on-year [7]. - Quarterly Performance: - In Q1 2024, the company reported a revenue of 89.5 million CNY, with a year-on-year increase of 17% [7]. - The net profit for Q1 was 37 million CNY, up by 4.1% year-on-year [7]. - Segment Performance: - The container segment achieved a throughput of 51.5 million TEUs, a growth of 4.8% [7]. - The bulk cargo segment reported a throughput of 87.3 million tons, increasing by 2.7% [7]. Future Projections - Earnings Per Share (EPS): - EPS is expected to be 0.64 CNY in 2024, increasing to 0.69 CNY by 2027 [3][7]. - Valuation Metrics: - The price-to-earnings (P/E) ratio is projected to be 9 for 2025 and 8 for 2027 [3][7]. - The price-to-book (P/B) ratio is expected to be 1.1 times the net asset value for 2025 [7]. Investment Recommendations - The report suggests adjusting the net profit forecasts for 2025 and 2026 to 15,253 million CNY and 15,632 million CNY, respectively, based on better-than-expected performance in 2024 [7].